05/04/2017 - 06:39

Morning Headlines

05/04/2017 - 06:39

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Morning Headlines

Days of debt-fuelled Fortescue might be over

The days of Andrew Forrest’s bold debt-fuelled strategy for Fortescue Metals Group might be over, with the company’s new chief financial officer, Elizabeth Gaines, signalling she is willing to move it into a net cash position as it prepares to enter its next phase as a company. The Fin

 

Tax cuts pass pub test: Morrison

The federal government has dismissed the need to spell out the economic benefits of its company tax cuts, arguing instead that they already pass the pub test. The Fin

 

Union economists concede that penalty rate cut will create jobs

Even the brains behind the unions’ penalty rates argument believe that lowering the cost of employees on Saturdays and Sunday will create jobs. All that the experts involved in the case disagree on is how many. The Fin

 

HK bidders ‘should face security probe’ over $7.4bn energy deal

A $7.4 billion Hong Kong bid for the owner of critical energy infrastructure in Western Australia and Victoria should be reviewed on the same grounds that saw Chinese barred from buying NSW power distribution business Ausgrid, says security analyst Peter Jennings. The Aus

 

Union wishlist to blow hole in NDIS

Demands by the Health Services Union would “have significant implications for the costs” of the $22 billion National Disability Insurance Scheme, putting its members on a collision course with disabled people and employers. The Aus

 

ATO puts oil and gas giants on notice over offshore cash transfers

The Australian Taxation Office has launched a sweeping crackdown on multinational oil and gas companies, accusing them of artificially pumping up billions of dollars in interest payments sent offshore to reduce tax bills here.  The Aus

 

New $600m jail shelved and prisoner numbers to be cut

The Labor Government has shelved its predecessor’s plans for a major new prison and is instead proposing to let scores of inmates out of jail. The West

 

Audit missed Builton failings

Failed Perth builder Builton Group was likely trading while insolvent at the time it was given a clean bill of health as part of an audit by the WA Building Commissioner. The West

 

MinRes boosts Roy Hill processing

Gina Rinehart’s Roy Hill project has called in Mineral Resources to help boost its processing capacity at the giant Pilbara iron ore mine as it struggles to ramp up to its planned 55 million tonne-a year export rate. The West

 

The Australian Financial Review

Page 1: Reserve Bank of Australia governor Philip Lowe has warned too many banks are giving loans to badly stretched borrowers, increasing the risk of a wave of defaults if even small shocks hit the economy.

The days of Andrew Forrest’s bold debt-fuelled strategy for Fortescue Metals Group might be over, with the company’s new chief financial officer, Elizabeth Gaines, signalling she is willing to move it into a net cash position as it prepares to enter its next phase as a company.

ANZ Banking Group is poised to become the first of the big four to move away from the sector’s integrated wealth and banking model, after formally putting its wealth business up for sale for as much as $4.5 billion.

Page 3: The federal government has dismissed the need to spell out the economic benefits of its company tax cuts, arguing instead that they already pass the pub test.

Page 5: Lenders have raised borrowing rates on more than 270 lending products and cut saver rates since the last Reserve Bank of Australia cash rate announcement.

Page 6: The Turnbull Government is postponing discussions with the states about school funding until after the budget – robbing it of a crucial chance to make a deal on school funding part of a budget message about greater equity for disgruntled voters.

Page 8: Coking coal prices have soared to an 11-week high after Cyclone Debbie tore through the Queensland coalfields and analysts believe prices will continue rising for several weeks.

Page 10: Even the brains behind the unions’ penalty rates argument believe that lowering the cost of employees on Saturdays and Sunday will create jobs. All that the experts involved in the case disagree on is how many.

Page 13: Metcash is working with IGA retailers and suppliers on a new price matching program aimed at stemming market share loss, which has accelerated since Woolworths turned the corner last year.

The president of BHP Billiton’s American assets has urged the copper industry to transform its technology, culture and ultimately its productivity levels, in comments that come just days after the end of a 44-day strike at the company’s Escondida mine.

Page 15: Australia’s emerging leadership of the global LNG market may turn out to be short-lived after Qatar reasserted its ability to regain the top spot.

 

The Australian

Page 1: Amber Harrison, the former Seven West Media employee who triggered a storm in December by exposing her sexual relationship with the broadcaster’s chief executive, Tim Worner, is facing fresh allegations that thousands of pounds went missing on her watch when she was employed by a highend bathroom company in London.

The rampant debt-fuelled surge in the Sydney and Melbourne property markets will threaten the health of the national economy if it continues, Reserve Bank governor Philip Lowe has warned.

Page 2: Malcolm Turnbull will launch a small business blitz ahead of the May 9 budget in a move to build pressure on Bill Shorten to give up his opposition to sweeping company tax cuts, amid a political fight over the economic gains from reforms approved on Friday.

Page 4: A $7.4 billion Hong Kong bid for the owner of critical energy infrastructure in Western Australia and Victoria should be reviewed on the same grounds that saw Chinese barred from buying NSW power distribution business Ausgrid, says security analyst Peter Jennings.

One Nation senator Brian Burston has hit back against the party’s disaffected former treasurer Ian Nelson, accusing him of failing to return funds lent by the party.

Page 5: Demands by the Health Services Union would “have significant implications for the costs” of the $22 billion National Disability Insurance Scheme, putting its members on a collision course with disabled people and employers.

Page 17: The Australian Taxation Office has launched a sweeping crackdown on multinational oil and gas companies, accusing them of artificially pumping up billions of dollars in interest payments sent offshore to reduce tax bills here.

Australia’s best known bookmaker, Rob Waterhouse, has backed the $11 billion Tabcorp and Tatts Group merger but said state governments should aim to introduce extra competition into the retail wagering business.

Former National Australia Bank boss Don Argus has added to warnings about the overreliance of interest-only loans, declaring it is going to “lead to tears” as interest rates eventually move higher.

Page 19: China’s state-controlled Yanzhou Coal says the planned $US2.45 billion ($3.2bn) purchase of Rio Tinto’s Hunter Valley coalmines by its Australian subsidiary, Yancoal, will give China a bigger say in coal price talks.

Page 20: BHP Billiton and Woodside Petroleum’s desire to use the remote Scarborough gas field to feed an onshore LNG plant at Karratha could be encountering resistance after field operator ExxonMobil stepped up studies of a cylindrical floating LNG concept that could shave $1 billion or more off costs.

 

The West Australian

Page 1: The Labor Government has shelved its predecessor’s plans for a major new prison and is instead proposing to let scores of inmates out of jail.

Page 3: Taxpayers are forking out $50,000 so the State Government can conduct security sweeps of ministerial offices looking for listening devices.

Page 6: Health Minister Roger Cook has rejected builder John Holland’s handover date for the new Perth Children’s Hospital, arguing that water in two areas of the building where patients will be housed remains contaminated with lead.

Page 7: Reserve Bank governor Philip Lowe has rounded on the nation’s banks for lending to families with the “skinniest” of financial buffers while calling out the tax system for encouraging investors into the property market.

Page 12: WA workers are the least happy in the country — and it is not the absence of a solid pay rise that accounts for their grumpiness.

Page 13: Failed Perth builder Builton Group was likely trading while insolvent at the time it was given a clean bill of health as part of an audit by the WA Building Commissioner.

Page 19: Scarborough businesses struggling to stay afloat after a year of disruption caused by a $75 million beachfront redevelopment are calling for compensation after getting slugged with higher land tax.

Page 77: A Silicon Valley venture capital firm which was an early investor in tech titans Apple, Google, Airbnb and WhatsApp has ploughed $26.7 million into Perth based online medical appointment booking website HealthEngine.

Gina Rinehart’s Roy Hill project has called in Mineral Resources to help boost its processing capacity at the giant Pilbara iron ore mine as it struggles to ramp up to its planned 55 million tonne-a year export rate.

Page 79: Perth property doyen Adrian Fini has again joined forces with Singaporean property mogul Victor Goh in an $85 million bid for the fourth and final lot at Elizabeth Quay — to include a postgraduate education offering and potentially the world’s classiest short-stay student living.

Page 81: Upmarket fit-outs, green ratings, end-of-trip facilities, building upgrades, ground floor cafes, enticing food and the advent of the building concierge have been the silver lining of Perth’s 22.5 per cent CBD office vacancy storm cloud.

Page 85: Peel Mining enjoyed a tearaway day on the boards yesterday, finishing up sharply after gold miner St Barbara took a 9.5 per cent stake in the explorer through a $3.3 million placement at 20.5¢ a share.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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