08/06/2017 - 06:46

Morning Headlines

08/06/2017 - 06:46

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McGowan’s pokies plan to increase WA share of GST

West Australian Premier Mark McGowan has boldly claimed he can achieve what his predecessor Colin Barnett failed to do over the past eight years: convince the federal government and the other states Western Australia deserves billions more in GST revenue. The Aus

 

Shipbuilders combine for a homegrown defence industry

Australian-based shipbuilders Austal and ASC will today announce a special partnership to win the contract for the $35 billion Future Frigates Program — a move aimed at securing the future of the industry while reaping export opportunities in a growing multi-billion-dollar market. The Aus

 

Stadium name battle

A pre-election promise to sell off the naming rights for the Perth Stadium and Perth Arena to corporate interests is being reconsidered by the State Government after it was told the city’s identity was worth more in national and international exposure. The West

 

Aldi names sites for latest stores

The Aldi juggernaut is continuing in WA with the discount retailer revealing the locations of more stores that will open this year. The West

 

Quintis in need of a miracle

Troubled sandalwood group Quintis appears to be in danger of missing its next interest payment to bondholders due on August 1 unless its cash position improves significantly. The Fin

 

Stretched households curb growth

A struggling household sector – which is garnering the smallest slice of the nation’s economic pie in decades – is casting renewed doubts over official predictions of a near-term rebound from a first-quarter dip in growth. The Fin

 

Adani’s end of year wait for loan decision

Indian energy giant Adani will not find out whether it has received an almost $1 billion concessional loan from the taxpayer-funded $5 billion Northern Australia Infrastructure Facility until later this year, just before it is supposed to be delivering financial close on the controversial $16.5 billion Carmichael mine. The Fin

 

Steel giant backs clean energy plan

Steel giant BlueScope, Australia’s largest manufacturer, has controversially backed a clean energy target for the electricity sector but warned the Turnbull government that it must throw a lifeline to baseload coal-fired power generation or risk the shutdown of the nation’s industrial base and the loss of jobs offshore. The Aus

 

Goyder upbeat on challenges

Wesfarmers has used its business record to try to temper renewed concerns over the arrival of Amazon, declaring “competition is not new”. The West

  

The Australian Financial Review

Page 1: Liberal Party president Richard Alston resigned from the CPA Australia board on Wednesday, along with the only other independent director, lawyer Kerry Ryan, because board allies of chief executive Alex Malley refuse to allow a wide-ranging review of Mr Malley and the organisation.

A struggling household sector – which is garnering the smallest slice of the nation’s economic pie in decades – is casting renewed doubts over official predictions of a near-term rebound from a first-quarter dip in growth.

Page 5: Momentum is building for a Low Emissions Target (LET) with more energy and mining bosses voicing support and federal Labor offering to work with the government on the policy design.

Page 6: Indian energy giant Adani will not find out whether it has received an almost $1 billion concessional loan from the taxpayer-funded $5 billion Northern Australia Infrastructure Facility until later this year, just before it is supposed to be delivering financial close on the controversial $16.5 billion Carmichael mine.

Page 8: Most of the Turnbull government’s new restrictions on temporary skilled visa occupations, including for chief executives, accountants and managing consultants, are legally invalid due to a decade-old federal court precedent, according to senior migration lawyers.

Page 15: Kohlberg Kravis Roberts & Co has struck the first blow in what is likely to be a long-running battle for Vocus Group with a number of other private equity firms running the ruler over the telecommunications provider.

Troubled sandalwood group Quintis appears to be in danger of missing its next interest payment to bondholders due on August 1 unless its cash position improves significantly.

Page 17: AGL Energy’s $295 million proposal for a new fast-start power plant in South Australia has triggered calls for the state government to abandon its own plan to build a $360 million gas generator to be owned by taxpayers.

Page 18: A Cooper Basin junior that struck supply deals with some of Australia’s biggest gas consumers is in dispute with Orica after it failed to deliver gas to the explosives manufacturer on time.

 

The Australian 

Page 1: Steel giant BlueScope, Australia’s largest manufacturer, has controversially backed a clean energy target for the electricity sector but warned the Turnbull government that it must throw a lifeline to baseload coal-fired power generation or risk the shutdown of the nation’s industrial base and the loss of jobs offshore.

Page 2: West Australian Premier Mark McGowan has boldly claimed he can achieve what his predecessor Colin Barnett failed to do over the past eight years: convince the federal government and the other states Western Australia deserves billions more in GST revenue.

The national economy is growing at its slowest pace since the financial crisis, weighed down by chronically weak wage growth that has seen workers’ share of national income fall to the equal lowest level since the mid-1960s.

Page 4: Australian-based shipbuilders Austal and ASC will today announce a special partnership to win the contract for the $35 billion Future Frigates Program — a move aimed at securing the future of the industry while reaping export opportunities in a growing multi-billion-dollar market.

Page 17: Outgoing Wesfarmers boss Richard Goyder wants Australian business leaders to be bold and go for growth, in the face of the souring economy, as he turns to a new generation of Wesfarmers leaders to build up the conglomerate.

Private equity player Kohlberg Kravis Roberts’ opportunistic $2.2 billion offer for Vocus Group is expected to flush out any other suitors looking to make a play for the embattled telco.

Page 19: US oil major Chevron has been hit with a new Australian tax bill over its treatment of tax-deductible interest on inter-company loans in recent years, on top of this year’s Federal Court ruling it pay an extra $340 million.

 

The West Australian 

Page 1: A pre-election promise to sell off the naming rights for the Perth Stadium and Perth Arena to corporate interests is being reconsidered by the State Government after it was told the city’s identity was worth more in national and international exposure.

Page 8: Australian consumers are running down their savings to keep up their daily spending needs as record low wages growth fails to spread the nation’s economic strength to households.

Page 9: The Aldi juggernaut is continuing in WA with the discount retailer revealing the locations of more stores that will open this year.

Page 11: A row is brewing in Fremantle over a bid by popular drinking venue Strange Company to open a “sister” bar next to a psychiatric clinic that deals with drug, alcohol and suicide issues.

Page 12: New Perth hotel rooms could sit empty unless more holidaymakers can be attracted to the city.

Page 14: Farmers are worried $1 billion could be wiped off this season’s grain crop if rain does not arrive soon.

The much anticipated expansion of the Busselton-Margaret River Regional Airport is under a cloud, with the State Government signalling a review of the project as it seeks possible savings.

Page 49: Wesfarmers has used its business record to try to temper renewed concerns over the arrival of Amazon, declaring “competition is not new”.

The WA electricity grid will be unrecognisable in 20 years as numerous, mainly renewable, supply sources replace large, fossil-fuelled power stations, according to the operator of the east coast National Electricity Market.

Federal Resources Minister Matt Canavan has criticised the State Government for instituting area-wide mining bans while appealing for a greater share of GST revenues from the Commonwealth.

Page 50: The first WA wheat to be processed at the new Mabuhay Interflour Mill in the Philippines will be shipped from Kwinana today.

 

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