28/03/2017 - 06:33

Morning Headlines

28/03/2017 - 06:33

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Morning Headlines

Don’t blame us for high power costs

The Turnbull government’s relationship with the energy sector has plummeted after electricity retailers reacted angrily to being scapegoated for high power prices and said the blame lay with politicians unable to agree on a national energy policy. The Fin

 

Solomon Lew tagged in big Myer play

Department store Myer appears to be in play after more than 14 per cent of its shares changed hands yesterday – 9.8 per cent in a single transaction – as fingers were pointed at veteran retailer Solomon Lew. The Fin

 

Spotless nails $330m of new contracts

Spotless is planning to announce more than $300 million in new contract wins as proof that chief executive Martin Sheppard’s strategy of targeting more profitable deals is working following a $1.2 billion takeover bid from Downer EDI. The Fin

 

Abbott condemns China treaty

Former prime minister Tony Abbott has made a devastating intervention to oppose the Turnbull government’s effort to ratify the decade-old extradition treaty with China. The Aus

 

Online rage erupts over go-slow NBN

Users of the $40 billion-plus National Broadband Network are receiving peak-time connection speeds as low as 1/500th of the service they are paying for, sparking complaints the nation’s biggest infrastructure project is failing to deliver the promised digital transformation. The Aus

 

Browse off the Shelf and back on Woodside’s LNG agenda

Woodside Petroleum chief Peter Coleman says the company can double the life of the nation’s biggest and oldest LNG export plant. The Aus

 

Axe to fall on Force

WA’s national rugby team, the Western Force, is facing the axe.It is understood the team will be  scrapped if the Super Rugby competition is cut to 15 teams for the 2018-19 season — a move backed by the competition’s governing body. The West

 

Canberra to consider WA GST inquiry call

A Productivity Commission inquiry into how the GST is carved up among the States and Territories may be taken up by the Turnbull Government in a bid to calm WA’s anger over its paltry share of the tax. The West

 

The Australian Financial Review

Page 1: The Turnbull government’s relationship with the energy sector has plummeted after electricity retailers reacted angrily to being scapegoated for high power prices and said the blame lay with politicians unable to agree on a national energy policy.

Department store Myer appears to be in play after more than 14 per cent of its shares changed hands yesterday – 9.8 per cent in a single transaction – as fingers were pointed at veteran retailer Solomon Lew.

Page 2: Former Fair Work Commission vice-president Graeme Watson is calling for lower wages to help get the long-term unemployed back to work, warning that Labor’s industrial relations system is pushing up youth joblessness and stifling enterprise bargaining in favour of rigid award conditions.

Page 3: Amber Harrison, the executive assistant at Seven West Media who had an affair with her chief executive, charged her corporate credit card $534,355 over five years before the account was suspended when an unusual charge was identified by Seven’s accounts department.

Page 4: The federal government is cautiously optimistic it can secure Senate backing for a company tax cut for corporations with turnovers of up to $50 million, despite the Nick Xenophon Team dramatically lifting its bargaining price on Monday.

Page 6: The federal government is vigorously pursuing the construction of coal-fired power stations despite a dearth of investor appetite and a new poll showing little support among voters.

Page 13: Spotless is planning to announce more than $300 million in new contract wins as proof that chief executive Martin Sheppard’s strategy of targeting more profitable deals is working following a $1.2 billion takeover bid from Downer EDI.

Page 15: Telstra’s new chief operating officer Robyn Denholm says investing in networks and technology will allow Australian start-ups to stay put rather than see them jump across to the US.

Page 16: Rio Tinto’s mid-year dividend may be almost four times higher than last year, thanks to its surging free cashflow, strong balance sheet and limited growth plans.

 

The Australian

Page 1: Former prime minister Tony Abbott has made a devastating intervention to oppose the Turnbull government’s effort to ratify the decade-old extradition treaty with China.

Page 2: The Gunner government plans to borrow as much as $2 billion to cover a shortfall in GST revenue, potentially increasing the Northern Territory’s debt burden by almost 50 per cent and inviting another credit downgrade.

Page 4: More than 50 companies sought changes to penalty rates and shift allowances during their most recent enterprise bargaining negotiations, a national survey of some of the country’s biggest employers has found.

One Nation leader Pauline Hanson has backflipped on her stance on weekend penalty rates, announcing her party won’t support the Fair Work Commission’s ruling to slash weekend rates for hospitality and retail workers.

Page 5: Users of the $40 billion-plus National Broadband Network are receiving peak-time connection speeds as low as 1/500th of the service they are paying for, sparking complaints the nation’s biggest infrastructure project is failing to deliver the promised digital transformation.

Page 19: Myer, the nation’s biggest department store operator, is in play with billionaire retailer Solomon Lew thought to be behind a sharemarket raid on the company to secure a stake of up to 12 per cent.

Woodside Petroleum chief Peter Coleman says the company can double the life of the nation’s biggest and oldest LNG export plant.

Page 21: Sandalwood company Quintis has conceded its biggest sales contract is under a cloud because its core Chinese buyer has not requested any shipments this year amid a Beijing probe into customs evasion.

 

The West Australian

Page 1: WA’s national rugby team, the Western Force, is facing the axe.It is understood the team will be  scrapped if the Super Rugby competition is cut to 15 teams for the 2018-19 season — a move backed by the competition’s governing body.

Page 3: A Productivity Commission inquiry into how the GST is carved up among the States and Territories may be taken up by the Turnbull Government in a bid to calm WA’s anger over its paltry share of the tax.

Page 9: The Australian Taxation Office was worried that it might face a legal hurdle mounting a case against the WA government’s Bell Group law, putting at risk its plans to protect up to $1 billion for Federal taxpayers.

Page 11: New State Opposition Leader Mike Nahan has set himself up for a clash with Liberal powerbrokers by backing calls to empower grassroots party members in preselections.

Page 18: A suspicious fire at a school in Perth’s southern suburbs has caused an estimated $1 million damage and destroyed historical items including yearbooks.

Page 48: A $150 million sandalwood supply contract between Quintis and its biggest customer appears in doubt after the WA producer said the Chinese company had not requested any shipments this year.

The St Barbara board has given final approval on a $100 million, three-year capital works program that will result in it mining down to almost 2000m below surface at the 265,000 ounce-a-year Gwalia Gold Mine near Leonora.

Australian derivative traders with money in broker accounts will soon have the same protection as those in other developed markets after Parliament passed the Treasury Laws Amendment Bill into law yesterday.

Page 50: Struggling toy and confectionery wholesaler Funtastic is taking steps to delist from the Australian Securities Exchange after a decade of sliding earnings and shares.

Forecasts for improved lending margins from mortgage rate hikes helped the major banks slash losses yesterday.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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