03/10/2016 - 06:35

Morning Headlines

03/10/2016 - 06:35

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Morning Headlines

Strong currency RBA’s rate cut dilemma

The strength of the Australian dollar is the one element that may prompt the Reserve Bank of Australia to cut rates soon, although most economists say there will be no more rate cuts this year. The Fin

Locals profit as investors flee Port Hedland

The end of the mining construction boom has meant towns like Port Hedland and Karratha are no longer sucking in hordes of construction workers, sending property prices plummeting. The Fin

Banks’ profits under threat

Institutional investors say politicians arguing that bank profits are too high will get their wish. Slow loan growth, intensifying competition and a push from regulators to make banks hold more capital will continue to drag returns on equity lower. The Fin

ATO will chase $208m in gold sector

One of Australia’s top gold refiners has sought to distance itself from a company that is subject to a $208 million claim by the Australian Tax Office. The ATO has been named as an unsecured creditor of a company that 10 months ago was trading as ABC Refinery Pty Ltd but is now named ‘‘ACN154520199 Pty Ltd’’. The Fin

Deals down, but activity ‘picking up’

Investment bankers are hopeful their clients will provide some cheer in coming months, after a sluggish year for deals, with signs of a pick-up in big-ticket takeovers and chunky stockmarket floats. The Aus

‘Diamond highways’ the road to riches for Lucapa

Deep in the jungle of Angola are what could well be the world’s most valuable dirt tracks. These roads, built throughout the Lulo project of Subiaco-based Lucapa Diamond Co, may turn out to contain some of the biggest and best diamonds on Earth. The Aus

Milk deal gives dairy producers brief respite

A group of South West dairy farmers left stranded by milk processor Brownes have been granted a stay of execution after a mystery buyer agreed to take their supplies for two weeks. The West

Goldfields lithium plant plan

The move to build a downstream lithium processing plant in the Goldfields is gathering pace, with Chris Reed’s Neometals and Chris Ellison’s Mineral Resources signing a memorandum of understanding to progress development. The West

 

 

The Australian Financial Review

Page 1: Former AFL chief Andrew Demetriou’s Acquire Learning is the latest victim of a crackdown on vocational education funding after sacking up to 100 staff from its Melbourne headquarters, redundancies in the United Kingdom office and downsizing its Queensland operations.

The Chinese government is determined to lower debt levels across the economy, but this should be done gradually to avoid a sharp slowdown in growth, according to one of the country’s most senior banking regulators.

Deutsche’s woes are multifaceted but a major cause of its share price plunge was a leak that the Obama administration’s Department of Justice was lining up the German bank for a whopping $US14 billion ($18.3 billion) fine for selling toxic mortgage securities.

Nine CEO Hugh Marks’ first port of call was to get UBS to sell the television company’s $118 million stake in affiliate Southern Cross Media. The market loved the move – Nine shares jumped 8 per cent on Friday, while its regional affiliate’s were off 13 per cent.

Page 3: The importance of superannuation in saving for retirement is ‘‘overblown’’, and lifting compulsory contributions to 12 per cent could force people to squirrel too much away, the Grattan Institute says.

Page 4: The strength of the Australian dollar is the one element that may prompt the Reserve Bank of Australia to cut rates soon, although most economists say there will be no more rate cuts this year.

Page 5: The Future Fund might have ploughed $400 million into AGL Energy’s renewable energy fund but it isn’t turning green, chairman Peter Costello says.

Changes to competition law being introduced by the Turnbull government will crimp the development of new products and services by banks, an expert says.

Page 7: The end of the mining construction boom has meant towns like Port Hedland and Karratha are no longer sucking in hordes of construction workers, sending property prices plummeting.

Financial Services Minister Kelly O’Dwyer has revealed changes to draft laws limiting upfront commissions for life insurance ahead of a major financial advisers conference this week.

Page 12: Australian start-up OpenLearning is the backbone for the Malaysian higher education system’s ambitious push into online courses with its platform being used to teach nearly 200,000 students in public universities.

Page 13: Institutional investors say politicians arguing that bank profits are too high will get their wish. Slow loan growth, intensifying competition and a push from regulators to make banks hold more capital will continue to drag returns on equity lower.

Page 15: The alleged international bribery scandal enveloping listed Australian miner Sundance Resources has dramatically widened, with new evidence suggesting the company may have bribed Congo’s Mines and Geology Minister as well as the country’s president.

Page 16: One of Australia’s top gold refiners has sought to distance itself from a company that is subject to a $208 million claim by the Australian Tax Office. The ATO has been named as an unsecured creditor of a company that 10 months ago was trading as ABC Refinery Pty Ltd but is now named ‘‘ACN154520199 Pty Ltd’’.

More than $1.2 billion in value has been shredded from the ASX-listed education stocks, with the interim chief executive of one of the firms blaming the Australian pioneer in the sector for the collapse in confidence.

A proposed class action against UGL has ‘‘good prospects of success’’, litigation funder IMF Bentham said, as investors cautiously await the outcome of Slater and Gordon’s investigation into alleged disclosure breaches by the contractor.

Page 17: The Australian Expatriate Superannuation Fund (AESF) is the first pooled super fund in Australia to be added to the list of approved funds since UK authorities banned transfers to thousands of Australian super funds’ 15 months ago.

Page 18: Strong earthquakes that shook South Korea’s south-east coast last month and escalating public concern about air quality are combining to brighten the long-term prospects for LNG, despite the mature market.

Page 20: Investors in goldminers are getting cold feet. After more than doubling in the first half, a gauge of 14 senior global gold producers had the worst quarter in a year.

If history is any guide, the bond market is ready for the Federal Reserve to pull the trigger on interest rates in December.

Page 21: A glance under the hood of this year’s emerging-market rally signals many investors aren’t yet convinced an economic rebound in developing countries has taken hold.

 

 

The Australian

Page 1: The years of public sector austerity are over in both the federal and state governments, with hiring at its highest level in five years and almost back to its pre-crisis pitch.

Page 2: New Reserve Bank governor Philip Lowe will preside over his first meeting of the bank’s board tomorrow but is considered — certain to leave the benchmark cash rate at its record low of 1.5 per cent.

Page 3: Vast areas of NSW, Queensland, South Australia and the Northern Territory had more than 400 per cent of their average rainfall in September, boosting cattle farmers’ hopes but causing havoc on traditionally dry crops and bringing swarms of insects.

Page 4: Former prime minister Tony Abbott is proposing a comprehensive free-trade deal between Australia and Britain to be negotiated now and come into force on the day Britain formally leaves the EU.

Page 5: One of Australia’s wealthiest families, the Lowys, have appointed former NSW State Emergency Service commissioner Murray Kear to an executive role after he lost his $300,000-a-year job over an improper and flawed inquiry by the NSW corruption watchdog.

Page 8: A report showing Donald Trump recorded a $US916 million loss on his 1995 tax return will focus more attention on his business practices and his refusal to release any recent federal tax filings.

Page 17: Investment bankers are hopeful their clients will provide some cheer in coming months, after a sluggish year for deals, with signs of a pick-up in big-ticket takeovers and chunky stockmarket floats.

Deep in the jungle of Angola are what could well be the world’s most valuable dirt tracks. These roads, built throughout the Lulo project of Subiaco-based Lucapa Diamond Co, may turn out to contain some of the biggest and best diamonds on Earth.

Corporate Australia is becoming increasingly concerned that time is running out for Congress to ratify the trans-Pacific Partnership trade agreement after Republican presidential candidate Donald Trump intensified his criticism of the arrangement.

Page 18: BHP Billiton is under pressure to firm up plans for its petroleum division in the face of low oil prices at an investor briefing on Wednesday to be hosted by the division’s new president, Steve Pastor.

The iron ore price has dropped to a whisker above the $US55 a tonne threshold as one credit ratings agency offered a bearish view of the commodity’s short and long-term outlook.

Page 19: The highly charged dispute between union-dominated industry superannuation funds and the bank-backed retail funds is hotting up as the Productivity Commission looks at cracking open default super options to increased competition from retail funds.

The Star Entertainment Group is pushing a diversity plan to double its Asian representation in top leadership roles as boss Matt Bekier chases a bigger share of the Chinese tourist dollar.

Page 23: The Seven and Nine networks will hit media buyers with price hikes in live sport to recover the soaring costs of television rights, and bring rates into line with increased audiences.

 

 

The West Australian

Page 1: The Peter Costello baby boom is over, with the number of births falling across the country in a development experts believe is driven by concerns about the economy.

Page 4: Superannuation will not underpin the retirement of most Australians, new research shows, casting doubt on super’s $30 billion a year in tax breaks.

Page 6: A rooftop solar panel salesman who misled West Australians by claiming they would still get a State subsidy after it was axed has been fined by the Federal Court.

Page 9: A group of South West dairy farmers left stranded by milk processor Brownes have been granted a stay of execution after a mystery buyer agreed to take their supplies for two weeks.

Page 49: The move to build a downstream lithium processing plant in the Goldfields is gathering pace, with Chris Reed’s Neometals and Chris Ellison’s Mineral Resources signing a memorandum of understanding to progress development.

The City of Wanneroo has terminated a Diploma Group contract building $6 million surf lifesaving facilities at Yanchep.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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