10/10/2013 - 06:30

Morning Headlines

10/10/2013 - 06:30

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Morning Headlines

Palmer hosts Brisbane bloc party for balance-of-power senators

The six new senators who will hold the balance of power after July have been discussing operating as a bloc and sharing resources, increasing their leverage in negotiations with the government. It is understood that Clive Palmer has hosted a meeting of the new independent senators in Brisbane and will today announce an alliance between his Palmer United Party’s three senators and the Australian Motoring Enthusiast Party’s Ricky Muir. The Aus

Holden says no to car export plan

General Motors Holden has rejected as unrealistic a demand by the Abbott government that it increases exports in return for more subsidies. The Fin

Tall tower plan rises again

Just six months after plans to build an 11-storey luxury hotel alongside Elizabeth Quay were rejected by the City of Perth because it was deemed too tall and too bulky, consideration is now being given to an 18-storey hotel on part of the same site. The West

Court hears trust changes hidden

The country’s richest person, Gina Rinehart, allegedly “fundamentally” breached her duty as trustee when she altered the family company’s constitution during a multibillion dollar joint venture with Rio Tinto. The Fin

State pushes air-con control

The Barnett Government is considering an accelerated rollout of high-tech electricity meters that could allow Western Power to switch household air-conditioning off to relieve strain on the power grid. The West

Industry groups call for reversal on 457

Three of the nation’s most influential industry groups have called on the federal government to reverse changes to the 457 temporary visa scheme used to bring skilled labour to Australia. The Fin

Woolies calls for simpler trading rules

National retailers, spearheaded by grocery giant Woolworths, have called for further liberalisation of WA’s idiosyncratic retail laws, saying unnecessary costs continue to be imposed on business and consumers despite the Barnett Government’s “successful” introduction of limited Sunday trading. The West

Change of guard at Newcrest

Newcrest Mining is unlikely to escape criticism over a lack of mining experience at board level during its upcoming annual general meeting after replacing its chairman and chief executive. This followed a huge write-down in August and earlier production downgrade. The Fin

NBN faces probe on defective splicing

The Coalition has vowed to investigate concerns about defects on the National Broadband Network after a claim that as much as 70 per cent of work joining fibre cables — crucial to speeds — had to be redone in some areas. The Aus

 

 

The Australian Financial Review

Page 1: General Motors Holden has rejected as unrealistic a demand by the Abbott government that it increases exports in return for more subsidies.

WorleyParsons chief executive Andrew Wood has seized on Leighton Holdings’ bribery allegations to stress his global engineering group will not tolerate any form of corrupt practices.

Page 3: The country’s richest person, Gina Rinehart, allegedly “fundamentally” breached her duty as trustee when she altered the family company’s constitution during a multibillion dollar joint venture with Rio Tinto.

Page 4: The Coalition government could owe companies billions in refunds for freely allocated permits if it repeals the current Carbon Pricing Scheme before 2015, fresh analysis shows.

Page 5: Former Labor leader Kevin Rudd will be absent on Thursday when Labor gathers in his shadow for the first of two ballots to choose its leaders, under rules he made the party adopt after he returned to the leadership.

Page 7: Australian Competition and Consumer chairman Rod Sims says he doesn’t plan another review of the $3 billion Archer Daniels Midland takeover offer for GrainCorp even though Liberal politician Bill Heffernan claims to have fresh evidence that could influence the approval of the bid.

Page 8: Three of the nation’s most influential industry groups have called on the federal government to reverse changes to the 457 temporary visa scheme used to bring skilled labour to Australia.

Page 14: Australia’s adult population ranks among the highest in the developed world in literacy but its only average in numeracy, says OECD’s first international survey of adult skills.

Page 15: Australia Competition and Consumer Commission chairman Rod Sims has flagged a crackdown on major retailers sourcing consumer products directly from overseas, after a huge surge in serious injuries caused by unsafe goods such as toys, prams and ladders.

Australia’s largest pay-day lender, Cash Converters International, is accused of illegally exploiting some low-income customers by charging interest rates as high as 633 per cent on personal loans and cash advances, according to a class action to be filed in the Federal Court on Thursday.

Page 21: Newcrest Mining is unlikely to escape criticism over a lack of mining experience at board level during its upcoming annual general meeting after replacing its chairman and chief executive. This followed a huge write-down in August and earlier production downgrade.

Westpac Banking Corporation will have to gain approval from the competition watchdog to buy $8 billion of assets from Lloyds Banking Group, putting a potential roadblock in front of its biggest acquisition since it swallowed St George Bank.

Page 26: Incoming AMP boss Craig Meller has restructured the wealth behemoth’s leadership team and appointed a new finance chief as he prepares to take over the reins of the company next year.

Page 41: CFS Retail Property Trust appears to have been trumped by an aggressive, last minute bidder in pursuit of the Harbour Town centre in Perth owned by the Future Fund and an unlisted Lend Lease fund.

 

 

The Australian

Page 1: The six new senators who will hold the balance of power after July have been discussing operating as a bloc and sharing resources, increasing their leverage in negotiations with the government. It is understood that Clive Palmer has hosted a meeting of the new independent senators in Brisbane and will today announce an alliance between his Palmer United Party’s three senators and the Australian Motoring Enthusiast Party’s Ricky Muir.

Australians have ‘‘little appetite’’ for continued taxpayer-funded support for the manufacturing industry, according to a government-commissioned survey that finds two-thirds of people believe the sector is in decline and can no longer compete globally.

Page 2: Tony Abbott hurled himself into talks in Brunei yesterday with the leaders of Australia’s three biggest export markets — China, Japan and South Korea — in an attempt to galvanise long-languishing trade deals with all three nations.

Page 3: Education Minister Christopher Pyne has promised to open the jobs market to more overseas students who have graduated from Australian universities, as a means of rehabilitating the stagnant $14 billion international education industry.

Page 4: Clive Palmer will have more change rattling round in his pockets after scoring $2.2 million from taxpayers in the first round of public funding from the September 7 federal poll.

Page 5: The Coalition has vowed to investigate concerns about defects on the National Broadband Network after a claim that as much as 70 per cent of work joining fibre cables — crucial to speeds — had to be redone in some areas.

Page 17: A clean-out of beleaguered goldminer Newcrest’s top brass has been applauded by investors after a string of operational mishaps, a slumping share price, potential class actions and disclosure practices that led to an investigation by the nation’s corporate watchdog.

Former BHP Billiton chairman Don Argus has urged the Abbott government to approve two contentious takeovers in the agricultural sector, saying the bids loom as ‘‘important markers’’ of the Coalition’s approach to foreign investment.

Page 18: Struggling miner Mirabela Nickel has suspended trading in its shares after failing to update the market on the state of the company.

 

 

The West Australian

Page 1: Billionaire miner Andrew Forrest said he knew it was a “thankless task” wading into the bitter Hancock family feud but he could not turn his back on a friend. The Fortescue Metals Group chief sided this week with Gina Rinehart’s only son John Hancock in the long-running battle against his mother over control of the multibillion-dollar family trust.

Page 3: The Barnett Government is considering an accelerated rollout of high-tech electricity meters that could allow Western Power to switch household air-conditioning off to relieve strain on the power grid.

Page 6: Lawyers for Gina Rinehart’s youngest daughter Ginia claim they have been “blindsided” by a last-minute move by her two estranged siblings to switch places in the battle for control over the contentious family trust.

Page 7: Just six months after plans to build an 11-storey luxury hotel alongside Elizabeth Quay were rejected by the City of Perth because it was deemed too tall and too bulky, consideration is now being given to an 18-storey hotel on part of the same site.

Page 19: National retailers, spearheaded by grocery giant Woolworths, have called for further liberalisation of WA’s idiosyncratic retail laws, saying unnecessary costs continue to be imposed on business and consumers despite the Barnett Government’s “successful” introduction of limited Sunday trading.

Former Nationals MP Tony Crook has revealed he is being investigated for the potential misuse of office and printing allowances.

Business: Australian gold producers pay the fourth-highest levels of royalties and other direct taxes in the industry, according to an analysis of the world’s top gold producers.

A controversial shipment of cattle arrived safely in Israel yesterday after five weeks at sea in another boost for the live export industry.

Alcoa has delivered a return to profitability as widespread cost-cutting and plant closures pay dividends for the aluminium giant.

Iron ore miners surged higher yesterday as Credit Suisse joined Morgan Stanley in forecasting a better outlook for the bulk commodity producers.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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