13/01/2017 - 06:21

Morning Headlines

13/01/2017 - 06:21

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Morning Headlines

US collision course with China

The prospect of conflict between China and the US has increased and threatens to engulf Australia, after President-elect Donald Trump’s nominee for US secretary of state, Rex Tillerson, said Beijing should be denied access to disputed islands in the South China Sea. The Fin

 

Nuix pushing on with $1bn IPO plans as it hunts new CEO

Forensic software firm Nuix has begun a search for a new chief executive with a “global IPO skill set”, all but confirming plans to pursue a public listing in 2017 that may deliver the ASX a new $1 billion-plus technology company. The Fin

 

Collapsed McAleese re-emerges as Rivet

Collapsed transport group McAleese has emerged from administration and has been renamed Rivet with chief executive Mark Rowsthorn staying at the helm after equity holders were wiped out. The Fin

 

$3.7bn hole in NDIS funding

Malcolm Turnbull faces an unexpected $3.7 billion hole in funding for the National Disability Insurance Scheme after it emerged the government did not have the power to transfer an education fund into the landmark initiative and would require the approval of a hostile Senate. The Aus

 

Barnett kicks off campaign by pushing dam desalination plan

West Australian Premier Colin Barnett began his unofficial election campaign yesterday by announcing an unconventional plan to allow a private firm to skim salt water from the surface of the Collie River, desalinate it and sell it  back to the state for drinking. The Aus

 

Forrest cautious on iron outlook

Fortescue Metals Group chairman Andrew Forrest remains cautious about the outlook for commodities and will keep reducing the miner’s costs to guarantee  its continued viability in the face of expected falls in the iron ore price. The Aus

 

$40,000 a day

WA Police claim they are spending up to $40,000 a day keeping the peace at the divisive Roe 8 project, as protestors intensified their efforts yesterday to disrupt work at the site. The West

 

Spud King faces new legal fight

The state government is persisting with its pursuit of a legal damages claim against Perth’s spud king Tony Galati, despite the official demise of the state’s Potato Marketing Corporation. The West

 

State gives $37m to cut dam salinity

The Barnett Government insists the economics of a long-held ambition to reduce salinity at Wellington Dam finally stack up as it prepares to hand over $37 million to underpin the effort. The West

 

S&P ratings upgrade lifts confidence in Atlas

Investors who punted $86 million on Atlas Iron’s company-saving capital raising 18 months ago are within sight of a return on their investment, as the iron ore producer’s shares continue this year’s strong run. The West

The Australian Financial Review

Page 1: The prospect of conflict between China and the US has increased and threatens to engulf Australia, after President-elect Donald Trump’s nominee for US secretary of state, Rex Tillerson, said Beijing should be denied access to disputed islands in the South China Sea.

Page 2: One Nation is battling to stop its fourth Senate spot going to the brother-in-law of disqualified former senator Rod Culleton in order to keep control of the seat and power in the federal parliament.

Page 4: The Turnbull government is expected to defer new funding for its $2.55 billion Emissions Reduction Fund until the completion of the review into its climate policies later this year, despite the fund likely to run out of money by the May budget.

Page 5: Energy giant AGL has been fined $124,000 for failing to declare thousands of dollars in political donations it made to the Labor, Liberal and National parties while it was making planned applications.

Page 7: Wholesale gas prices in Victoria could be up to $7 a gigajoule cheaper were the Victorian government to lift its bans on onshore drilling and development, Shell Australia has claimed, escalating a row with the state over energy costs.

Page 13: Forensic software firm Nuix has begun a search for a new chief executive with a “global IPO skill set”, all but confirming plans to pursue a public listing in 2017 that may deliver the ASX a new $1 billion-plus technology company.

Page 14: Fuel giant BP has turned to law firm Gilbert + Tobin as it seeks to seal its $1.8 billion Australian purchase.

Morgan Stanley got the annual bonus season underway on Thursday, with two bankers promoted to managing director among the chaos of comp day.

Page 16: Collapsed transport group McAleese has emerged from administration and has been renamed Rivet with chief executive Mark Rowsthorn staying at the helm after equity holders were wiped out.

 

The Australian

Page 1: Malcolm Turnbull faces an unexpected $3.7 billion hole in funding for the National Disability Insurance Scheme after it emerged the government did not have the power to transfer an education fund into the landmark initiative and would require the approval of a hostile Senate.

Manufacturers are paying some of the world’s highest gas prices even as exports are booming, prompting the Australian Industry Group to warn that a supply shorting is casting “a long shadow over jobs, competitiveness and investment” in chemical, metal and food production.

Page 4: Surging gas prices in eastern Australia are a side-effect of the federal government’s unfair GST distribution rules, West Australian Nationals leader Brendon Grylls says, branding his federal Liberal counterpart and Energy Minister Josh Frydenberg “naive” over his handling of the gas crisis.

Page 6: West Australian Premier Colin Barnett began his unofficial election campaign yesterday by announcing an unconventional plan to allow a private firm to skim salt water from the surface of the Collie River, desalinate it and sell it  back to the state for drinking.

Page 7: Dreamworld opened another two rides yesterday as the Palazczuk government said it would consider setting up a permanent unit to monitor safety on amusement rides throughout Queensland.

Page 15: Global markets are bracing for a potential increase in volatility and a reduction in risk appetite with the inauguration of Donald Trump next week after his first official address since the US election fuelled investor uncertainty over his economic policies.

Fortescue Metals Group chairman Andrew Forrest remains cautious about the outlook for commodities and will keep reducing the miner’s costs to guarantee  its continued viability in the face of expected falls in the iron ore price.

Page 16: Rio Tinto’s unloved uranium subsidiary Energy Resources of Australia has surged to an 18-month high after strong fourth-quarter production and rising uranium prices, raising hopes of the cash it can earn from the ore stockpiles that now form its only production.

The West Australian

Page 1: WA Police claim they are spending up to $40,000 a day keeping the peace at the divisive Roe 8 project, as protestors intensified their efforts yesterday to disrupt work at the site.

Page 4: An Aboriginal corporation has defended a decision to provide unrestricted gift cards to Pilbara residents at Christmas after police claim some were used to buy booze, leading to a surge in crime and violence.

Taxpayers have spent more than $20,000 on a dozen trips to Queensland holiday resorts taken by Environment Minister Greg Hunt and his family over more than a decade.

Page 9: Bureaucrats have stopped paying Rod Culleton his $200,000-a-year parliamentary salary, despite his insistence that he “still has his senator’s badge”.

The state government is persisting with its pursuit of a legal damages claim against Perth’s spud king Tony Galati, despite the official demise of the state’s Potato Marketing Corporation.

Page 18: The Barnett Government insists the economics of a long-held ambition to reduce salinity at Wellington Dam finally stack up as it prepares to hand over $37 million to underpin the effort.

Page 49: Investors who punted $86 million on Atlas Iron’s company-saving capital raising 18 months ago are within sight of a return on their investment, as the iron ore producer’s shares continue this year’s strong run.

Shares in BC Iron rocketed yesterday after the company announced record quarterly earnings from its Iron Valley project on the back of record shipping tonnages and higher iron ore prices.

Page 50: Dacian Gold has kicked off construction at its Mt Morgans gold project near Laverton after securing key regulatory approvals for the $220 million development.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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