18/04/2017 - 06:36

Morning Headlines

18/04/2017 - 06:36

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Morning Headlines

Cormann rules out NBN write-off

Finance Minister Mathias Cormann has rejected calls from Australia’s most successful telecommunications entrepreneur, Bevan Slattery, to write off up to $30 billion of investment in the national broadband network, because he says it will never be commercially viable under its present model. The Fin

 

Citi bans interest-only loans to foreigners

Citigroup is the first major lender to investors to announce a sweeping clampdown on overseas property borrowers after tough new regulatory guidelines targeting interest-only loans. The Fin

 

UBS snares $17 billion mandate from AMP

UBS Asset Management will oversee $17 billion in passive investments for AMP Capital in what may be one of the largest mandates handed out in Australia. The Fin

 

China aids $165bn boost to economy

Strong growth in China and the past two interest rate cuts from the Reserve Bank are delivering a $165 billion boost to the economy that will spill over to better budget returns and eventually higher wages. The Aus

 

Key indigenous adviser’s group under a cloud

A key member of Malcolm Turnbull’s new six-person indigenous advisory council runs an Aboriginal body in Western Australia found to have committed a string of governance breaches, including credit cards irregularities, unreconciled bank accounts and poor record-keeping. The Aus

 

Hong Kong fund beats path Down Under

A Hong Kong-based investment firm, connected to the city’s richest person, Li Ka-shing, has set Australia as its top target over the next year with technology and healthcare assets in its sights. The Aus

 

Inner-city population ‘to double’

Figures showing Perth will need to squeeze in another 700,000 residents over the next 20 years have prompted calls for the inner-city population to double and for a fast train link to Bunbury. The West

 

Light at end of tunnel as WA economy lifts

The worst is over for the WA economy but it is still going to take years for the State to get back on its feet. The West

 

Peak power users to pay more

Households that guzzle power during periods of peak demand would be charged more for the right to be connected to the grid under a mobile phone-style payment trial aimed at slashing costs for consumers. The West

 

The Australian Financial Review

Page 1: US Vice-President Mike Pence has warned North Korea not to test Donald Trump’s resolve and said ‘‘all options are on the table’’ to achieve the denuclearisation of the Korean Peninsula while any escalation would be met with an ‘‘overwhelming’’ response.

Finance Minister Mathias Cormann has rejected calls from Australia’s most successful telecommunications entrepreneur, Bevan Slattery, to write off up to $30 billion of investment in the national broadband network, because he says it will never be commercially viable under its present model.

Page 3: The country’s peak industry group has urged the Prime Minister and Opposition Leader to up the pressure on east coast gas exporters to expand local supplies and consider restricting exports to tackle the ‘‘enormous’’ price impact on energy buyers.

Page 4: Citigroup is the first major lender to investors to announce a sweeping clampdown on overseas property borrowers after tough new regulatory guidelines targeting interest-only loans.

Page 5: The nation’s budget continues to deteriorate despite tailwinds from China and the housing market improving the revenue outlook, budget forecaster Chris Richardson says.

Page 9: Online marketplace eBay is threatening to geoblock Australian customers to stop them from buying from overseas sellers if the government goes ahead with a 10pc GST on all goods that are imported into Australia on July 1.

Page 13: UBS Asset Management will oversee $17 billion in passive investments for AMP Capital in what may be one of the largest mandates handed out in Australia.

Page 15: TPG Telecom executive chairman David Teoh says forcing rival telecommunication giants to share their mobile networks with competitors would help break the sector’s ‘‘monopolistic culture’’ – and boost TPG’s fight for a slice of the $8 billion market.

 

The Australian

Page 1: Two senior cabinet ministers have refused to chastise Tony Abbott over his latest criticism of the government, revealing growing internal frustration within the Coalition partyroom over a lack of direction under Malcolm Turnbull’s leadership.

Teachers who fail to meet the needs of their students, resist change or are unprepared for lessons are doing more to hinder learning in Australian classrooms than teenagers who are disrespectful or skip school, a worldwide survey of principals has revealed.

Page 2: Strong growth in China and the past two interest rate cuts from the Reserve Bank are delivering a $165 billion boost to the economy that will spill over to better budget returns and eventually higher wages.
Page 4: A company that built a fibre internet service promoted by Malcolm Turnbull in 2013 has taken aim at NBN Co over its apparent policy of duplicating private fibre ahead of prioritising Australians with non-existent internet.

Page 5: A key member of Malcolm Turnbull’s new six-person indigenous advisory council runs an Aboriginal body in Western Australia found to have committed a string of governance breaches, including credit cards irregularities, unreconciled bank accounts and poor record-keeping.

Page 15: Stronger-than-expected economic data from China has failed to elicit a meaningful recovery in market sentiment.

A Hong Kong-based investment firm, connected to the city’s richest person, Li Ka-shing, has set Australia as its top target over the next year with technology and healthcare assets in its sights.

New York-based hedge fund Elliott Management has enlisted one of Australia’s better connected lobbyists as it continues its activist tilt at Andrew Mackenzie’s BHP Billiton.

Page 17: Scott Morrison has dismissed fears of tax experts and online retailers who say the industry has not been given enough time to get ready for new legislation extending the GST to imports worth less than $1000.

 

The West Australian

Page 3: Figures showing Perth will need to squeeze in another 700,000 residents over the next 20 years have prompted calls for the inner-city population to double and for a fast train link to Bunbury.

Page 4: The State Government will push ahead with new rules to protect cyclists and combat a growing culture of aggression on the roads.

Page 8: The worst is over for the WA economy but it is still going to take years for the State to get back on its feet.

Tony Abbott has revealed he confronted Mathias Cormann after the Finance Minister's public demolition of the former prime minister for white-anting.

Page 12: New Child Protection Minister Simon McGurk has warned that budgeted cuts for the department will prove an “enormous challenge”, as demand for its services is forecast to grow.

Page 14: Households that guzzle power during periods of peak demand would be charged more for the right to be connected to the grid under a mobile phone-style payment trial aimed at slashing costs for consumers.

Federal Opposition Leader Bill Shorten has demanded Malcolm Turnbull press gas producers to divert some of their product back to domestic power markets to boost supply and bring down costs to Australian businesses and households.

Page 16: Premier Mark McGowan is facing the first big internal test of his leadership after left-wing unions lashed out at Mines Minister Bill Johnston over what appears to be support for four uranium mines.

Page 17: Beer has evolved since it was first paired with pretzels, with a planned microbrewery to match its brews with the likes of orange souffle and blue cheese in its so-called “beergustation”.

Page 24: Electoral reform is likely to become a hot topic over the next four years, with Electoral Affairs Minister Bill Johnston saying the community is demanding a debate on the issue.

Page 46: Contractor Brierty is negotiating additional bank funding as its struggles to stay afloat in the wake of last year’s losses from a disastrous road project.

Page 47: Reg Gillard reckons he hasn’t done too badly for an accountant with little experience of the corporate world until his first crack at a company float.

Allegations that Rio Tinto bosses Sam Walsh and Tom Albanese were aware of $US10.5 million in suspect payments in Guinea have become a plank of a $US10 billion lawsuit filed by Israeli businessman Beny Steinmetz and George Soros.

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