04/10/2016 - 06:30

Morning Headlines

04/10/2016 - 06:30

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Jail time for rate riggers

The federal government will introduce criminal penalties and new regulations to prevent the manipulation of the bank bill swap rate, an alleged practice that precipitated calls earlier this year for a royal commission into banks. The Fin

Super war heats up; funds slam banks

Banks are gaining ground in the battle for superannuation customers, angering union-aligned industry funds who have called for a crackdown on over-the-counter sales and advice. The Fin

Henderson in $6b merger with Janus

Henderson Group will become a top 50 global asset manager by merging with Janus Capital Group in a deal that gives Henderson a ready made piece of the world’s most important capital market, the United States. The Fin

Investors ready to drill BHP Billiton on US shale division

The viability of BHP Billiton’s US shale division will be top of the agenda for investors this week, as the company prepares to update the market on the outlook for its petroleum division. The Fin

Credit Suisse strategist’s road to relevance

It’s a long way from Melbourne’s gritty Broadmeadows to the lofty towers of Sydney’s Macquarie Place. And for Hasan Tevfik, it's a journey that has been worth taking. These days, hundreds of millions of dollars could be traded on a single recommendation from the Credit Suisse Australian equities strategist. But it hasn’t always been that way. The Aus

Woolies finalises hardware sell-off

Woolworths’ protracted struggle to extricate itself from its multibillion-dollar Masters hardware chain disaster reached an important milestone after it completed the sale of its Home Timber & Hardware division to ASX-listed wholesaler Metcash for $165 million. The Aus

NAB seals $2.4bn life stake sale

National Australia Bank chief customer officer Andrew Hagger has rung the bell on the bank’s run of divestments after completing the 80 per cent sale of its life insurance business to Japanese conglomerate Nippon Life. The Aus

Tide turns for junior miners

Contrasting results from WA’s biggest homegrown stockbrokers have reinforced signs that the junior resources sector is finally on the road to recovery. The West

 

 

The Australian Financial Review

Page 1: The federal government will introduce criminal penalties and new regulations to prevent the manipulation of the bank bill swap rate, an alleged practice that precipitated calls earlier this year for a royal commission into banks.

BHP Billiton’s giant Olympic Dam copper and uranium mine, OZ Minerals’ Prominent Hill copper and gold mine, and the Whyalla steelworks could be without full power for up to 10 more days as the vast economic cost of the collapsed South Australian electricity system hits major industries.

Henderson Group will become a top 50 global asset manager by merging with Janus Capital Group in a deal that gives Henderson a ready made piece of the world’s most important capital market, the United States.

The departure of a host of chief financial officers at top companies including Vocus, Tatts Group, Fortescue Metals, Cochlear, Brambles and Fletcher Building after the end of the financial year comes as boards face pressure from investors to find growth in a tough economy.

Japanese equipment giant Hitachi Construction Machinery has made a binding $3.25 a share bid for Australia’s Bradken, which is more than a 30 per cent premium to Bradken’s last close.

Page 4: The energy industry has urged political leaders to stop the point scoring over the South Australian blackout and come up with a national energy policy to deal with the changing electricity grid.

Page 6: Banks are gaining ground in the battle for superannuation customers, angering union-aligned industry funds who have called for a crackdown on over-the-counter sales and advice.

Page 7: The building industry watchdog has cut funding to the oversight body that monitors its coercive interview powers and left it to perform its functions unfunded for the past 16 months.

Page 10: In the three years following Australia’s 2010 trade deal with Southeast Asia, Australian wheat exports to those countries grew by an average of 19 per cent a year – more than double the growth of the region’s overall wheat imports.

Page 11: The Export Council of Australia and HSBC are stepping up the push to boost understanding of Australia’s growing range of trade agreements with the release of a series of toolkits for the four existing Southeast Asian deals.

Page 12: Top 200 companies are shifting from full-time, permanent workers to on-demand, freelance workers, with new research revealing half of all big businesses will rely on at least 20 per cent contractors, consultants and temporary employees within the next three years.

Page 13: Footy ratings throw a lifeline Television is far from dead and the ratings success delivered by the fairytale stories of the Western Bulldogs and Cronulla Sharks over grand final weekend proves it, says Seven chief executive Tim Worner.

One of Cochlear’s main rivals expects the Chinese government will rein in the price it pays for hearing implants via public tenders, crimping the profitability of participants pursuing that market.

Page 15: The auditors of beleaguered toy maker Funtastic have warned there is ‘‘significant doubt’’ that the company can continue as a going concern after it slumped to a bigger-than-expected annual loss.

The New York-based alcoholic beverages giant Constellation Brands is preparing to sell its $US1 billion ($1.31 billion) Canadian wine business to concentrate more on premium wines, raising questions about how long it may hold its stake in Australia’s Accolade Wines.

The viability of BHP Billiton’s US shale division will be top of the agenda for investors this week, as the company prepares to update the market on the outlook for its petroleum division.

Page 16: Chris Ellison’s Mineral Resources is seeking to drag lithium rival Pilbara Minerals back to the Supreme Court of Western Australia as part of an escalating brawl over a product sales agreement for Pilbara’s Pilgangoora project.

On the eve of Parliament’s review of the big four banks, new data from the Financial Services Ombudsman suggests that the big banks are tracking in line with industry standards when it comes to likelihood of disputes.

Page 17: One of Australia’s top banking analysts says regulators should push on with efforts to reform the international banking system, despite the woes of Deutsche Bank prompting speculation the Basel agenda be pushed back.

Page 19: Global investment bank UBS is throwing its resources behind the blockchain’s transformative potential, investigating a range of applications such as smart bonds, cross border payment transactions on the distributed ledger and a digital representation of physical currency.

The local head of consulting giant Accenture has dismissed the threat of automation technology to his firm’s outsourcing revenues, despite an expert claiming clients should now be paying much less for services.

Page 20: A new app devised by two doctors that aims to improve the treatment experience for people with cancer has secured $1.25 million in funding from a group of high-net-worth business leaders.

Sapien Ventures has backed online job outsourcing marketplace Airtasker in an unusual investor switch, wherein a small number of investors have been able to buy in, while others have sold part of their stakes.

Page 21: Start-up founders are pushing back against recommended changes to research and development tax incentives, criticising the focus on big business and saying the proposed limitations for small companies would force some offshore.

 

 

The Australian

Page 1: Corrupt family daycare providers have defrauded taxpayers of more than $1 billion in just two years through systemic rorting that Education Minister Simon Birmingham has compared with Labor’s failed home insulation and school halls stimulus schemes.

Page 2: The final business surveys ahead of today’s Reserve Bank board meeting lend support to its expected decision to keep interest rates on hold.

Page 3: A building site manager who complained about an alleged union-enforced boycott of cement company Boral was told “that’s just the way it is” and threatened with a daylong wait to unload cement deliveries if the company was kept on.

Page 4: A transmission company was forced to install an interim “kill switch” to immediately cut power to BHP Billiton and OZ Minerals at their Olympic Dam and Prominent Hill mines to protect South Australia’s network from potential voltage collapse after the exit of the state’s last coal-fired baseload power station.

Page 17: It’s a long way from Melbourne’s gritty Broadmeadows to the lofty towers of Sydney’s Macquarie Place. And for Hasan Tevfik, it's a journey that has been worth taking. These days, hundreds of millions of dollars could be traded on a single recommendation from the Credit Suisse Australian equities strategist. But it hasn’t always been that way.

Page 19: Woolworths’ protracted struggle to extricate itself from its multibillion-dollar Masters hardware chain disaster reached an important milestone after it completed the sale of its Home Timber & Hardware division to ASX-listed wholesaler Metcash for $165 million.

The head of the Therapeutic Goods Administration, John Skerritt, has warned that federal government reforms to streamline approvals of medicines and medical devices will be “harder than we think” to implement, as he argues other countries are yet to agree to share information to aid faster domestic approvals.

Page 20: National Australia Bank chief customer officer Andrew Hagger has rung the bell on the bank’s run of divestments after completing the 80 per cent sale of its life insurance business to Japanese conglomerate Nippon Life.

 

 

The West Australian

Page 6: By the time the first dome came down on the half-built mansion known as Taj-on-Swan most among the clapping crowd had been waiting for more than an hour. Others had been waiting as much as six years to see the toppling of a building that was arguably the high-water mark of Pankaj and Radhika Oswal’s ambition.

Perth’s housing market is at its most affordable in nine years as values tumble across the city.

Page 10: New Transport Minister Bill Marmion has distanced himself from plans by his predecessor Dean Nalder for a rail tunnel to Morley, saying it was not among his priorities.

Page 20: Contrasting results from WA’s biggest homegrown stockbrokers have reinforced signs that the junior resources sector is finally on the road to recovery.

Unseasonably cold weather could wipe more than one million tonnes off WA’s harvest and threaten a record season, the Grain Industry Association of WA says.

Page 21: Shares in Kidman Resources continued to surge after the explorer announced that drilling at its Earl Grey lithium deposit showed it was a globally significant hard rock lithium project.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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