10/10/2016 - 06:29

Morning Headlines

10/10/2016 - 06:29

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No more rate cuts: Morrison

Treasurer Scott Morrison has emphatically signalled he opposes more interest rate cuts by the Reserve Bank of Australia, arguing monetary policy has ‘‘exhausted its effectiveness’’. The Fin

Gina Rinehart joins Chinese in Kidman bid

Gina Rinehart’s Hancock Prospecting has launched a joint bid with a Chinese partner for the nation’s largest landholder, S.Kidman & Co, in what will be a further political test for Australia’s foreign ownership rules and signals the biggest push so far by Australia’s wealthiest businesswoman into agriculture. The Fin

Investors wary ahead of Alinta float pricing

Fund managers remain wary about the pricing of the float of gas and power supplier Alinta, with some warning the spectre of rising interest rates could weigh on what looks set to be the year’s biggest initial public offering. The Fin

Forrest lashes ‘mediocrity of small politics’ in welfare reform

A key adviser to the federal government on welfare reform has hit out at “the mediocrity of small politics” in Australia, calling for the country to lift its vision in order to fix a system that offers equal reward for laziness or effort. The Aus

Surging coal puts pricing system in peril

A dramatic surge in the spot price of Australia’s second-biggest export, coking coal, has seen Japanese steel mills delay new contract settlements that would deliver big gains to Australian miners, in a standoff over an expected doubling of the contract price that could spell the end of the current pricing system. The Aus

Telco flagged as power player

Telstra could rival gas providers Alinta and Kleenheat in battling for WA electricity customers if State-owned utility Synergy’s monopoly is ended in three years. The West

Reputation matters in Doric’s return to black

A suite of project completions has put builder Doric Group back into the black, albeit on a slender profit margin. The Harry Xydas-owned company has more than $500 million of projects on its books but questions remain about the strength of its balance sheet. The West

 

 

The Australian Financial Review

Page 1: Treasurer Scott Morrison has emphatically signalled he opposes more interest rate cuts by the Reserve Bank of Australia, arguing monetary policy has ‘‘exhausted its effectiveness’’.

Gina Rinehart’s Hancock Prospecting has launched a joint bid with a Chinese partner for the nation’s largest landholder, S.Kidman & Co, in what will be a further political test for Australia’s foreign ownership rules and signals the biggest push so far by Australia’s wealthiest businesswoman into agriculture.

Page 2: China’s biggest food company, Cofco, is partnering with Monash University to help Australian firms export better-designed products for Chinese consumers, a deal that could lead to the state-owned giant investing in the local food and beverage industry.

Page 3: Company directors have lashed out at attacks from investors in the ‘‘cheap seats’’ who send mixed messages on issues such as ‘‘diversity’’ and ‘‘culture’’ bonuses, but that is unlikely to deter disgruntled shareholders from expressing their anger over executive pay and other issues at annual general meetings this week.

Page 4: The Turnbull government will use this week’s resumption of Parliament to take on elements of the life insurance industry and some of its own backbenchers by legislating to pare back commissions it says are ‘‘ripping off consumers’’.

Labor is under fire over calls to offer more government assistance to carmakers, despite the closure of Ford on Friday and plans by Toyota and Holden to stop manufacturing next year.

Page 5: The construction union CFMEU has been ordered to cease a week-long strike blitz meant to force builder Lend Lease to sign a deal in breach of federal government rules covering multi-million dollar projects across Queensland.

Page 6: The heads of the big four accounting firms have joined forces to call on Canberra to stop playing politics and push ahead with a cut to the company tax rate for all business to create more jobs and boost average wages by up to $1000.

Page 8: Private health groups led by the country’s two largest hospital operators, Ramsay Health Care and Healthscope, will call on the Health Minister to establish medical savings accounts as an alternative to the troubled $20 billion health insurance sector.

Page 13: Fund managers remain wary about the pricing of the float of gas and power supplier Alinta, with some warning the spectre of rising interest rates could weigh on what looks set to be the year’s biggest initial public offering.

Page 15: The founders of SpotJobs, which claims to be Australia’s third-largest jobs board and is backed by the Simonds and Smorgon families, have left the business and are in the process of selling it.

Ramsay Health Care chief executive Chris Rex has called the almost $1 billion figure that the private health insurance industry estimates could be saved on prosthetic devices each year ‘‘ridiculous’’ and denies the company is the main beneficiary of the overspend.

Page 16: Former Macquarie Group senior manager Katherine McConnell has set a high bar for her start-up, Brighte, which seeks to disrupt the way big-ticket energy and other household purchases are paid for.

A member-owned credit union will try to speed up the time it takes to bring new ideas to market after participating in KPMG’s first fintech accelerator for mutual banks, mLabs.

Page 17: The reluctance of the world’s biggest companies to invest in their businesses means they will continue to struggle to grow their profits long into the future – but financial markets, obsessed with the actions of the Federal Reserve, don’t seem to be taking any notice.

The securities regulator has conceded that there may be inconsistencies in the way superannuation funds publish their costs when a new fee disclosure regime starts in February.

Page 18: From humble beginnings, Apollo is growing fast. Motorhomes business Apollo Tourism and Leisure’s timing was off when it expanded from its Australian base into the United States in 2008, with Los Angeles as the springboard.

Canadian online gambling company Amaya and British bookmaker William Hill said they were in talks to combine in a merger of equals, confirming a report about the discussions on Friday.

Page 20: After a dramatically dismal week for the pound punctuated by a flash crash in Asia, traders doubt it will shake off its tag of worst-performing major currency in 2016.

Harder than a diamond but more flexible than rubber, graphene certainly sounds like a material of the future. And there are companies betting its ability to revolutionise the batteries used in electric vehicles is something we will not have to wait decades for.

Page 21: Woodside Petroleum’s $US400 million deal last month to buy into the vast Scarborough gas field was just its latest move to try to shrug off the ‘‘ex-growth’’ tag that has dogged it in recent years.

 

 

The Australian

Page 1: Forty-five per cent of Australians are prepared to pay extra to have more energy generated from renewable sources such as wind and solar, but the majority of those voters wants the cost to be less than $10 a month.

Australia’s foreign debt has hit “extreme” levels that match the worst in the world, according to a startling warning from ratings agency Standard & Poor’s that will intensify the dispute over budget repair after years of political deadlock on major savings.

Page 2: Major government projects would be required to use locally manufactured goods under a union push to have Malcolm Turnbull and Bill Shorten back a US-style “Buy Australian’’ act.

The woes plaguing Family First senator Bob Day’s beleaguered construction group appear to have spread from Victoria and NSW to his home state of South Australia, with claims of delays and problems paying suppliers.

Page 3: Qantas has cut back on the number of meals it carries on some flights in a bid to reduce the amount of food it throws away.

Page 5: A key adviser to the federal government on welfare reform has hit out at “the mediocrity of small politics” in Australia, calling for the country to lift its vision in order to fix a system that offers equal reward for laziness or effort.

Page 17: A dramatic surge in the spot price of Australia’s second-biggest export, coking coal, has seen Japanese steel mills delay new contract settlements that would deliver big gains to Australian miners, in a standoff over an expected doubling of the contract price that could spell the end of the current pricing system.

The head of thermal and nuclear power generation at Japan’s fourth-largest power utility says the trend of pushing towards renewable energy threatens power supply reliability and demand for Australian coal.

The head of Telstra’s $300 million technology start-up portfolio has talked up the importance of corporates getting into the venture capital game saying that even when investments go bad, big companies should try, try again.

Page 18: Rio Tinto’s chief executive is under growing pressure from investors and analysts to justify the FTSE 100 giant’s decision to build one of the world’s most expensive mines in Mongolia.

Page 19: Investment bank Macquarie will move a step closer this week to the £4 billion ($6.5bn) takeover of the British taxpayer’s Green Investment Bank.

European aircraft manufacturer Airbus has applauded the International Civil Aviation Organisation’s plan to cap carbon dioxide emissions from international flights at 2020 levels.

Campbell Soup Company is walking away from business that does not fit with its recently established push towards healthier, cleaner food, according to president and chief executive Denise Morrison.

Page 20: The prospect of a US interest rate rise being pushed back is expected to set the tone for regional stockmarkets today, after the world’s largest economy recorded an increase in its unemployment rate.

Page 21: Property veteran Nic Lyons will step down from the helm of 151 Property, the asset management arm of US private equity giant Blackstone’s $6 billion local real estate empire, after a five-year stint.

Page 23: Fairfax Media has held talks with Nine Entertainment about potential deals, as the industry readies for the Turnbull government’s media reform bill that has been tabled in parliament and could be passed this year.

 

 

The West Australian

Page 1: Divisions within the City of Perth are threatening to become an open rebellion over a policy that gags councillors from speaking to the media.

Page 4: Remote-controlled aerial drones will be deployed to monitor sharks off WA beaches, but they will not be used as first spotters, under a Barnett Government trial. And Opposition Leader Mark McGowan confirmed he intends to offer $200 subsidies to divers and surfers who want to buy personal electronic shark deterrent devices if he becomes premier.

Page 5: A ground-breaking Perth discovery about a tiny bug that causes stomach ulcers is estimated to have saved $18 million in healthcare costs in WA alone.

Page 10: Clive Palmer may have left Federal politics but he is still causing trouble for some ministers, threatening legal action over comments they made about his running of Queensland Nickel.

Shadow treasurer Chris Bowen has dismissed the Federal Government’s plan to set up a banking complaints tribunal as the “latest diversion” from a royal commission into the financial services sector.

Page 12: Telstra could rival gas providers Alinta and Kleenheat in battling for WA electricity customers if State-owned utility Synergy’s monopoly is ended in three years.

Page 40: A suite of project completions has put builder Doric Group back into the black, albeit on a slender profit margin. The Harry Xydas-owned company has more than $500 million of projects on its books but questions remain about the strength of its balance sheet.

Twitter, struggling to find new users, will need to rely more heavily on its live video streaming strategy after potential bidders were said to have lost interest.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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