Bribe claims hit board
Leighton Holdings chairman Bob Humphris, along with other directors, oversaw a “dramatic failure in governance” that enabled corruption and “a litany of disasters” to engulf the firm’s international operations, according to a leaked federal police interview with a former top Leighton executive. The Fin
Plibersek ready to be deputy to Shorten
Tanya Plibersek has confirmed she will serve as deputy Labor leader to either Bill Shorten or Anthony Albanese, as the ALP national executive yesterday extended the rank-and-file membership vote by two days. The Aus
Public service compo blows out to $200m
WA’s public service workers compensation bill will blow out to nearly $200 million this year, with the Government’s insurer warning costs are rising much quicker than inflation because of higher public sector wages, soaring medical bills and legal costs. The West
NBN director slams Conroy and Turnbull
Sacked NBN Co director Brad Orgill has slammed interference in the national broadband network from both sides of politics, claiming the rollout was dysfunctional under Labor and lashing new minister Malcolm Turnbull over his purge of the board. The Fin
Miners warn cut in red tape needed
BHP Billiton and BG Group have warned Australia needs to boost productivity, change industrial relations and cut regulation if it wants to tap into changing demand for resources away from its traditional commodity base. The Fin
Libs’ NBN gets Quigley green light
The National Broadband Network can be built more quickly and at less cost to taxpayers using the Coalition model, outgoing NBN Co chief executive Mike Quigley conceded as the Abbott government signed off on a radical shake up of the company’s board and management. The Aus
Coal savings with direct action
The coal industry could save $800 million across five years to 2020 through the shift from the carbon price to the Coalition’s direct action plan and still achieve the same emissions reductions foreshadowed in Labor’s plan. The Aus
Barnett stance on rail lines angers farmers
Farmers and road safety campaigners have accused Colin Barnett of putting lives at risk by trying to “weasel out of” an election promise to keep grain freight lines in the Wheatbelt operating. The West
Move on Empire board ‘attempt to take control’
Empire Oil & Gas has painted ERM Power’s planned board spill as an attempted takeover by stealth that threatens the new producer’s exploration plans. The West
The Australian Financial Review
Page 1: Sacked NBN Co director Brad Orgill has slammed interference in the national broadband network from both sides of politics, claiming the rollout was dysfunctional under Labor and lashing new minister Malcolm Turnbull over his purge of the board.
Leighton Holdings chairman Bob Humphris, along with other directors, oversaw a “dramatic failure in governance” that enabled corruption and “a litany of disasters” to engulf the firm’s international operations, according to a leaked federal police interview with a former top Leighton executive.
Page 4: Australia’s top interest rate watcher expects the Reserve Bank of Australia to sit on its hands with year, based on its statement that it is “too soon to judge” if the economy’s post-election confidence rush will endure.
Page 5: Households and businesses across the eastern states will suffer needlessly sharp increases in natural gas prices because of tough new restrictions on coal seam gas drilling in NSW, which will stifle investment, some of the country’s biggest suppliers warn.
Page 7: BHP Billiton and BG Group have warned Australia needs to boost productivity, change industrial relations and cut regulation if it wants to tap into changing demand for resources away from its traditional commodity base.
The Labor Party and union movement must embrace asset sales and “social privatisation” linked to superannuation funds to drive infrastructure investment in major cities, says Australian Workers’ Union leader Paul Howes.
Page 8: The Australian Securities and Investments Commission has yet to consider whether allegations of bribery and corruption by Leighton Holdings amounted to breaches of directors’ duties, although the company called the police almost two years ago.
Page 10: Former Leighton Holdingschief executives Wal Kingand David Stewart face being summoned to a parliamentary inquiry to answer allegations they oversaw bribes to win offshore contracts.
Page 13: Elders has called in accountants PPB Advisory and lawyers Herbert Smith Freehills to conduct forensic investigation into accounting practices as the ailing rural services firm races to clarify its books ahead of the release of critical full-year results next month.
Nine Entertainment Co chief David Gyngell could end up with more than $25 million worth of shares as the company’s hedge fund owners prepare to meet on October 21 to finalise how much of the business they will sell into the float.
Page 15: Former BHP Billiton chief executive Brian Gilbertson is seeking to delist his Jupiter Mines manganese and iron ore vehicle and take it private in another example of promoters growing tired of the lack of investor support for emerging resources companies.
Page 16: Seven West Media chief executive Tim Worner has a announced a management restructure that has seen Nick Chan promoted to the role of chief operating officer from head of Pacific Magazines.
Page 22: The Australian sharemarket rose as investors looked beyond the short-term volatility of a budget crisis in the United States to the prospect of improving global economic growth supported by continuing economic stimulus and low interest rates.
The Australian
Page 1: The National Broadband Network can be built more quickly and at less cost to taxpayers using the Coalition model, outgoing NBN Co chief executive Mike Quigley conceded as the Abbott government signed off on a radical shake up of the company’s board and management.
Page 2: The Australian Taxation Office has launched a two-pronged attack on Asian billionaire Li Kashing’s investments in Australia. The ATO is demanding $116 million from one of the Cheung Kong group’s Australian subsidiaries in addition to pursuing two related Hong Kong-based companies for $776m.
Page 3: AFL chief executive Andrew Demetriou failed to act on information the league received from Essendon in 2011 on its controversial supplements program, potentially breaching a legal requirement to ensure the code’s 18 clubs provide a safe working environment for players and staff.
Page 4: The coal industry could save $800 million across five years to 2020 through the shift from the carbon price to the Coalition’s direct action plan and still achieve the same emissions reductions foreshadowed in Labor’s plan.
Page 6: Tanya Plibersek has confirmed she will serve as deputy Labor leader to either Bill Shorten or Anthony Albanese, as the ALP national executive yesterday extended the rank-and-file membership vote by two days.
Page 7: The Rinehart family feud looks set for a court hearing next week after a failed last-ditch attempt by Gina Rinehart’s youngest daughter to have the case moved into arbitration.
Page 8: The Commonwealth Bank and Indigenous Business Australia will today reveal they have formed a partnership to jointly provide Aboriginal entrepreneurs with micro-enterprise loan and finance packages.
Page 22: BHP Billiton has warned that a Chinese shift away from steelmaking commodities towards more ‘‘consumer-driven’’ commodities as its economy matures threatens Australia’s natural commodities advantage and highlights how important it is that government and industry work to improve productivity.
Iron ore heavyweights BHP Billiton and Fortescue Metals Group are heading for bumper quarterly earnings after driving record exports through Port Hedland in Western Australia.
Page 23: Mirabela Nickel’s future looks uncertain as its share price continues its free-fall, slumping to below 1c following a series of downgrades by ratings agencies after the company flagged a possible default on a debt facility.
Page 30: Australia’S first Boeing 787 Dreamliner, due to arrive in Melbourne on Wednesday, will give Jetstar’s long-haul international operations a significant first mover advantage against its low-cost competitors.
Virgin Australia has added free catering to some of its longer flights, but short-haul passengers will still have to pay for food.
The West Australian
Page 1: WA’s public service workers compensation bill will blow out to nearly $200 million this year, with the Government’s insurer warning costs are rising much quicker than inflation because of higher public sector wages, soaring medical bills and legal costs.
Page 3: Australians are spending more than $300 for every man, woman and child on internet-sourced goods that escape the GST.
Page 6: Farmers and road safety campaigners have accused Colin Barnett of putting lives at risk by trying to “weasel out of” an election promise to keep grain freight lines in the Wheatbelt operating.
Australian Labor Party members have been granted an extension of time to get their votes in for the rank-and-file leadership ballot.
Page 14: A powerful Government dominated committee is inquiring into one of Colin Barnett’s signature policies – the creation of an independent public sector commissioner.
Page 18: Etihad Airways, one of the world’s fastest growing airlines, is expected to fly into Perth from February, according to sources in Abu Dhabi.
Business: Former Leighton Holdings boss Wal King has denied sanctioning kickbacks to secure foreign contracts, allegations which saw the market carve 10 per cent off the company’s share price.
Empire Oil & Gas has painted ERM Power’s planned board spill as an attempted takeover by stealth that threatens the new producer’s exploration plans.
Lifelong friends Ron Sayers and Peter Bartlett denied knowledge of falsified documents at the hub of an alleged conspiracy to cheat the Commonwealth, a Supreme Court jury heard yesterday.
Gains from a low volume mid-session rally on the Australian sharemarket were halved yesterday as the global growth-sapping US Government shutdown dragged on into a fourth day.