Morning Headlines

Markets hail Trump stimulus

Donald Trump’s plan to emulate US president Ronald Reagan by slashing taxes, cutting regulation and running up debt to unleash infrastructure spending helped turn global financial markets yesterday, as investors welcomed the prospect of more inflationary pressures. The Fin

Banks sack few for misconduct

Two out of the 150 cases reported by Commonwealth Bank of Australia staff to its internal whistleblower hotline in the past year led to bankers losing their jobs. The Fin

Rio’s Walsh, Albanese in $10m Africa payment probe

Former Rio Tinto chief executives Tom Albanese and Sam Walsh were involved in discussions over paying a French consultant $US10.5 million ($13.7 million) to ensure the miner’s relationship with the Guinean government went ‘‘smoothly’’ after a dispute over the Simandou iron ore project was resolved. The Fin

Retailers group backs violence leave

National retailers have broken ranks with business groups to back the union movement’s claim for 10 days’ paid domestic violence leave, claiming the new entitlement would combat absenteeism and lost productivity. The Aus

Chaney lashes WA Nats’ iron tax plan

Wesfarmers chairman Michael Chaney has become one of the most senior business executives to wade into the debate about the controversial $5-per-tonne iron ore tax proposed by the WA Nationals, describing it as “a very bad deal”. The Aus

Iron ore price hits Hancock profits

The weaker iron ore price has taken another bite out of the profitability of Gina Rinehart’s Hancock Prospecting. The Aus

Trump puts military might before trade

Prime Minister Malcolm Turnbull has been assured by Donald Trump that the United States will not forget the Asia-Pacific as part of his plans for an “enhanced military power”. The West

Industry group backs TAB sale

The group formed to represent the interests of the racing industry has given both sides of WA politics an effective green light to proceed with privatisation of the TAB. The West

Trump pumps stocks and ore

Fear gave way to euphoria and steel was the new gold yesterday as the major miners and steel stocks led the whiplash rebound on the Australian sharemarket. The West

The Australian Financial Review

Page 1: Donald Trump’s plan to emulate US president Ronald Reagan by slashing taxes, cutting regulation and running up debt to unleash infrastructure spending helped turn global financial markets yesterday, as investors welcomed the prospect of more inflationary pressures.

Page 2: BioCurate, an $80 million biopharmacy partnership between Monash and Melbourne universities, is conducting a global search for a chief executive and already vetting new drug candidates to ensure it hits the ground running next year.

Page 3: Two out of the 150 cases reported by Commonwealth Bank of Australia staff to its internal whistleblower hotline in the past year led to bankers losing their jobs.

New investor loans rose to their highest level in more than a year in September, even as owner-occupiers took a step back.

Page 4: Unfair contract laws set to come into effect this week could shake up ridesharing firm Uber and the gig economy, experts say.

Queensland businessman and former federal MP Clive Palmer’s attempt to avoid further public examination by liquidators over the $300 million collapse of Queensland Nickel has been unanimously rejected by the High Court.

Page 8: The need for a Reserve Bank of Australia ‘‘Trump put’’ – or a market-calming interest rate cut – has evaporated thanks to a stunning global rebound in confidence, according to former central bank board member John Edwards.

Page 9: Donald Trump’s push to slash America’s corporate tax rate to 15 per cent marks a return to the 1980s growth policies of former US and British leaders Ronald Reagan and Margaret Thatcher and will pressure Australia to fall in line, experts said.

Page 12: Almost a quarter of top-200 listed companies have significant exposure to the US economy and face a ‘‘mixed outlook’’ according to analysts at Credit Suisse, even before you consider the $64 billion in imports and exports to the US, which might be affected by a trade war.

Page 13: Billionaire Anthony Pratt has been quietly tipping a Donald Trump victory in the United States election over the past two months, based on what he had been hearing and observing while criss-crossing the US.

Page 14: President-elect Donald Trump is expected to push through an infrastructure package early next year, potentially increasing investment opportunities for Australian engineering and transport companies.

Page 15: Property developers turned politicians – such as President-elect Donald Trump – have strong motivations to fix bureaucratic systems and improve business according to some of Australia’s own property and political success stories.

Retirement funds are moving to reassure members superannuation is a long-term proposition and volatility caused by Donald Trump’s election will not affect long-term returns.

Page 22: New Zealand’s central bank said international factors, including US political uncertainty, were the major risks to the country’s economy after it lowered interest rates to a record low of 1.75 per cent on Thursday.

Page 23: Former Rio Tinto chief executives Tom Albanese and Sam Walsh were involved in discussions over paying a French consultant $US10.5 million ($13.7 million) to ensure the miner’s relationship with the Guinean government went ‘‘smoothly’’ after a dispute over the Simandou iron ore project was resolved.

Global sharemarkets rallied on expectations that Donald Trump’s presidency will double the pace of growth and rebuild America’s infrastructure, reversing the severe losses that greeted his defeat of Hillary Clinton in the White House race.

Wesfarmers managing director Richard Goyder says the US election highlights the importance for Australian politicians to get the ‘‘economic settings right’’.

Page 25: Treasury Wine Estates’ corporate structure, where it has large US-based winery businesses making 40 per cent of its total profits, mean it is the best positioned of all the global wine players to thrive in Donald Trump’s America.

Almost a year after the collapse of Dick Smith, retailers are finally getting the message about keeping stock levels under control, reducing inventories by an average 6 per cent, according to a report on working capital trends.

Page 27: Helen Rowell, deputy chair of the Australian Prudential Regulation Authority, told super funds and insurers, which have come under attack for refusing to pay claims and for outdated definitions, that their reputation was on the line and they needed to tackle a series of issues.

The start date for the fee disclosure regime for superannuation funds may be delayed in a sign that the Australian Securities and Investments Commission has conceded that retirement schemes need more time to collect the appropriate data.

Page 28: Underestimated since the beginning of the year, iron ore has recorded a gradual but striking comeback capped by the Chinese spot price jumping 3.9 per cent on Wednesday to $US70.98, its highest since January 2015. Iron ore has now risen 85 per cent since hitting a low of $US38.30 last December.

Page 33: After the shock election of Donald Trump to President of the United States, investors can take some comfort that commodity prices are largely expected to stay supported, which bodes well for Australia’s biggest sector: miners.

Page 35: Investors rushed back into shares, pushing the local market to its biggest jump in five years, and adding about $50 billion to the entire bourse’s value as investors put a positive spin on Donald Trump’s surprise victory in the US presidential election.

Page 37: Global law firms storming into the Australian market insist it is a sustainable and vital chapter of their growth stories, despite declining corporate legal budgets in an already saturated and disrupted space.

Page 38: The Australian real estate investment trusts (REITs) were sold off strongly on Wednesday as global equities surged into the Trump rally.

A Donald Trump presidency increases the risks to the housing market through higher interest rates and also through the risk of trade-related friction with China that could hit the Australian economy, economists say.

Page 13: National retailers have broken ranks with business groups to back the union movement’s claim for 10 days’ paid domestic violence leave, claiming the new entitlement would combat absenteeism and lost productivity.

The Australian

Page 1: Donald Trump is moving quickly to choose a cabinet to implement his new agenda for America as protests erupted across the US following his stunning upset election victory.

Page 9: The lobby group working to overturn Sydney’s lockout laws has joined the stoush between the Sydney Opera House and its neighbours in the Bennelong apartments, warning that the city risks becoming a retirement village run by disgruntled residents.

Page 10: The full bench of the High Court deliberated for just five minutes before dismissing Clive Palmer’s bid to have the law requiring corporate criminals to submit to public examination ruled unconstitutional.

Page 23: Wesfarmers chairman Michael Chaney has become one of the most senior business executives to wade into the debate about the controversial $5-per-tonne iron ore tax proposed by the WA Nationals, describing it as “a very bad deal”.

The man Rio Tinto paid $US10.5 million for his “unique help” and “invaluable services” in securing one of the world’s biggest iron ore deposits, Guinea’s Simandou, hails from the top levels of France’s business and political elite.

Treasury Wine Estates chief executive Michael Clarke has unveiled an ambitious plan to lift earnings margins to as high as 30 per cent, making it the most profitable winemaker in the world — and he believes he can get there without having to demerge its lower-margin commercial wines portfolio.

Page 24: The weaker iron ore price has taken another bite out of the profitability of Gina Rinehart’s Hancock Prospecting.

Page 25: Accountability for mistakes or unethical behaviour is selectively enforced at the major banks, with those at the top able to keep their jobs despite a long list of industry blunders and misconduct.

Commonwealth Bank’s “first strike” against executive pay may not hurt in the long run, according to analysis that found large companies experience only a “shortlived” hit on the stockmarket after a remuneration revolt.

Rabobank Australia has quietly cut jobs to adapt to “changing requirements” in the agrilender’s operations, adding to staff reductions across an industry that is increasingly tightening its belt.

Page 26: Listed shipbuilder Austal is shaping as a likely winner from the Trump presidency, with the new administration expected to drive a surge in defence spending and a sharp increase in the size of the US Navy.

Page 30: The Frank Lowy-chaired Westfield Corporation was caught up in the domestic sell-down of Australian real estate investment trusts yesterday, despite confirming its international development pipeline and sales growth remained in line with the financial markets’ expectations.

The West Australian

Page 1: Veteran WA Liberals are urging party decision-makers to preference One Nation ahead of Labor and the Greens, in the event Pauline Hanson’s protest party runs at the March State election, to guard against losing the poll to angry conservatives.

Page 5: Prime Minister Malcolm Turnbull has been assured by Donald Trump that the United States will not forget the Asia-Pacific as part of his plans for an “enhanced military power”.

Page 9: Prime Minister Malcolm Turnbull has urged Donald Trump to rethink his plan to axe the Trans-Pacific Partnership trade deal, but it appears the long-sought agreement is dead.

Page 19: Perth banker Paul Thompson says he let his family down and feels immense guilt for his part in a global scandal in which traders sought to rig international interest rates.

Page 20: The Shire of Exmouth chief executive has been accused of misleading the town’s council after awarding a million-dollar construction contract without consultation.

Page 22: The group formed to represent the interests of the racing industry has given both sides of WA politics an effective green light to proceed with privatisation of the TAB.

Page 60: Fear gave way to euphoria and steel was the new gold yesterday as the major miners and steel stocks led the whiplash rebound on the Australian sharemarket.

Page 61: Wesfarmers, Australia’s biggest private employer, is hoping the US Congress provides “a sobering influence” on any move by president-elect Donald Trump to implement campaign promises to restrict free trade.

Tensions between Wellard and major shareholder Tariq Butt have exploded into the open, with the Pakistani meat producer flagging he will vote his 14.4 per cent stake against the live export trader’s pay report.

Fremantle’s Paino family has sold the 121-year-old Sealanes business to a national player, in another example of consolidation in the wholesale food supplies industry.

Page 62: Shares in Swick Mining Services shot higher after being named preferred tenderer for a three-year drill services contract across three Australian goldmines.