19/06/2017 - 06:46

Morning Headlines

19/06/2017 - 06:46

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Jungle king tears into groceries

Amazon’s shock deal to acquire upscale US grocery retailer Whole Foods for $US13.7 billion ($18 billion) signals its growing intent to dominate groceries, and raises risks for Australian retailers ahead of its local launch, shareholders and analysts say. The Fin

 

KPMG faces class action over ‘misleading’ advice

Big four accounting and consulting firm KPMG is being accused of providing misleading advice to the board of failed junior miner Discovery Metals by inflating the value of the company’s principal asset by as much as 40 per cent. The Fin

 

Turnbull urged to reshuffle ministers to fight terror threat

Prime Minister Malcolm Turnbull is considering a major reshuffle that would give WA Federal Liberals an even more influential role in the coalition, as the Government prepares to forge ahead with a new national security mega department. The West

 

Broadband army to test NBN speeds

The competition watchdog has revealed it is formally investigating broadband retailers’ speed claims — and it wants 16,000 volunteer households to help it work out if consumers are being misled. The West

 

Brits lodge new bid for Arrium assets

The British underbidders for the Arrium Australia assets have lodged a substantially higher second bid for the business in a last-ditch attempt to dislodge the preferred Korean consortium. The Fin

 

One Nation to back Libs’ school fight

Education Minister Simon Birmingham is on the verge of locking in enough Senate crossbench votes with the support of One Nation to drive his $18.6 billion Gonski 2.0 reforms through parliament this week, resisting a bitter backlash from Catholic schools. The Aus

 

Turnbull fails to turn corner with power battle

The Coalition is struggling to climb out of a dangerous slump after trying to win back voters on school funding and energy prices, with the government trailing Labor by 47 to 53 per cent in two-party terms. The Aus

 

Push to close $125m super gap

Government MPs and the superannuation industry are joining a push to remove an archaic law that strips about 300,000 Australians — overwhelmingly women — from $125 million in contributions for their nest eggs each year. The Aus

 

Banks grab profits from rate cuts

The nation’s banks have taken for themselves almost two full percentage points worth of cuts in official interest rates with half going to their bottom lines at the expense of customers. The West

 

The Australian Financial Review

Page 1: Amazon’s shock deal to acquire upscale US grocery retailer Whole Foods for $US13.7 billion ($18 billion) signals its growing intent to dominate groceries, and raises risks for Australian retailers ahead of its local launch, shareholders and analysts say.

CPA Australia faces legal paralysis as rebel members prepare a court challenge against the board’s appointment of an ‘‘emergency director’’.

Page 2: A passenger who spent the night in her wheelchair at Sydney Airport is suing Qantas, claiming the airline discriminated against her due to her disability because she could not travel on a full flight using her purchased ticket.

Page 3: Big four accounting and consulting firm KPMG is being accused of providing misleading advice to the board of failed junior miner Discovery Metals by inflating the value of the company’s principal asset by as much as 40 per cent.

Australians are claiming more than $20 billion in work expenses in their tax returns every year, and the Tax Office is being urged to crack down amid fears they are being systematically rorted.

Page 6: Many white-collar criminals risk jail for a reason, but it wasn’t the lure of money and luxury that drove a Chinese migrant to commit a $10 million tax fraud.

Page 7: The Communications Electrical Plumbing Union has launched a test case to determine whether electricity workers will be covered by the Australian Building and Construction Commission building code.

Page 13: The British underbidders for the Arrium Australia assets have lodged a substantially higher second bid for the business in a last-ditch attempt to dislodge the preferred Korean consortium.

Page 15: US private equity firms TPG Capital and Hellman & Friedman could lob formal bids for Fairfax Media within a fortnight.

Page 18: South32 says its early analysis of South Africa’s new mining charter suggests its historical transactions will continue to be recognised, despite reports past deals will not count under the controversial new rules.

 

The Australian

Page 1: Education Minister Simon Birmingham is on the verge of locking in enough Senate crossbench votes with the support of One Nation to drive his $18.6 billion Gonski 2.0 reforms through parliament this week, resisting a bitter backlash from Catholic schools.

A new row threatens to derail the case for a clean energy target as the resources industry warns against claims of lower household electricity bills from the controversial reform, escalating a fight over demands for federal intervention to support coal power.

Page 2: A national union has launched the first legal challenge to the Turnbull government’s new construction code after the building watchdog made a ruling that jeopardises dozens of conditions received by hundreds of South Australian power workers.

Page 3: Clive Palmer has splashed out on a Mediterranean cruise just a month after facing a court clutching a sick bag.

Page 6: Former ACTU president Jennie George has lashed Labor’s male dominated factions, especially in NSW and Victoria, for doing little to promote women into the federal shadow ministry.

The Coalition is struggling to climb out of a dangerous slump after trying to win back voters on school funding and energy prices, with the government trailing Labor by 47 to 53 per cent in two-party terms.

Page 17: Government MPs and the superannuation industry are joining a push to remove an archaic law that strips about 300,000 Australians — overwhelmingly women — from $125 million in contributions for their nest eggs each year.

Glencore executives have made a direct pitch to Rio Tinto bosses in London to convince the board to back its $US2.55 billion ($3.35bn) bid to buy the Coal and Allied assets in the Hunter Valley.

Downer EDI is expected to announce new plans for its $1.3 billion bid for Spotless Group this morning after considering acceptances that came in on Friday.

Page 18: The peak body for insolvency practitioners is to investigate KordaMentha’s compliance with professional guidelines over its decision to take on the role of administrator of the collapsed Ten Network.

 

The West Australian

Page 1: Prime Minister Malcolm Turnbull is considering a major reshuffle that would give WA Federal Liberals an even more influential role in the coalition, as the Government prepares to forge ahead with a new national security mega department.

Page 4: WA Police Minister Michelle Roberts was prevented from hiring her first-choice chief of staff because of his links to Labor bogeyman Brian Burke.

Page 6: City dwellers enjoying Perth’s run of glorious sunny winter days have been urged to spare a thought for WA farmers in desperate need of rain.

The boss of Perth’s new stadium has voiced his ultimate ambition to take cricket’s crown jewel — the Boxing Day Test — away from the MCG.

Page 7: Councils are calling for a $200 million a year injection into road projects across the nation to help boost the economic fortunes of struggling communities.

Page 8: The competition watchdog has revealed it is formally investigating broadband retailers’ speed claims — and it wants 16,000 volunteer households to help it work out if consumers are being misled.

Page 15: The nation’s banks have taken for themselves almost two full percentage points worth of cuts in official interest rates with half going to their bottom lines at the expense of customers.

Page 58: Executives at Coles and Woolworths were reeling at the weekend after Amazon bought an American grocery chain, in a move which has Australian retailers wondering whether fresh food will remain their stronghold when the online giant starts trading Down Under.

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