27/06/2017 - 06:44

Morning Headlines

27/06/2017 - 06:44

Bookmark

Save articles for future reference.

Palmer row pushes Citic to eye closure

Chinese conglomerate Citic will shut its $12 billion Sino Iron project by the end of the year, putting about 2600 jobs at risk, unless former MP Clive Palmer agrees to key project permits. The Aus

 

New WA chief for Seven West

Seven West Media has appointed advertising and marketing veteran John Driscoll as chief executive of Seven West Media WA. The West

 

GST scheme to give WA extra $1.5bn

WA would be at least $1.5 billion a year better off under proposals by the State’s Chamber of Commerce and Industry to reform the GST system that would force NSW and Victoria to bear some financial pain. The West

 

Labor pushes women-centric super rules

Labor has flagged introducing quotas for company boards and advocated the appointment of women to senior economic roles, including governor of the Reserve Bank, as part of a gender equality push. The Fin

 

Alinta sees little chance of Pilbara competition on the Horizon

An exasperated Alinta Energy says State-owned power utility Horizon Power is “fighting tooth and nail” to prevent competition in the Pilbara — at a cost to consumers. The West

 

Foreigners may rival Murdoch bid for TEN

Lachlan Murdoch and Bruce Gordon could face competition to take control of Network Ten, with multiple parties expressing an interest in buying or recapitalising the free-to-air broadcaster. The Fin

 

Metcash: supermarket price war here to stay

Ian Morrice, boss of the nation’s biggest grocery wholesaler Metcash, has rejected suggestions the retail sector is mired in a recession or that Amazon will disrupt the local $90 billion fresh food category, but warned the supermarket price wars that have delivered the lowest growth in decades will persist. The Aus

 

Rio likes Chinese over Glencore for coal assets

Glencore will need to make another dramatic bid if it wants to win Rio Tinto’s Coal & Allied thermal coal business in the NSW Hunter Valley as Rio again endorsed Chinese-backed Yancoal as the preferred buyer after it proposed a $US2.69 billion deal. The Fin

 

The Australian Financial Review

Page 1: The jailed Crown Resorts staff in China, including Melbourne based senior executive Jason O’Connor, will be released over the next two months, bringing to a close a tumultuous period for the casino group and its major shareholder James Packer.

Senator Nick Xenophon has warned that the South Australian government’s bank tax may damage the long term prospects of the state’s economy as the major banks are preparing to step up a campaign against the move announced in last week’s budget.

Page 3: Labor has flagged introducing quotas for company boards and advocated the appointment of women to senior economic roles, including governor of the Reserve Bank, as part of a gender equality push.

Lachlan Murdoch and Bruce Gordon could face competition to take control of Network Ten, with multiple parties expressing an interest in buying or recapitalising the free-to-air broadcaster.

Page 5: The Liberal Party is becoming a tinderbox and Christopher Pyne, who was secretly recorded boasting of the extent of moderate influence and flagging a policy change on same-sex marriage, needs to be reined in, senior conservatives warn.

BHP Billiton has vowed to continue to push for changes to the GST distribution system which it says would benefit the mining industry and the national economy.

Page 13: Glencore will need to make another dramatic bid if it wants to win Rio Tinto’s Coal & Allied thermal coal business in the NSW Hunter Valley as Rio again endorsed Chinese-backed Yancoal as the preferred buyer after it proposed a $US2.69 billion deal.

The Australia dollar’s rise against the pound since Brexit and increasing regulatory complexity in Europe’s funds management sector has driven Link Group’s bold $1.5 billion acquisition of the asset servicing division of UK group Capita.

Page 15: Metcash will step up cost cutting to protect earnings this year after sending short sellers scampering by delivering better-than-expected profits and a surprise dividend payment in 2017.

The Australian

Page 1: The Australian-Chinese businessman allegedly named in a secret ASIO brief on foreign political donations is planning to lodge a formal submission with the spy agency’s director-general, vigorously rejecting claims that he has ever acted as an agent for the Chinese Communist Party.

Page 2: The James Packer-backed Crown Resorts has agreed to pay China almost $2 million in fines after its staff pleaded guilty to gambling crimes.

Chinese conglomerate Citic will shut its $12 billion Sino Iron project by the end of the year, putting about 2600 jobs at risk, unless former MP Clive Palmer agrees to key project permits.

Page 5: The Pharmacy Guild of Australia has been criticised over attempts to boycott an independent review of the industry after it advised its 5000-plus members against participating in the process.

Page 17: Ten Network administrator Mark Korda is holding out hope that federal parliament can still pass media reform laws that could affect the final ownership of the bankrupt network, as he fields interest from several potential new owners.

Ian Morrice, boss of the nation’s biggest grocery wholesaler Metcash, has rejected suggestions the retail sector is mired in a recession or that Amazon will disrupt the local $90 billion fresh food category, but warned the supermarket price wars that have delivered the lowest growth in decades will persist.

Australian superannuation administration company Link Group has splurged $1.5 billion on the asset services arm of Britain’s Capita, rushing over in the wake of the Brexit referendum and uncertain election outcome when many other investors remain wary of the isle.

Page 19: BHP’s looming $US3.2 billion ($4.2bn) investment in the new South Flank iron ore mine will not only maintain the mining giant’s Pilbara output but could strengthen community trust that has come under strain in recent years, according to Mike Henry, BHP’s president of Australian operations.

Downer EDI is closing in on gaining over 50 per cent of Spotless, with another 8 per cent of the company changing hands in two trades yesterday afternoon.

 

The West Australian

Page 3: Seven West Media has appointed advertising and marketing veteran John Driscoll as chief executive of Seven West Media WA.

Page 4: Education Minister Simon Birmingham will kick off a national blitz in Perth today, visiting two schools in line for multimillion dollar funding increases under the Federal Government’s Gonski 2.0 reforms.

Prime Minister Malcolm Turnbull has had to rule out any change to the Federal Government’s position on gay marriage after leaked comments by senior moderate Christopher Pyne sparked a fresh round of factional brawling.

Page 12: WA would be at least $1.5 billion a year better off under proposals by the State’s Chamber of Commerce and Industry to reform the GST system that would force NSW and Victoria to bear some financial pain.

Page 16: The City of Perth is backing a $50 million revamp of the shopping plaza linked to the luxury Hyatt Regency hotel.

Page 46: Local businesses vying for work on BHP’s $US3.2 billion ($4.2 billion) South Flank iron ore project in the Pilbara need to demonstrate they can add value, says the mining giant’s Australian minerals president Mike Henry.

Rio Tinto last night recommended an improved offer by Yancoal Australia for its Australian coal assets after the Chinese company upped its offer to fend off rival suitor Glencore.

An exasperated Alinta Energy says State-owned power utility Horizon Power is “fighting tooth and nail” to prevent competition in the Pilbara — at a cost to consumers.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options