08/03/2017 - 06:40

Morning Headlines

08/03/2017 - 06:40

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Morning Headlines

Gas squeeze gets worse

Eastern Australian manufacturers will be left short of gas this winter unless the new $80 billion Queensland LNG industry diverts gas away from export to sell it to local users, AGL Energy has declared. The Fin

 

PM slams Hanson Muslim comments

The government has ramped up its criticism of Pauline Hanson, with Malcolm Turnbull accusing the One Nation leader of giving succour to terrorists and Barnaby Joyce saying Australia will ‘‘go down the toilet’’ if the minor party gains power. The Fin

 

Final two Arrium bidders want the lot, including Whyalla

The administrators of the Arrium Australia business say the final two shortlisted bidders are both seeking to buy the operations in ‘‘one line’’, which includes the Whyalla steelworks and its associated mining operations. The Fin

 

Oil, gas row looms over floor on tax

An explosive budget row is brewing between the oil and gas industry and the Turnbull government as a Treasury-sponsored review considers radical proposals, including imposing a “minimum resource tax” to capture revenue from the emerging $200 billion LNG and shale gas industries. The Aus

 

Union ties abound in ALP team

A Labor government led by Mark McGowan in Western Australia would be run by a heavy contingent of former trade union officials and MPs with close links to powerful unions. The Aus

 

Officeworks ‘able to go it alone’

The former boss of Officeworks, Launa Inman, believes the stationery retailer could thrive as a stand-alone business if Wesfarmers chose to spin off the company, arguing its retail model is one of the best in the sector with little local competition. The Aus

 

Ellenbrook rail a Labor 'pay off' to developers

Treasurer Mike Nahan has suggested Labor has promised to build a rail line to Ellenbrook as a “pay off” to property developers who have big amounts of land in the area. The West

 

ABC to shed 200 staff as content gets dollars

Up to 200 ABC staff will lose their jobs within months as its managing director admitted the bloated broadcaster needed to be whipped into shape for the digital age. The West

 

Griffin sale advice ‘ignored’

One of WA’s biggest commercial trials started yesterday with claims insolvency firm Korda-Mentha ignored advice from two leading investment banks ahead of the $740 million sale of the Griffin coal mine. The West

 

High-end store eyes Bay View

Swedish fashion headline grabber H&M, still basking in the afterglow of its GPO Perth flagship store opening, has been quietly working on a high-end Bay View Terrace store option for its upmarket COS fashion line. The West

 

The Australian Financial Review

Page 1: Jim O’Neill, the British economist famous for accurately predicting 16 years ago that the rise of the ‘‘BRIC’’ emerging economies would power the world, says Australia is in a ‘‘wonderful’’ position to ride the new wave of growth in China, India and Indonesia.

Eastern Australian manufacturers will be left short of gas this winter unless the new $80 billion Queensland LNG industry diverts gas away from export to sell it to local users, AGL Energy has declared.

Page 2: The Reserve Bank of Australia has been buoyed by hard evidence the global economy has decisively entered a lasting expansionary phase, which will ultimately increase the central bank’s scope to reverse official interest rate cuts blamed for the overheating Sydney and Melbourne property markets.

Page 3: Corporate Australia is speaking out more stridently in support of gender equality, and has initiatives aimed at tackling recruiting bias and channelling finance to businesses that support gender equality.

Page 6: Prime Minister Malcolm Turnbull has played down the prospect of joint patrols with Indonesia in the South China Sea, arguing such an action could provoke Beijing.

Page 7: An IT chief executive in league with former National Union of Workers NSW secretary Derrick Belan to allegedly defraud the union has given up the disgraced union secretary and others in return for reduced charges.

The government has ramped up its criticism of Pauline Hanson, with Malcolm Turnbull accusing the One Nation leader of giving succour to terrorists and Barnaby Joyce saying Australia will ‘‘go down the toilet’’ if the minor party gains power.

Page 8: Origin Energy’s new chief executive Frank Calabria has called on the Turnbull government to rethink its decision on ruling out an emissions intensity scheme for the electricity sector, warning that pumping more renewable energy into the market without a carbon price will risk more blackouts.

Page 9: West Australian Premier Colin Barnett says his campaign is not boring and has a ‘‘clear narrative’’ despite record debt and deficit constraining his ability to make big spending promises.

Page 10: Airports have hit back at the competition watchdog’s calls for regulation, claiming the Australian Competition and Consumer Commission has ‘‘a disturbing lack of insight’’ into how airport infrastructure is funded and managed.

Page 15: After reversing a slide in supermarket sales, Woolworths is hoping to rebuild bridges with suppliers and win more shoppers by giving food and grocery manufacturers unprecedented access to customer data.

The administrators of the Arrium Australia business say the final two shortlisted bidders are both seeking to buy the operations in ‘‘one line’’, which includes the Whyalla steelworks and its associated mining operations.

Page 17: BHP Billiton’s credit metrics have improved to a level that could soon warrant a ratings upgrade, with the miner only being held back by the performance of its petroleum division.

 

The Australian

Page 1: An explosive budget row is brewing between the oil and gas industry and the Turnbull government as a Treasury-sponsored review considers radical proposals, including imposing a “minimum resource tax” to capture revenue from the emerging $200 billion LNG and shale gas industries.

Michelle Guthrie, ABC managing director, vowed to make staff accountable to audiences as she proposed to axe 200 staff and sack key executives in a purge of middle management.

Page 4: Commonwealth Bank chief executive Ian Narev has warned the government not to try to make homes more affordable by “tinkering” with policies, arguing a piecemeal approach “could create short-term distortions” that “would concern us significantly”.

Coalition MPs in the nation’s unemployment hotspots want the government to sell the economic case for penalty-rate reductions, warning that Labor’s “dishonest” scare campaign needs to be countered.

The Reserve Bank is paving the way for further limits on investor property lending as it grapples with surging house prices and rising debt at a time of sluggish wage growth.

Page 5: Electricity prices are set to continue to spiral upwards because of unintended consequences from the design of the renewable energy target, the nation’s energy tsar has warned.

Page 6: A Labor government led by Mark McGowan in Western Australia would be run by a heavy contingent of former trade union officials and MPs with close links to powerful unions.

Page 8: Chinese-based interests hold the vast majority of shares in the parent company behind a consortium in exclusive government negotiations to build a $3 billion casino, apartment and hotel mega-project on the Gold Coast.

Page 19: Origin Energy chief Frank Calabria has joined the growing call for an emissions trading scheme to provide more power affordability and security as the nation moves to lower carbon emissions, saying it is frustrating the government took it off the table so quickly.

Commonwealth Bank chief executive Ian Narev and ANZ boss Shayne Elliott have bristled over a proposal to publicly name and shame executives responsible for breaches in their divisions, despite endorsing more transparency across the industry.

Renowned Australian racing figure John Messara has backed Tabcorp’s $11 billion bid to create a mega wagering group with Tattersalls because of the increased benefits likely to flow to the local thoroughbred industry.

Page 21: The former boss of Officeworks, Launa Inman, believes the stationery retailer could thrive as a stand-alone business if Wesfarmers chose to spin off the company, arguing its retail model is one of the best in the sector with little local competition.

Former Rio Tinto boss Sam Walsh has pledged to “fully cooperate” with a new Federal Police investigation into allegations the company paid a French consultant $US10.5 million in a bid to retain control of the vast Simandou iron ore deposit in Guinea.

Page 22: Iron ore is “on the verge of a multi-year bear market” and the price of the commodity could halve in the coming months.

 

The West Australian

Page 4: Treasurer Mike Nahan has suggested Labor has promised to build a rail line to Ellenbrook as a “pay off” to property developers who have big amounts of land in the area.

Defence Industry Minister Christopher Pyne has dismissed as “window dressing” WA Labor’s promise to appoint an advocate to win new shipbuilding work.

Page 5: The WA Police Union board will meet today to discuss its options after Labor and the Liberals ignored calls for 1000 extra police officers in the face of increasing crime and road deaths.

Page 6: A One Nation proposal for Queensland to give up some of its share of GST revenue to help WA has been slammed by the Queensland Treasurer.

Malcolm Turnbull has criticised Pauline Hanson for the second time in three days, rejecting her latest attacks on Islam in which she appeared to suggest there were no “good” Muslims living in Australia.

Page 7: Pauline Hanson has blamed social issues in the Pilbara on the education system and taken aim at “bloody lefties” filling children’s heads with rubbish and “taking away parents’ rights to discipline their kids”.

Page 9: Businesswoman and former Perth Modern School student Janet Holmes a Court says she has “serious concerns” about Labor’s pledge to strip the Subiaco school of its academically selective status and move gifted students to a highrise building in the city.

A parenting service operating for more than a century will receive a $1 million boost under a re-elected Liberal government, Colin Barnett says.

Page 12: Pauline Hanson’s plan for a flat 2 per cent tax would cost the Federal Budget more than $230 billion and aid imports at the expense of the local manufacturing sector.

Page 22: Perth hotel prices have slumped, creating some of the cheapest room rates in several years.

Page 26: Up to 200 ABC staff will lose their jobs within months as its managing director admitted the bloated broadcaster needed to be whipped into shape for the digital age.

Page 33: One of WA’s biggest commercial trials started yesterday with claims insolvency firm Korda-Mentha ignored advice from two leading investment banks ahead of the $740 million sale of the Griffin coal mine.

The head of the Commonwealth Bank has refused to guarantee all of its Bankwest branches across WA ahead of the end of legislative protection for them.

Page 34: Valuation cuts and at least one analyst downgrade have followed Navitas’ profit hit as the education provider’s shares took another hammering yesterday.

Page 71: Australian gross farm production is set to grow by 8.3 per cent to reach a record $63.8 billion this financial year, following outstanding cropping yields and strong livestock performance.

Page 72: After splurging $US200 billion building the world’s biggest gas export plants, producers in Australia are now locked in legal battles with contractors over who should shoulder billions of dollars in liabilities sparked by delays and cost blowouts.

Page 73: Swedish fashion headline grabber H&M, still basking in the afterglow of its GPO Perth flagship store opening, has been quietly working on a high-end Bay View Terrace store option for its upmarket COS fashion line.

Labor has revised down its infill housing development target this election campaign, aligning with the Liberal Party’s goal.

 

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