China, Australia to push for new trade bloc
China has singled out Australia as a key partner in a renewed push for a regional free trade pact at a meeting of Asia-Pacific leaders this week. The Fin
NAB, Westpac exec bonuses under scrutiny
Proxy advisers are scrutinising new, long-term performance targets proposed by National Australia Bank and Westpac Banking Corp to determine whether they are stringent enough, even though both banks have avoided the introduction of ‘‘soft targets’’ for senior executives. The Fin
ANZ chief admits Malaysian flaws
ANZ has admitted it was unable to stop the movement of hundreds of millions of dollars of allegedly misappropriated state funds through its Malaysian affiliate AmBank, and is unsure it can prevent similar scandals in the future. The Fin
Primewest joins Home in $725m Masters deal
Perth-based fund manager Primewest has become an investor in Home Consortium, the private equity group buying out the $725 million Masters property portfolio. The Fin
CFMEU pay deal locks in 20pc hike
One of the nation’s biggest contractors, Lendlease, has agreed to new wage deals with the militant construction union that deliver more than 20 per cent in pay rises over four years, more than double the average annual increase being paid in the private sector. The Aus
Rio chief reassures ‘shell-shocked’ staff
Rio Tinto managing director Jean-Sebastien Jacques has told “shell-shocked” staff that he called an investigation the day he found out about potential issues relating to a leaked email exchange between his predecessors Sam Walsh and Tom Albanese over a $US10.5 million payment to a consultant working on the Simandou iron ore project in Guinea. The Aus
Legal row over WA lithium discovery
A war has broken out over Kidman Resources’ Earl Grey lithium discovery in WA, with rival junior Marindi Minerals claiming it has an agreement to buy the $200 million-plus deposit for just $275,000 in cash and shares. The Aus
Rio plan to cut mine costs at Christmas
Rio Tinto will send workers at one of its Pilbara iron ore mines home for Christmas in a bid to cut costs, as the industry’s dispute with Nationals leader Brendon Grylls intensifies. The West
The Australian Financial Review
Page 1: Employers will be forced to try harder to fill jobs locally and, in some cases, conduct training programs for local workers in return for importing foreign labour, under a raft of Labor proposals to curb the use of 457 visas for temporary skilled workers from overseas.
China has singled out Australia as a key partner in a renewed push for a regional free trade pact at a meeting of Asia-Pacific leaders this week.
Page 3: Top boards recruited less fresh blood last year as a powerful group of directors, many women, added to their existing portfolio of seats.
Page 4: The Greens and the farmers’ lobby have warned about Labor’s proposed crackdown on 457 visas as it emerged hardly any of the visas were granted in some jobs Opposition Leader Bill Shorten said were under threat from foreign workers.
Page 5: The Donald Trump presidency could mark the end of interest rate cuts in Australia, which means a price correction in the property markets could be on the horizon, economists say.
Page 8: South Australia was hit by a string of seven tornadoes and wind gusts of up to 260 kilometres in the September super-storm that crippled the electricity network and plunged the state into darkness, according to a report by the Bureau of Meteorology.
Page 9: Airbnb has teamed with tax preparation firm H&R Block to ensure Australians that offer accommodation on the sharing website meet tax obligations.
Page 14: An emergency meeting of European Union foreign ministers on Monday morning (AEDT) was the latest sign of the global disquiet in the wake of the election of Donald Trump, who has questioned some of the central tenets of US foreign policy.
Facebook is taking steps to eliminate fake news and hoaxes critics have suggested may have influenced the 2016 presidential election, chief executive Mark Zuckerberg says.
Page 16: China’s economy showed further signs of steadying in October as expected, but disappointing retail sales growth and fears of US trade frictions under incoming President Donald Trump are increasingly clouding the outlook.
Page 17: Proxy advisers are scrutinising new, long-term performance targets proposed by National Australia Bank and Westpac Banking Corp to determine whether they are stringent enough, even though both banks have avoided the introduction of ‘‘soft targets’’ for senior executives.
New Bega Cheese chief executive Paul van Heerwaarden said challenges in China will be short-lived and the company plans to expand in Asia and bolster its branded product range.
US President-elect Donald Trump won’t stop the world moving to low-carbon energy, AGL Energy chief executive Andy Vesey said.
Page 19: Beer company Lion has ended a bruising 15-year foray into Australian wine with the sale of a string of high-end brands including Petaluma, Croser, St Hallett and Stonier to Accolade Wines, which is preparing to list on the Australian Securities Exchange.
Page 20: Fortescue Metals Group chief executive Nev Power says the $US473 million loan the miner has secured from China Development Bank Financial Leasing Co for a new fleet of ships will set ‘‘a very strong benchmark’’ for future structured finance deals from China.
Troubled transport group McAleese would be rebranded, keep most of its businesses and delist from the Australian Securities Exchange in a new restructuring proposal from Hong Kong financier SC Lowy.
Page 23: Australia’s technology sector is hoping stringent immigration policies in Donald Trump-era America could herald an unlikely solution to the continuing local shortage of in-demand tech skills.
Australia’s cricketers will soon get a much-needed tech-led competitive advantage after Cricket Australia signed a deal with Microsoft to become the first cricketing nation to use its new team and player performance platform to assess everything from form and fitness to strategy and team selection.
Page 24: Australian sports software start-up MSL Solutions has closed a $16 million capital raise and acquired two major European firms, as it prepares to go public on the ASX in the first half of 2017.
Page 25: A start-up that is developing laser eyes to help driverless cars see better, an eBay-style online marketplace that allows customers to donate their sales to charities and an online service to help sports fans find local games while travelling are among 22 recipients of $7.6 million in fresh funding from the federal government’s Entrepreneurs Programme.
Page 26: Human resources technology start-up Employment Hero has extended its series A raising from June, locking in another $1.5 million of capital and adding AirTree Ventures to its stable of investors.
Page 29: ANZ has admitted it was unable to stop the movement of hundreds of millions of dollars of allegedly misappropriated state funds through its Malaysian affiliate AmBank, and is unsure it can prevent similar scandals in the future.
Page 31: The price of iron ore has continued its strong run with a 7.7 per cent jump at the weekend, but experts do not expect the price to be sustainable enough for producers to increase their capacity.
Emerging market currencies have been among the worst performers since Wednesday’s election result, as investors fear President-elect Trump will ignite a trade war with key trading partners China and Mexico. Surging US bond yields are also taking the shine off the relative yield of currencies through emerging Asia and Latin America.
Page 34: Perth-based fund manager Primewest has become an investor in Home Consortium, the private equity group buying out the $725 million Masters property portfolio.
The Australian
Page 1: One of the nation’s biggest contractors, Lendlease, has agreed to new wage deals with the militant construction union that deliver more than 20 per cent in pay rises over four years, more than double the average annual increase being paid in the private sector.
Page 19: AGL Energy is considering spending as much as $300 million building a terminal to import cheaper natural gas into the south-eastern states from as far away as Europe or the Middle East because of limited domestic gas availability and high local prices in the wake of $70 billion of LNG export plants being built in Gladstone.
An investigation by US authorities into the alleged theft of billions of dollars from Malaysia’s sovereign wealth fund 1MDB was in part fuelled by Attorney-General Loretta Lynch’s desire to divert attention from Hillary Clinton’s email scandal, according to materials distributed in private lectures given by the company’s chief executive Arul Kanda in Australia last week.
Page 21: Rio Tinto managing director Jean-Sebastien Jacques has told “shell-shocked” staff that he called an investigation the day he found out about potential issues relating to a leaked email exchange between his predecessors Sam Walsh and Tom Albanese over a $US10.5 million payment to a consultant working on the Simandou iron ore project in Guinea.’
Page 22: Some of the nation’s most respected business advisers are urging governments to do more to get infrastructure projects to the market as new research reveals that investors are being forced to look beyond Australia because there are not enough projects and privatisations.
A war has broken out over Kidman Resources’ Earl Grey lithium discovery in WA, with rival junior Marindi Minerals claiming it has an agreement to buy the $200 million-plus deposit for just $275,000 in cash and shares.
Fortescue Metals Group has tapped more than $620 million of Chinese funding to cover the cost of its foray into shipping, breaking with the company’s long-held funding relationship with US debt markets.
Page 23: National Australia Bank chief executive Andrew Thorburn received a 22 per cent pay rise amid a jump in overall executive remuneration as prior-year shares vested and departing bankers were paid out.
The West Australian
Page 1: Perth risks losing a revolutionary non-stop air service to London because of a commercial impasse between Qantas and Perth Airport over a $25 million upgrade to Qantas facilities.
Page 3: Bogus and unlicensed mechanics are wrecking engines and undercutting established operators by charging as little as $40 for a car service, the Motor Trade Association says. The association claims car owners are risking their engines with the illegal service, and often paying thousands of dollars to repair rookie errors.
Page 4: Rio Tinto will send workers at one of its Pilbara iron ore mines home for Christmas in a bid to cut costs, as the industry’s dispute with Nationals leader Brendon Grylls intensifies.
Page 48: Cheaper household gas could be in the offing, with AGL Energy yesterday flagging its intention to enter the WA retail market from January 2018 in competition with Alinta and Kleenheat.
Businessman Dario Amara has bought WA residential builder Collier Homes from the liquidators of former senator Bob Day’s business group.
Page 49: Former Federal resources and energy minister Ian Macfarlane has joined the board of Woodside Petroleum.
Gerry Harvey claims gripes over Harvey Norman’s accounting methods originate from short-sellers trying to drive down its share price.
Agribusiness Elders says it is in no hurry to sell its short-haul live cattle export business. Elders said yesterday it had started the process of divesting its short-haul live export business the day after the company announced on September 12 it would quit the live export trade.
Page 50: Genesis Minerals says it is about to receive its first cash payment for ore from its Ulysses gold project near Leonora.