03/03/2017 - 06:28

Morning Headlines

03/03/2017 - 06:28

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Rio Tinto has deferred more than $27 million in bonuses owed to former chief executive Sam Walsh and clawed back monies paid to sacked executive Alan Davies, as it responds to last year’s Guinean payments scandal. The Fin

Inpex and union cut peace deal for ‘Aussie jobs’

Japanese energy group Inpex has signed a landmark deal with maritime unions on the $34 billion Ichthys LNG project that commits it to preference Australian workers for up to 2000 jobs over the next 13 years.  The Fin

Labor shirtfronts Barnett in WA

Labor is within striking distance of defeating Colin Barnett’s government at the West Australian election, according to an exclusive Fairfax Media poll, despite a preference deal with Pauline Hanson’s One Nation aimed at delivering the Liberals a third term. The Fin

Porter hits out at WA over NDIS

The Federal Government has delivered an embarrassing smackdown to Premier Colin Barnett, rubbishing the report his Government used to justify taking State control of the National Disability Insurance Scheme. The West

OECD rings alarm over housing rout

Australia’s vulnerability to a house price collapse morphing into a recession has sharpened because of ballooning household debt and the dominance of big banks, according to the Organisation for Economic Co-operation and Development’s latest report on the economy. The Fin

BHP backs emissions intensity scheme

BHP Billiton has backed a price on carbon, including an emissions intensity scheme, putting the big miner at odds with the Prime Minister who has rejected this option. In a submission to the Finkel review, BHP calls on governments to provide back-up thermal power generation to ensure reliable, affordable electricity to avoid supply shortages such as those in South Australia and NSW last month. The Fin

ASIC takes aim at banking practices

Another 11 banks are in the corporate regulator’s sights over similar mortgage lending practices that led to charges against Westpac. The Aus

CIMIC mauls Macmahon deal

CIMIC Group will not increase its offer for Macmahon Holdings, telling shareholders its 14.5¢-a-share cash offer for the WA mining contractor is final and will not be extended beyond next Thursday’s deadline. The West

 

The Australian Financial Review

Page 1: Australia’s vulnerability to a house price collapse morphing into a recession has sharpened because of ballooning household debt and the dominance of big banks, according to the Organisation for Economic Co-operation and Development’s latest report on the economy.

Rio Tinto has deferred more than $27 million in bonuses owed to former chief executive Sam Walsh and clawed back monies paid to sacked executive Alan Davies, as it responds to last year’s Guinean payments scandal.

Labor is within striking distance of defeating Colin Barnett’s government at the West Australian election, according to an exclusive Fairfax Media poll, despite a preference deal with Pauline Hanson’s One Nation aimed at delivering the Liberals a third term.

Page 2: Supermarket giant Coles has preempted a government inquiry into unfair payment times for small business by promising it will pay more than 1000 smaller merchandise suppliers within 14 days.

Page 3: Australia’s tourism and education providers may benefit from Chinese consumers holding a more negative view of the United States since the election of President Donald Trump, according to a new survey.

Page 4: In a bid to limit the damage caused by last week’s decision to pare back Sunday rates in retail, hospitality, fastfood and pharmacy, Prime Minister Malcolm Turnbull suggested the government would urge the Fair Work Commission to avoid a reduction to take-home pay by phasing in the cuts over enough time so they were masked by annual wage increases.

Page 5: Japanese energy group Inpex has signed a landmark deal with maritime unions on the $34 billion Ichthys LNG project that commits it to preference Australian workers for up to 2000 jobs over the next 13 years.

Page 9: Stockland managing director Mark Steinert has reassured the Turnbull government he was not advocating open season on negative gearing after his support to curb the excesses of the tax deduction was leapt on by the federal Opposition as vindication of its own policy.

Page 13: BHP Billiton has backed a price on carbon, including an emissions intensity scheme, putting the big miner at odds with the Prime Minister who has rejected this option. In a submission to the Finkel review, BHP calls on governments to provide back-up thermal power generation to ensure reliable, affordable electricity to avoid supply shortages such as those in South Australia and NSW last month.

New Australian Energy Market Operator chief executive Audrey Zibelman is a full throttle advocate of renewable energy and smart grids as the solutions to both climate change and electricity system resilience.

 

The Australian

Page 1: A covert intelligence unit, involving national security agencies and the big four banks, has been created under what the government claims is a world-first alliance.

Page 6: Union-brokered enterprise bargaining agreements have seen weekend penalty rates for workers at many of the nation’s biggest fast food chains slashed by up to double the amount of the current controversial changes recommended by the Fair Work Commission.

Tony Abbott has called on Malcolm Turnbull to toughen his economic defence of the industrial umpire’s decision to scale back penalty rates, defying pressure to keep silent on government policy.

Page 21: BHP Billiton is facing a more than doubling of east cost power prices because of the dwindling effectiveness of the National Electricity Market and rising gas prices.

Page 23: The private health insurance sector’s peak body has outlined measures in its pre-budget submission that it says could save health fund members $1.5 billion each year.

Big box supermarket operator Costco continues to undercut Coles and Woolworths, according to Morgan Stanley analysts, but that price gap is steadily closing as the retail giants begin tackling the warehouse chain at its own game — larger packaging.

Page 24: Another 11 banks are in the corporate regulator’s sights over similar mortgage lending practices that led to charges against Westpac.

Page 26: After losing about 500 million US orders over the past five years over failed attempts to widen its customer base, the fastfood chain said it was going to embrace its identity as an affordable fast-food chain and stop chasing after people who will rarely eat there.

Page 28: The process of selecting the design for the Royal Australian Navy’s nine new Future Frigates will be accelerated by the federal government to save time and to ensure construction of the warships can begin in 2020.

 

The West Australian

Page 6: Beleaguered Lord Mayor Lisa Scaffidi has hit back at Mark McGowan’s threat to sack the City of Perth council if Labor is elected.

Page 7: Treasurer Mike Nahan says a re-elected Liberal government would slash debt by $10 billion over four years as he increased pressure on Labor over costings.

Page 10: The Federal Government has delivered an embarrassing smackdown to Premier Colin Barnett, rubbishing the report his Government used to justify taking State control of the National Disability Insurance Scheme.

Page 61: Education Minister Simon Birmingham said about one third of people in regional areas and almost two thirds in very remote areas did not complete Year 12 or equivalent.

Page 68: Rio Tinto shed almost 700 workers from its WA iron ore operations last year as it ramped up production from the Pilbara and the division’s profit lifted with the iron ore.

Page 69: CIMIC Group will not increase its offer for Macmahon Holdings, telling shareholders its 14.5¢-a-share cash offer for the WA mining contractor is final and will not be extended beyond next Thursday’s deadline.

Snap, maker of the disappearing photo app Snapchat dependent upon the fickle favour of the millennial demographic, is going public at a valuation at least twice as expensive as Facebook, and four times more costly than Twitter.

Page 70: Salmon farmer Tassal Group will raise up to $100 million from investors to help fund new fish farms in Tasmania and modern equipment, in a bid to offset the loss of young salmon in Macquarie Harbour.

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