14/09/2016 - 06:29

Morning Headlines

14/09/2016 - 06:29

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Morning Headlines

Savings deal the start of budget fixes

A landmark deal between the government and Labor to deliver $6.3 billion in spending cuts would satisfy the credit agencies for now, but much more was needed if the nation’s AAA rating was to be preserved and the budget ever restored to balance, the federal government says. The Fin

Company tax cut threat to franking credits

Dropping the company tax rate will wipe out billions in franking credits while putting greater pressure on boards to pay out dividends rather than reinvest in growth, accountants say.

RBA positive on inflation, wages growth

Reserve Bank of Australia assistant governor Christopher Kent has sketched a positive outlook for the economy, declaring the worst of the slump in mining investment after the boom is at an end. The Fin

Farmers set for record harvest

Australian farmers are on course to harvest a record winter crop as weather conditions across the country boost production in every state for the first time in nearly a decade. The Fin

FMG closer to investment grade rating

Investment grade credit rating in sight Fortescue Metals Group’s march towards an investment grade credit rating continues, with the iron ore miner flagging a further $US700 million ($925 million) debt repayment. The Fin

Chinese firm ‘at fault on asbestos’

Chinese building products giant Yuanda was to blame for deadly asbestos in roofing panels at the $1.2 billion Perth Children’s Hospital, a two-month investigation by Western Australia’s Building Commission has found. The Aus

Evolution targets more growth in a golden era

Evolution Mining has flagged production growth for at least the next three years with an ambitious target of 890,000 ounces. The West

Karara posts $1.7b loss, warns of more ahead

Mid-West magnetite producer Karara Mining plunged to a $1.7 billion after-tax loss last year, according to financial results filed with the corporate regulator. The West

 

 

The Australian Financial Review

Page 1: A landmark deal between the government and Labor to deliver $6.3 billion in spending cuts would satisfy the credit agencies for now, but much more was needed if the nation’s AAA rating was to be preserved and the budget ever restored to balance, the federal government says.

Westpac Banking Corp has invested $16.5 million in fintech firm uno, which allows mortgage customers to broker their own home loan and has bold plans to win a slice of the $2 billion in fees that banks pay each year to traditional mortgage brokers.

JB Hi-Fi will tap suppliers for better deals after transforming the electronics chain into Australia’s largest appliances retailer through the acquisition of rival The Good Guys for a top-of-the-cycle price of $870 million.

Page 3: Dropping the company tax rate will wipe out billions in franking credits while putting greater pressure on boards to pay out dividends rather than reinvest in growth, accountants say.

Collapsed stockbroker BBY was dipping into clients’ trust accounts for business purposes as early as 2012 and threatened to sack staff who refused to take money out of clients’ accounts.

Page 7: Atlassian co-founder Mike Cannon-Brookes has led a $1.6 million raising in a new superannuation fund targeting tech-loving Millennials.

Page 8: Reserve Bank of Australia assistant governor Christopher Kent has sketched a positive outlook for the economy, declaring the worst of the slump in mining investment after the boom is at an end.

Page 9: Australian farmers are on course to harvest a record winter crop as weather conditions across the country boost production in every state for the first time in nearly a decade.

Page 12: The man at the centre of ANZ’s Asian growth strategy, former chief executive Mike Smith, has been lured to PricewaterhouseCoopers to capitalise on opportunities in the region.

Page 13: Fund managers believe that raising interest rates in the US is the right thing for the Federal Reserve to do even though the trade-off is higher volatility in the equity markets and possibly, a correction for stock prices.

Page 15: Investment grade credit rating in sight Fortescue Metals Group’s march towards an investment grade credit rating continues, with the iron ore miner flagging a further $US700 million ($925 million) debt repayment.

Page 16: The Australian government plans to issue its first 30-year bond, aiming to take advantage of strong investor demand for high yielding assets even as foreign investors scale back purchases and credit rating agencies threaten downgrades.

The chief executive of the country’s largest private hospital operator Ramsay Health Care, Chris Rex, has picked up a 19 per cent raise to take his statutory pay packet to $13.7 million.

Woodside Petroleum chief operating officer Mike Utsler says the company’s North West Shelf and Pluto projects are positioned to be ‘‘serious considerations’’ for the development of the Scarborough LNG joint venture project in which it recently acquired a stake.

Page 17: Directors should improve their knowledge about cyber security, assess technology vulnerabilities more regularly than other business risks, and develop more comprehensive plans for responding to attacks according to ASIC commissioner Cathie Armour.

 

 

The Australian

Page 1: The US has expressed its alarm about the influence of China and the Beijing government in Australia’s domestic politics and wants reforms to eliminate China’s ability to use financial donations to influence Australian politicians.

Families on incomes of more than $80,000 a year will bear the brunt of a bipartisan deal on budget repair, after Labor gave ground on a key welfare payment in a wider compromise on more than $6 billion in spending cuts.

Page 3: Chinese building products giant Yuanda was to blame for deadly asbestos in roofing panels at the $1.2 billion Perth Children’s Hospital, a two-month investigation by Western Australia’s Building Commission has found.

Page 5: The Reserve Bank believes the end of the mining downturn is in sight, bringing the promise of faster growth and lower unemployment, but the latest business survey shows consumers are not yet convinced it is time to go out and spend.

Page 6: The West Australian government is examining allegations of mismanagement of taxpayer funds in relation to a $5 million grant to build houses for Aboriginal people in the impoverished Kimberley town of Fitzroy Crossing.

Esso Australia has replaced its offshore catering workforce with employees who could earn $45,000 a year less than the dumped workers.

Page 21: The federal government slugs users of the “public” companies register more than 100 times what it actually costs to operate and is suppressing that secret cost structure ahead of its plans to sell the register — and associated vast tax streams — to a private company.

Page 22: Vodafone Hutchinson Australia has picked up an extra 130,000 mobile customers by acquiring the local operations of Britain’s Lebara Mobile, in what could be a precursor to Vodafone launching a budget brand in Australia.

Page 23: The private equity industry has warned against plans to cut the research and development tax incentive after Labor yesterday confirmed its backing for the contentious proposal.

 

 

The West Australian

Page 15: Taxpayers will pay $77,000 for consultants Ernst & Young to investigate whether businessman Greg Poland and other Department of Transport lessees are being treated “fairly and honestly” by the State Government.

Page 20: The construction union has lashed out at a Building Commission report that largely clears builder John Holland of blame for asbestos contamination at the new children’s hospital.

Page 31: Evolution Mining has flagged production growth for at least the next three years with an ambitious target of 890,000 ounces.

Winning Melbourne Cup horse owners and a WA mining company boss are among the 327 shareholders following gossip forum HotCopper on to the bourse.

Page 32: The founders of local coffee brand Fiori are getting back in WA’s roasting game. Louise Gordon and Kamran Nowduschani are launching Leftfield Coffee Roasters in O’Connor after spending five years in Sydney and Melbourne.

Breaker Resources is increasingly confident that two big gold discoveries at its Lake Roe project, 100km east of Kalgoorlie, are linked by a potentially rich vein.

The corporate watchdog has given one of Australia’s biggest independent financial planning groups a year to fix the monitoring and vetting of its 160-strong adviser network. Perth-based Neo Financial Solutions has agreed to engage independent experts to help fix alleged shortcomings in its risk and compliance systems, including failing to detect advice not in the best interest of clients.

Page 74: Mid-West magnetite producer Karara Mining plunged to a $1.7 billion after-tax loss last year, according to financial results filed with the corporate regulator.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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