09/09/2016 - 06:26

Morning Headlines

09/09/2016 - 06:26

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Morning Headlines

Stevens’ wake-up call for a nation

Reserve Bank of Australia governor Glenn Stevens has delivered a rebuke to the nation and its leaders, warning that 25 years of economic growth have bred complacency over what it takes to fix the budget and prepare for the next crisis. The Fin

Barnett accused of witch hunt

West Australian property developer and businessman Greg Poland has accused the government of intimidation following his involvement in a controversial poll that showed Premier Colin Barnett would lose the next election. The Fin

Lowe’s claims Woolies stitch up over Masters

US home improvement retailer Lowe’s claims it was "stitched up" by Woolworths in the deal to sell Masters stores and sites for around $800 million. The Fin

Supervision the best defence, urges RBA

Incoming Reserve Bank governor Philip Lowe has urged policymakers to carefully consider the trade-off between the cost of new banking reforms and ensuring financial systems function at a “reasonable price”, arguing that strong supervision is the best defence against crises. The Aus

Get strategies into shape or lose: NBN boss

Australian businesses need to “grab hold” of strategies for making the most of the National Broadband Network, or risk that it is “the catalyst for your competition”, according to the project’s chief executive, Bill Morrow. The Aus

Turnbull rebukes Grylls on ore tax

Malcolm Turnbull has condemned Brendon Grylls’ proposed $5-a-tonne iron ore tax on Rio Tinto and BHP Billiton, saying it would discourage investment and reduce WA’s competitiveness. The West

WA may face new poll

West Australians could be forced back to the polls if a High Court challenge to the election of One Nation senator Rod Culleton succeeds. The West

Grain glut risk in huge harvest

CBH has warned thousands of Wheatbelt farmers more than seven million tonnes of their grain might remain unsold after an expected record harvest. The West

 

 

The Australian Financial Review

Page 1: Reserve Bank of Australia governor Glenn Stevens has delivered a rebuke to the nation and its leaders, warning that 25 years of economic growth have bred complacency over what it takes to fix the budget and prepare for the next crisis.

Page 3: West Australian property developer and businessman Greg Poland has accused the government of intimidation following his involvement in a controversial poll that showed Premier Colin Barnett would lose the next election.

Page 4: The standoff between China and the US and its allies, including Australia, has intensified after Beijing flatly rejected that it should respect international law and back down on its claims to the South China Sea.

Page 5: Prime Minister Malcolm Turnbull has suggested Australia should ban foreign donors following the resignation of NSW Labor senator Sam Dastyari, despite some resistance to the idea inside his own party.

Page 25: Demand for WA resource workers has jumped more than 16 per cent in the past year, according to national industry recruiter DFP.

 

Page 6: Courts would be able to break up companies found to have engaged in egregious abuse of market power under an amendment to competition law that will be put forward by Senator Nick Xenophon.

State and local governments will need to compete with reform and investment proposals to win funding under the federal government’s so-called City Deals scheme.

Page 9: Reserve Bank of Australia governor Glenn Stevens has cast doubt on the effectiveness of the extreme monetary stimulus policies adopted by the world’s central banks in a desperate bid to spur flagging economic growth, questioning whether they passed what he called the ‘‘Bunnings test’’.

Page 15: Formula One faces its biggest shake-up in decades after US cable TV mogul John Malone's Liberty Media agreed to take control of the cash-generating glamour sport.

Page 17: One of Australia’s most senior global business leaders, Dow Chemical boss Andrew Liveris, has blamed the ultra-low interest rates of central banks for a surge in aggressive activist hedge funds pressuring public companies to deliver short-term returns.

US home improvement retailer Lowe’s claims it was "stitched up" by Woolworths in the deal to sell Masters stores and sites for around $800 million.

Page 20: Sigma Pharmaceuticals chief executive Mark Hooper estimates the government has spent about $1 billion subsidising new hepatitis C drugs in the past five months, but says the ‘‘unprecedented’’ cost is worth it.

A private company founded and owned 63 per cent by the highly regarded mineral explorer has discovered a major gold project in South Africa, and announced plans to capitalise on the discovery with a joint listing in London and Johannesburg next year.

Page 21: Financial Ombudsman Service (FOS) chief ombudsman Shane Tregillis has urged the government to hold off deciding whether to establish a new banking tribunal and instead refer the idea to the independent panel, led by Prof. Ian Ramsay, it appointed last month to conduct a review into the external dispute resolution and complaints schemes in the financial sector.

Page 27: More than 70 parties have expressed interest in the assets of collapsed transport group McAleese, but top shareholder Mark Rowsthorn is yet to propose a rescue plan.

Thin trading volumes on the spot market are exacerbating the recent surge in coking coal prices, with Macquarie analysts noting that barely half a million tonnes of the steel ingredient have driven spot prices higher over the past month.

Page 28: Magellan chief executive officer Hamish Douglass has apologised to investors for failing to beat benchmarks over the past financial year but urged them to take a longer term view as the pace of technological change speeds up.

Page 31: Jeremy Grantham sees ‘‘exciting and unloved’’ commodities stocks heading for what could be a decades-long bull market and claims resources stocks are safer than most investors think they are.

 

 

The Australian

Page 1: Federal government agencies have been hit with public sector union notices of industrial action on more than 330 days in 12 months, including weekends.

Page 11: Maldives President Abdulla Yameen has been accused of being at the heart of a money-laundering syndicate that plotted to wash almost $2 billion through the country’s central bank.

Page 19: Incoming Reserve Bank governor Philip Lowe has urged policymakers to carefully consider the trade-off between the cost of new banking reforms and ensuring financial systems function at a “reasonable price”, arguing that strong supervision is the best defence against crises.

Telstra is planning a move into the booming Australian agricultural arena as part of its transformation from a pure telecommunications company into broader technology player.

Page 21: Australian businesses need to “grab hold” of strategies for making the most of the National Broadband Network, or risk that it is “the catalyst for your competition”, according to the project’s chief executive, Bill Morrow.

Page 22: Australia and Japan should take a big step beyond their new free trade agreement into “total economic engagement”, urges a report published yesterday, which also reveals Japan has just overtaken Britain as Australia’s second-highest source of direct investment after the US, with $86 billion.

Page 23: ANZ chief executive Shayne Elliott has further rejigged the bank’s operating structure as chief operating officer Alistair Currie steps aside to pursue his career overseas.

Page 25: The financial woes of one of the world’s biggest shipping lines have left as much as $US14 billion ($18bn) worth of cargo stranded at sea, sending its owners scurrying to try to recover their goods and get them to customers, according to industry executives, brokers and cargo owners.

Exploration company Apache has discovered the equivalent of at least two billion barrels of oil in a new west Texas field that promises to become one of the biggest energy finds of the past decade.

 

 

The West Australian

Page 1: Malcolm Turnbull has condemned Brendon Grylls’ proposed $5-a-tonne iron ore tax on Rio Tinto and BHP Billiton, saying it would discourage investment and reduce WA’s competitiveness.

Page 9: More young West Australians have joined a worldwide trend of opting not to drive. Latest figures show the number of WA drivers aged 20-24 has fallen by nearly 6000 over the past three years.

West Australians could be forced back to the polls if a High Court challenge to the election of One Nation senator Rod Culleton succeeds.

Page 11: Names, birth dates, gender and postcodes of applicants for public service positions are being cut from applications and CVs in a trial aimed at removing bias in hiring.

Page 18: State governments and the mental health community have railed against a Turnbull Government plan to strip welfare payments from mentally ill people who are facing serious criminal offences.

Page 20: Only people listed on the electoral roll would be allowed to make donations to political parties under sweeping changes preferred by Malcolm Turnbull.

Page 55: CBH has warned thousands of Wheatbelt farmers more than seven million tonnes of their grain might remain unsold after an expected record harvest.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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