22/10/2013 - 06:47

Morning Headlines

22/10/2013 - 06:47

Bookmark

Save articles for future reference.
Morning Headlines

Browse LNG partners eye 13pc return

The Woodside Petroleum-led joint venture that proposes to develop Western Australia’s large Browse gas resources prefers a floating liquefied natural gas project over an onshore development because it would generate up to an additional 1.5 percentage point return on investment, a WA parliamentary inquiry has heard. The Fin

Palmer in alleged mining act breach

Clive Palmer’s private company, Minerology, took control of a potentially lucrative mineral tenement in Western Australia six days after it was given up by a listed company led by one of his Senate candidates, Zhenya Wang. The Fin

Shorten puts carbon on review

Bill Shorten has put Labor’s carbon pricing policy up for review in a move that gives him maximum flexibility to manoeuvre ahead of the introduction of Tony Abbott’s carbon tax repeal bills next month. The Aus

400 power staff face the axe

State-owned electricity distributor Western Power is planning to axe at least 400 staff amid a major restructure that has been kept mostly secret. The West

BHP ore output exceeds forecast

BHP Billiton is set to reveal it shipped about $US500 million ($518m) more worth of iron ore than analysts were expecting in the September quarter, leading to early indications it could beat output guidance from its big West Australian operations. The Aus

Senate nod or not, Hunt vows Direct Action

The Abbott government says it can introduce its Direct Action climate change plan without Senate approval, solving one half of its dilemma as it tries to dump Labor’s price on carbon and implement its own policy. The Fin

Company was ‘a victim of factional strife’

Leighton Holding’s warring factions and the vulnerability of its largest shareholder, Hochtief, to a hostile takeover prevented it from tackling corporate governance problems at the time bribery was alleged to have occurred, former executives say. The Fin

Credit card purchases will give way to ‘tap and go’

The future of plastic credit cards is looking shaky, with banks and shops starting to let customers pay by tapping their smartphones on terminals in stores. MasterCard, which has teamed with Coles and CommBank on these ventures, yesterday said Australians were rapidly embracing contactless payments using PayPass and rival Visa’s payWave. At Coles, six out of 10 MasterCard and Visa payments were contactless. The Aus

ERM to Empire: come clean

A defiant Empire Oil & Gas is trying to stare down dissident investor ERM Power, declaring last night it would not address allegation around the company’s corporate governance standards and auditing processes until the annual shareholder meeting next month. The West

 

 

 

The Australian Financial Review

Page 1: The Australian Industry Group has suggested governments might have to pay handouts to manufacturers who are being financially crippled by large price hikes for natural gas, a proposal that was immediately opposed by ministers and economists.

Page 3: A call to replace stamp duty with a broad-based annual land tax has been widely backed by the property industry, which says it would improve home ownership and stimulate construction.

Page 4: The Abbott government says it can introduce its Direct Action climate change plan without Senate approval, solving one half of its dilemma as it tries to dump Labor’s price on carbon and implement its own policy.

Immigration Minister Scott Morrison has promised to revamp Australia’s scheme for attracting wealthy business migrants, maintaining the regime is “vague and unnecessarily prescriptive”.

Labor MP Michael Danby has urged the Abbott government not to relax a ban on Chinese telecommunications equipment manufacturer Huawei in helping build the national broadband network.

Page 5: Leighton Holding’s warring factions and the vulnerability of its largest shareholder, Hochtief, to a hostile takeover prevented it from tackling corporate governance problems at the time bribery was alleged to have occurred, former executives say.

Wal King had his son fly him in a helicopter to inspect a bulk carrier grounded near a Newcastle beach, but the former Leighton Holdings chief said he was pretty sure the company didn’t pay for the trip.

Page 6: Clive Palmer’s private company, Minerology, took control of a potentially lucrative mineral tenement in Western Australia six days after it was given up by a listed company led by one of his Senate candidates, Zhenya Wang.

Page 13: The Woodside Petroleum-led joint venture that proposes to develop Western Australia’s large Browse gas resources prefers a floating liquefied natural gas project over an onshore development because it would generate up to an additional 1.5 percentage point return on investment, a WA parliamentary inquiry has heard.

Page 15: More evidence is emerging that the change of government and record low interest rates have spurred business confidence but one group has warned the rebound could be short-lived.

Page 20: Australia’s No.1 tyre company Bridgestone Australia is making solid profits after taking the unpopular decision to shut its local manufacturing operations three years ago and become an importer.

Rio Tinto is not expected to make a Minerals Resource Rent Tax payment for the September quarter despite a stronger than expected iron ore price.

Page 21: ANZ Banking Group has been handed a stinging report card into its expansion in Asia, raising questions about the success of its push into the region.

Page 25: Mining giant Rio Tinto has signed a back-office outsourcing deal with US tech player IBM, which is believed to be worth up to $100 million and will see the company shed between 700 and 800 positions globally.

Page 43: Regional hotel operators are urging the government to urgently reform out-dated industrial relations rules to help drive a recovery in the sector.

 

 

The Australian

Page 1: Christmas Island will be converted into an indefinite holding facility for an estimated 400 asylum-seeker children and their parents, as the Coalition moves away from Kevin Rudd’s commitment that every person who arrived by boat after July 19 would be sent to Papua New Guinea.

Page 2: Bill Shorten has put Labor’s carbon pricing policy up for review in a move that gives him maximum flexibility to manoeuvre ahead of the introduction of Tony Abbott’s carbon tax repeal bills next month.

Joe Hockey is examining ways to bring forward major infrastructure projects as he prepares to present cabinet with terms of reference for a Commission of Audit that could pave the way for a major shake-up of federal and state spending responsibilities.

Page 3: A quality-based funding system is on the agenda after private hospital giant Healthscope yesterday agreed to forgo payment from insurer Bupa if it makes a serious mistake treating any of its 3.5 million members.

Page 6: The Coalition has warned employers who abuse the 457 visa program they will be punished as brutally as people-smugglers, prompting renewed demands from business for the government to urgently repeal Labor’s crackdown on the scheme for skilled foreign workers.

Labor’s new indigenous affairs spokesman Shayne Neumann will seek early meetings with Cape York leader Noel Pearson and Tony Abbott’s chief adviser Warren Mundine as he pledges to hold the Prime Minister to his promise to tackle Aboriginal disadvantage.

Page 19: Australia’s two top department stores are in the hunt for new chief executives amid the toughest retail conditions in memory after David Jones managing director Paul Zahra yesterday announced his intention to resign from the 175-year-old retailer.

Home-loan lenders are on track to this year raise the most money from securities backed by mortgages since the global financial crisis, boosting competition as the property market picks up steam.

Page 20: Chief executives will come under growing pressure to get the blend of growth and returns right as creating value becomes more challenging in a slow-growth economy, according to one of the world’s biggest consulting groups.

Page 21: BHP Billiton is set to reveal it shipped about $US500 million ($518m) more worth of iron ore than analysts were expecting in the September quarter, leading to early indications it could beat output guidance from its big West Australian operations.

Page 31: The future of plastic credit cards is looking shaky, with banks and shops starting to let customers pay by tapping their smartphones on terminals in stores. MasterCard, which has teamed with Coles and CommBank on these ventures, yesterday said Australians were rapidly embracing contactless payments using PayPass and rival Visa’s payWave. At Coles, six out of 10 MasterCard and Visa payments were contactless.

 

 

The West Australian

Page 3: State-owned electricity distributor Western Power is planning to axe at least 400 staff amid a major restructure that has been kept mostly secret.

Page 4: Federal Treasury will be banished to the “real world” with plans to permanently move bureaucrats from Canberra to key financial hubs in Sydney, Melbourne and Perth.

Page 10: Prospective Perth homeowners are paying the highest price for a square metre of land in the country – but ending up with smaller blocks.

Page 11: Tension has broken out on the $52 million Gorgon project over maritime union accusations that employer group AMMA wants to cut some wages 10 per cent.

Page 14: A referendum to stop forced mergers of Perth councils would most likely fail, judging by the poor turnout at the weekend’s local government elections.

Page 15: Superannuation nest eggs continue to grow faster than the rate of inflation as improving share and property prices boost retirement earnings.

Business: Workers at Barrick Gold’s former South Yilgarn mines are sweating on the results of an operational review after South Africa’s Gold Fields dropped the axe on about 60 staff at its newly acquired Lawlers operation.

A defiant Empire Oil & Gas is trying to stare down dissident investor ERM Power, declaring last night it would not address allegation around the company’s corporate governance standards and auditing processes until the annual shareholder meeting next month.

Ausdrill’s board has backed Wal King’s bid for re-election as a director despite allegations that he tolerated corruption while head of Leighton Holdings.

Despite sharply lower iron ore prices last financial year, increased export volumes of the red metal helped WA mining exports top $100 billion for the 12 months to the end of June.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options