Morning Headlines

ANZ shrinks to reduce rising risks

ANZ Banking Group has shed 3600 jobs and chief executive Shayne Elliott is pulling back on mortgage lending fearing any fall in house prices could mean lenders ‘‘end up underwater’’. The Fin

Woolworths made unfair cash grab on suppliers, court hears

Woolworths’ $60 million demand to suppliers in late December 2014was ‘‘literally a last-minute grab for cash’’ and ‘‘not business as usual’’, a court has heard.

Downer CEO confident courts will tackle Adani mine queries

Downer EDI chief executive Grant Fenn has defended the contractor’s plans to provide services to Adani’s proposed $16.5 billion Carmichael coal mine after a native title applicant alleged the mine would destroy Indigenous homelands and culture. The Fin

Medibank No.1 target for complaints

Medibank Private was the driving force behind a record-breaking number of private health insurance complaints between July and September, the industry’s ombudsman has revealed.

BT in record profit on US push

A diversification strategy that included a push into the US, fixed income funds and new products in Australia helped international fund manager BT Investment Management overcome the shock Brexit vote and post a fourth consecutive lift in annual net profit. The Aus

Chinese chiefs in ore tax warning

Two Chinese state-owned steel giants want an urgent meeting with Colin Barnett to air their concerns about Brendon Grylls’ mining tax plan, warning the affair is threatening all future investment from the nation that is WA’s largest export customer. The West

Tanking Perth jobs a drag on property

Perth’s tanking jobs market is the biggest weight on property prices across the city, according to a report that also warns not to expect an increase in values for at least another year. The West

Harvey Beef feels impact of cattle price

Record cattle prices appear to have taken their toll on Andrew Forrest’s Harvey Beef business, despite a big jump in sales. Bolstered by significant investment from Mr Forrest’s family company, Harvey Beef’s sales leapt 24 per cent to $265.5 million in the year to June 30, according to filings by its parent, Harvey Industries Group. The West

The Australian Financial Review

Page 1: ANZ Banking Group has shed 3600 jobs and chief executive Shayne Elliott is pulling back on mortgage lending fearing any fall in house prices could mean lenders ‘‘end up underwater’’.

Former senator Bob Day might have been targeted for extortion as he tried to save his Home Australia business, according to a liquidators’ report, which offered creditors little comfort they would be repaid.

French power giant Engie will put its Loy Yang B Victorian brown coal power station and Kwinana gas plant in Western Australia up for sale as part of a global retreat from fossil fuel energy.

Page 3: he founding chairman of a group set up by Andrew Forrest to promote better food safety between Australia and China has been ensnared in one of the biggest milk powder scandals to hit the latter country in recent years.

A Brisbane technology start-up backed by former Virgin Australia chief executive Brett Godfrey, the co-founders of Wotif.com and former Fortescue Metals deputy chief executive Russell Scrimshaw is taking on the big four banks and their BPAY technology in a bid to shake-up the bill-payment industry.

Page 5: Changes to the electricity grid to integrate new technologies such as wind, solar and battery storage will require a major overhaul of the National Electricity Market and could come at a cost to consumers, according to Australia’s chief scientist Alan Finkel who has been appointed to conduct a major review into the sector.

Page 6: The Turnbull government is determined to have its industrial relations laws passed by the Senate this year, despite it being unlikely the High Court challenges to the election of Bob Day and Rod Culleton will be resolved before Christmas.

Page 7: The head of the Productivity Commission has issued a broadside to the Coalition over not pursing more extensive industrial relations reform, saying he ‘‘expected more’’ and warned of the consequences of not addressing ‘‘institutional reform’’.

Page 10: Telstra, Woolworths and Westpac have joined forces with the nation’s largest law firms in an effort to increase the number of women lawyers taking on court cases and the fees they earn after decades of chronic underrepresentation.

The former Trump campaign economist who is now the key economic adviser to Pauline Hanson’s One Nation has company tax cuts, desalination plants and the Reserve Bank in his sights, as the minor party ramps its economic policies.

Page 13: Wall Street’s most prominent bank, Goldman Sachs, is tipping Democrat Hillary Clinton to prevail in Tuesday’s US presidential election, telling clients she is twice as likely to win as Republican Donald Trump.

Page 14: Fitbit Inc. was one of the world’s hottest technology stocks a year ago. However, like the get-fit plans of many people who bought its plastic wristbands, that’s now a faded memory.

Page 15: ANZ Banking Group hopes to fetch more than $4.5 billion from a sale of its Australian wealth business on the grounds that it would offer a potential buyer the chance to continue distributing products via the bank’s network.

South32 chief financial officer Brendan Harris says the miner will continue to take an opportunistic approach to growth opportunities in the ‘‘attractive’’ coking coal sector after agreeing to buy Peabody Energy’s Metropolitan project for $US200 million.

Woolworths’ $60 million demand to suppliers in late December 2014was ‘‘literally a last-minute grab for cash’’ and ‘‘not business as usual’’, a court has heard.

Page 17: Fairfax Media chief executive Greg Hywood believes the softness in real estate listings, which is expected to impact Domain’s first half earnings, is only a ‘‘temporary blockage’’ and he is confident in the outlook for the real estate classifieds and service business.

Page 18: The chief executive of cloud accounting software company Xero has again pushed out the timing of a possible US listing, citing the need to show more traction against rival Intuit in North America.

The shareholder backlash against overpaid executives at public companies has snared Boral. The building materials maker suffered a ‘‘first strike’’ vote against its pay packages at its annual meeting on Thursday, with investors who held more than a quarter of its capital rejecting its remuneration report.

Downer EDI chief executive Grant Fenn has defended the contractor’s plans to provide services to Adani’s proposed $16.5 billion Carmichael coal mine after a native title applicant alleged the mine would destroy Indigenous homelands and culture.

Page 19: BT Investment Management boss Emilio Gonzalez underscored there is a role for broker research in the funds management industry, amid a regulatory shake-up that threatens the existence of sell-side thinking.

Page 20: Medibank Private was the driving force behind a record-breaking number of private health insurance complaints between July and September, the industry’s ombudsman has revealed.

Page 29: Professional services powerhouse PwC has absorbed former Clifford Chance corporate law heavyweights into its legal arm, fuelling angst among traditional law firms as they fight for relevance in a deeply fractured market.

Page 30: Billionaire Judith Neilson’s new Sydney mansion and a medium-density suburban block in Fremantle won Australia’s top residential architectural awards for demonstrating sustainable housing in both the most expensive and more affordable markets.

Jamie Oliver is buying the six-strong Jamie’s Italian restaurant franchise chain in Australia from the collapsed Keystone Hospitality Group.

Home buyers are injecting a greater proportion of equity into their purchases than in the early years of the boom, despite the rise in prices and total loan values.

The Australian

Page 1: Employers have warned that approval of the union movement’s claim for 10 days’ paid domestic violence leave will add hundreds of millions of dollars to their labour costs, and potentially allow workers to take up to 20 per cent of the working year off with pay.

Emergency power imports from NSW and Tasmania could be required in Victoria by 2018 after the closure of Hazelwood power station as the state’s “firm capacity reserve” falls below zero, leaving the grid more vulnerable to simultaneous heatwaves and generator breakdowns.

Page 3: Investigators have found “significant safety issues’’ in the maintenance of Dreamworld’s Thunder River Rapids Ride, which killed four people last week.

Page 5: Malcolm Turnbull has intervened to salvage the government’s crucial workplace relations bills, meeting crossbench senator David Leyonhjelm to win support after a dispute last month over gun laws.

The ABC’s national audience reach declined in 2015-16 as a shift to online platforms failed to offset falls in television and radio.

Page 6: Adelaide’s shipbuilders will begin industrial action against the federally owned ASC shipyards from next week over unprecedented Coalition intervention in their pay negotiations.

Page 9: Former West Australian premier Richard Court will be Australia’s next ambassador to Japan, breaking a 43-year succession of diplomats and senior public servants in one of Australia’s most commercially important postings.

Page 19: Westpac subsidiary BT has sent all of the total and permanent disability insurance claims it has refused over the past three years to a law firm for review after the company was revealed to have the highest refusal rate in the industry.

ANZ chief Shayne Elliott has warned that “now is not the time to aggressively target growth”, placing its $4.5 billion wealth arm on the block for sale and shrinking the balance sheet amid concerns about the housing market and mining-exposed loans.

Page 21: Boral chief executive Mike Kane has urged the Coalition to press ahead with the planned Australian Building and Construction Commission as upheaval in the Senate means the legislation to recreate the union watchdog could be put off until next year.

Sydney’s Star Entertainment Group is taking on rival Crown in the high-stakes VIP gaming arena, extending its luxe offerings to cashed-up gamblers with more tables, lounges and bigger, more glamorous bathrooms.

Page 22: A Japanese push to increase hydrogen-powered vehicles ahead of the Tokyo Olympics is boosting Kawasaki-led interest in using Victoria’s brown coal to produce and export hydrogen.

The deposed managing director of gold play Echo Resources is alleged to have stolen a Toyota Landcruiser and a host of other items from the company he once led.

Page 23: A diversification strategy that included a push into the US, fixed income funds and new products in Australia helped international fund manager BT Investment Management overcome the shock Brexit vote and post a fourth consecutive lift in annual net profit.

Page 24: Inflation is finally showing signs of behaving the way Federal Reserve officials want it to, bolstering the case for them to raise short-term interest rates next month.

Alibaba reported strong results in its latest quarter despite uncertainties about China’s economy, as users increased spending and the company showed profit potential in segments beyond ecommerce.

Page 25: Uranium prices have plunged almost 25 per cent in the past six weeks as demand from utilities and traders has been choked by huge stockpiles and the expectation that prices may have still further to fall.

21st Century Fox posted a 22 per cent increase in net income for the September quarter, driven by higher subscription and advertising revenue at its cable channels and strong performance at its film and television studio.

Facebook, now on pace to reach $US27 billion ($35.2bn) in revenue this year, is defying the slowdown in growth that usually comes with increasing size.

Time Warner, which two weeks ago agreed to sell itself to AT&T, raised its outlook for the year and reported solid third-quarter results, powered by growth in its cable TV and film businesses.

Page 28: Shopping mall giant Scentre Group has kept its earnings guidance steady in the face of moderating sales growth across its Westfield centres in Australia and New Zealand.

The West Australian

Page 1: Two Chinese state-owned steel giants want an urgent meeting with Colin Barnett to air their concerns about Brendon Grylls’ mining tax plan, warning the affair is threatening all future investment from the nation that is WA’s largest export customer.

Page 9: Perth’s tanking jobs market is the biggest weight on property prices across the city, according to a report that also warns not to expect an increase in values for at least another year.

Page 15: Opposition Leader Mark Mc-Gowan has cast doubt over whether he would commit to building a long-mooted new high school in the western suburbs if he wins the March election.

Page 22: The US Government’s top representative in WA says liquefied natural gas is a “fantastic bridging fuel” that will be crucial in the transition to a clean energy future.

Page 24: The radical Western Force plan for fans to own the club will have a major influence on the future of Super Rugby in Australia, rugby union boss Bill Pulver says.

Page 26: The sale of 15 restored Fremantle cottages could soon provide a financial lifeline to other deteriorating government-owned heritage buildings.

Page 59: Record cattle prices appear to have taken their toll on Andrew Forrest’s Harvey Beef business, despite a big jump in sales. Bolstered by significant investment from Mr Forrest’s family company, Harvey Beef’s sales leapt 24 per cent to $265.5 million in the year to June 30, according to filings by its parent, Harvey Industries Group.

Sharemarket darling ResApp suffered a small blow yesterday, copping a first strike on its remuneration report after 26.3 per cent of shareholders voted against it.

Page 60: The savagery of WA’s economic downturn has caught Australian building materials company Boral by surprise and could see production cut at its Midland Brick facility.

Gina Rinehart’s play for a slice of a massive potash mine in England is moving ahead, with Sirius Minerals announcing late yesterday it had closed a $US1.2 billion ($1.6 billion) funding package.

NRW Holdings chairman Michael Arnett has flagged a new round of consolidation in the contracting sector, as the once-struggling mining services company presented an upbeat outlook to shareholders yesterday.