12/04/2017 - 06:36

Morning Headlines

12/04/2017 - 06:36

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Morning Headlines

Gas majors resist PM’s crisis call

Gas producers will argue the energy market regulator has it wrong on the risk of looming shortages on the east coast when they are hauled to Canberra again next week, calling into question part of the premise upon which Prime Minister Malcolm Turnbull declared an ‘‘energy crisis’’ last month. The Fin

 

China trips and we stumble too

Recession will be unavoidable if China stumbles because Australian households are being crushed by the world’s second-largest debt burden and ‘‘dangerously dumb’’ property prices that are more overvalued than at any time since at least the early 1980s, says a top forecaster. The Fin

 

WA to bolster uranium ban

Western Australia’s new resources minister says the McGowan Labor government will consider reintroducing a ‘‘uranium clause’’ to mining leases in the state to enforce its ban on new uranium mines. The Fin

 

Shorten isolated over Adani mine opposition

Unions, regional mayors and the Palaszczuk Labor government have united against Bill Shorten, urging the go-ahead for Adani’s $16.5 billion Carmichael mine project in central Queensland. The Aus

 

Citic blames Palmer uncertainty as it shelves Sino Iron expansion

Chinese giant Citic has abandoned hundreds of millions of dollars of planned investment into its big Sino Iron project in Western Australia, blaming the decision on the “immediate threat” posed to the mine by Clive Palmer. The Aus

 

New jobs hope

The State’s ailing construction sector is set for a jobs bonanza with an estimated 40 per cent increase in commercial work this year as projects valued at billions of dollars hit the market. The West

 

Even less GST if wages reined in

Treasurer Ben Wyatt’s campaign to curb pay rises for the State’s army of public servants could hurt the Budget, with GST payments to WA likely to be reduced. The West

 

State sues PCH builder for rent

The State Government has ramped up hostilities with John Holland Group over the Perth Children’s Hospital by suing the builder for unpaid rent at QEII Medical Centre. The West

 

Liquidator for Pilbara developer

Aggrieved investors claiming to be owed tens of millions of dollars by alleged Ponzi scheme operator Veronica Macpherson have begun the process of trying to reclaim their investments, putting one of her companies into liquidation yesterday. The West

 

The Australian Financial Review

Page 1: Gas producers will argue the energy market regulator has it wrong on the risk of looming shortages on the east coast when they are hauled to Canberra again next week, calling into question part of the premise upon which Prime Minister Malcolm Turnbull declared an ‘‘energy crisis’’ last month.

BHP Billiton has been talking for nearly eight months with the resources investment gurus at Elliott Management about their plan to restructure the global Australian.

Page 3: Recession will be unavoidable if China stumbles because Australian households are being crushed by the world’s second-largest debt burden and ‘‘dangerously dumb’’ property prices that are more overvalued than at any time since at least the early 1980s, says a top forecaster.

Page 5: Allowing savers to tap superannuation to purchase property and to encourage retirees to downsize the family home could cost the budget billions of dollars, experts predict.

Page 8: Western Australia’s new resources minister says the McGowan Labor government will consider reintroducing a ‘‘uranium clause’’ to mining leases in the state to enforce its ban on new uranium mines.

Page 11: For the past decade Wall Street private equity firm Siguler Guff has made its money by ignoring those preaching economic doom in China.

Enigmatic technology billionaire and Donald Trump adviser Peter Thiel secretly amassed – and then unwound – a multimillion-dollar stake in an obscure Australian financial services business.

Page 13: The nation’s largest construction group, CIMIC, has been lambasted by the Australian Shareholders Association for paying its top executives more than a million dollars each in cash bonuses despite several deaths during the year.

Page 14: Rupert Murdoch’s News Corporation is targeting photographers and production staff in a new round of redundancies at its Australian newspapers to help it achieve a $40 million cost savings target.

 

The Australian

Page 1: Unions, regional mayors and the Palaszczuk Labor government have united against Bill Shorten, urging the go-ahead for Adani’s $16.5 billion Carmichael mine project in central Queensland.

A proposal to allow first-home buyers to access superannuation contributions in return for personal savings is likely to go before the government’s razor gang this week, with senior government sources confirming it was still a live option as part of a broader housing package to be contained in the budget.

Page 2: A Federal Court judge described industrial action co-ordinated by the Construction Forestry Mining and Energy Union as “highhanded and arrogant” as he slapped the union with more than $500,000 worth of fines.

One Nation is threatening to oppose government bills if ABC’s funding is not significantly cut in the May budget, as the minor party launches an extraordinary attack against the broadcaster for “leaking” details of a trip to the Middle East.

Page 4: A major gas exploration and development company about to embark on a $355 million project to ease the shortage in southeastern Australia has accused the Victorian government of enforcing a biased resources policy by limiting its engagement with the industry.

Page 6: Chinese giant Citic has abandoned hundreds of millions of dollars of planned investment into its big Sino Iron project in Western Australia, blaming the decision on the “immediate threat” posed to the mine by Clive Palmer.

Page 19: Last year the federal government committed to developing a National Food Waste Strategy to halve Australia’s food wastage by 2030 and Environment and Energy Minister Josh Frydenberg will tell today’s inaugural Food Waste Roundtable forum in Melbourne that he has secured the support of state and territory environment ministers to deliver on the goal.

BHP Billiton would have entered the resources downturn in a dire financial position had it followed the capital management plans put forward by US activist hedge fund Elliott Management, with the mining giant set to detail the potential ramifications of the plan as it steps up its defence against Elliott’s radical restructure proposal.

Page 20: Downer EDI’s pitch to raise $254 million from its retail shareholders closed last night, and like almost all aspects of the $1.2 billion Spotless takeover so far, appears to have fallen short.

 

The West Australian

Page 1: The State’s ailing construction sector is set for a jobs bonanza with an estimated 40 per cent increase in commercial work this year as projects valued at billions of dollars hit the market.

Page 3: Patients are facing an average wait of 7.6 months to be assessed for surgery at Perth public hospitals — a 23 per cent increase in 12 months.

Page 6: Chemists are in line for a $600 million windfall to expand community pharmacy programs in a bid to stop patients suffering bad reactions or overdoses from their medicines and having to be admitted to hospital.

Police Minister Michelle Roberts has revealed it cost taxpayers a “massive” $1.5 million for police to keep the peace at the now-cancelled Roe 8 project.

Page 9: The Shire of Exmouth has been hit with a booze ban after it emerged the authority, whose council was suspended as part of a corruption probe, spent more than $30,000 of ratepayers’ money on alcohol in two years.

Page 14: Treasurer Ben Wyatt’s campaign to curb pay rises for the State’s army of public servants could hurt the Budget, with GST payments to WA likely to be reduced.

Page 15: The State Government has ramped up hostilities with John Holland Group over the Perth Children’s Hospital by suing the builder for unpaid rent at QEII Medical Centre.

Page 75: An upgrade of the giant Sino Iron project in the Pilbara has been shelved by Chinese owner CITIC because of the ongoing legal feud with Clive Palmer.

For a mob famed for being some of the toughest negotiators in the mining industry, there weren’t a lot of throats being cut at the Old Swan Brewery on Saturday night.

Page 77: Aggrieved investors claiming to be owed tens of millions of dollars by alleged Ponzi scheme operator Veronica Macpherson have begun the process of trying to reclaim their investments, putting one of her companies into liquidation yesterday.

Page 78: Private electricity generators are putting the heat on State owned provider Synergy over claims the utility is hiding the cost to consumers of old and inefficient power stations.

Page 79: Managing director of 3 Oceans Dyno Zhang last weekend took to the surf at Scarborough with a “vocal local” opposed to his 40-level twin tower plan.

Page 80: Perth’s CBD leasing agents are toasting the office “turning point”, with the first quarter of positive net absorption coinciding with big resource and engineering companies withdrawing sublease space.

The City of Subiaco has sold a corner site opposite the soon-to-be redeveloped Red Rooster and McDonald’s on Hay Street for $13 million.

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