23/11/2016 - 06:21

Morning Headlines

23/11/2016 - 06:21

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Morning Headlines

Ciobo still hopes for TPP, minus US

Trade Minister Steve Ciobo has thrown up the possibility of renegotiating a less ambitious version of the Trans Pacific Partnership trade deal without the US – potentially involving China or Indonesia – after US President-elect Donald Trump said pulling out of the agreement was his top priority. The Fin

Newman takes aim at Grylls tax proposal

The man who raised coal royalty rates in 2012, former Queensland premier Campbell Newman, believes the iron ore tax proposed by the WA Nationals poses twice the sovereign risk threat that his royalty hike posed. The Fin

Woolies executives face bonus clawback

Woolworths shareholders are urging the board to claw back millions of dollars in executive bonuses if the competition watchdog proves misconduct claims against the supermarket giant. The Fin

Wellbeing survey tied to CEO pay

Employees would be questioned about their diet, mental health, sleeping and exercise habits under a new national wellbeing index that could be used by companies to justify some executive bonuses. The Aus

Super doubts drain $1.5bn out of system

Uncertainty surrounding the government’s superannuation reforms is continuing to dissuade savers from contributing to their retirement savings, at the same time as the $2 trillion industry is suffering signs of a generational shift where retiree drawdowns on their pensions are now outweighing the amount of new contributions. The Aus

Property slump drags on WA economy: RBA

Perth’s property woes will weigh on the State economy, the jobs market and the pay packets of West Australians for the foreseeable future, the Reserve Bank has warned. The West

Pit offer too super to refuse

The company selling its half of Kalgoorlie Super Pit will press ahead with a deal with Minjar Gold because the Chinese suitor has offered an astonishing $US400 million ($540 million) more than any other bidder. The West

 

 

The Australian Financial Review

Page 1: Treasurer Scott Morrison appears to have been given until May to address an expected deterioration in the budget deficit – either through spending cuts or tax hikes – with one ratings agency warning the budget must be returned to surplus by 2020-21.

Page 2: Employees’ self-esteem, sleep and even sense of purpose will be measured and analysed as Medibank and Deloitte plan to launch the most comprehensive workplace wellbeing index aimed at Australia’s biggest employers.

Page 3: PwC is lagging behind its big four accounting and advisory rivals when it comes to the proportion of female equity partners at the firm in spite of a range of strategies designed to get more women to the top.

Corporate regulator Greg Medcraft has vowed to double down on his cultural crusade and fight his landmark rate-rigging cases for many, many years because the banks wrongly believe it is still ‘‘just a case of a few bad apples’’.

Page 4: Perth property developers failed to respond to Western Australia’s falling population, creating an oversupply of homes that has hurt house prices, according to Reserve Bank of Australia assistant governor Christopher Kent.

A tax on sugary drinks would add 15¢ to the price of a 375ml can and 80¢ to a 2-litre bottle, slugging the $4.4 billion industry $520 million a year, a new report by the Grattan Institute says. A tax on sugary drinks would add 15¢ to the price of a 375ml can and 80¢ to a 2-litre bottle, slugging the $4.4 billion industry $520 million a year, a new report says.

Page 5: Financial Services Minister Kelly O’Dwyer drew laughter at a superannuation conference when she said she wanted union-aligned funds to reach the same governance standards as banks and insurance companies.

Post-tax superannuation contributions dived in the third quarter as savers delayed making decisions about their retirement savings because of uncertainty about the changes to super taxes.

Page 10: Trade Minister Steve Ciobo has thrown up the possibility of renegotiating a less ambitious version of the Trans Pacific Partnership trade deal without the US – potentially involving China or Indonesia – after US President-elect Donald Trump said pulling out of the agreement was his top priority.

Page 11: Business leaders have applauded the UK Prime Minister’s decision to drop one of her flagship policies as they warm to an increasing pro-business rhetoric before Thursday’s Autumn Statement.

Page 12: Citi has joined JPMorgan at the top of global regulators’ list of systemically important banks, replacing HSBC and meaning the US bank must hold extra capital from 2019 to help preserve financial stability.

Page 13: The man who raised coal royalty rates in 2012, former Queensland premier Campbell Newman, believes the iron ore tax proposed by the WA Nationals poses twice the sovereign risk threat that his royalty hike posed.

Struggling social media platform Twitter hopes that live video, especially major sporting events and entertainment, will reignite user and revenue growth, new Australia managing director Suzy Nicoletti says.

Page 15: CIMIC is still battling for control of UGL three days before its $524 million hostile takeover bid closes with the construction group having secured a third of the contractor.

Woolworths shareholders are urging the board to claw back millions of dollars in executive bonuses if the competition watchdog proves misconduct claims against the supermarket giant.

The only bit of luck that former Rio Tinto chief Sam Walsh has had in the past few weeks is that a speech he delivered in Perth on Tuesday was at Crown Resorts.

Page 16: Boral will need to deliver on its synergy targets and successfully navigate competition regulators if its $3.5 billion takeover of US building materials group Headwaters is to be a success.

JP Morgan’s inaugural Australian asset management chief believes it is an opportune time for offshore managers to be pushing into the local market because the low return environment will prompt investors to diversify their portfolio.

Page 17: The increased use of algorithms to write consumer loans has been met with scepticism by rating agency experts who doubt the ability of computers to fully assess credit risk.

First-home buyers present banks with their biggest credit risk, according to Fitch Ratings, which has adjusted its models of the Australian housing market to incorporate rising levels of underemployment and consumer debt as key risks.

The Australian securitisation industry remains at odds with the prudential regulator over new rules that they believe will increase funding costs for smaller lenders, and potentially limit issuance of asset backed securities.

Page 18: The executive chairman of Australian software company TechnologyOne has dismissed the efforts of global tech giants like Oracle to make up ground in cloud computing, after its own offering impressed in annual results released on Tuesday.

Surf and skate-wear retailer Billabong is considering casting off brands worth more than $100 million – including the Tigerlily label founded by former model Johdi Meares – to reduce debt.

 

 

The Australian

Page 1: Employees would be questioned about their diet, mental health, sleeping and exercise habits under a new national wellbeing index that could be used by companies to justify some executive bonuses.

Mining magnate Gina Rinehart has urged the Australian government to adopt the stimulatory policies being promised by US president-elect Donald Trump or risk following Greece along an “irresponsible’’ path of increasing government expenditure and debt.

Page 2: Australian National University economist Warwick McKibbin, a former board member of the Reserve Bank, has warned the nation could be tipped into recession in the event of a full-scale trade war between the US and China.

Page 3: An Australian tech firm has rejected a ruling by Australian Human Rights Commission president Gillian Triggs that it pay a former employee with a drug conviction more than $75,000 for sacking him.

Page 4: A stronger building industry watchdog could be up and running by Christmas with immediate powers to crack down on unions, under federal government plans for a rapid start to the new regime once it seals a Senate deal to set up the new regulator.

Whistleblowers will be given stronger protection under federal law in a bid to prevent reprisals against those who speak out against misdeeds in business, government and the union movement.

Page 19: Uncertainty surrounding the government’s superannuation reforms is continuing to dissuade savers from contributing to their retirement savings, at the same time as the $2 trillion industry is suffering signs of a generational shift where retiree drawdowns on their pensions are now outweighing the amount of new contributions.

Ahead of global regulators finalising new rules for bank capital, Westpac chief executive Brian Hartzer says he is optimistic there is “nothing material’’ requiring banks to complete big new equity raisings.

Page 21: The chairman of a major casino junket operator that works at one of the Macau properties owned by James Packer’s Asian gaming joint venture Melco Crown has slammed the behaviour of Crown Resorts that allegedly led to the arrest of 18 of its staff in China.

Australia’s family-owned winemakers, spread from South Australia’s Clare Valley to central Victoria, have enjoyed an export bonanza thanks to the falling value of the Australian dollar but remain concerned about Brexit and a Trump US presidency.

The a2 Milk Company says strong revenue growth underpinned by booming infant formula sales into China has continued this month after the company surprised investors yesterday with revelations that pretax profits increased more than 500 per cent in the September quarter.

 

 

The West Australian

Page 6: A company has been told to pay $76,639 in compensation to a convicted drug dealer after besieged human rights chief Gillian Triggs ruled he had been fired unfairly over his criminal record.

Page 10: Perth’s property woes will weigh on the State economy, the jobs market and the pay packets of West Australians for the foreseeable future, the Reserve Bank has warned.

Buyers from around the world have snapped up apartments at Elizabeth Quay. With more than 60 per cent of The Towers development already sold, most apartments have been bought by locals. But according to developer Far East Consortium, the project has become an international magnet, with buyers coming from Japan, China, Singapore, Malaysia, Azerbaijan, Hong Kong, Indonesia and Switzerland.

Page 11: No buyers have emerged for children’s clothing retailer Pumpkin Patch, meaning the company will sell all stock and be wound down, with 63 people losing their jobs this week.

Page 14: Perth drivers have paid almost $18 million to park at train stations in the past two years, Public Transport Authority figures show.

Page 18: Opponents of the Roe 8 highway extension will launch a last-minute attempt to stop the road project by taking their fight to Australia’s highest court.

Page 24: The number of public servants breaching ethical codes rose almost 5 per cent in the past financial year, Public Sector Commission figures reveal.

Page 26: The debate about public transport to Ellenbrook took a turn yesterday, with Transport Minister Bill Marmion speculating about a future light rail connection to the area from Morley.

Page 35: The company selling its half of Kalgoorlie Super Pit will press ahead with a deal with Minjar Gold because the Chinese suitor has offered an astonishing $US400 million ($540 million) more than any other bidder.

Monadelphous boss Rob Velletri says he expects the contractor’s maintenance business to grow steadily over the next few years as resource majors move to steady-state operations.

The owners of a Wiluna lead mine have taken another step to resuming shipments through Fremantle Port, after Environment Minister Albert Jacob ticked off on a seven-year extension to export permits.

Page 37: The head of electricity provider Synergy has suggested Collie’s two struggling coal miners will eventually need to merge to safeguard the security of WA’s power generation hub.

City trader John Buzza kept selling suits to Perth’s business community through the oil price shock of the 1970s, the stockmarket crash of 1987, the recession of the early 1990s and the global financial crisis of 2008.

Fire-retardant company Alexium has been put on notice by shareholders who yesterday gave its board a first strike on its remuneration report at its annual meeting in Perth.

Page 38: The long talked-about medical marijuana trend is finally reaching maturity, with Perth-based Zelda Therapeutics yesterday listing after a long-winded reverse takeover process.

Page 83: The Supreme Court has given a dissident former geologist at gold explorer Classic Minerals the go-ahead to drill down on dealings involving the family of Classic chief executive Justin Doutch.

Barminco wants to get the refinancing of more than $400 million in debt out of the way before moving towards a potential float, the underground miner’s management says.

Page 88: Brookfield appears to have set the high-water mark in the Perth CBD tenant charm blitz, luring rival property group Mirvac to hang up its Perth office shingle in its prestigious 108 St Georges Terrace.

Page 89: Warrington Property is on the verge of seeking City of Perth approval for a $46 million upgrade and overhaul of the Australian Taxation Office headquarters in Northbridge.

Page 91: The vacancy malaise hitting the city has spread to the suburbs, with Y Research data indicating about two-thirds of Perth’s suburbs had reported substantially higher office vacancy rates.

Page 93: Heritage architect Philip Griffiths has warned against using heritage as a blocker to development and density in a forum supporting community group Future Bayswater’s attempts to reactivate the Bayswater town centre.

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