23/03/2017 - 06:38

Morning Headlines

23/03/2017 - 06:38

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Big business tax cuts fears grow

The federal government has secured Senate support for its childcare reforms in a deal that has left the fate of a net $4 billion in budget savings in limbo, and at risk of being dumped. The Fin

 

Former Rio boss Sam Walsh back in business

Sam Walsh, the former Rio Tinto chief executive caught up in an African corruption scandal, has been appointed a director of one of Japan’s largest trading houses, Mitsui & Co. The Fin

 

Downer’s growth push queried in Spotless bid

Downer EDI’s $1.2 billion hostile bid for services group Spotless has been heralded as a turning point in the corporate business cycle, as some companies return to chasing growth after years of slashing costs in rocky markets. The Fin

 

Security red flag for 500 refugees

More than 500 Iraqi and Syrian refugees bound for Australia in the past year under the government’s humanitarian program have been refused entry after an alert from the Five Eyes intelligence network that their names were on an international security watchlist. The Aus

 

Get ready for the attack of the short-sellers

Soren Aandahl, a Harvard educated former corporate lawyer, is one of the founders of Glaucus Research, the US-based fund behind yesterday’s blistering research report on Perth-based sandalwood grower TFS Corp. The Aus

 

Gas buyers blamed for the crisis

Former Santos chief executive John Ellice-Flint — one of the early visionaries of Queensland LNG exports — has slammed east-coast manufacturers and other gas buyers for failed risk management, saying they have been caught asleep at the wheel and have played a big part in the gas crisis, which he says could cost one million jobs. The Aus

 

Double blow for WA in unfair GST burden

WA is set to be dudded twice on its share of the GST, with the Commonwealth Grants Commission about to confirm a near-record low share that will also leave the State without access to a Federal funding top-up. The West

 

Petrol ban plan to cost drivers $530

Perth motorists could be forced to pay up to $530 more a year for fuel and will no longer get access to regular unleaded if the Federal Government pushes ahead with a controversial plan to reduce petrol emissions by 2020. The West

 

Kleenheat cool on gas customer surge after Alinta buy offer

Surging demand for Kleenheat Gas accounts shows no sign of easing, with thousands of customers believed to have switched from Alinta since a Hong Kong company announced a deal to buy the gas utility a week ago. The West

 

The Australian Financial Review

Page 1: The federal government has secured Senate support for its childcare reforms in a deal that has left the fate of a net $4 billion in budget savings in limbo, and at risk of being dumped.

Page 3: A new front is opening up in the housing affordability crisis, with unprecedented numbers of Australians set to drain their superannuation not for living expenses in retirement, but to pay off a mortgage.

Mining billionaire Gina Rinehart is facing fresh claims by her daughter Bianca Rinehart that she withheld $500 million of Hancock Prospecting’s dividends and used the company’s money and luxury properties, including an apartment on a cruise ship and a Sydney penthouse, for personal benefit.

Sam Walsh, the former Rio Tinto chief executive caught up in an African corruption scandal, has been appointed a director of one of Japan’s largest trading houses, Mitsui & Co.

Page 5: Malcolm Turnbull has urged China to press ahead with economic reforms and to resolve regional disputes in accordance with international law as Chinese Premier Li Keqiang begins a four-day visit.

A former senior executive is suing Brickworks for hundreds of thousands of dollars in damages claiming he was sacked by chief executive Lindsay Partridge to prevent him complaining to the company chairman about the CEO’s bullying behaviour.

Page 6: Manufacturers are demanding that Santos’ $18.5 billion GLNG gas export venture honour pledges made in order to secure planning approval that it would not suck too much gas away from the domestic market.

Page 7: Firms which believe they are being monstered out of business by companies with ‘‘substantial market power’’ will have greater recourse to the competition watchdog under amendments to be introduced by Treasurer Scott Morrison.

Page 13: Downer EDI’s $1.2 billion hostile bid for services group Spotless has been heralded as a turning point in the corporate business cycle, as some companies return to chasing growth after years of slashing costs in rocky markets.

The biggest losses for shares since Donald Trump’s election victory have left investors speculating whether the easy money from the Trump trade has been made, and the risks to the Republican president’s pro-business policies are bigger than expected.

Page 16: West Australian sandalwood producer TFS Corporation has vigorously defended its reputation against a US hedge fund which has portrayed the company as a Ponzi scheme in a blistering 40-page take-down.

 

The Australian

Page 1: More than 500 Iraqi and Syrian refugees bound for Australia in the past year under the government’s humanitarian program have been refused entry after an alert from the Five Eyes intelligence network that their names were on an international security watchlist.

The Australian Electoral Commission has launched an audit of Pauline Hanson’s One Nation, amid revelations of an internal brawl over sensitive documents.

As China’s Premier Li Keqiang flew into Australia last night, Foreign Minister Julie Bishop flew out — choosing to participate in an anti-Islamic State coalition meeting in Washington rather than being on hand for the first visit by a Chinese premier in 11 years.

Page 2: One of the world’s top business professors has slammed Australia Post chairman John Stanhope’s suggestion he would struggle to attract sufficient talent to run the state-owned company for much less than outgoing CEO Ahmed Fahour’s $5.6 million pay packet.

Page 3: A court has given Bianca Rinehart the go-ahead to sue her mother, Australia’s richest person Gina Rinehart, for alleged breaches of her duties as trustee of a family trust that include failing to pay her children up to $120 million in dividends from Hancock Prospecting.

Page 5: Malcolm Turnbull is struggling to convince Australians to accept a cut to penalty rates as he intensifies his attack on Bill Shorten over union power, with 59 per cent of voters backing higher rates for workers on Sundays.

Page 6: The Federal Court has thrown out legal action against the construction union after finding prosecutors struck a deal with a confessed blackmailer to give evidence on behalf of the Australian Building and Construction Commission, the industry watchdog.

Page 19: Investors wiped more than $26 billion off the Australian sharemarket yesterday as doubts spread over US President Donald Trump’s ability to make good on his policy promises.

Soren Aandahl, a Harvard educated former corporate lawyer, is one of the founders of Glaucus Research, the US-based fund behind yesterday’s blistering research report on Perth-based sandalwood grower TFS Corp.

Page 22: Former Santos chief executive John Ellice-Flint — one of the early visionaries of Queensland LNG exports — has slammed east-coast manufacturers and other gas buyers for failed risk management, saying they have been caught asleep at the wheel and have played a big part in the gas crisis, which he says could cost one million jobs.

 

The West Australian

Page 3: WA is set to be dudded twice on its share of the GST, with the Commonwealth Grants Commission about to confirm a near-record low share that will also leave the State without access to a Federal funding top-up.

Page 4: More than a million families will have their family tax benefits frozen for two years under the Turnbull Government’s revised plan to get its childcare reforms through Parliament.

Page 6: One of Germany’s oldest shipbuilders has flagged plans to set up a regional construction hub in WA, saying growing instability in Asia will present opportunities for local defence contracts.

Page 7: Perth motorists could be forced to pay up to $530 more a year for fuel and will no longer get access to regular unleaded if the Federal Government pushes ahead with a controversial plan to reduce petrol emissions by 2020.

Page 12: More than 10,000 Syrian and Iraqi refugees fleeing Islamic State terrorists have been resettled in Australia, with the last couple of thousand due to arrive in coming months.

Page 16: Developers have warned they will walk away from the long awaited redevelopment of Sorrento Plaza if they are restricted to building it less than six storeys high.

Page 56: A US short seller has rained heavily on TFS’ parade, likening the $511 million sandalwood producer to a Ponzi scheme and claiming it is destined for “ignominy and failure”.

Bankwest insists it retains national ambitions, despite quitting its east coast corporate banking services.

An architect of the former Barnett government’s tough line on the $1.8 billion Bell Group litigation proceeds has quit to join a law firm advising the Insurance Commission of WA.

Page 57: Surging demand for Kleenheat Gas accounts shows no sign of easing, with thousands of customers believed to have switched from Alinta since a Hong Kong company announced a deal to buy the gas utility a week ago.

WA’s new Agriculture and Food Minister Alannah MacTiernan has warned she’ll consider tougher enforcement of animal welfare standards in the live export trade.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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