06/09/2016 - 06:28

Morning Headlines

06/09/2016 - 06:28

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Morning Headlines

Beijing on notice over steel glut

China has been put on notice over its creation of a worldwide steel glut, with the Group of 20 leaders agreeing to establish a global forum to monitor Beijing’s stated commitment to cut production. The Fin

Labor fights test price effects

The Turnbull government’s effects test aimed at cracking down on big Australian businesses could drive up grocery prices and make $1-a-litre milk as expensive as $11, says shadow assistant treasurer Andrew Leigh. The Fin

ASFA chief faces fight over super tax

ASFA chief Martin Fahy will have to confront politicking and industry infighting over the details of planned superannuation tax changes, which risks blocking a reform package that has broad support. The Fin

$10bn in school funding fails to lift student results

A $10 billion increase in government school spending over the past decade has failed to improve the performance of Australian students, with some children continuing to slip further behind their international peers. The Aus

G20 nations urged to show leadership

Top corporate figures have urged global leaders to “show they mean business” as the leaders recommitted to dismantling protectionist barriers to trade and investment in a bid to kick-start economic growth. The Aus

Bank of China in Roy Hill dispute

One of China’s biggest banks has been dragged into the latest legal battle to emerge out of Gina Rinehart’s Roy Hill iron ore project, with Spanish contractor Duro Felguera effectively accusing the Bank of China of wrongfully tipping off a Chinese contractor over a business dispute. The Aus

Sub security fail riles PM

Malcolm Turnbull has sought assurances from French President Francois Hollande after the extraordinary leaking of thousands of documents exposing the plans for submarines being built by French company DCNS for India. The West

MinRes on collision course

A battle of wills between WA’s environment watchdog and one of the State’s richest men is set to reignite over a proposal to develop an iron ore mine in a remote part of the Goldfields. The West

 

 

The Australian Financial Review

Page 1: China has been put on notice over its creation of a worldwide steel glut, with the Group of 20 leaders agreeing to establish a global forum to monitor Beijing’s stated commitment to cut production.

Aged care operators have hit back at the federal government’s move to restrict the fees that they can charge elderly residents, a decision that led to share prices of the listed operators being savaged.

AMP chief executive Craig Meller says China will be a ‘‘very material contributor’’ to the group’s results in a few years as the country opens up its pensions system to deal with a rapidly ageing population.

Page 3: Dick Smith management stocked up with 141 months' supply of Dick Smith branded AA Batteries and 131 months' supply of AAA batteries even as sales were falling sharply less than a year after the retailer's 2013 float, a public examination into the retailer's demise has heard.

Page 4: The Turnbull government’s effects test aimed at cracking down on big Australian businesses could drive up grocery prices and make $1-a-litre milk as expensive as $11, says shadow assistant treasurer Andrew Leigh.

Page 6: Treasurer Scott Morrison has been conducting an internal sales blitz to convince Coalition colleagues to get behind the government’s superannuation changes.

Federal and state governments were warned that the full rollout of the National Disability Insurance Scheme was facing multiple high-risk issues, largely from understaffing and delays in getting agreement on policy issues.

Page 7: Telstra is at risk of losing its monopoly over mobile phone coverage in rural areas after the competition watchdog launched an inquiry into mobile roaming services that could see it set prices for access.

Page 11: Woodside Petroleum’s $US400 million entry to the Scarborough LNG joint venture has reduced the likelihood of an expensive floating LNG platform at the project going ahead, with gas from the remote development more likely to be piped back to existing LNG facilities.

Page 13: Bond alternatives carry risk Typical investment alternatives to bonds, such as infrastructure and property, are more risky than they may appear and are likely to deliver lacklustre returns, investors have been warned.

McAleese receiver Grant Thornton expects to fully recover debts owed to the transport group from deals struck with funds lent by Hong Kong’s SC Lowy.

Page 14: ASFA chief Martin Fahy will have to confront politicking and industry infighting over the details of planned superannuation tax changes, which risks blocking a reform package that has broad support.

The funding pressures on Australia’s biggest banks appear to have eased after they were able to lower deposit rates in the weeks following last month’s Reserve Bank interest rate cut.

ANZ Banking Group will refund customers almost $29 million in fees and interest after wrongly charging customers for moving funds between their own accounts.

Page 16: European sports goods giant Decathlon is stepping up its online offering in Australia but so far appears to be having little impact on the big sports goods chains Rebel Sport and Amart operated by ASX-listed Super Retail.

 

 

The Australian

Page 1: Doctors having to write sick certificates and repeat scripts, as well as provide patients with routine test results, have emerged as priority areas for reform of the $21 billion Medicare Benefits Schedule.

Page 4: A $10 billion increase in government school spending over the past decade has failed to improve the performance of Australian students, with some children continuing to slip further behind their international peers.

Page 8: Australia Post has pulled back from a $300 million move to sell seven GPO buildings. The corporation, led by chief executive Ahmed Fahour, had offered the GPOs in a trust structure run by Eureka Funds Management.

Page 19: Top corporate figures have urged global leaders to “show they mean business” as the leaders recommitted to dismantling protectionist barriers to trade and investment in a bid to kick-start economic growth.

Foreign Investment Review Board chairman Brian Wilson has accepted a role as adviser to the $180 billion private equity giant, the Carlyle Group, potentially putting the former investment banker in conflict when it comes to giving the green light or blocking key foreign investment moves.

Page 21: One of China’s biggest banks has been dragged into the latest legal battle to emerge out of Gina Rinehart’s Roy Hill iron ore project, with Spanish contractor Duro Felguera effectively accusing the Bank of China of wrongfully tipping off a Chinese contractor over a business dispute.

Page 22: Competition tsar Rod Sims insisted that controversial reforms to the competition law would boost technology innovation and told supermarket giants opposed to the plan that “it’s not about you”.

Telstra and Vodafone Hutchinson Australia look set to cross swords with the Australian Competition & Consumer Commission’s deliberation to regulate access on mobile networks.

Page 25: Apple’s aggressive response to a €13 billion ($19bn) tax ruling by the European Commission shows the US technology company doesn’t understand the moral obligation on big companies to pay taxes, according to the leader of the Eurozone’s finance ministers.

 

 

The West Australian

Page 1: Treasurer Scott Morrison has told wavering MPs that his planned superannuation changes will benefit millions of ordinary Australians while taking only from the nation’s richest retirees.

Page 6: Malcolm Turnbull has sought assurances from French President Francois Hollande after the extraordinary leaking of thousands of documents exposing the plans for submarines being built by French company DCNS for India.

Page 7: People who make restaurant bookings then fail to show up are costing Perth restaurants thousands of dollars a week, prompting many eateries to seek deposits for big groups to ensure they turn up.

Page 9: Shadow treasurer Ben Wyatt risks opening a fracture between WA Labor and powerful anti-privatisation forces in the party by declaring that further private sector involvement in WA public hospitals cannot be ruled out.

Page 16: Proposed cuts to the dole would force vulnerable people to go without medical treatment or meals to keep a roof over their head, WA’s peak affordable housing body has warned.

Page 45: Lands Minister Terry Redman has vented his frustration over failed efforts to rewrite laws covering economic activity on millions of hectares of the State in a letter to Pastoralists and Graziers Association president Tony Seabrook.

Page 46: A battle of wills between WA’s environment watchdog and one of the State’s richest men is set to reignite over a proposal to develop an iron ore mine in a remote part of the Goldfields.

The Pakistani meat producer buying shares in embattled live exporter Wellard has declared he is investing for the long haul.

Michael Fotios’ Eastern Goldfields will emerge with an 8 per cent stake in Jon Price’s Intermin Resources after making a strategic investment and striking a joint venture deal which could potentially lead to a new gold mining hub near Menzies.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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