Morning Headlines

Forrest joins Hancock feud

WA mining giant Andrew Forrest has entered the Rinehart family feud and sided with her only son John Hancock in his bitter court battle over the multibillion-dollar family trust. The West

Trailblazer WA deal on live cattle exports

China is set to allow the live export of cattle from Western Australia for the first time, in a ground breaking deal that could open up a new market and reduce the industry’s reliance on shipments to Indonesia. The Fin

Holden closure to cost it $600m

Closing Holden’s Australian manufacturing operations would cost the company $600 million, general manager Mike Devereux has told government negotiators. The Aus

Ex-Leighton heads roll

The bribery scandal engulfing Leighton Holdings has claimed its first two scalps, with former top executives David Stewart and David Savage losing their positions at British construction and engineering companies governed by tougher anti-corruption laws. The Fin

Newcrest ‘disappointed’ by ISS call

Australia’s largest goldminer, Newcrest Mining, has described the call by proxy adviser ISS for three of its directors to be voted off the board as “disappointing and puzzling” given regulators had not found any breach of the company’s disclosure obligations. The Fin

Abbott defends his travel bills

Tony Abbott has charged taxpayers thousands of dollars to compete in charity runs, fun runs, ocean swims and the gruelling Port Macquarie ironman event. The Aus

Growth rate to slow as more jobs go

Australia’s economic growth prospects have been slashed by the International Monetary Fund, which has also warned unemployment will surge next year to its highest rate in more than a decade. The West

Abbott faces tough FTA demands

China is sticking to a demand Australia relax restrictions on foreign investment and wants Canberra to introduce a working holiday scheme for Chinese citizens and streamline entry for its business people. The Fin

The Australian Financial Review

Page 1: The bribery scandal engulfing Leighton Holdings has claimed its first two scalps, with former top executives David Stewart and David Savage losing their positions at British construction and engineering companies governed by tougher anti-corruption laws.

Tension between the nation’s two wealthiest mining magnates has flared up over the battle for control of the multi-billion dollar Hancock empire, with Andrew Forrest emerging as an advocate for John Hancock, the estranged and only son of Gina Rinehart.

Page 3: Mike Smith, chief executive of ANZ Banking Group, has cautioned the Reserve Bank of Australia against any further official interest rate cuts, as the debate rages about whether Australia’s record low borrowing costs will fuel a house price bubble.

The share of Australians with private health insurance could fall below 50 per cent again, putting pressure on the public purse, unless the Coalition improves incentives for membership, especially for young adults.

Page 4: China is sticking to a demand Australia relax restrictions on foreign investment and wants Canberra to introduce a working holiday scheme for Chinese citizens and streamline entry for its business people.

China is set to allow the live export of cattle from Western Australia for the first time, in a ground breaking deal that could open up a new market and reduce the industry’s reliance on shipments to Indonesia.

Page 5: Tony Abbott has apologised to a second Asian leader in a week over events related to Australia’s robust political debate about asylum seekers.

Page 6: The labour market could end its long decline and the economy might gain another source of growth – tourism – new figures suggested on Tuesday.

Page 7: The Coalition is holding more briefings on its planned superannuation changes and has assured the sector it will consult the industry widely before it makes changes to governance and the role of unions.

Page 8: Former Lerighton Holdings chief executive David Stewart attempted to scrap a $6 million consultancy agreement to predecessor Wal King because the company was not getting anything for the money.

Page 10: The $2096 fuel card bill that could bring down the Victorian government has been detailed in a Melbourne court.

Kate Shea the former EnergyAustralia executive who alleges she was sacked because she complained of sexual harassment by another executive but who has been accused of acting against the chief executive, deserves more than $6 million compensation for unfair dismissal, the Federal Court has heard.

Page 11: A financial lifeline has been thrown to hundreds of Wollongong coalminers who have not been paid for almost three weeks while their employer, Gujarat NRE Coking Coal Limited, seeks approval for a major restructuring next week.

Page 15: Saputo chief executive Lino Saputo jnr has moved to ease concerns about foreign ownership of Australian agriculture, arguing the Canadian dairy giant will invest in Warnambool Cheese & Butter Factoryand not close any of its plants if his company’s bumper $393 million takeover bid succeeds.

Page 17: Australia’s largest goldminer, Newcrest Mining, has described the call by proxy adviser ISS for three of its directors to be voted off the board as “disappointing and puzzling” given regulators had not found any breach of the company’s disclosure obligations.

Australian Competition and Consumer Commission chairman Rod Sims does not see the need to impose restrictions on TPG Telecom’s new fibre to the basement network even if it locks out rivals.

Page 24: Analysts at Macquarie reassessed Sandfire Resources after the company recently refinanced the DeGrussa copper gold project located in Western Australia, subsequently upgrading its recommendation from neutral to outperform and increasing the 12-month share price target from $6.50 to $8.10, a substantial rerating of about 25 per cent.

The Australian

Page 1: Tony Abbott has charged taxpayers thousands of dollars to compete in charity runs, fun runs, ocean swims and the gruelling Port Macquarie ironman event.

Tougher national laws to put the financial squeeze on bikies and other gangs are being drafted in a move that could spark a showdown between the Abbott government and states over their powers to fight organised crime.

Page 2: Closing Holden’s Australian manufacturing operations would cost the company $600 million, general manager Mike Devereux has told government negotiators.

Retrospective compensation payouts to survivors of terrorism will be fast-tracked, after new advice revealed the government could proceed with the plan without amending any legislation.

Tony Abbott will this morning visit the site of the 2002 Bali bombings to announce the reform, fulfilling an election commitment to support Australian victims of terror attacks dating back to September 11, 2001.

Page 4: The travel-allowance controversy engulfing the Coalition has sparked calls for an overhaul of the rules governing MPs’ taxpayer-funded entitlements and accusations by a former commonwealth ombudsman of a ‘‘breach of faith’’ with the public.

Page 6: The Abbott government is drafting plans to drive down the nation’s construction costs, in the next step of an infrastructure policy that aims to speed up the completion of new motorways and other major projects.

Page 7: Steps to cut the nation’s carbon emissions will be under way within weeks as Environment Minister Greg Hunt seeks ideas for the Coalition scheme to replace Labor’s carbon tax.

Page 17: Bega Cheese is refusing to concede defeat in its bid to acquire Warrnambool Cheese & Butter, saying its cash-and-scrip offer remains compelling despite the target company endorsing a higher bid from Canadian dairy processor Saputo.

Page 18: A leading Australian energy economist has called for more open access to the nation’s gas pipeline system as a way of fostering development of shale and coal-seam gas.

Page 19: The coming financial system inquiry must have an external focus and help to resolve the tension between the current wave of US and European regulation when our big growth opportunity is in Asia, the Australian Securities Exchange has said.

Page 27: Australia’s decade-long mining boom has generated a new wave of research by academics into its economic, foreign policy and social implications, but doubts remain over the extent to which this research will influence public policy.

The West Australian

Page 3: Oil giant Chevron is under fire for medical questionnaires which ask job applicants if they are pregnant, take birth control, have an STD or an abortion, among other private issues.

Mining magnate Andrew Forrest launched one of Australia’s biggest private foundations at an event attended by WA’s philanthropic community last night.

Page 9: ANZ Banking Group is taking prominent Perth designer Ruth Tarvydas to court, seeking nearly $1 million over the collapse of her fashion business.

Page 11: WA mining giant Andrew Forrest has entered the Rinehart family feud and sided with her only son John Hancock in his bitter court battle over the multibillion-dollar family trust.

Page 16: The State Opposition has called for the chairman of the independent Local Government Advisory Board to resign after pouncing on pictures of him wearing a Liberal Party hat.

Page 27: Australia’s economic growth prospects have been slashed by the International Monetary Fund, which has also warned unemployment will surge next year to its highest rate in more than a decade.

Business: WA has taken a big step towards opening up live cattle exports to the insatiable Chinese market after signing a landmark agreement with sister state Zhejiang.

Contracting boss Nick Bowen has relinquished a short-lived leadership role at minnow Tempo Australia to take up a senior position at Orica in Melbourne next month.

UGI is carrying out an internal inquiry into the conduct of a top executive caught up in the Leighton Holdings kickbacks scandal, which yesterday claimed its first corporate scalp.

Glencore has taken CBH’s mantle as the biggest exporter of Australian wheat in the wake of its $6.1 billion Viterra takeover, but competition is tight at the top of the deregulated grain industry.