21/03/2017 - 06:44

Morning Headlines

21/03/2017 - 06:44

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New lending controls loom

Regulators are preparing to impose a fresh wave of constraints on the banks to slow investor lending growth, crack down on interest-only loans, and force buyers to stump up more equity on purchases as they scramble to manage a rampant property boom. The Fin

 

CEOs could face jail for paying unions

Business groups are urging the Turnbull government to go further with its push to outlaw ‘‘inappropriate’’ payments from employers to unions and cover the millions of dollars a year that go to unions’ ‘‘grossly inflated’’ income protection funds as well. The Fin

 

Downer ready to launch $1.2b Spotless bid, capital raising

Downer EDI is poised to launch a $1.2 billion takeover bid for services group Spotless and announce a capital raising after snapping up 19.9 per cent of the Melbourne-based company in a raid on Monday afternoon. The Fin

 

Fair Work independence ‘compromised’

Former Fair Work Commission vice-president Graeme Watson says the independence of the industrial umpire has been compromised for decades and accuses its current president Iain Ross and Bill Shorten of a power grab through a “collaboration to stack the tribunal”. The Aus

 

Port Hedland’s iron spirit surfaces again

The average home rental price in Port Hedland, the heart of the world’s seaborne iron ore industry, has ended its near five-year slide in a clear sign of a growing belief that today’s stronger iron ore prices may just be more sustainable than thought. The Aus

 

Big banks bashed for ‘disgraceful’ rate hikes

ASIC chairman Greg Medcraft has slammed the big banks’ out-of-cycle mortgage rate hikes, calling for an overhaul of how interest rates are set in the “disgraceful” market and warning that the house price “bubble” was increasingly stretched. The Aus

 

Other States siphon $23b from WA

More than $23 billion has been sucked out of WA in the past decade under the ludicrous GST carve-up which Malcolm Turnbull won’t fix. The West

 

Collier to recontest key post

Liberal powerbroker Peter Collier is coming under internal pressure to not recontest his position as party leader in the Upper House as recriminations over Labor’s thumping election win spill over into the Legislative Council. The West

 

Civmec joins ASC in ship bid

WA heavy engineering firm Civmec has joined forces with Government-owned shipbuilder ASC to bid for the $3 billion offshore patrol vessels program. The West

 

The Australian Financial Review

Page 1: Regulators are preparing to impose a fresh wave of constraints on the banks to slow investor lending growth, crack down on interest-only loans, and force buyers to stump up more equity on purchases as they scramble to manage a rampant property boom.

Page 2: Economics may have been at the centre of Australia’s transformation into an open and competitive economy over the past 30 years, but as a profession, it has been going backwards in terms of its representation of women.

Page 3: Amber Harrison, the executive assistant who had an affair with Seven West Media’s chief executive, is suing the company under the workplace law for initiating an investigation into her corporate expenses claims 16 days after the relationship ended.

Despite being savaged by Immigration Minister Peter Dutton for promoting gay marriage, Qantas chief executive Alan Joyce is the boss most Australian employees would like to work for.

Page 4: The federal government will not rule out dumping the bulk of its company tax cut package after the Senate, as expected, passes legislation next week granting a reduction for smaller businesses only.

Page 6:  Santos’ $US18.5 billion GLNG project in Queensland will swallow about 20 per cent of the gas expected to be available this year for users on the east coast, piling pressure on the venture to ease the squeeze by increasing output or restricting exports.

Page 8: Business groups are urging the Turnbull government to go further with its push to outlaw ‘‘inappropriate’’ payments from employers to unions and cover the millions of dollars a year that go to unions’ ‘‘grossly inflated’’ income protection funds as well.

Page 11: China has delayed indefinitely tough new cross-border e-commerce laws that had threatened to disrupt the flow of Australian vitamins, milk powder and cosmetics into booming markets on the mainland.

Downer EDI is poised to launch a $1.2 billion takeover bid for services group Spotless and announce a capital raising after snapping up 19.9 per cent of the Melbourne-based company in a raid on Monday afternoon.

Page 13: Investors always get nervous when insiders sell shares but in the case of Harvey Norman, recent sales by two of the company’s most senior executives could not have come at a worse time.

 

The Australian

Page 1: Malcolm Turnbull has struck a compromise deal for historic changes to section 18C of the Racial Discrimination Act that is expected to retain the offences of humiliate and intimidate on the grounds of race, but abolish “insult” and “offend” in favour of a new higher test of “harass”.

Former Fair Work Commission vice-president Graeme Watson says the independence of the industrial umpire has been compromised for decades and accuses its current president Iain Ross and Bill Shorten of a power grab through a “collaboration to stack the tribunal”.

Page 4: Malcolm Turnbull, in an incendiary charge in parliament, has escalated his personal attacks on Bill Shorten for “selling workers down the river” during his time as a union leader, adding the accusation of taking “backhanders” from employers.

Page 5: The federal government has cleared the way to scale back its $48.7 billion company tax cut in response to a Senate veto over much of the policy, recasting the 10-year reform to focus on gains for small businesses.

Page 6: The new McGowan Labor government was in conflict with Malcolm Turnbull even before its first cabinet meeting in Perth yesterday, urging him to keep his word on improving Western Australia’s share of GST and respect what it describes as its mandate to divert commonwealth funds promised for a freight road to its planned city train network.

Page 19: A $1.2 billion takeover bid for the embattled Spotless Group is set to be launched today, as Downer EDI looks to diversify its earnings and take advantage of the struggling former private equity-owned catering and contracting group.

The average home rental price in Port Hedland, the heart of the world’s seaborne iron ore industry, has ended its near five-year slide in a clear sign of a growing belief that today’s stronger iron ore prices may just be more sustainable than thought.

ASIC chairman Greg Medcraft has slammed the big banks’ out-of-cycle mortgage rate hikes, calling for an overhaul of how interest rates are set in the “disgraceful” market and warning that the house price “bubble” was increasingly stretched.

Page 21: Executives at $15 billion financial services group AMP have been punished for the company’s worst annual performance in more than a decade, with short term bonuses axed across the board.

 

The West Australian

Page 1: More than $23 billion has been sucked out of WA in the past decade under the ludicrous GST carve-up which Malcolm Turnbull won’t fix.

Page 5: Malcolm Turnbull has challenged Bill Shorten and Mark McGowan to come up with their own solution to WA’s woeful share of the GST while defending his plan to make no changes to the system until the end of the decade.

Page 6: Liberal powerbroker Peter Collier is coming under internal pressure to not recontest his position as party leader in the Upper House as recriminations over Labor’s thumping election win spill over into the Legislative Council.

There was a message in the sky for the new State Government as its ministers filed into Hale House for the first time yesterday morning.

Confusion over the ability of the Corruption and Crime Commission to investigate Members of Parliament has confronted Attorney-General John Quigley on his first day at work.

Page 10: Developers are set to clear the first hurdle in their bid to bring high-rise beachside buildings to Sorrento, where their plans have sparked opposition from locals.

Malcolm Turnbull has opened the door to giving Federal funding to the new Labor State Government’s Metronet rail expansion.

Page 14: The fight over industrial relations has again turned nasty after Malcolm Turnbull accused Bill Shorten of taking “backhanders” while a union boss.

Page 16: Two million Australians plan to dump or downgrade their health cover before premium rises three times the inflation rate take effect next month.

Page 48: WA heavy engineering firm Civmec has joined forces with Government-owned shipbuilder ASC to bid for the $3 billion offshore patrol vessels program.

Perth businessman Steven Noske is set to spend up to a fortnight fighting an insider trading charge over alleged share dealings five years ago.

Page 49: Western Areas has raised its stake in takeover prospect Kidman Resources by closing another lithium deal in an area that is home to one of the world’s biggest deposits.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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