Foreigners out of WA power sale
The WA government has blacklisted foreign investors from the first stage of the $11 billion privatisation of the state’s electricity grid, which it hopes will secure it a third term in office. The Fin
Mega-project days over: Exxon
After investing $19 billion in the past decade in Australian oil and gas projects that are only now starting to yield revenues, ExxonMobil is rethinking its approach. The Fin
CBA under attack for ‘lip service’
Small Business Ombudsman Kate Carnell has criticised Commonwealth Bank executives for paying lip service to proposals designed to provide small business with transparency around loan defaults and enforcement timelines. The Fin
Windfall for mining sector could hit $20b
Markets are underestimating the full force of earnings upgrades in the resources sector as the commodities mini-boom rolls on, delivering an earnings windfall of up to $20 billion in 2018, Macquarie says. The Fin
Morrison eyes energy windfall
Scott Morrison’s inquiry into plunging Petroleum Resource Rent Tax revenues is expected to target generous indexation rules that have built up nearly $200 billion in tax deductions that will be rolled out in coming years. The Aus
Confidence up despite worries
The nation’s key private and not-for-profit businesses plan to spend more on staff and investment next year than they have for the past three years, despite the tremors affecting the global economy and political paralysis in Australia. The Aus
Porter in loop early on Bell law
Christian Porter has revealed he met WA Insurance Commission chief Rod Whithear in Canberra and discussed the State Government’s extraordinary plan to leapfrog other creditors in the $1.8 billion wind-up of Alan Bond’s Bell Group of companies. The West
Second strike for Macmahon
Contracting giant CIMIC has again flexed its corporate muscle at Macmahon Holdings, delivering a second strike against the company’s remuneration report. The West
The Australian Financial Review
Page 1: The passage of legislation to re-establish the construction industry watchdog was a clear statement by the government that the economy will not be held to ransom, Prime Minister Malcolm Turnbull said.
The WA government has blacklisted foreign investors from the first stage of the $11 billion privatisation of the state’s electricity grid, which it hopes will secure it a third term in office.
The Investa Office Fund has defended its decision to reject a $2.7 billion conditional takeover and privatisation bid by Cromwell Property Group, saying the suitor’s proposal lacked ‘‘satisfactory evidence of sufficient equity funding’’.
Page 3: The heads of two of the biggest foreign investors in the oil industry defended Australia’s petroleum profits tax after the government announced a wide-ranging review that could lead to changes in next year’s federal budget.
Page 4: Nick Xenophon’s largest donor has had his wish to have Australian suppliers preferred in government procurements granted, with new rules secured by the South Australian senator.
Australia’s ‘‘industrial warrior’’ has claimed the re-establishment of the Australian Building and Construction Commission will ‘‘clean up’’ the construction industry, while other industry figures claim it is the ‘‘tough cop’’ needed to rein in the lawless behaviour of the militant construction union.
Page 5: Treasurer Scott Morrison says there will be no federal funds to encourage the states to adopt competition reforms until the budget is in better shape, effectively shelving a key part of the Turnbull government’s economic plan.
Page 6: The Coalition’s smooth end to the year has been undermined after an ambush vote in the Senate on Wednesday scuppered a deal on the rate at which backpackers will be taxed and opened up a hole in the budget.
A government-dominated parliamentary committee has recommended new independent scrutiny of future trade deals, even though none was done for the now abandoned Trans-Pacific Partnership.
Company directors plan to ramp-up investment and employment over the next 12 months as confidence hits a three-year high, despite the election of Donald Trump, political paralysis by the Turnbull government and increased global uncertainty.
Page 7: The Turnbull government’s proposed changes to media ownership laws passed the lower house of parliament.
Page 9: New housing approvals fell to their lowest in two years in October as the number of apartments given the tick by planners slumped.
Seven West Media chief executive Tim Worner says Australian television content hasn’t been at its best in recent years, but he is confident the industry is picking up its game.
Ardent Leisure will reopen its Dreamworld and WhiteWater World theme parks on December 10, but not all rides will be available until they have completed a safety review following the death of four tourists in October.
Page 10: China’s plans for new restrictions on foreign investment deals are aimed at ‘‘fake’’ transactions by companies looking to move money offshore, according to the country’s foreign exchange regulator which said genuine overseas investment would not be affected.
Page 11: The US economy grew at its fastest pace in two years in the September quarter, the latest sign that President-elect Donald Trump will inherit a relatively healthy economy from President Barack Obama.
Page 13: Aristocrat Leisure’s ‘‘sensational’’ balance sheet means it has the firepower to aggressively hunt for merger and acquisitions opportunities, according to its outgoing chief executive.
Medibank Private chief executive Craig Drummond has warned revenue in the first four months of the financial year is below expectations and has promised to turn around a collapse in the private health insurer’s market share amid a declining market.
As shareholders in SurfStitch tally their losses, Crescent Capital, Macquarie Capital and Deloitte have emerged as unlikely winners from the online retailer’s failed strategy to become the Amazon Prime of the action sports world.
Page 15: After investing $19 billion in the past decade in Australian oil and gas projects that are only now starting to yield revenues, ExxonMobil is rethinking its approach.
Page 16: ANZ Banking Group chief executive Shayne Elliott says he is concerned about oversupply in the property market amid emerging signs of economic stress, while dismissing suggestions the bank will need to raise more capital.
Small Business Ombudsman Kate Carnell has criticised Commonwealth Bank executives for paying lip service to proposals designed to provide small business with transparency around loan defaults and enforcement timelines.
Page 17: The Bank of Tokyo-Mitsubishi UFJ, Japan’s largest and most outward-looking bank, considers Australia a key growth market and wants to lend more, increase its customer numbers and provide new warehousing facilities for local mortgage lenders.
Commonwealth Bank of Australia is in danger of losing a third life insurance contract with an industry superannuation fund in less than six months, with the $4.3 billion TWUSUPER scheme expected to reveal the result of a tender in the coming weeks.
Page 18: JB Hi-Fi group chief Richard Murray admitted it underestimated how tough it was to convince shoppers it could also sell household appliances and revealed it had ‘‘paused’’ its plans for the HOME brand.
Page 25: Markets are underestimating the full force of earnings upgrades in the resources sector as the commodities mini-boom rolls on, delivering an earnings windfall of up to $20 billion in 2018, Macquarie says.
Page 30: As Australia’s $222 billion retail sector braces for the arrival for US online giant Amazon next year, Perth retailer Kitchen Warehouse is heartily embracing a bricks-and-mortar expansion strategy on the east coast.
Page 1: Malcolm Turnbull’s victory on workplace reform has been marred by a bitter fight over a last-minute delay in implementing rules that will curb union influence across the building industry, igniting discontent over the scale of the compromise.
Page 4: Unions will seek higher pay rises in exchange for removing workplace conditions to make employers compliant with a new industry code that will not apply to hundreds of firms until 2018.
Page 5: Another compromise deal on the backpacker tax has been presented to the Turnbull government, with crossbench senators Derryn Hinch and Rodney Culleton demanding Scott Morrison cut the tax to 13 per cent to win their support.
Page 7: Bauer Media has axed teen magazine Dolly due to intense and growing competition from social media, smartphones and gossip websites.
Page 8: US president-elect Donald Trump said last night he would be “leaving his business” to avoid any appearance of a conflict of interest while in the White House, insisting he was not legally bound to do so.
Page 19: Scott Morrison’s inquiry into plunging Petroleum Resource Rent Tax revenues is expected to target generous indexation rules that have built up nearly $200 billion in tax deductions that will be rolled out in coming years.
A long-running takeover drama involving Investa Office Fund that has created uncertainty for one of Australia’s major office landlords has taken a new twist, with rival Cromwell Property Group yesterday revealing it made a $2.7 billion takeover approach to the real estate operator last month that was never disclosed to the market.
Page 21: Tax Commissioner Chris Jordan has hit back at suggestions the revenue agency has bankrupted hundreds and thousands of small businesses on incorrect use of fraud and evasion claims to challenge their tax returns.
Medibank chief executive Craig Drummond has unveiled his plan to halt the insurer’s eight-year decline in market share, with the launch of a three-year strategy to win back customers.
Page 22: The nation’s key private and not-for-profit businesses plan to spend more on staff and investment next year than they have for the past three years, despite the tremors affecting the global economy and political paralysis in Australia.
Page 23: ANZ chief executive Shayne Elliott has indicated that the major banks may be wedged into raising mortgage interest rates out of cycle to official changes should their core funding markets get too pricey, despite greater political scrutiny of the industry.
The West Australian
Page 1: West Australians have been promised $3 billion in new infrastructure with no downside for electricity bills or energy security if they agree to privatise 51 per cent of Western Power.
Page 4: State Labor and unions have vowed to fight Premier Colin Barnett’s plans to partially sell Western Power in a bid to make the State election a referendum on the issue.
Page 9: Perth’s new luxury hotel has opened to the public. The first official guests of the $650 million Crown Towers will arrive today, with many staying in some of the most expensive rooms in the country.
Page 11: The oil and gas industry faces pressure to justify how much tax it pays as the Federal Government reviews the petroleum resource rent tax just as the sector records its first loss in at least three decades.
Page 18: Christian Porter has revealed he met WA Insurance Commission chief Rod Whithear in Canberra and discussed the State Government’s extraordinary plan to leapfrog other creditors in the $1.8 billion wind-up of Alan Bond’s Bell Group of companies.
Page 20: Fortescue Metals Group chief executive Nev Power was last night named the WA Business Leader of the Year at the 2016 AIM WA WestBusiness Pinnacle Awards.
The State Government could pay for extra Customs and border security staff at Perth’s domestic terminal as part of efforts to secure non-stop Qantas flights to Europe.
Page 22: Executives are commuting from Perth to the Eastern States because they cannot find work in WA, the head of a major executive search firm says.
Page 49: Contracting giant CIMIC has again flexed its corporate muscle at Macmahon Holdings, delivering a second strike against the company’s remuneration report.
Four years ago, the resources industries made up 60 per cent of Toxfree Solutions’ revenue. When Toxfree’s $186 million acquisition of Daniels Health completes today, its income from mining and oil and gas will be less than half of that figure.
Dacian Gold has been forced to re-price its $150 million capital raising amid volatility in the gold price.
Australian business is shrugging aside political uncertainty and policy inaction to “get on with the job”, according to the findings of a new survey.
Page 50: A cashed-up St Barbara is poised to enter acquisition mode in 2017 with the resurgent goldminer set to clear its debt before the end of the year.
Australia’s tyranny of distance means Coles and other grocery retailers probably still have time to prepare for competition from Amazon, Wesfarmers chief executive Richard Goyder says.
Saracen Mineral Holdings’ boss Raleigh Finlayson has confirmed the company’s $150 million debt facility is a sign the company is in the market for new projects, telling shareholders yesterday it would be used only for that purpose.