28/04/2017 - 06:43

Morning Headlines

28/04/2017 - 06:43

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Morning Headlines

Budget debt will finance airport, rail

The Turnbull government will help fund inland rail and is almost certain to build, own and operate the $6 billion second Sydney airport, after Treasurer Scott Morrison paved the way for an infrastructure splurge by changing the way debt will be classified in the budget. The Fin

 

Patrick to pursue MUA for millions over port dispute

Patrick Stevedores will pursue the militant maritime union for millions of dollars in damages after claiming unlawful industrial action at its Port Botany operations is costing it $500,000 day and stopping the shipment of thousands of containers. The Fin

 

ASIC investigates Sirtex Medical, ex-CEO

The corporate regulator is investigating events at Sirtex Medical during the second half of the 2016 calendar year, including a share sale by former chief executive Gilman Wong, and will examine whether the biotech breached its continuous disclosure obligations. The Fin

 

States lock away 200 years of gas supply: business

Business leaders have lashed the states for locking up a potential 200 years of gas supply through development restrictions, sparking a crisis which threatens 65,000 jobs and has forced this week’s dramatic market intervention by Malcolm Turnbull. The Aus

 

Mac, Brookfield set for Quadrant float

Macquarie Group and Canada-based private equity firm Brookfield are believed to be finally moving on plans to sell their $3 billion oil and gas joint venture Quadrant Energy. The Aus

 

Goyder plays down Amazon threat

Wesfarmers boss Richard Goyder, whose retail empire is ranked one of the biggest expected casualties of Amazon’s launch in Australia, has downplayed the potential impact of the US retail giant, arguing food and groceries are low on Amazon’s “hit list”. The Aus

 

Corruption and Crime Commission to take over the chase

The Corruption and Crime Commission’s extraordinary powers will be used to crack the financial secrets of Perth’s underworld as the State Government revives dormant laws aimed at stripping unexplained wealth from organised crime. The West

 

Barnett denies he knew of pipe woes

Former premier Colin Barnett says the first time he heard that lead contamination at Perth Children’s Hospital was caused by a “dead leg” section of water pipe was when the Building Commission dropped the bombshell this week. The West

 

Diploma ‘insolvent for year’

Diploma Group’s main construction arm may have been insolvent for at least 11 months before the builder-developer’s $60 million collapse, according to administrators. The West

 

The Australian Financial Review

Page 1: The Turnbull government will help fund inland rail and is almost certain to build, own and operate the $6 billion second Sydney airport, after Treasurer Scott Morrison paved the way for an infrastructure splurge by changing the way debt will be classified in the budget.

Page 3: The Turnbull government will reintroduce legislation to cut the company tax rate for bigger businesses as it seeks to capitalise on momentum created by Donald Trump’s plan to slash the US rate to 15 per cent.

BHP Billiton has taken a more bearish view of the global economy, predicting it will grow slower than previously thought and drag down demand for minerals in the process.

Page 4: The new chief executive of the Australian Energy Market Operator Audrey Zibelman has backed Prime Minister Malcolm Turnbull’s tough new restrictions on gas exports, saying the gas industry can avoid government intervention by making sure there is enough supply to meet demand.

Page 7: Commissioner of Taxation Chris Jordan has secured a $6.2 million payday after being reappointed until 2024 and being encouraged by Treasurer Scott Morrison to step up his pursuit of multinational tax avoidance.

Page 12: Patrick Stevedores will pursue the militant maritime union for millions of dollars in damages after claiming unlawful industrial action at its Port Botany operations is costing it $500,000 day and stopping the shipment of thousands of containers.

Page 17: Takeover target Spotless Group expects profits to increase marginally in 2017-18 from the band of $80 million to $90 million which it is forecasting for this financial year, as chief executive Martin Sheppard urged shareholders to take their eyes off the rear-view mirror and look ahead.

Page 20: The corporate regulator is investigating events at Sirtex Medical during the second half of the 2016 calendar year, including a share sale by former chief executive Gilman Wong, and will examine whether the biotech breached its continuous disclosure obligations.

 

The Australian

Page 1: Business leaders have lashed the states for locking up a potential 200 years of gas supply through development restrictions, sparking a crisis which threatens 65,000 jobs and has forced this week’s dramatic market intervention by Malcolm Turnbull.

Page 2: A decision to award only one company the multi-billion-dollar new submarines contract removed incentives to “produce a more economical and efficient build”, the federal auditor-general has said.

Page 4: Access to Australia’s richest shale gas target is being blocked by disagreement over who should bear the environmental risk to groundwater from fracking.

Page 19: Big energy users have ramped up pressure on state governments to ease exploration restrictions and increase gas production as they backed Canberra’s intervention to restrict exports that have undermined the security and affordability of domestic supply.

Macquarie Group and Canadabased private equity firm Brookfield are believed to be finally moving on plans to sell their $3 billion oil and gas joint venture Quadrant Energy.

Investors who dropped Santos stock because of Malcolm Turnbull’s plan to impose east coast export restrictions might have jumped the gun, according to analysts, who say the move will probably have little impact on the Adelaide oil and gas producer’s finances.

Wesfarmers boss Richard Goyder, whose retail empire is ranked one of the biggest expected casualties of Amazon’s launch in Australia, has downplayed the potential impact of the US retail giant, arguing food and groceries are low on Amazon’s “hit list”.

Page 21: Optus has made 320 roles redundant, with more cuts looming as the telco looks to reposition itself from a traditional telecoms operator to a media company.

 

The West Australian

Page 1: The Corruption and Crime Commission’s extraordinary powers will be used to crack the financial secrets of Perth’s underworld as the State Government revives dormant laws aimed at stripping unexplained wealth from organised crime.

Page 3: WA’s public service faces a significant overhaul in the near future after Premier Mark McGowan yesterday criticised the structure and culture of the Government’s departments and agencies.

Page 7: State Agriculture Minister Alannah MacTiernan has suggested failures in Commonwealth biosecurity regimes could have allowed a damaging pest into WA but admits the bug is here to stay.

Page 8: The business community has warned Treasurer Scott Morrison he must mirror Donald Trump’s America first approach and use the Budget to deliver major tax reform to Australian firms.

Page 10: Low-cost airline Jetstar has been rated the worst in the world by travellers, who blamed long delays and lack of cost transparency as their biggest gripes.

Page 11: Former premier Colin Barnett says the first time he heard that lead contamination at Perth Children’s Hospital was caused by a “dead leg” section of water pipe was when the Building Commission dropped the bombshell this week.

Page 17: The Federal Government will not overhaul the way oil and gas companies are taxed on their massive LNG projects, rejecting claims they have gamed the system at the expense of Australian residents.

Page 68: Diploma Group’s main construction arm may have been insolvent for at least 11 months before the builder-developer’s $60 million collapse, according to administrators.

Premier Mark McGowan has challenged the WA mining sector to counter “a rich vein of hostility” towards it among people in some parts of the State.

Northern Star Resources appears to be pushing back development of a new gold mine in the Northern Territory, as the company looks to new discoveries at its Jundee and Kalgoorlie operations to deliver production growth.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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