22/06/2017 - 06:49

Morning Headlines

22/06/2017 - 06:49

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Miners face $95m rise in port fees

Mining companies will pay $95 million more in port and shipping fees in the Pilbara as part of a money raising measure to be unveiled by the State Government. The West

 

Hiring spree puts McGowan pledge in jeopardy

The new Labor government in Western Australia has hired an army of more than 220 staffers for its 17 ministers at an estimated annual cost of almost $20 million, even as it warns of the urgent need to slash spending to solve the state’s fiscal crisis. The Aus

 

Labor urged to cut CFMEU ties

Labor is under fresh pressure to cut ties with the militant construction union after its Victorian boss John Setka threatened to harass and intimidate building industry inspectors and their families. The Fin

 

High price of a bludger

Welfare recipients who consistently shirk job-seeking obligations cost taxpayers $222,000 during their working years, figures show, as the Federal Government seeks to clamp down on those flouting the system. The West

 

Premier rebuffs police union in row over pay

The WA Police Union has signalled its pay dispute with the State Government is likely to get ugly after Premier Mark McGowan yesterday ruled out increasing the offer. The West

 

QBE’s track record ‘in tatters’ after warning

A shock earnings downgrade from insurer QBE has revived worries about management forecasts and what other problems might emerge at the group. The Fin

 

Rio Tinto coal deal raises hopes of bigger payouts

Rio Tinto is set to reward shareholders with capital returns after confirming Yancoal as the preferred buyer of its Coal & Allied thermal coal assets and extracting a deal that will see it bank $US400 million more this year than first expected. The Fin

 

Gonski win looms after $5bn deals

The Turnbull government has pledged more than $5 billion to win over Senate crossbenchers in a desperate move to secure support for what will now be a $23.5bn schools funding reform package. The Aus

 

UBS tipped for Murray Goulburn restructure role

Australia’s biggest dairy processor Murray Goulburn is believed to be working with investment bank UBS on its corporate structure as the company continues to lose farmers and milk supply. The Aus

 

The Australian Financial Review

Page 1: Australia’s superannuation industry has directly pitched to Trump administration cabinet members to help fund the US President’s planned $US1 trillion infrastructure rebuild, with IFM Investors chief executive Brett Himbury dining at Vice-President Mike Pence’s home to discuss the plan.

A self-professed adviser to the Assistant Minister for Industry, Innovation and Science, Craig Laundy, is closely tied to the Chinese Communist Party’s secretive overseas lobbying organisation and has boasted of pushing the coalition MP to back Beijing’s interests.

Page 3: Labor is under fresh pressure to cut ties with the militant construction union after its Victorian boss John Setka threatened to harass and intimidate building industry inspectors and their families.

Page 4: Anyone witnessing the ferocity of debate around Parliament this week could have been forgiven for thinking the government was cutting people’s throats. In fact, it was trying to spend $19 billion more on schools, using a needs-based funding formula developed by Labor.

Page 6: AGL Energy chief executive Andy Vesey and other power bosses have said the economics of investing in new coal plants don’t add up compared with wind and solar power.

Page 9: One Nation has indicated it could give ground on the contentious two out of three media ownership restriction, breaking the deadlock over the Turnbull government’s sweeping media industry reforms.

Page 15: A shock earnings downgrade from insurer QBE has revived worries about management forecasts and what other problems might emerge at the group.

Rio Tinto is set to reward shareholders with capital returns after confirming Yancoal as the preferred buyer of its Coal & Allied thermal coal assets and extracting a deal that will see it bank $US400 million more this year than first expected.

Page 18: Bondholders of troubled sandalwood grower Quintis were issued a notice of default two weeks ago, and the company has until July 8 to issue quarterly financials to resolve the impasse or slide into default.

 

The Australian

Page 1: The Turnbull government has pledged more than $5 billion to win over Senate crossbenchers in a desperate move to secure support for what will now be a $23.5bn schools funding reform package.

Union officials who repeatedly break the law will be banned from holding office under new Coalition legislation designed to capitalise on the controversy over construction union leader John Setka.

Page 2: Immigration Minister Peter Dutton has defended the government’s citizenship changes, using a sample English test that quizzes aspiring citizens about clean coal, carbon emissions, automated newspaper production, cinema history and “bee behaviour”.

Page 5: Annastacia Palaszczuk has commissioned KPMG to investigate the rapidly increasing size of Queensland’s bureaucracy.

The new Labor government in Western Australia has hired an army of more than 220 staffers for its 17 ministers at an estimated annual cost of almost $20 million, even as it warns of the urgent need to slash spending to solve the state’s fiscal crisis.

Page 17: The Australian sharemarket has suffered its biggest one-day fall since the US election with $27 billion wiped from local stocks on concerns a shake-up in an influential index would direct a wave of global money into China.

Myer boss Richard Umbers walks the floor of his department store in Frankston, one of Melbourne’s most far flung suburbs nearly 50km from the flagship city store.

Page 18: Australia’s biggest dairy processor Murray Goulburn is believed to be working with investment bank UBS on its corporate structure as the company continues to lose farmers and milk supply.

Page 20: The string of controversies involving senior members of Rio Tinto has continued, with the mining giant losing its fourth high-ranking figure in less than a year.

 

The West Australian 

Page 1: Welfare recipients who consistently shirk job-seeking obligations cost taxpayers $222,000 during their working years, figures show, as the Federal Government seeks to clamp down on those flouting the system.

Page 3: The Greens, often labelled the fun police, want to formalise the tag by banning balloons in WA.

Page 4: Schools funding to WA will increase from next year after the coalition struck a deal in the Senate to pass its controversial Gonski 2.0 deal, despite fierce resistance from unions and the Catholic education sector.

Page 6: The WA Police Union has signalled its pay dispute with the State Government is likely to get ugly after Premier Mark McGowan yesterday ruled out increasing the offer.

Page 9: Details have emerged about the previous State government’s decision to allow the now overdue and over-budget Perth Stadium footbridge to be built in Malaysia.

Page 11: State Government lawyers say Lord Mayor Lisa Scaffidi has learnt nothing from the public disgrace of her travel and gifts scandal, describing her attitude to her censure as “contemptuous” and saying there was no guarantee she would not fail to disclose gifts and travel again.

Page 12: One of WA Labor’s most influential unions is promising a “showdown” at the party’s State conference over Premier Mark McGowan’s decision to allow a raft of uranium mining projects to go ahead.

Page 17: Mining companies will pay $95 million more in port and shipping fees in the Pilbara as part of a money raising measure to be unveiled by the State Government.

Page 20: The former State government was warned that up to $30 million was needed to build critical port infrastructure to support WA’s cruise ship industry.

Page 22: First-term Labor member for Perth Tim Hammond has been installed by bookmakers as a better chance to be prime minister than experienced Cabinet minister Christian Porter.

Page 57: Former Barclays chief John Varley has resigned from the Rio Tinto board after being charged by British regulators with conspiracy to commit fraud.

Woodside Petroleum says the Senegalese Government has backed its participation in an oil project off the West African nation that is subject to dispute.

Shares in Western Areas tumbled yesterday despite the company providing a positive update on production and cost guidance, its cash balance and an increase in full-year earnings from its lithium interests.

 

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