25/10/2013 - 06:24

Morning Headlines

25/10/2013 - 06:24

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Morning Headlines

James Price Point demand sent us offshore: Chevron

Chevron has blamed the federal and state governments’ instruction that the Woodside Petroleum-led Browse joint venture build a gas plant at James Price Point for the partnership’s decision to walk away from an onshore development in Western Australia and instead use controversial floating LNG technology. The Aus

Bumper harvest back on track

An 11th hour deal will keep most of the ageing grain freight rail lines in the Wheatbelt open for this year’s bumper harvest, but it is only a temporary reprieve for farmers, local communities and road users. The West

Woolies stokes pharmacy dream

Woolworths has not given up on its ambitions to enter the $16 billion pharmacy market, despite federal government policy that has locked out major retailers since 1990. The Fin

Law to scrap mining tax faces defeat

The government has imperilled its bid to abolish the mining tax by including in the same legislation more than $16 billion in cuts to superannuation contributions, family payments and business tax breaks which were once slated to be paid for by the impost. The Fin

Newcrest executives escape investor wrath

Newcrest Mining chief executive Greg Robinson has hinted this year’s long-term bonuses may resemble the “bagel” he received as a short-term bonus after a year of massive write-downs and missed production forecasts. The Fin

EPA, Barnett at odds on mining plans

WA’s environmental watchdog has lobbed a hand grenade at Premier Colin Barnett’s plans to open up a Mid West iron ore province, vowing to reject new mine proposals until the area is better protected. The West

Scrapping the MRRT will ‘revive mining juniors’

Miners are tipping a resurgence of small players in the iron ore and coal industries in the wake of the government’s move to exercise its election mandate and repeal the minerals resource rent tax. The Aus

I’m entitled

WA Liberal MP Don Randall insists he has done nothing wrong and says he can sleep soundly at night despite the national furore that has erupted over his use of parliamentary travel and publication entitlements. The West

 

 

The Australian Financial Review

Page 1: The Coalition post-election economic honeymoon is already fading, with the owner of the second-largest supermarket chain warning consumer sentiment has been soured within weeks of the Coalition’s victory.

Corrupt managers and staff from two Leighton Holdings subsidiaries stole and leaked secret tender information in an attempt to win a $240 million contract.

Page 3: Woolworths has not given up on its ambitions to enter the $16 billion pharmacy market, despite federal government policy that has locked out major retailers since 1990.

Page 4: The federal government has flagged abolishing or scaling back the agency established to administer the National Disability Insurance Scheme and handing the role to Medibank Private as part of its push to streamline government service delivery and cut costs.

Australia, as host of the 2014 Group of 20 summit, will need to reinvigorate the organisation or risk it losing global influence, the Lowy Institute for International Policy says.

Page 5: The government has imperilled its bid to abolish the mining tax by including in the same legislation more than $16 billion in cuts to superannuation contributions, family payments and business tax breaks which were once slated to be paid for by the impost.

Page 6: Treasurer Joe Hockey has formally pledged not to raid the Reserve Bank of Australia’s balance sheet by demanding unreasonable dividends, and opened the door for it to take part in the “son of Wallis” financial inquiry.

Page 10: The telecommunications industry has criticised a proposal by the Australian Competition and Consumer Commission to audit the internet speeds of its customers as being and unnecessary use of taxpayer funds.

Page 12: The spate of warnings from the regulators about self-managed superannuation finds borrowing to buy property has triggered a rise in inquiries about the strategy.

Page 13: Wesfarmers managing director Richard Goyder has blamed double-digit deflation in fresh food and a weak liquor market for the softer than expected sales growth at Coles but says the retailer has no plans to rein in grocery price cuts or petrol discounts.

Page 15: Newcrest Mining chief executive Greg Robinson has hinted this year’s long-term bonuses may resemble the “bagel” he received as a short-term bonus after a year of massive write-downs and missed production forecasts.

Page 16: Smaller home-loan lenders, led by ING Direct and Macquarie Group, are making bigger inroads against the major banks in the mortgage market by targeting borrowers wanting to fix rates and those looking to switch lenders.

Suncorp chairman Ziggy Switkowski acknowledged taking on the top job at NBN Co would inject more challenges to his workload but stressed he remained committed to Queensland’s largest insurer.

Page 17: Fortune favours brave business leaders who take a long-term view in uncertain times even if it causes short-term financial pain, says Virgin Australia Holdings chief executive John Borghetti.

Page 21: The Reserve Bank of Australia topped up its United States dollar balance in 2012-2013 to boost the liquidity of its foreign currency reserves portfolio at the expense of the euro.

 

 

The Australian

Page 1: Growing alarm over the resurgent dollar could lead to more resource projects being shelved or lost to rivals, including North America and Africa, adding further pressure to the federal budget.

Miners are tipping a resurgence of small players in the iron ore and coal industries in the wake of the government’s move to exercise its election mandate and repeal the minerals resource rent tax.

Labor’s vice-president Tony Sheldon will urge the party today to find ‘‘a new sense of purpose and direction’’ or risk spending years in the political wilderness.

Page 2: Howard government environment minister Robert Hill has backed direct action on cutting carbon emissions and believes it is a potential source of growth and innovation for the economy.

Page 6: Secret deals between political parties would be thrown open to scrutiny under plans to legislate the disclosure amid calls for Clive Palmer to release the terms of an agreement that creates a new voting bloc in federal parliament.

Bill Shorten has appointed former Rio Tinto executive Ken Macpherson to lead the Opposition Leader’s office as chief of staff.

Page 17: Hopes that the retail sector would bounce back after the election have been dashed, with Wesfarmers and Pacific Brands both warning that conditions remain tough.

Mining giant BHP Billiton says the global economy is picking up, with positive signs in the US and Japan boding well for plans to drive an 8 per cent increase in overall production over the next two years and shareholders hoping for capital returns.

Page 18: Chevron has blamed the federal and state governments’ instruction that the Woodside Petroleum-led Browse joint venture build a gas plant at James Price Point for the partnership’s decision to walk away from an onshore development in Western Australia and instead use controversial floating LNG technology.

Newcrest has received only a mild rebuke from shareholders for its horror year in which it lost its former blue-chip status because of a perfect storm of collapsing gold prices, production guidance misses, massive asset value write-downs and its continuous disclosure controversy.

Rents and house prices across the Pilbara have continued to fall despite resurgent iron ore prices.

Page 19: A $2.2 billion proposal by activist investor Mark Carnegie and Perpetual to unwind the cross ownership structure of Brickworks and Washington H. Soul Pattinson has started debate raging among shareholders and analysts about whether their plan will succeed.

Page 27: Qantas has signed a new three-year frequent-flyer deal with online health insurance comparison business iSelect, as Australia’s biggest airline increasingly looks to better leverage its loyalty program through partnerships.

 

 

The West Australian

Page 1: WA Liberal MP Don Randall insists he has do ne nothing wrong and says he can sleep soundly at night despite the national furore that has erupted over his use of parliamentary travel and publication entitlements.

Page 5: Public transport patronage has plummeted, with major city projects having a big impact on recent rail and ferry services.

Page 6: Businessman Tony Sage says he donated to the Nationals for the first time in 2011-12 because he was a fan of the Royalties for Regions program.

Page 11: The Abbott Government faces an even bigger Budget hole, with the Opposition and Greens set to block it axing the mining tax.

Page 17: Taxpayers spent $200,000 buying land for the State Government’s Ellenbrook bus rapid transit system last year, taking the amount spent on planning and promotion for the abandoned pledge to more than $1 million.

Page 20: WA’s environmental watchdog has lobbed a hand grenade at Premier Colin Barnett’s plans to open up a Mid West iron ore province, vowing to reject new mine proposals until the area is better protected.

Business: An 11th hour deal will keep most of the ageing grain freight rail lines in the Wheatbelt open for this year’s bumper harvest, but it is only a temporary reprieve for farmers, local communities and road users.

A handful of Forge Group’s biggest institutional shareholders have combined to launch a stinging rebuke of the Perth contractor’s pay practices, almost sinking its remuneration report.

Andrew Mackenzie last night marked his first BHP Billiton annual meeting by telling shareholders the company’s “productivity agenda is fully under way” to extract “more value from existing operations”.

Perth-based mobile, social and web development agency BlondGorilla has picked up the award for best entertainment app at the 2013 Australian Mobile Awards.

Bunnings’ powerful start to the new financial year has turned up the pressure on Woolworths’ Masters hardware start-up.

Chevron has launched a surprise critique of the floating LNG technology being proposed by some of its biggest peers, including Royal Dutch Shell and ExxonMobil, describing it as unproven while raising the same safety concerns Premier Colin Barnett is using to try to undermine the Woodside Browse consortium.

More than four months after declaring commercial production at its Murchison operation, Silver Lake Resources is still struggling to contain costs at its latest gold mine.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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