21/10/2013 - 06:36

Morning Headlines

21/10/2013 - 06:36

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Morning Headlines

WA slips as ‘top dog’ of the nation

WA’s days as the nation’s “top dog” economy are numbered, according to forecasts that cast doubts over the State budget. The West

Allan Gray attacks pay at Newcrest

Fund manager Allan Gray has voted its proxies against Newcrest Mining’s remuneration report ahead of the company’s annual meeting in Melbourne on Thursday, becoming the latest party to take the goldminer to task over its pay practices following the massive destruction of shareholder value in recent years. The Fin

Labor divided on carbon strategy

Bill Shorten faces emerging divisions in Labor ranks on carbon pricing with competing demands from MPs over whether to allow the Coalition to repeal the carbon tax or block the legislation and hold out for a market-based scheme that can be traded internationally. The Aus

Leighton’s Wal King: ‘I was a lame duck CEO’

Former Leighton Holdings chief Wal King said he had become ostracised within the construction company to the point of being “somewhat of a lame duck” CEO when the company is alleged to have paid a $42 million bribe to win a major project in Iraq. The Fin

Record low turnout in council polls

There are renewed calls for compulsory voting in WA local government elections after the lowest ever turnout at the weekend. The West

Liberals may relax Huawei NBN ban

The Abbott government could relax the ban on equipment from Huawei being used on the national broadband network even if security concerns over the Chinese telecommunications company are not fully allayed. The Fin

Childcare fund drained in hours

A $300 million Labor government fund for childcare workers to receive wage increases was ‘‘exhausted within 12 hours’’ of applications opening, the new Coalition minister has revealed. The Fin

Roy Hill sets deadline for bankers

Gina Rinehart’s Roy Hill project has set a mid-November deadline for bankers in a book build designed to deliver about $US3 billion in debt for the $10 billion mine, rail and port project. The West

 

 

The Australian Financial Review

Page 1: Former Leighton Holdings chief Wal King said he had become ostracised within the construction company to the point of being “somewhat of a lame duck” CEO when the company is alleged to have paid a $42 million bribe to win a major project in Iraq.

The Abbott government could relax the ban on equipment from Huawei being used on the national broadband network even if security concerns over the Chinese telecommunications company are not fully allayed.

Page 2: Federal cabinet will this week sign off on the terms of reference for the Coalition’s promised Commission of Audit, as well as legislation to abolish the minerals resource rent tax (MRRT).

Page 3: Negative gearing and capital gains tax discounts are artificially inflating house prices favouring investors and locking first home-buyers out of the market.

Page 6: The Australian Federal Police are investigating bribery allegations at several high-profile companies, as pressure mounts for the authorities to take stronger action.

Page 8: Questions have emerged about the fate of more than $2 billion of federal government spending programs that Labor claims were not included in Coalition costing provided to the Parliamentary Budget Office.

Page 9: South Korea has made a push for its first to win a bigger slice of investment in Australia’s resource sector as both countries commit to clinching a free-trade deal within months.

Page 15: Fund manager Allan Gray has voted its proxies against Newcrest Mining’s remuneration report ahead of the company’s annual meeting in Melbourne on Thursday, becoming the latest party to take the goldminer to task over its pay practices following the massive destruction of shareholder value in recent years.

Page 17: Boral chief executive Mike Kane said the Australian dollar’s volatility has harmed long-term business investment and rival building materials companies will be forced to consolidate or leave the industry.

Page 20: Bluescope chief executive Paul O’Malley has hailed the beginning of China’s green boom as the steel company opened its $60 million manufacturing plant in the ancient city of Xi-an on Sunday.

Page 35: Ten Network Holdings chief executive Hamish McLennan has hit back at Seven West Media’s effort to stymie Ten’s proposed advertising sales force tie-up with Foxtel, suggesting that it confirms the deal would provide stiffer competition in the market.

 

 

The Australian

Page 1: Bill Shorten faces emerging divisions in Labor ranks on carbon pricing with competing demands from MPs over whether to allow the Coalition to repeal the carbon tax or block the legislation and hold out for a market-based scheme that can be traded internationally.

Page 2: Trust in politicians has hit a new low as an expenses scandal threatens to undermine Tony Abbott’s ambition to ‘‘restore faith’’ in government after the divisions of the past three years.

Page 3: A $300 million Labor government fund for childcare workers to receive wage increases was ‘‘exhausted within 12 hours’’ of applications opening, the new Coalition minister has revealed.

Page 6: Education funding has failed to boost the skills of teachers to deal with the wide range of challenges they are likely to face in the classroom, according to a leading advocate for education reform.

Labor has claimed credit for the marked drop in boat arrivals, saying it was the resettlement policies announced in the dying days of the Rudd government that killed the smuggling trade.

Page 17: Bega Cheese, which lags behind its two rivals in the three-way tussle for Warrnambool Cheese and Butter, could be first out of the blocks this week with a sweetened unconditional offer.

When private equity lobbed a $430 million hostile bid for remote and green power provider Energy Developments in 2010, one-fifth of the shareholders refused to sell, leaving Pacific Equity Partners in firm control but for the first time with a company that was still listed.

Page 18: Business is applying pressure to Trade and Investment Minister Andrew Robb to deliver swiftly on the pledge to secure long-awaited free trade agreements with our three biggest export markets — China, Japan and South Korea.

Page 19: Qantas is tipped to slide back into loss this financial year as a result of a fall in fare yields unveiled by chief executive Alan Joyce.

Australia’s major banks are set to post record combined profits of $27 billion and hand shareholders bumper dividends, but repeating the roaring growth rate is tipped to get harder as demand for loans stays soft.

 

 

The West Australian

Page 4: A group of fishermen aim to tap Asia’s lucrative abalone market by establishing Australia’s first wild farm for the mollusc off Augusta.

Page 8: WA’s days as the nation’s “top dog” economy are numbered, according to forecasts that cast doubts over the State budget.

Page 12: There are renewed calls for compulsory voting in WA local government elections after the lowest ever turnout at the weekend.

Page 18: Fresh off his $65 million donation to WA’s tertiary education sector last week, mining magnate Andrew Forrest has turned his attention to the refugees fleeing war-torn Syria.

Business: Ruralco’s rivalry with Elders has taken another twist as a giant US farm co-operative positions itself to become a major player in the local grain industry.

Patersons has started talks with the WA Football Commission to rollover naming rights at Subiaco Oval, with its landmark 2010 deal expiring next year.

Gina Rinehart’s Roy Hill project has set a mid-November deadline for bankers in a book build designed to deliver about $US3 billion in debt for the $10 billion mine, rail and port project.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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