26/10/2016 - 06:44

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26/10/2016 - 06:44

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Ellison and Brinsden lay down their guns

Pilbara Minerals will hand over $50 million worth of shares to Chris Ellison’s Mineral Resources to settle a damaging dispute over off-take contracts and extinguish a production royalty over its Pilbara lithium tenements. The West

Bendigo boss warns on overreach

The chief executive of Bendigo and Adelaide Bank, Mike Hirst, has cautioned the prudential regulator against introducing overly onerous requirements on banks to monitor borrowers’ ability to repay their debts, and warned first-time borrowers their discretionary spending would need to be curtailed to qualify for a mortgage. The Fin

Fortescue Metals shares leap on soaring iron ore futures

Shares in Fortescue Metals Group surged to their highest level in more than 2 1/2 years yesterday as the iron ore price continued to strengthen. The Fin

McAleese accounts showed $16m surplus

Collapsed transport group McAleese had a surplus of $16.3 million after it went into administration two months ago, receivers Grant Thornton have revealed in filings with the Australian Securities and Investments Commission. The Fin

Wotif’s Wood backed $2m strike at Murdoch

Australian entrepreneur and aspiring media mogul Graeme Wood has been named as a backer of a $US2 million campaign against media outlets controlled by Rupert Murdoch and their stance on climate change. The Aus

Tourism worries as park owner’s shares dive

Queensland’s $23 billion tourism industry is expected to be hit hard by the Dreamworld fatalities, with the share price of the theme park’s owner, Ardent Leisure, plunging more than 11 per cent in late trading yesterday.

Mirvac sounds alarm on units

One of Australia’s largest developers, Mirvac, yesterday revealed the number of apartments failing to settle had increased in recent months, raising fresh fears about the sustainability of the nation’s apartment market. The Aus

Rethink on tower appeal

The City of South Perth has back-flipped on a pledge not to appeal against the 34-storey Lumiere tower at 74 Mill Point Road, saying is seeking legal advice. The West

Gold will shine again: Holland

Gold Fields boss Nick Holland expects the Australian gold space to become more “dynamic” in coming years as investors return to backing junior explorers and global gold majors look to refill their project pipelines. The West

 

 

The Australian Financial Review

Page 1: Treasurer Scott Morrison will exert maximum pressure on Nick Xenophon to soften his opposition to company tax cuts by taking the fight directly to the senator’s home state of South Australia, which is more dependent than others on small and medium business.

A coronial investigation has been established into a tragic accident on a theme park water ride in which four people died at Ardent Leisure’s Dreamworld on the Gold Coast.

Page 3: A cloud hangs over IBM’s future in scoring big government contracts after the Prime Minister’s cyber security adviser Alastair MacGibbon said the company was ultimately responsible for a fundamentally flawed strategy for delivering the bungled 2016 Census.

Page 4: The government has dismissed Labor’s demands that it reject the crucial vote of Family First senator Bob Day for its industrial relations bills, arguing that Senator Day has not broken any law and the previous Labor government accepted tainted votes.

Beer giant Carlton & United Breweries is facing the prospect of several million dollars in losses as it struggles to meet rising demand before Christmas, unions claim.

Page 6: Almost a year after Australia’s free-trade deal with China came into force, farm groups and food processors remain unable to access key Chinese markets for the likes of avocados, most stone fruits, carrots, eggs, along with constrained access for chilled beef, because of delays in freeing up border barriers.

Gina Rinehart has made a $US300 million ($395m) play in the fertiliser industry, buying into London-listed Sirius Materials in a deal that includes a new mine in Yorkshire.

A collapse in consumer and business confidence would be the most damaging consequence of any cut in the nation’s AAA credit rating, despite the fact the immediate cost for the economy is likely to be modest, says PwC.

Page 10: Australia is churning out more real estate agents than ever, just as demand for them is slowing. NSW, Victoria and Queensland, which led the country’s housing boom, registered more real estate agents in the year to June than previous years, state government figures show.

The federal government wants to work with state and local authorities to cut red tape and boost housing supply around transport hubs, Cities Minister Angus Taylor will tell a Housing Industry Association summit on Wednesday.

Demand for social impact investment is higher than supply, with only $1.2 billion committed in capital in the last five years and an estimated $18 billion gap expected in the next five years, a new report says.

Page 11: Dulux Group – a company praised for its research and development effort by Industry Minister Greg Hunt just two months ago – says proposed changes to the R&D tax rules will wipe out its tax credit.

Page 13: Samsung Group, for decades the corporate champion of South Korea, is now facing a revolt at home. On Monday, hundreds of owners of Samsung Electronics Co’s fire-prone Galaxy Note 7 filed a class-action lawsuit demanding compensation. Earlier, a South Korean investment advisory firm recommended shareholders vote against vice-chairman Jay Y. Lee joining the board, in the strongest public opposition to the heir-apparent’s ascension.

Page 14: It’s rare in China for a government department to release more information than required. So analysts took note when the National Bureau of Statistics added two weeks of data to its September update on the property market last Friday.

Page 15: The chief executive of Bendigo and Adelaide Bank, Mike Hirst, has cautioned the prudential regulator against introducing overly onerous requirements on banks to monitor borrowers’ ability to repay their debts, and warned first-time borrowers their discretionary spending would need to be curtailed to qualify for a mortgage.

Jim Rogers, one-time hedge fund partner of George Soros, expects Donald Trump could still win the US election, tipping global markets into turmoil and sending investors into agriculture and US dollars for safety.

An infant formula joint venture between dairy group Bega Cheese and vitamins maker Blackmores has failed to grab a foothold in the crucial Chinese market since launching in January, forcing Bega to write down the value of its stake in the business and sending its share price plunging.

Page 17: Shares in Fortescue Metals Group surged to their highest level in more than 2 1/2 years yesterday as the iron ore price continued to strengthen.

WorleyParsons chairman John Grill has pledged to ‘‘reconsider’’ the engineering group’s new bonus scheme after a protest vote against its remuneration report.

Page 18: Tabcorp chairman Paula Dwyer has dismissed concerns that the gambling giant’s shareholders do not get a vote on the $11.3 billion merger with Tatts Group, saying the deal represents ‘‘absolutely compelling value’’.

Construction software company Aconex says revenue will grow at 39.4 per cent to 45.9 per cent in the 2017 financial year, well ahead of its medium-term forecast of 20 to 25 per cent each year.

Veterinary and pet care chain Greencross is confident of delivering another year of double-digit profit growth after a tick-up in trading over the past two months.

Page 19: Industry superannuation funds will voice their concerns to the Australian Competition and Consumer Commission over the proposed $100 million privatisation of Pillar, the super administration provider being auctioned by the NSW government.

Japanese insurer Sony Life has burst onto the local scene, putting ClearView Wealth in play after snapping up some of Crescent Capital Partner’s holding.

Page 20: A sharp increase in the number of Chinese tourists paying $395 each for a high-end cruise on Sydney Harbour complete with a bottle of Penfolds Grange for the table is bolstering profit growth at SeaLink Travel Group.

Page 21: New Temple & Webster chairman Stephen Heath says his priority is to get the online furniture and homewares retailer back on track before considering growth opportunities such as bricks-and-mortar stores.

APN News & Media chief executive Ciaran Davis says taking full control of Adshel and the acquisition of Conversant Media will help deliver better offerings for advertisers across growing mediums.

Local venture capital firm AirTree Ventures has joined the big league, investing in US data preparation start-up Paxata alongside firms such as Accel Partners, Intel Capital and Microsoft Ventures.

Page 22: Collapsed transport group McAleese had a surplus of $16.3 million after it went into administration two months ago, receivers Grant Thornton have revealed in filings with the Australian Securities and Investments Commission.

Carnegie Wave Energy is poised to become the only ASX-listed company with the capability to deliver renewable energy microgrids after signing a $13 million deal to acquire private developer Energy Made Clean.

The founder of the world’s first online trading platform for liquefied natural gas says ‘‘the time is right’’ to break up the cosy club of producers and buyers in the commodity, where a single cargo can be worth up to $US30 million.

Page 31: Investors wrong-footed by BHP Billiton and Rio Tinto’s dividend cuts last year were not the only ones rueing their timing. One of the most popular niche exchange traded funds in the market, the Vanguard Australian Shares High Yield ETF, had large exposure to the mining giants only for the stocks to slash dividends, unwinding their brief and ultimately misguided stint as yield stocks.

 

 

The Australian

Page 1: A key state has opened the door to a radical tax overhaul to ease the cost of new housing, raising the prospect of scaling back onerous stamp duties and imposing land taxes in order to free up more homes for a new generation of buyers.

China’s crackdown on James Packer’s Crown Resorts has widened, with 10 Chinese organisers of junkets licensed by the casino operator to bring high rollers to its Australian properties now believed to be in custody.

Australian entrepreneur and aspiring media mogul Graeme Wood has been named as a backer of a $US2 million campaign against media outlets controlled by Rupert Murdoch and their stance on climate change.

Page 2: Queensland’s $23 billion tourism industry is expected to be hit hard by the Dreamworld fatalities, with the share price of the theme park’s owner, Ardent Leisure, plunging more than 11 per cent in late trading yesterday.

Page 5: Pivotal crossbench senator Nick Xenophon says environmental groups receiving tax exemptions have a duty to disclose the source of their income as the Turnbull government moves to tighten restrictions on a foreign-funded network of activists campaigning against resource developments in Australia.

Page 6: Australia’s high commissioner to London, Alexander Downer, checked no one would be wearing budgie smugglers for the launch of Tourism Australia’s $10 million campaign to attract British backpackers, but no one checked if the feature lifeguards were actually Australian.

The wealth of the construction union’s Victorian branch, including its $60 million asset base, will come under the spotlight next month amid claims a judge was wrong to find the rich coffers gave the union a financial “cushion” as it pursued a deliberate strategy of illegal industrial action.

Page 19: One of Australia’s largest developers, Mirvac, yesterday revealed the number of apartments failing to settle had increased in recent months, raising fresh fears about the sustainability of the nation’s apartment market.

Despite the best efforts of the Australian Prudential Regulation Authority, which has been urging life insurance companies to clean up exploding claims through superannuation, the sector is still bleeding cash and booking hefty losses, particularly through disability claims.

Page 21: News Corp Australia will introduce a “freemium” digital subscription model across six of its regional newspapers as the newspaper industry’s shift towards asking people to stump up for online content gains widespread acceptance.

Page 22: An improved outlook for copper and gold has helped add $US1.3 billion ($1.7bn) to the value of the $US5.3bn expansion of Rio Tinto’s Oyu Tolgoi copper and gold mine, which the miner says could ramp up in seven years to release $US1.5bn of annual free cash flow.

Peace has broken out between lithium hopeful Pilbara Minerals and the Chris Ellison-led Mineral Resources, with MinRes emerging as a significant shareholder in Pilbara as part of the settlement.

An effort by one of the ASX’s most controversy-plagued entities to get back into the resources sector has hit a roadblock, with Moly Mines’ $41 million takeover bid for North Queensland’s Gulf Alumina trumped by a superior offer from Metro Mining.

Page 25: AT&T’s $US85.4 billion ($112.2bn) deal to buy Time Warner is sailing towards two cresting waves of opposition: resurgent antitrust enforcement in Washington and politicians fired by a new bipartisan populist rage.

 

 

The West Australian

Page 1: New evidence of union intimidation on WA construction sites has emerged, with a leaked video showing tattooed “heavies” denying workers access to the new Perth Children’s Hospital during what was later found to be an illegal blockade.

Page 9: The next step in keeping up with the rest of the AFL has arrived for the West Coast Eagles with the release of new images of the club’s future home base at Lathlain Park.

Page 10: The City of South Perth has back-flipped on a pledge not to appeal against the 34-storey Lumiere tower at 74 Mill Point Road, saying is seeking legal advice.

Page 12: Andrew Forrest wants the nation’s farmers and agribusinesses to market food as unmistakeably Australian so the average Chinese shopper will recognise it immediately.

Page 14: Billionaire Gina Rinehart has defended her bid for the nation’s biggest cattle empire after a rival consortium of families confirmed an “all-Australian” play for the sprawling collection of properties.

Page 19: WA’s business lobby will seek to dispel what it describes as “myths” in a bid to create public support for the sale of Western Power in the face of an anti-privatisation campaign by Labor and unions.

Page 22: The WA Government was outbid by South Australia to host the Danny Green-Anthony Mundine boxing match. But WA’s bid was also hampered by the lack of a suitable venue and the Mundine camp’s reluctance to host the fight in Green’s home city of Perth.

Page 33: Gold Fields boss Nick Holland expects the Australian gold space to become more “dynamic” in coming years as investors return to backing junior explorers and global gold majors look to refill their project pipelines.

After cutting three producers from its contracts, Brownes appears to have slashed its farm-gate milk price for selected suppliers. Scott River dairy farmer Ross Woodhouse said the processor has offered him a new price of 45¢ a litre — 6¢ less than what he is currently receiving.

Fast-food billionaire Jack Cowin has emerged with a stake in VEEM, the WA family-controlled, precision-engineering company which lists today.

Page 34: Commissioning costs and losses associated with its new Midland hospitals depressed earnings at St John of God Health Care last financial year, even as its hectic expansion program lifted revenues 21 per cent.

When Greg Bader arrived at Rent.com.au, he didn’t think he’d be there for long. The former iiNet executive was parachuted into the interim chief executive role of the Perth online renting portal in July after founder Mark Woschnak stood down.

The investors behind market darling Structural Monitoring Systems are backing a new airline-tech play, with US-based CFOAM set to list on the ASX today after banking $9 million.

Page 79: The managing director of Chevron Australia says fossil fuels will long remain part of the world’s energy supply because of the need for power to be affordable and viable.

Page 80: Pilbara Minerals will hand over $50 million worth of shares to Chris Ellison’s Mineral Resources to settle a damaging dispute over off-take contracts and extinguish a production royalty over its Pilbara lithium tenements.

Page 81: Charter Hall’s plans to transform Raine Square into Perth’s “it” zone have taken a giant leap forward with the news it has cast Palace Cinemas as the lead in its entertainment precinct plans.

Two B-grade Perth CBD office properties owned by US private equity mammoth Blackstone are on the market as part of a countrywide sale of assets said to be worth up to $700 million.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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