01/09/2016 - 06:23

Morning Headlines

01/09/2016 - 06:23

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Morning Headlines

Labor kept at bay over banks

The Turnbull government has thwarted Labor ‘s latest push for a royal commission into banks by promising an inquiry into specific cases of alleged mistreatment of small business customers, some of which have links to past and present Liberal MPs. The Fin

Emissions trading plan for power sector

The Climate Change Authority has recommended a form of market-based emissions trading for the electricity industry that could resolve a key part of the political divide over Australia’s response to global warming. The Fin

Court ruling ‘first setback’ for Coalition

The High Court has delivered what the maritime union is calling the ‘‘first big setback’’ for the Turnbull government since the election, ruling that foreign workers in the offshore resources industry are not excluded from visa requirements and minimum work conditions. The Fin

Atlas highly vulnerable to iron ore price decline

Atlas Iron’s auditors have warned the Pilbara miner may struggle as a going concern if there is a persistent decline in iron ore prices or if it fails to meet cost and production targets. The warning comes despite a supposed company-saving debt restructure in May which former chairman Cheryl Edwardes assured investors would create a ‘‘sustainable future’’ for Atlas. The Fin

Bank war: PM strikes at Shorten

Malcolm Turnbull has branded Bill Shorten a fake “populist champion” — a latter-day Jack Lang — over his push for a banking royal commission, launching an attack in federal parliament to warn of Labor’s links to industry super funds that compete with the major banks and could win from the inquiry. The Aus

BHP boss gives up $5.5m bonus after terrible year

BHP Billiton chief Andrew Mackenzie has volunteered to forfeit up to $US4.1 million ($5.5m) of bonus payments for 2015-16 in the wake of the Samarco dam disaster that killed 19 people in Brazil last November and falling prices that contributed to the company’s biggest ever full-year loss. The Aus

Rogue road punishment for Brierty

Investors have punished Brierty after the contractor reported an even bigger annual loss than forecast in relation to a rogue road project. The West

 

 

The Australian Financial Review

Page 1: The Turnbull government has thwarted Labor ‘s latest push for a royal commission into banks by promising an inquiry into specific cases of alleged mistreatment of small business customers, some of which have links to past and present Liberal MPs.

Page 3: Former Health Services Union national leader Kathy Jackson has been charged with 70 fraud-related offences and faces a potential prison sentence over her misuse of hundreds of thousands of dollars of members’ money.

Page 4: The Climate Change Authority has recommended a form of market-based emissions trading for the electricity industry that could resolve a key part of the political divide over Australia’s response to global warming.

Page 5: Treasurer Scott Morrison has ramped up the pressure on Labor to pass the $6 billion omnibus bill, saying its passage will reduce debt by $30 billion over the next decade.

Page 7: The High Court has delivered what the maritime union is calling the ‘‘first big setback’’ for the Turnbull government since the election, ruling that foreign workers in the offshore resources industry are not excluded from visa requirements and minimum work conditions.

Page 10: Australia’s tax laws were sufficiently robust to ensure Apple’s alleged avoidance activities in Europe could not be repeated here, the Turnbull government said after the technology giant was slapped with a backdated bill of nearly $20 billion on its European profits.

Page 12: Apple was ordered to repay a record €13 billion ($19.5 billion) plus interest after the European Commission said Ireland illegally slashed the iPhone maker’s tax bill.

Page 15: Wholesaler Metcash is relying on hardware and liquor to underpin earnings growth this year, saying the food and grocery business remains under pressure from deflation, rising costs and new competition.

Page 17: Woolworths is seeking the appointment of an independent arbitrator to resolve a legal dispute with its home improvement partner Lowe’s.

Adelaide Brighton chief executive Martin Brydon expects the eastern states construction markets to be robust for at least the next 18 months to two years because of continued demand, but predictions after that start to get ‘‘foggy’’.

Page 18: Australian Ethical has backed the Turnbull government’s planned changes to superannuation taxes and push to give employers more freedom when choosing the default fund for their workers.

Page 19: Political sensitivity to foreign investment in key infrastructure, agricultural and other assets has handed another bargaining chip to local superannuation funds as they push to drive down private equity fees.

A large industry superannuation fund that has complained loudly about fees charged by private equity funds has stopped investing with Quadrant Private Equity, which has delivered some of the highest returns of any Australian asset manager.

Page 21: Independence Group managing director Peter Bradford says the company has emerged from a challenging 2016 financial year well positioned to benefit from the growth it pursued during the recent downturn in commodity prices.

Mauro Balzarini, the chief executive behind this year’s worst float, Wellard, says he does not owe investors an apology after a horror year that triggered a breach of its finances and has raised material uncertainty about its ability to continue as a going concern.

Atlas Iron’s auditors have warned the Pilbara miner may struggle as a going concern if there is a persistent decline in iron ore prices or if it fails to meet cost and production targets. The warning comes despite a supposed company-saving debt restructure in May which former chairman Cheryl Edwardes assured investors would create a ‘‘sustainable future’’ for Atlas.

 

 

The Australian

Page 1: Malcolm Turnbull has branded Bill Shorten a fake “populist champion” — a latter-day Jack Lang — over his push for a banking royal commission, launching an attack in federal parliament to warn of Labor’s links to industry super funds that compete with the major banks and could win from the inquiry.

Page 2: The Turnbull government has declared Australia “can’t solve international tax avoidance alone” and nations must take “strong action” ahead of this weekend’s meeting of the world’s 20 biggest economies.

Page 4: The small-business lobby has called for a Senate inquiry into controversial pay deals between major retailers and the shop assistants union, as the union conceded wage agreements with KFC and Hungry Jack’s would no longer get the approval of the Fair Work Commission.

Page 19: Winners are grinners. And no winner has a smile like Harvey Norman co-founder, chairman and billionaire Gerry Harvey, who as recently as three years ago was facing a sinking share price and antagonistic investors who viewed him as a ‘‘dinosaur’’ and his business model just as extinct.

Page 21: Blackmores chief executive Christine Holgate is in Jakarta today to launch the company’s expansion into the Indonesian market.

Page 22: BHP Billiton chief Andrew Mackenzie has volunteered to forfeit up to $US4.1 million ($5.5m) of bonus payments for 2015-16 in the wake of the Samarco dam disaster that killed 19 people in Brazil last November and falling prices that contributed to the company’s biggest ever full-year loss.

Prospects that BHP Billiton will find a buyer for its Jansen potash project in Canada have dived on news of a proposed $US27 billion ($36bn) merger between Potash Corporation — once a takeover target of BHP — and Agrium.

 

 

The West Australian

Page 3: Some of Fremantle’s best known businesses could hold their own fireworks display after a council decision to dump the Australia Day event for something more culturally sensitive.

Page 14: Once life in Balga for some meant “lock your doors and hope for the best”. These days locals say the suburb’s biggest challenge is stigma from people who do not realise how much it has changed.

Page 50: Investors have punished Brierty after the contractor reported an even bigger annual loss than forecast in relation to a rogue road project.

Brookfield Business Partners has rebranded its construction arm, Brookfield Multiplex, as simply Multiplex, ditching the Brookfield to avoid further brand dilution and confusion between the two businesses.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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