05/05/2017 - 06:46

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05/05/2017 - 06:46

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Fund urges BHP board overhaul

Sydney-based hedge fund Tribeca Global Natural Resources has called for an overhaul of the BHP Billiton board, which it claims has wasted $US30 billion of capital, a figure that could have been $US50 billion higher if not for deals it failed to get done. The Fin

WA company gets licence to cultivate medical cannabis

AusCann, whose chairman is former WA Federal Liberal MP Mal Washer, will announce today that it has approval for a secure outdoor cultivation facility in WA, and hopes to have its first locally grown product ready next year. The West

Greenhouse closes its doors

The Greenhouse is the latest in a long list of high-profile Perth restaurant closures including Amuse in East Perth, Fuyu in Nedlands and Chophouse, also on St Georges Terrace, each said to have been casualties of budget-conscious, post-boom consumers — and a 30 per cent slump in hospitality revenue along the Terrace. The West

RBA: road and rail a house price fix

Reserve Bank of Australia governor Philip Lowe has delivered an endorsement of the Turnbull government’s big-ticket infrastructure plans in next week’s budget, declaring better roads and other infrastructure the ‘‘single best’’ fix for fast-rising house prices. The Fin

Minister rules out Catholic schools deal

As former prime minister Tony Abbott continued to whip up dissent over the policy, which will have funding for Catholic schools increase at a lesser rate than for independent schools, Senator Birmingham held his ground, saying there would be no special deals with school sectors as Labor had done. The Fin

Energy giants back zero emissions target

AGL Energy, Origin Energy and Energy Australia have backed acall by the Climate Institute for a 2050 carbon emissions target consistent with Australia’s obligations to aim at zero net emissions. The Fin

Journalist cuts ‘will help drive Fairfax profits’

Fairfax chief executive Greg Hywood has insisted the planned 125 journalist job cuts will be the last stage of a major restructure that began five years ago. The Aus

Taxpayers left with big bill as power plant closes

Taxpayers will wear tens of millions of dollars in losses on the botched refurbishment of the Muja AB power station after the State Government decided to close the ageing coal-fired plant. The West

 

 

The Australian Financial Review

Page 1: Sydney-based hedge fund Tribeca Global Natural Resources has called for an overhaul of the BHP Billiton board, which it claims has wasted $US30 billion of capital, a figure that could have been $US50 billion higher if not for deals it failed to get done.

Reserve Bank of Australia governor Philip Lowe has delivered an endorsement of the Turnbull government’s big-ticket infrastructure plans in next week’s budget, declaring better roads and other infrastructure the ‘‘single best’’ fix for fast-rising house prices.

Page 6: As former prime minister Tony Abbott continued to whip up dissent over the policy, which will have funding for Catholic schools increase at a lesser rate than for independent schools, Senator Birmingham held his ground, saying there would be no special deals with school sectors as Labor had done.

Page 7: Indian multinational Adani has acknowledged its decision to source steel from the embattled Arrium group was made to foster good will towards its proposed mine because it would have ‘‘clearly been cheaper’’ to purchase it overseas.

Page 8: Shadow treasurer Chris Bowen says Labor will champion innovation despite the community anxiety that automation and other changes are creating, and which caused the Turnbull government to distance itself from its once-signature policy.

Page 9: The ‘‘free’’ Wi-Fi at Woolworths stores is set to make users spend more, after the South African retailer said its shoppers’ movements would be monetised by Sydney data analytics start-up Skyfii.

Chinese authorities are investigating the longer-term business practices of Crown Resorts on the mainland, as new details have emerged that two former employees of the casino group are among those being held at a Shanghai detention centre.

Page 10: A collection of business heavyweights have blasted the Turnbull government’s move to scrap the 457 visa system as populist, blunt and a knee-jerk reaction that will hurt business and the economy.

Page 11: AGL Energy, Origin Energy and Energy Australia have backed a call by the Climate Institute for a 2050 carbon emissions target consistent with Australia’s obligations to aim at zero net emissions.

Page 12: A scientific solution for identifying and eradicating ‘‘blood diamonds’’ from the global supply chain could exist within a matter of years as the industry is put under increasing pressure by provenance-focused consumers.

Page 19: Inherent strengths in the Australian economy including population growth should encourage companies to borrow at a faster rate as National Australia Bank, the country’s largest business bank, said it stood ready to invest more to grow market share as automation helped reduce costs.

Santos chairman Peter Coates says the board will be happy to offer a seat to Chinese shareholders ENN and Hony Capital after they increased their combined holdings to 15.1 per cent, and he declared the duo had ‘‘no ill intent’’ towards Santos.

Page 21: Rio struck an agreement in March with Sam Walsh, the company’s previous chief executive, to defer his bonuses until investigations into payments the company made to a political adviser in Guinea were complete.

Page 30: The proposed merger of out-of-home advertising businesses oOh!media and APN Outdoor has hit a road block with the competition regulator stating it would likely substantially lessen competition.

 

The Australian

Page 1: Catholic schools fear a $100 million blow to their federal funding under the Turnbull government’s education reforms, raising the spectre of a “funding cliff” in four years that could force them to raise fees for all parents.

Serious threats to power supply throughout Victoria including the possible shutdown of the Alcoa aluminium smelter have forced the Andrews government into a dramatic intervention, after AGL flagged a lockout of workers at its Loy Yang plant.

Page 4: Fairfax chief executive Greg Hywood has insisted the planned 125 journalist job cuts will be the last stage of a major restructure that began five years ago.

Page 7: Federal Resources Minister Matt Canavan has demanded Labor “pick a side” as he tries to skewer Bill Shorten over the $16.5 billion Adani coalmine after the Indian conglomerate agreed to source 400km of rail line from embattled South Australian steelworks Arrium.

Page 19: Former BHP Billiton chairman Don Argus has attacked Elliott Management’s attempt to overhaul the mining giant, accusing the US activist fund of fundamentally misunderstanding the legal structures governing the group.

Page 23: Australia losing its AAA credit rating is inevitable but the impact will be small, according to National Australia Bank, which believes international investors will still pour cash into the country.

Page 24: Facebook continues to sweep digital advertising, alongside rival Google, despite unrest among marketers about how their advertising is handled.

 

The West Australian

Page 1: AusCann, whose chairman is former WA Federal Liberal MP Mal Washer, will announce today that it has approval for a secure outdoor cultivation facility in WA, and hopes to have its first locally grown product ready next year.

Private health insurance premiums could be $150 lower from next year after the Federal Government moved to change the way it prices hip and knee replacements.

Page 3: The State Government has accused Malcolm Turnbull of short-changing WA students $649 million, saying a new funding plan will leave it scrambling to help the State’s public schools.

Page 4: Taxpayers will wear tens of millions of dollars in losses on the botched refurbishment of the Muja AB power station after the State Government decided to close the ageing coal-fired plant.

Page 5: The Greenhouse is the latest in a long list of high-profile Perth restaurant closures including Amuse in East Perth, Fuyu in Nedlands and Chophouse, also on St Georges Terrace, each said to have been casualties of budget-conscious, post-boom consumers — and a 30 per cent slump in hospitality revenue along the Terrace.

Page 11: Scarborough business owners affected by a $75 million beachfront redevelopment will receive act-of-grace payments from the State Government as they struggle to stay open during construction.

Page 12: The Statewide implementation of a WA National Disability Insurance Scheme could be delayed, with the State Government raising “serious concerns” about the deal signed by its predecessor weeks before the State election.

Page 15: Point-to-point speed cameras on the Forrest Highway could be a big source of money for WA road safety as the State Government announced fines would start to be issued within weeks.

Business: WA oil and gas producer Quadrant Energy has disclosed a profit of more than $US100 million ($135 million) for calendar 2016 as it explores the prospects of a stock market float.

Australis Oil & Gas won’t overlook its foundation gas play, despite just forking out $US80 million ($108 million) for a swath of acreage in an emerging shale field on the other side of the Atlantic.

Zeta Resources looks to have won a bidding war against Saracen Mineral Holdings for control of Bligh Resources and its coveted Bundarra gold project.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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