26/06/2017 - 06:40

Morning Headlines

26/06/2017 - 06:40

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No GST quick fix: Treasurer

Scott Morrison has cautioned West Australians against expecting a GST miracle, admitting the Federal Government’s review of how the tax is shared across the nation may recommend no change to the broken system. The West

 

Austal wins $780m contract for 14th US Navy ship

As the Turnbull government prepares to make a decision on who will build the new fleet of offshore patrol vessels, homegrown shipbuilder Austal has received a timely boost from the US Navy by securing a fresh $780 million contract. The Fin

 

Yancoal tipped to match Rio bid by Glencore

Chinese-backed, Australian-listed Yancoal is expected to match Glencore’s fresh offer for Rio Tinto’s Coal & Allied thermal coal business, raising the stakes again in an auction that will deliver Rio at least $US2.675 billion ($3.5 billion) before the end of the year. The Fin

 

Debt bomb puts nation in danger

Soaring debts in a handful of countries including Australia and Canada are putting the global economy at risk of recession, according to the peak global central banking authority, the Bank for International Settlements. The Aus

 

Costs bid to end lawyers’ picnics

WA plans to force big corporations such as banks and insurance companies to pay for access to the courts because of concerns taxpayers are footing the bill for big corporate litigants to play out their legal battles. The West

 

Rejection of mining plan ‘to cost jobs’

One of WA’s richest men is on a collision course with the State Government over plans for an iron ore mine in the Goldfields after the environment watchdog gave the proposal a red light. The West

 

CPA unrest erupts after sacking

The sacking of CPA Australia CEO Alex Malley has failed to quell member anger at the nation’s biggest accounting association, with new calls for the remaining board directors to stand down over their decision to give him a $4.9 million golden parachute. The Fin

 

Top Fed Reserve contender calls for more US interest rate hikes

One of the world’s most eminent monetary economists has urged the Federal Reserve to press on with rate hikes even if inflation stays low, warning the Reserve Bank of Australia of the dangers of keeping interest rates too low for too long. The Aus

 

Big challenge ahead for the finance sector

The financial sector faces an improving but still challenging environment, according to the Bank of International Settlements. The Aus

 

The Australian Financial Review

Page 1: The sacking of CPA Australia CEO Alex Malley has failed to quell member anger at the nation’s biggest accounting association, with new calls for the remaining board directors to stand down over their decision to give him a $4.9 million golden parachute.

Crown Resorts staff will plead guilty to gambling-related crimes at their Shanghai trial today to limit any further jail time, but insiders say senior executive Jason O’Connor and other staff have struggled with the decision.

Page 2: As the Turnbull government prepares to make a decision on who will build the new fleet of offshore patrol vessels, homegrown shipbuilder Austal has received a timely boost from the US Navy by securing a fresh $780 million contract.

Page 4: The Construction, Forestry, Mining and Energy Union is taking Lendlease to court over its building code compliant enterprise agreement, threatening the builder’s ability to win billion-dollar projects from the NSW infrastructure boom.

Page 5: The chief executive of Australia’s largest bank has warned that sovereign risk is rising ‘‘exponentially’’ because of unpredictable government policy, as he lashed the South Australian government’s bank levy as an ‘‘unprincipled and reckless tax grab’’.

Page 13: Chinese-backed, Australian-listed Yancoal is expected to match Glencore’s fresh offer for Rio Tinto’s Coal & Allied thermal coal business, raising the stakes again in an auction that will deliver Rio at least $US2.675 billion ($3.5 billion) before the end of the year.

Page 15: Troubled Quintis is heavily discounting its stocks of sandalwood oil and timber as the company tries to stave off collapse.

 

The Australian

Page 1: Malcolm Turnbull has suffered a backlash in South Australia while losing more ground in the key state of Queensland, according to a new analysis showing voter support for the Coalition has tumbled 6 percentage points nationwide since last year’s federal election.

Soaring debts in a handful of countries including Australia and Canada are putting the global economy at risk of recession, according to the peak global central banking authority, the Bank for International Settlements.

Page 2: An immigration agent has marketed himself as Peter Dutton’s “best friend” after attending an election fundraiser where the Immigration Minister was asked for advice on investment visas.

Page 4: The industrial umpire is overwhelmed by unfair dismissal claims, as a conservative think tank claims the Fair Work Act has become an “albatross around the neck” of small-business owners, with about 80 per cent of cases involving “go-away money”.

Scott Morrison has questioned the legality of South Australia’s bank levy and has suggested it may have implications for the state’s share of GST.

Page 17: One of the world’s most eminent monetary economists has urged the Federal Reserve to press on with rate hikes even if inflation stays low, warning the Reserve Bank of Australia of the dangers of keeping interest rates too low for too long.

The financial sector faces an improving but still challenging environment, according to the Bank of International Settlements.

Page 18: The Chinese company in a bidding war with Glencore for Rio Tinto’s Australian thermal coal assets is looking to Australia to solve what its chairman recently called a “looming crisis” of declining coal reserves at home.

 

The West Australian

Page 1: WA plans to force big corporations such as banks and insurance companies to pay for access to the courts because of concerns taxpayers are footing the bill for big corporate litigants to play out their legal battles.

Page 3: The construction union in WA is feeling the pinch of the State’s economic slowdown, losing almost 1000 members last year and taking a 20 per cent hit to revenues.

Page 6: Scott Morrison has cautioned West Australians against expecting a GST miracle, admitting the Federal Government’s review of how the tax is shared across the nation may recommend no change to the broken system.

Page 8: One of WA’s richest men is on a collision course with the State Government over plans for an iron ore mine in the Goldfields after the environment watchdog gave the proposal a red light.

Page 9: The co-founder of Han’s Cafe has vowed to return the oncepopular restaurant chain to its former glory after fines for unpaid taxes and wages and her suicide attempt.

Page 58: The controversial chief executive of CPA Australia, Alex Malley, will walk away with a $4.9 million payout after the accountancy body ended a months-long war of words over his leadership and sacked him.

The golden arches can now be delivered at uber speed. Maccas and UberEats have joined forces to launch McDelivery across Perth.

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