25/01/2017 - 06:40

Morning Headlines

25/01/2017 - 06:40

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Morning Headlines

Rio Tinto’s $3.2bn coal sellout

Rio Tinto has agreed to sell two major Australian coal mining assets to Chinese-controlled miner Yancoal for $US2.45 billion ($3.2 billion), under a deal that all but completes the company’s exit from the type of coal used in power generation. The Fin

 

ERM chooses to pay $123m green penalty

Fresh doubts have been triggered about the viability of the 2020 renewable energy target after a leading business electricity retailer opted to pay $123 million in penalties to meet its liability rather than backing renewable projects.  The Fin

 

AMP shuts down its venture capital arm

Beleaguered financial giant AMP has shut down its venture capital unit less than two years after it was established, with plans to invest millions in disruptive digital businesses. The Fin

 

PM taunts Trump with China push

Malcolm Turnbull has defied Donald Trump by holding open the door for China’s entry into the Trans-Pacific Partnership, raising hopes of creating a new regional trading bloc in a challenge to the direction of the new US administration. The Aus

 

New $520m rail line

The Barnett government will today release one of its biggest and most expensive pre-election commitments - a $520 million rail link between Thornlie and Cockburn. The West

 

Milestone for WA’s Wyatt as ministers sworn in

A new batch of Federal Government ministers has been sworn in by Governor-General Sir Peter Cosgrove at a ceremony at Government House. The West

 

Militant unions switch faction

Two of WA’s most militant unions are set to splinter from the dominant left wing of WA Labor in a move that would dramatically reshape the party ahead of a state election in its favoured to win. The West

 

Cor Cordis warns of BuiltonCorp debt-ripple

Unpaid debts - many of them six-figure amounts - owed by builder BuiltonCorp to an estimated 350 unsecured creditors were likely to result in ‘stress’ and, potentially, further subcontractor casualties, voluntary administrators Cor Cordis warned yesterday. The West

 

The Australian Financial Review

Page 1: Rio Tinto has agreed to sell two major Australian coal mining assets to Chinese-controlled miner Yancoal for $US2.45 billion, under a deal that all but completes the company’s exit from the type of coal used in power generation.

Prime Minister Malcolm Turnbull has redoubled his government’s push to keep alive the teetering Trans-Pacific trade deal and condemned US President Donald Trump’s drift towards protectionism as a recipe for weaker economic growth, missed opportunities and lost jobs.

Page 3: NSW Premier Gladys Berejiklian says that scrapping negative gearing will not form part of her plan to improve housing affordability in the state.

National Australia Bank has boosted its expectations for house price growth this year to 3.4 per cent and also expects apartment values to fall less than previously expected, saying further rate cuts will continue to stimulate the market.

Page 5: Fresh doubts have been triggered about the viability of the 2020 renewable energy target after a leading business electricity retailer opted to pay $123 million in penalties to meet its liability rather than backing renewable projects.

Page 6: Fair Work Commission president Iain Ross has intervened in the default superannuation debate, revealing to an independent inquiry that the federal government has left the commission’s default fund selection process in limbo for the past three years.

Page 7: Industry superannuation funds have blamed lax compliance by the Australian Taxation Office for the chronic underpayment of super contributions, leading to workers retiring with tens of thousands of dollars less than they otherwise would.

Page 9: China is in a strong position to set the agenda for trade in the region after US President Donald Trump officially abandoned the Trans-Pacific Partnership, leaving its other 11 members searching for an alternative deal.

Page 13: Beleaguered financial giant AMP has shut down its venture capital unit less than two years after it was established, with plans to invest millions in disruptive digital businesses.

 

The Australian

Page 1: A $500 million dispute between the descendants of one of Australia’s oldest and richest families, with links going back to the Rum Rebellion, has exploded into court, putting the development of 4,300 home sites in Sydney’s west in doubt.

Malcolm Turnbull has defied Donald Trump by holding open the door for China’s entry into the Trans-Pacific Partnership, raising hopes of creating a new regional trading bloc in a challenge to the direction of the new US administration.

Page 3: Two prominent Sydney liquidators will be investigated by a court and could face bans over their dealings with companies associated with car-wash king and Point Piper millionaire Anthony Sahade.

Page 5: Money for infrastructure projects for regional areas is at the centre of negotiations between Gladys Berejiklian, the new NSW Premier, and the Nationals, with hundreds of millions of dollars in funding likely to be unlocked for hospitals and roads.

Page 6: The Renewable Energy Target and other green subsidy schemes should be extended to include all low-emissions fossil fuel technologies, a peak gas lobby group has said.

Page 9: The British government last night lost its historic battle in the Supreme Court over Brexit.

Page 19: Mining giant Rio Tinto has struck the biggest single asset sale in its history, agreeing to sell its NSW coal mining arm Coal & Allied to Chinese powerhouse Yancoal for up to $US2.45 billion.

Resurgent BlueScope Steel will make further inroads into its debt and could lift dividends beyond expectations after it revealed another earnings upgrade.

Page 20: Investment bankers at UBS are shopping around James Packer’s interests in the Ten Network to prospective buyers, according to sources, as the Australian billionaire cashes up across his portfolio.

Page 21: Construction group CIMIC continues to strike local rivals by surprise, launching its third hostile play for control of an engineering group in the space of 12 months.

 

The West Australian

Page 1: The Barnett government will today release one of its biggest and most expensive pre-election commitments - a $520 million rail link between Thornlie and Cockburn.

Page 4: China and Indonesia could help resurrect a massive Pacific rim trade deal as Malcolm Turnbull made an impassioned defence of the importance of free trade for Australia’s prosperity.

A new batch of Federal Government ministers has been sworn in by Governor-General Sir Peter Cosgrove at a ceremony at Government House.

Page 5: Corruption investigators have exposed dodgy licensed vehicle inspectors pocketing thousands of dollars in bribes to certify the roadworthiness of cars they never even laid eyes on.

Page 6: Pauline Hanson has dismissed her two most loyal One Nation officials in WA after describing them last year as the only two people in the state she could trust.

Page 7: Two of WA’s most militant unions are set to splinter from the dominant left wing of WA Labor in a move that would dramatically reshape the party ahead of a state election in its favoured to win.

Page 20: Aboriginal families in the North West are set to benefit from a $200 million fund which aims to increase housing options and break the cycle of generational welfare dependency.

Page 22: Data produced by the Federal Government’s chief economist that petrol retailers and the Australian Competition and Consumer Commission have been used to argue pump prices are reasonable has been exposed as bogus.

Page 30: The state government should have been boasting about state-of-the-art medical care being delivered to WA children at a new hospital.

Page 31: Doctors are calling for a $240 million commitment to rebuild Royal Perth Hospital which they claim is becoming an embarrassment.

Page 87: Macmahon Holdings directors will spend Australia Day mulling a bid from Spanish-controlled CIMIC, after the contracting giant lobbed a 14.5 cents a share hostile offer for the company.

Unpaid debts - many of them six-figure amounts - owed by builder BuiltonCorp to an estimated 350 unsecured creditors were likely to result in ‘stress’ and, potentially, further subcontractor casualties, voluntary administrators Cor Cordis warned yesterday.

Page 88: CBH Group has hailed its new direct-to-vessel service a success after a strong response from both growers and marketers.

Page 91: In her first public comments since Planning Minister Donna Faragher directed the City of Perth to revise its planning scheme, mayor Sue Doherty has revealed the extent of the city’s disappointment.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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