20/06/2017 - 06:45

Morning Headlines

20/06/2017 - 06:45

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Cuts keep Bhagwan afloat

Bhagwan Marine has been selling vessels, slashing overheads and refinancing debt to stay afloat during a crippling three year industry slump. The West

 

Woodside boss hits 457 change

Woodside chief executive Peter Coleman has savaged the Turnbull government’s changes to the temporary skilled migration program, warning it was a ‘‘retrograde step’’ and could prompt other countries to retaliate and clamp down on Australian workers. The Fin

 

Perth’s bridge of sighs

The State Government is considering abandoning the contract for the Perth Stadium’s Malaysian built footbridge, opting instead to offer the project to local companies. The West

 

NBN told to come clean on speed

Several major telcos have called for the National Broadband Network to make public its secretive database of nationwide estimated net speeds under the rollout, undermining the government entity’s claims it can’t do so because of telco opposition. The Aus

 

Campaign for better wages, says RBA chief

Reserve Bank of Australia governor Philip Lowe has issued an extraordinary challenge to workers that they shouldn’t fear ‘‘robots or foreigners’’, or job security, and demand a greater share of the economy’s profits to drive up record-low wages growth. The Fin

 

Online shoppers to get GST reprieve until 2018

Shoppers will get a 12-month reprieve from having to pay the GST on goods worth less than $1000 ordered from overseas as the Productivity Commission studies the best method for collecting the tax. The Fin

  

Confidence in Libs lost: Catholics

The powerful Catholic education sector has officially declared a loss of confidence in the Turnbull government on the eve of a crucial Coalition partyroom meeting that could decide the fate of the schools funding package. The Aus

 

Amazon triggers $1bn retail shock

More than $1 billion was wiped off top retailers yesterday as online giant Amazon’s multi-billion dollar move on high-end supermarket Whole Foods Market in the US sparked fears that major grocery sellers could be hit if the tie-up was rolled out locally. The Aus

 

Top brass gets tap for health fix

The State Government has tapped the former boss of the NSW Health Department, one of Australia’s most experienced public servants, to advise it on how to prevent galloping public hospital spending from consuming the WA Budget. The West

 

The Australian Financial Review

Page 1: Reserve Bank of Australia governor Philip Lowe has issued an extraordinary challenge to workers that they shouldn’t fear ‘‘robots or foreigners’’, or job security, and demand a greater share of the economy’s profits to drive up record-low wages growth.

Union pressured Greens to reject Gonski Disgruntled figures within the Australian Greens have accused the teachers union of putting politics before children by threatening to campaign against the party if it supports the federal government’s plans to boost school funding.

Page 3: Boral chief executive Mike Kane says the use of cheap overseas materials such as cladding used in Melbourne and England could be placing cost and environmental friendliness ahead of people’s safety.

Page 4: The 165,000-strong Australian Education Union, which brought you the ‘‘I give a Gonski’’ campaign, has emerged as the biggest obstacle to the Turnbull government’s Gonski 2.0 school funding package.

Page 5: Shoppers will get a 12-month reprieve from having to pay the GST on goods worth less than $1000 ordered from overseas as the Productivity Commission studies the best method for collecting the tax.

Page 6: Energy giant AGL has urged sharply divided Coalition MPs to end the political paralysis causing dysfunction in the power sector, saying without durable policy at the federal and state level, there will only be ‘‘more of the same’’.

Page 8: Woodside chief executive Peter Coleman has savaged the Turnbull government’s changes to the temporary skilled migration program, warning it was a ‘‘retrograde step’’ and could prompt other countries to retaliate and clamp down on Australian workers.

Page 13: Local retailers take hit after $18b US move Confidence in Woolworths’ turnaround has finally been shaken, not by fears of a price war with Coles but Amazon’s $18 billion acquisition of US retailer Whole Foods, which makes the online retailer’s entry into the $90 billion Australian grocery market more likely.

Downer EDI has been castigated for being a ‘‘desperate acquirer’’ after declaring its $1.2 billion takeover bid for catering, cleaning and facilities management company Spotless unconditional.

Page 15: Administrators KordaMentha say they are dealing with a Korean consortium on an ‘‘exclusive’’ basis on the sale process for the Arrium assets despite having received a revised, last-ditch offer from British firms that is higher than their original bid.

 

The Australian

Page 1: The powerful Catholic education sector has officially declared a loss of confidence in the Turnbull government on the eve of a crucial Coalition partyroom meeting that could decide the fate of the schools funding package.

Page 2: The Liberal Party continues to use taxpayer funds to meet with Communist Party of China officials, despite concerns over Beijing’s “soft power” influence in Australian politics.

Page 3: Several major telcos have called for the National Broadband Network to make public its secretive database of nationwide estimated net speeds under the rollout, undermining the government entity’s claims it can’t do so because of telco opposition.

Page 4: Scott Morrison’s $6.2 billion levy on the big banks was rammed through parliament last night with Labor support after the Senate handed down a review calling for the tax to be re-examined within two years.

Page 5: Small business is urging Malcolm Turnbull to haul his backbench into line and bring forward a decision on energy policy, warning that a failure to act will “destroy” mum-and-dad operators and increase unemployment.

Page 17: The “animal spirits” needed to spur investment and positive sentiment are starting to return to both the Australian and global economy, which should support domestic growth in coming years, the Reserve Bank says.

More than $1 billion was wiped off top retailers yesterday as online giant Amazon’s multi-billion dollar move on high-end supermarket Whole Foods Market in the US sparked fears that major grocery sellers could be hit if the tie-up was rolled out locally.

Major BHP shareholder Aberdeen Asset Management says dissolving the miner’s dual-listing in favour of a primary Australian one, the model now being pushed by activist hedge fund Elliott Management, would be preferable to the present structure if it could be done for a reasonable price.

Page 18: Plans by the $2.8 billion property manager Charter Hall to buy Hastings Funds Management are understood to have created investor ructions and could put Westpac’s fund manager in the hands of The Carlyle Group.

Page 19: The plans of advertising guru John Singleton and long-time adviser Mark Carnegie to take control of Macquarie Media have been left in tatters after Fairfax Media denied the duo access to its data room to assess the publisher’s stake in the radio assets.

 

The West Australian

Page 3: The State Government has tapped the former boss of the NSW Health Department, one of Australia’s most experienced public servants, to advise it on how to prevent galloping public hospital spending from consuming the WA Budget.

Page 5: The State Government is considering abandoning the contract for the Perth Stadium’s Malaysian built footbridge, opting instead to offer the project to local companies.

Page 12: The head of the Reserve Bank says Australian workers need a good pay rise and a bigger share of the country’s economic pie.

Page 14: A WA tale of a bookish boy in a rural town, talking trees in Kings Park and a homeless dog who wandered into PICA are among the 17th annual Helpmann Awards nominations announced last night.

The Australian Education Union has split over the Federal Government’s proposed school funding reforms, with the head of the WA division saying the legislation should be considered if it compels States to meet their funding obligations.

Page 20: WA will today move a step closer to being a leading source of high quality meat for China’s growing middle class when Bunbury’s V&V Walsh launches its Amelia Park range in Shanghai.

Ratings agency Moody’s last night fired a warning shot across the bows of the housing dependent Australian economy, downgrading the big banks.

Premier Mark McGowan is under pressure to say whether his Government pressured the head of Lotterywest to use the organisation’s funding to pay for Labor’s election promises.

Page 45: Bhagwan Marine has been selling vessels, slashing overheads and refinancing debt to stay afloat during a crippling three year industry slump.

Sandfire Resources has again expanded its footprint in the Doolgunna region as it seeks ore to replace its depleting DeGrussa gold-copper deposit and feed the project’s processing plant.

Supreme Court Justice Kenneth Martin is expected to rule today on the admissibility of the evidence of two expert witnesses called by Clive Palmer’s Mineralogy in its dispute with CITIC Pacific Mining over royalties.

Page 46: The Australian market pushed higher on low volume led by the banks yesterday as financial year-end rebalancing and offshore demand remained firm.

Golden Mile Resources boss Tim Putt says he is not overly disappointed with the company’s soft ASX debut yesterday. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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