21/02/2017 - 06:36

Morning Headlines

21/02/2017 - 06:36

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Morning Headlines

‘Energy catastrophe’ looms

The chief executive of Australia’s largest steel maker BlueScope Steel, Paul O’Malley, said energy costs in the United States were up to 10 times lower than his company pays in Australia, as he warned of a potential energy catastrophe right across the industrial sector unless the supply crisis was fixed. The Fin

 

PM disputes delay on GST floor

Prime Minister Malcolm Turnbull has rejected plans to put a floor under the GST have been pushed to the ‘‘nevernever’’ and made a blunder over Western Australia’s projected share, acting as a wet blanket to Premier Colin Barnett’s campaign for political survival. The Fin

 

Ellison accused of duty breach

One of Western Australia’s richest businessmen, Chris Ellison, has been accused of failing in his duties as a director of a junior company which is majority-owned by the mining services group he heads, Mineral Resources. The Fin

 

Clive cruised as liquidators circled

As Queensland Nickel’s liquidators stepped up their pursuit of Clive Palmer’s globe-trotting nephew Clive Mensink before Christmas, the gallivanting executive boarded another luxury cruise ship. The Aus

 

ScoMo plays down mutiny talk over Bligh

Scott Morrison is trying to calm a political storm over his relationship with the big four banks by dismissing talk of a “veto” over meetings with former Labor premier Anna Bligh amid Coalition anger at her appointment to the industry’s peak lobby group. The Aus

 

Rates to rise after ‘cash grab’

Several Wheatbelt councils are likely to increase rates by at least 6.5 per cent this year to cover what they say is a State Government cash grab. The West

 

An extra $104m for Kimberley

WA Labor has unveiled a $104 million election package for the Kimberley as part of its regional plan targeting jobs, tourism, health, education and community infrastructure. The West

 

Ravensthorpe ‘has a future’

The owner of Ravensthorpe’s biggest mine has given its strongest indication yet it has no plans to shutter the 25,000-tonne-a-year nickel laterite operations which employ 270 people on WA’s south coast. The West

 

The Australian Financial Review

Page 1: The chief executive of Australia’s largest steel maker BlueScope Steel, Paul O’Malley, said energy costs in the United States were up to 10 times lower than his company pays in Australia, as he warned of a potential energy catastrophe right across the industrial sector unless the supply crisis was fixed.

Fairfax Media is set to ramp up plans to spin off real estate business Domain, sources told Street Talk.

Page 2: Seven West Media boss Tim Worner isn’t the first CEO to be caught up in a sex scandal and certainly won’t be the last.

Page 3: Prime Minister Malcolm Turnbull has rejected plans to put a floor under the GST have been pushed to the ‘‘nevernever’’ and made a blunder over Western Australia’s projected share, acting as a wet blanket to Premier Colin Barnett’s campaign for political survival.

Page 4: Treasurer Scott Morrison said it was up to the banks to explain why Anna Bligh was chosen to lead the Australian Bankers’ Association, saying he would bypass her and continue to deal directly with bank chief executives and chairmen.

The banking industry’s code of conduct should be ‘‘substantially revised’’ to become broader and stronger, and should put new restrictions on issuing credit cards, according to an extensive review of the Code of Banking Practice released by the banks on Monday.

Page 5: Canada’s trade minister says the gathering surge of anti-globalisation sentiment should not frighten the world’s politicians away from pursuing bilateral and multilateral deals.

Page 7: Mandating the Clean Energy Finance Corporation to invest in ‘‘clean coal’’ would require a spectacular government backflip just nine weeks after it issued the lender with strict conditions on the profitability of new projects.

Page 11: Investor confidence in logistics firm Brambles has been crunched again, with fears structural shifts from the rise of e-commerce giants such as Amazon are undermining its US pallets business.

WorleyParsons has revived fears of a potential equity raising among investors after the engineering group revealed it was bleeding cash and owed $230 million by key customers.

Page 13: Beach Energy chief executive Matt Kay insists the strengthening oil and gas producer won’t be rushed into making a long-expected acquisition even as some analysts say the stock is looking expensive, without more clarity on future growth.

Page 16: One of Western Australia’s richest businessmen, Chris Ellison, has been accused of failing in his duties as a director of a junior company which is majority-owned by the mining services group he heads, Mineral Resources.

 

The Australian

Page 1: Senior students will be better prepared for work and further study under curriculum changes in NSW that lead the nation by improving writing skills, financial literacy, teaching how Western civilisation was shaped, and highlighting Robert Menzies’ place in Australia’s history.

The government’s top public service adviser says tax office employees’ refusal to work an extra nine minutes daily does not meet community standards, as the agency comes under fire for costing taxpayers 90,000 days annually in lost productivity.

As Queensland Nickel’s liquidators stepped up their pursuit of Clive Palmer’s globe-trotting nephew Clive Mensink before Christmas, the gallivanting executive boarded another luxury cruise ship.

Page 4: Scott Morrison is trying to calm a political storm over his relationship with the big four banks by dismissing talk of a “veto” over meetings with former Labor premier Anna Bligh amid Coalition anger at her appointment to the industry’s peak lobby group.

Senate crossbenchers are blocking billions of dollars’ worth of savings measures across the education, health and social services portfolios, forcing the government to find alternative ways to plug a $13 billion funding gap.

Six months after he won plaudits for pledging a bigger share of GST to cash-strapped Western Australia, Malcolm Turnbull has yet to raise the issue with any other states and has no timetable for its introduction.

Page 7: The Australian Building and Construction Commission will seek to address industry uncertainty about the new construction code allowing for builders to get federal government work.

Page 8: Queensland’s One Nation leader Steve Dickson has warned that the minor party will not help the Liberal National Party form government after the next election without seats in the ministry.

Page 19: BlueScope Steel chief Paul O’Malley says the nation is facing an “energy catastrophe” as relentlessly rising power and gas prices put pressure on businesses, including the Port Kembla steelworks, to the extent where they could close without rapid policy changes.

Crown billionaire James Packer will keep well away as his Tel Aviv neighbour Benjamin “Bibi” Netanyahu visits Sydney this week.

Page 20: The Chinese government may be imposing stricter capital controls on its companies expanding overseas, but it has certainly not dented demand for Australian assets.

Page 21: Health insurance boss Mark Fitzgibbon has admitted his company, NIB, could have priced premiums lower last year after a solid profit result sent its shares to a record high.

Page 22: Woodside Petroleum will increasingly target a share of the massive international shipping fuel trade and the multi-billion dollar Pilbara diesel market, as it attempts to open up sources of demand for its liquefied natural gas.

 

The West Australian

Page 3: Several Wheatbelt councils are likely to increase rates by at least 6.5 per cent this year to cover what they say is a State Government cash grab.

Page 6: Malcolm Turnbull has shied away from committing to a deadline for a WA GST floor just months after suggesting one could be introduced within four years.

WA Labor has unveiled a $104 million election package for the Kimberley as part of its regional plan targeting jobs, tourism, health, education and community infrastructure.

Page 7: As if Malcolm Turnbull’s first visit to WA in six months had not created enough of a sense of anticipation, Colin Barnett raised the stakes last week by saying he expected the Prime Minister to arrive with more detail around his GST rescue plan.

People caught with illicit drugs such as methamphetamine and ecstasy for personal use would be redirected to health care rather than the justice system under a Greens policy to be announced today.

Page 12: A stand-off between the High Court and Electoral Commission over how to fill former One Nation senator Rod Culleton’s vacant seat is likely to be resolved in days.

Page 14: Fringe World came to a close on Sunday with an awards night celebrating the 31-day fun-filled festival’s best.

Page 47: The owner of Ravensthorpe’s biggest mine has given its strongest indication yet it has no plans to shutter the 25,000-tonne-a-year nickel laterite operations which employ 270 people on WA’s south coast.

Woodside Energy’s ambition to be at the forefront of ships moving to cleaner fuel took an early step last night with the christening in Fremantle of its first LNG powered vessel.

Surging demand outside of the gold sector for Imdex’s drilling services in the December half year has provided more evidence of a broadening recovery in mineral commodities.

CBH Group deputy chairman Vern Dempster has retained his position after fending off stiff election competition from a critic of the grain co-operative’s stance on corporatisation.

Page 48: Northern Star Resources expects long-term benefits from the $66 million sale of its Plutonic gold mine near Meekatharra.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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