03/10/2013 - 06:33

Morning Headlines

03/10/2013 - 06:33

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Morning Headlines

WA exports defy end of mining boom fears

WA exports have reached $200 million a day, defying suggestions of an end to the mining boom. And that growth is tipped to accelerate with new forecasts that iron ore exports will jump by one-third over the next 12 months. The West

Palmer forced to wait for Senate power

Clive Palmer’s bid to secure a third Senate seat and a crucial role in the balance of power hit a roadblock yesterday when West Australian Greens senator Scott Ludlam requested a recount after narrowly losing his seat to the Palmer United Party. The Aus

Crunch time in Labor face-off

Labor’s leadership showdown between Bill Shorten and Anthony Albanese is coming to an end. The party’s parliamentary caucus will meet to cast votes on October 10, and the voting deadline for ordinary members is next Wednesday. The Aus

Wal King ‘approved Iraq bribe’

Bribery, corruption and cover-ups in Leighton Holding’s international empire were rife and known to top company executives and directors, according to internal company files. The Fin

One last handout for Holden

Federal Industry Minister Ian Macfarlane is preparing what he says is a “final” assistance package to help save car makers, including GM Holden. The Fin

Alumina in the gun for royalties review

Premier Colin Barnett confirmed yesterday royalty rates paid by WA alumina producers under State Agreements would be considered as part of the State Government’s royalty review. The West

Hockey mulls infrastructure spend

Treasurer Joe Hockey is considering identifying government borrowings raised to fund infrastructure as separate from debt raised to cover the budget deficit as the Abbott government contemplates an infrastructure spending splurge. The Fin

Rio iron ore to drive mining growth, says Barnett

West Australian Premier Colin Barnett says he expects the reinvigorated iron ore market to drive further growth in the state’s mining industry, countering wide perceptions that the mining investment boom has passed. The Aus

Linc Energy in bid to sling shares in Singapore

Linc Energy, the explorer seeking a shale oil partner in central Australia, wants its shares traded in Singapore instead of on the Australian Securities Exchange as part of a plan to raise funds and attract more investors. The West

 

 

 

The Australian Financial Review

Page 1: Bribery, corruption and cover-ups in Leighton Holding’s international empire were rife and known to top company executives and directors, according to internal company files.

The economy will grow at only 2.5 per cent a year over the next four years, according to a forecast by the Bureau of Resources and Energy Economics that is far more bearish than the Treasury’s official prediction that growth will rebound to a long-term average of 3 per cent a year.

Page 3: Federal Industry Minister Ian Macfarlane is preparing what he says is a “final” assistance package to help save car makers, including GM Holden.

Most of Australia’s leading universities have been downgraded in the latest global report card on higher education.

Page 4: Treasurer Joe Hockey is considering identifying government borrowings raised to fund infrastructure as separate from debt raised to cover the budget deficit as the Abbott government contemplates an infrastructure spending splurge.

Page 5: Indonesia’s biggest importer of Australian live cattle has purchased two of the Northern Territory’s best-known cattle stations, in what could be one of the first tests of the Coalition’s foreign investment policy.

Page 6: Prime Minister Tony Abbott has given his former Howard government ministerial colleagues Alexander Downer and Santo Santoro six months to quit their executive positions with the Liberal Party if they want to remain as paid lobbyists.

Page 7: The final result in West Australian Senate contests has been delayed 24 hours, and could be delayed for weeks, after the Greens and the Australian Sports Party both requested recounts.

Page 19: The competition watchdog has written to Foxtel and the commercial free-to-air television networks inquiring into their talks about potential collaboration in video-on-demand services.

Page 21: Crown Limited’s James Packer expects the federal government will soon establish a ministry for tourism and is urging the Queensland premier, Campbell Newman, to get on board and open up competition for new casinos in Brisbane.

Page 22: Elders managing director Malcolm Jackman says there could be “a million and one reasons” for discrepancies in Elder’s livestock accounting, claiming the discovery would not hurt the embattled group’s recapitalisation efforts.

Page 36: Challenger Life has purchased the Bunbury Forum shopping centre for $145 million from private syndicate Atlas Point in a deal that reflects intensified competition for top-performing retail assets across Australia.

 

 

The Australian

Page 1: Clive Palmer’s bid to secure a third Senate seat and a crucial role in the balance of power hit a roadblock yesterday when West Australian Greens senator Scott Ludlam requested a recount after narrowly losing his seat to the Palmer United Party.

The Australian Taxation Office is taking on Asia’s richest man over profits made in the nation’s power, gas and water industries, seeking $776 million in unpaid tax and penalties in one of the biggest fights it has launched.

Page 4: Gina Rinehart authorised the alteration of a letter to her children that removed references to the fact she had extended the vesting date of the family’s multibillion trust fund by 30 years, despite claiming they would be imminently liable for a multimillion-dollar capital gains tax bill unless they agreed to the change, it has been alleged.

Page 5: The Abbott government has told Holden it must brace for an end to taxpayer assistance as a ‘‘final solution’’ is prepared for the carmaker. Industry Minister Ian Macfarlane met with Holden general manager Mike Devereux at the company’s manufacturing plant in Adelaide’s north yesterday to begin talks on assistance under a Coalition government.

Page 9: Labor’s leadership showdown between Bill Shorten and Anthony Albanese is coming to an end. The party’s parliamentary caucus will meet to cast votes on October 10, and the voting deadline for ordinary members is next Wednesday.

Page 17: ANZ Bank chairman John Morschel says the new speed limits New Zealand has imposed on banks to cool its property market are like using a ‘‘sledgehammer to crack a walnut’’, but concedes local regulators could face a similar problem.

West Australian Premier Colin Barnett says he expects the reinvigorated iron ore market to drive further growth in the state’s mining industry, countering wide perceptions that the mining investment boom has passed.

Page 18: Mirabela Nickel could be forced into administration in coming weeks if it defaults on a loan. Investors have abandoned the stock, leaving its share price barely above 1c, a historic low.

Beleagured uranium miner Paladin Energy bounced from a nine-year low yesterday, after further flagged cost-cutting and a stronger focus on asset sales spurred the company’s biggest one day percentage jump of the year.

Page 19: One of the world’s most exclusive hotel brands, Ritz-Carlton, is poised to sign agreements to operate a hotel in Perth, with Hong Kong developer Far East Consortium expected to undertake a $450 million new build of a hotel and apartments at Elizabeth Quay.

 

 

The West Australian

Page 3: WA exports have reached $200 million a day, defying suggestions of an end to the mining boom. And that growth is tipped to accelerate with new forecasts that iron ore exports will jump by one-third over the next 12 months.

Page 4: Almost 288,000 seniors were given a record $39.4 million – the biggest bulk payment made by a State government agency – last year to help with the soaring cost of living in WA.

Page 5: The worst fears of Wheatbelt communities were realised yesterday when Brookfield Rail announced the closure of two grain freight lines because of safety concerns.

Cottesloe Town Council has dropped its legal action against the State Government over its plan to “forcibly increase” building heights along the iconic beach strip.

Page 7: The State Government’s flagship hospital in Murdoch will have a secure unit to provide medical care for prisoners, in a move modelled on units interstate and overseas.

Business: Premier Colin Barnett confirmed yesterday royalty rates paid by WA alumina producers under State Agreements would be considered as part of the State Government’s royalty review.

Western Force have been dealt a financial blow with the loss of their multi-million dollar sponsorship deal with Emirates.

Paladin Energy’s horror run continued yesterday with the announcement that jobs would be slashed and executive pay cut in a desperate response to continued falls in the uranium price.

Gold is tipped to decline further while iron ore prices are projected to do better than previously expected in the coming year amid falling Chinese inventories.

World stockmarkets yesterday dealt calmly with the partial lock-down of the US Government, with investors believing it won’t be long-lived.

Linc Energy, the explorer seeking a shale oil partner in central Australia, wants its shares traded in Singapore instead of on the Australian Securities Exchange as part of a plan to raise funds and attract more investors.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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