29/03/2017 - 06:30

Morning Headlines

29/03/2017 - 06:30

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Morning Headlines

Unions to lose default super grip

Union-dominated industry superannuation funds would lose their stranglehold over the $474 billion default super market under recommendations by the Productivity Commission that are also likely to force small, underperforming schemes out of the sector. The Fin

 

PM’s company tax sweetener under fire

The federal government knew for months that the re-regulation of the sugar industry was opposed by the Productivity Commission,but persisted with supporting it in order to placate Queensland Nationals and ensure One Nation’s support for the company tax cuts. The Fin

 

TPG quietly builds stake in Fairfax Media

Private equity giant TPG Capital is believed to have quietly amassed shares in Fairfax Media, as it weighs up whether to make a full bid for the online property portal and media group as soon as this week The Fin

 

Bishop in emergency China talks

Foreign Minister Julie Bishop was yesterday forced to hold urgent discussions with China’s ambassador to Australia over fears that the government’s decision to withdraw ratification of a 2007 extradition treaty could have ramifications for relations with the nation’s largest trading partner. The Aus

 

Telstra to blame for go-slow, says NBN

The National Broadband Network has blamed Telstra for internet download speeds as low as 1/500th of what customers are paying for and claimed the telco giant has been selling super-fast plans in areas where those high speeds don’t exist. The Aus

 

Don’t turn back on juniors: Atlas

Atlas Iron managing director Cliff Lawrenson has urged the new West Australian government not to turn its back on the junior iron ore sector, noting that the previous administration had been critical in helping the miner through its near-death experience. The Aus

 

40-storey twin tower for Scarbs

Developer 3 Oceans Property, billing it as an international tourist landmark, will today reveal plans for a 40-storey, twin tower. With a three level public observation deck, it will dwarf the nearby Rendezvous Hotel and more than double 18-storey height limits stipulated for the area. The West

 

State funding for Force could be scrapped

The State Government has left open the possibility of withholding millions of dollars in road trauma funding from the Western Force after claims the team will be axed from the Super Rugby competition. The West

 

Blackham mine cops double whammy

Bucketing rain and a fire — odd bedfellows that they are — have combined to cause calamities at Blackham Resources’ gold operation. The West

 

The Australian Financial Review

Page 1: Union-dominated industry superannuation funds would lose their stranglehold over the $474 billion default super market under recommendations by the Productivity Commission that are also likely to force small, underperforming schemes out of the sector.

The insurance industry has declared Cyclone Debbie a catastrophe after it ripped across Queensland’s north-east coast yesterday, forcing thousands to flee and causing BHP Billiton to suspend work at more than half of its coking coal mines.

The extraordinary events surrounding sandalwood group Quintis took their most sensational turn yet after founder Frank Wilson quit the company yesterday and linked up with a mystery backer to carry out a potential takeover bid.

Page 3: Property borrowers are being hit with a new round of rate rises as major and small lenders respond to rising costs, changing market conditions and the threat of tougher controls to combat overheating markets.

Page 4: Australia’s extradition treaties with 39 countries, including some with similar legal systems to China, could be under scrutiny after Prime Minister Malcolm Turnbull was forced to ditch plans to ratify the 10-year-old China extradition deal to avoid an embarrassing defeat in the Senate and a revolt among government MPs.

Page 5: The federal government knew for months that the re-regulation of the sugar industry was opposed by the Productivity Commission,but persisted with supporting it in order to placate Queensland Nationals and ensure One Nation’s support for the company tax cuts.

The union movement, still fuming over penalty rate cuts, will push for a $45-a-week pay rise for the lowest paid, which would bring the annual minimum wage to $37,420.88.

Page 8: Woolworths chief executive Brad Banducci has warned that rising energy costs will eventually force the food giant to increase grocery prices.

Page 15: Private equity giant TPG Capital is believed to have quietly amassed shares in Fairfax Media, as it weighs up whether to make a full bid for the online property portal and media group as soon as this week.

Page 17: BHP Billiton’s former base metals president, Diego Hernandez, has criticised the management of the Escondida copper mine and the mine workforce for failing to find a mutually beneficial outcome from a strike that lasted more than six weeks.

Page 18: Iron ore industry consultants are urging Australia’s producers to remain disciplined as they prepare to develop the next generation of mines at a time when strong iron ore prices are forecast to soften.

 

The Australian

Page 1: Foreign Minister Julie Bishop was yesterday forced to hold urgent discussions with China’s ambassador to Australia over fears that the government’s decision to withdraw ratification of a 2007 extradition treaty could have ramifications for relations with the nation’s largest trading partner.

Unions will push for a “historic” $45-a-week pay rise for the nation’s lowest-paid, with new ACTU secretary Sally McManus declaring Australia’s minimum wage has fallen to “dangerously low levels” compared to average wages.

Page 3: The National Broadband Network has blamed Telstra for internet download speeds as low as 1/500th of what customers are paying for and claimed the telco giant has been selling super-fast plans in areas where those high speeds don’t exist.

Page 4: Julie Bishop described Brexit as a “reversal of the greatest post-war integrationist project” and US President Donald Trump as “driving an economic nationalist agenda” in a speech delivered to the country’s top diplomats.

Page 6: Seven coal mines and four ports remained shut last night, and farmland was being inundated with rain as the slow-moving Cyclone Debbie delayed attempts to inspect for damage and plan for operations to resume.

Page 8: The leader of One Nation in Western Australia says he is aiming to form a “shared balance of power” with other conservative crossbenchers in the new upper house and credits his preference swap deal with the Liberals for the party’s new-found influence.

Page 19: Potential takeover target Myer remained in the dark last night as to the identity of the raider that grabbed a 12 per cent slice of the department store owner, as speculation emerged that veteran asset-stripper Gary Weiss might have played a hand in the pounce on the retailer’s shares.

The Productivity Commission has issued a “wake-up call” to the superannuation industry as it outlines a crackdown on the “wasteful” duplicate accounts in proposals aiming to shake up the flow of billions of dollars in savings owned by unengaged members.

Woolworths chief executive Brad Banducci has told The Australian’s Global Food Forum the supermarket giant is eager to secure long-term contracts with food suppliers, giving producers confidence to increase their investment in innovation, especially in the fresh food category.

Page 21: Atlas Iron managing director Cliff Lawrenson has urged the new West Australian government not to turn its back on the junior iron ore sector, noting that the previous administration had been critical in helping the miner through its near-death experience.

Billionaire Kerry Stokes’s Seven West Media has been hit with its third high-profile employment lawsuit from a woman in the past six months, with newsreader Talitha Cummins taking a claim she was sacked while on maternity leave to the Federal Circuit Court.

 

The West Australian

Page 1: Developer 3 Oceans Property, billing it as an international tourist landmark, will today reveal plans for a 40-storey, twin tower. With a three level public observation deck, it will dwarf the nearby Rendezvous Hotel and more than double 18-storey height limits stipulated for the area.

Page 3: One of Australia’s leading manufacturers of personal shark deterrents has urged the new State Government to get on with its policy of subsidising such devices, saying it would help boost public safety overnight.

Page 5: The State Government has left open the possibility of withholding millions of dollars in road trauma funding from the Western Force after claims the team will be axed from the Super Rugby competition.

Page 12: Malcolm Turnbull has dumped the ratification of an extradition treaty with China to spare his Government and Beijing from an embarrassing loss in Parliament.

Page 14: The supermarket war has taken a new twist with discount retailer Aldi luring university graduates with what could be the highest graduate salaries on offer in WA.

Page 17: The family of one of three young people killed by a drunk and speeding driver have welcomed a decision by the Director of Public Prosecutions to appeal against his nine-year jail sentence.

Page 25: Quintis managing director Frank Wilson has blindsided its under-fire board by abruptly quitting to join a mystery takeover bid for the sandalwood producer.

Page 26: Atlas Iron’s new chief executive has taken a lead from his predecessor by urging the new State Government to guarantee affordable access to Port Hedland’s Utah Point bulk-handling facility if the berth is sold.

Page 28: Bucketing rain and a fire — odd bedfellows that they are — have combined to cause calamities at Blackham Resources’ gold operation.

Page 29: Shares in Myer have lost ground as the nation’s biggest department store waits to learn the identity of a mystery buyer who has grabbed a 10 per cent stake in the retailer.

Page 30: Yolk Property Group has transformed a derelict building on Bayswater’s main strip into an entrepreneurial pop-up, allowing budding business operators an opportunity to test their ideas in a rent-free space.

Page 31: Sirona Capital has withdrawn a request for more time to start its 39-storey $200 million Glass House South Perth apartment project.

The owner of the newly named The Emerson Bar, formerly Carnegies, is prepared to sell the Murray Street building.

Page 73: The dated London-pub replica drinking spot The Moon and Sixpence, once billed as the worst pub in Perth by an irate TripAdvisor reviewer, will make way for a multilevel funky glass facade, at the base of a 15-storey tower on the corner of Murray and William streets.

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