30/06/2017 - 06:44

Morning Headlines

30/06/2017 - 06:44

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Treasurer backs WA on GST but not parochial

Treasurer Scott Morrison says he has “great sympathy” for WA’s concerns over its share of the GST but has warned any change to the system must improve the national economy rather than respond to “parochial” arguments. The West

 

Power price wave slams business

A destructive wave of energy bill increases is poised to sweep across businesses and households from July 1, and some commercial customers will be hit by a tripling in electricity prices after the closure of the Hazelwood coal generator. The Fin

 

States angry over gas GST

At least four states and territories could be penalised under a plan now endorsed by Treasurer Scott Morrison to withhold GST revenue if they refuse to develop gas reserves, including controversial coal-seam gas. The Fin

 

CITIC ‘had accepted’ annual deal

China’s CITIC accepted Clive Palmer’s Mineralogy could derive an $US80 million annual income from a production-based royalty when the two parties signed an agreement to develop the $US12 billion Sino Iron project in 2006, the Supreme Court was told yesterday. The West

 

Insurers, Canberra in clash on policy

The life insurance industry has attempted to shore up its code of practice just days before it comes into force, with the $44 billion sector agreeing for the first time to implement minimum standard definitions for cancer, heart attacks and strokes in its trauma and critical illness policies. The Aus

 

Virgin succession in doubt after departure

John Thomas, the head of Virgin Australia’s domestic and international business, is leaving the airline less than a year after he took the top job in a setback for chief executive John Borghetti’s succession planning process. The Fin

 

Reform or fail: BHP’s Nasser

Departing BHP chairman Jac Nasser has warned that the nation is at a “tipping point” that could see it cease to be a great country if strong leadership decisions are not made quickly. The Aus

 

Primary steps up chase for Laser

Primary Healthcare is expected to take on a long list of major private equity funds in its attempts to buy Laser Clinics Australia as the sales process for the $600 million-odd cosmetic clinic business ramps up. The Aus

 

Minister had police chief conversation

Police Minister Michelle Roberts has revealed the decision to expand the interview short list of candidates to become the next police commissioner was made after she met the senior public servant overseeing the recruitment. The West

 

The Australian Financial Review

Page 1: A destructive wave of energy bill increases is poised to sweep across businesses and households from July 1, and some commercial customers will be hit by a tripling in electricity prices after the closure of the Hazelwood coal generator.

Page 3: Superannuation funds have defied predictions of falling investment returns – the forecast is that the average balanced fund will post a double-digit gain for the 12 months to June.

Page 4: At least four states and territories could be penalised under a plan now endorsed by Treasurer Scott Morrison to withhold GST revenue if they refuse to develop gas reserves, including controversial coal-seam gas.

Page 11: The Liberal Party’s attempts to fight opponents on social media – such as through the Fair Go website launched at the weekend – miss the point of the medium and will continue to fail, says activist group GetUp!

Page 12: When it comes to financing regional infrastructure, banks need to redefine their traditional risk and return models to better account for the intangible benefits projects bring to local communities.

Page 15: John Thomas, the head of Virgin Australia’s domestic and international business, is leaving the airline less than a year after he took the top job in a setback for chief executive John Borghetti’s succession planning process.

Slater + Gordon, the famed 82-year-old personal injury law firm, will come under the control of international hedge funds after its lenders agreed to a debt-for-equity swap that will all but wipe out existing shareholders.

Page 18: The nation’s peak regulators have advised the Productivity Commission to zero in on account portability, multibrand strategies and fraudulent activity by traders in a public hearing in Melbourne yesterday.

Page 19: Outgoing BHP Billiton chairman Jac Nasser has conceded the global miner’s $US30 billion investment in US shale oil and gas assets was a mistake, saying the timing was ‘‘way off’’ but defended the move as the right one at the time.

 

The Australian

Page 1: Departing BHP chairman Jac Nasser has warned that the nation is at a “tipping point” that could see it cease to be a great country if strong leadership decisions are not made quickly.

Page 4: The nation’s major banks are poised to launch a multi-milliondollar advertising campaign to try to kill the $370 million South Australian bank levy, as ANZ Bank said it had lightened its load of SA government bonds because of the state’s higher risk profile.

Bill Shorten has turned up the pressure on Malcolm Turnbull by declaring it would be a “great legacy” for the Prime Minister if he were to allow his MPs a free vote in the parliament on same-sex marriage.

Page 9: A NSW government-appointed administrator has created a row over council amalgamations by approving a $68 million contract after declaring he had a conflict of interest because his daughter had been scheduled to do work for the successful tenderer.

Page 19: The life insurance industry has attempted to shore up its code of practice just days before it comes into force, with the $44 billion sector agreeing for the first time to implement minimum standard definitions for cancer, heart attacks and strokes in its trauma and critical illness policies.

Hedge fund giant Anchorage Capital Group is to gain control of debt-stricken listed law firm Slater & Gordon in a deal that sees chief executive Andrew Grech step down, a clean-out of the board and existing shareholdings smashed.

Page 20: Primary Healthcare is expected to take on a long list of major private equity funds in its attempts to buy Laser Clinics Australia as the sales process for the $600 million-odd cosmetic clinic business ramps up.

Page 21: The combination of the government’s cuts to age pension qualifications and tighter superannuation rules this year will mean a couple can be better off financially with only $400,000 in super than with $1 million in savings, according to a paper produced this week by superannuation experts.

 

The West Australian

Page 11: Police Minister Michelle Roberts has revealed the decision to expand the interview short list of candidates to become the next police commissioner was made after she met the senior public servant overseeing the recruitment.

Page 12: Treasurer Scott Morrison says he has “great sympathy” for WA’s concerns over its share of the GST but has warned any change to the system must improve the national economy rather than respond to “parochial” arguments.

Tasmania has demanded the carve-up of the GST remains unchanged while arguing WA’s fiscal woes were caused by the profligacy of the Barnett government.

Page 17: Treasurer Scott Morrison will today announce former West Coast Eagles chairman Mark Barnaba as the newest member of the Reserve Bank of Australia board.

Page 19: State-sponsored cyber assaults could put the NATO alliance on a war footing as suspicions grow that this week’s global cyber attack could be a state sponsored act of destruction.

Page 22: Tony Abbott has kicked off another round of Liberal Party infighting, with Defence Minister Marise Payne issuing a pointed response to the former prime minister’s intervention in the submarine debate.

Page 65: China’s CITIC accepted Clive Palmer’s Mineralogy could derive an $US80 million annual income from a production-based royalty when the two parties signed an agreement to develop the $US12 billion Sino Iron project in 2006, the Supreme Court was told yesterday.

The world’s biggest floating facility and a feat of engineering, Shell’s 488m-long Prelude FLNG platform has begun its journey to the North West.

Billionaire Gina Rinehart has challenged the McGowan Government to reform “useless” water restrictions in the North West to supercharge the State’s cattle industry.

Page 66: Mineral Resources issued a profit downgrade yesterday with its commentary likely to send a shiver down the spines of smaller, lower-grade iron ore miners.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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