06/07/2017 - 06:41

Morning Headlines

06/07/2017 - 06:41

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Palmer blames Chinese nemesis for $2.3b loss

Embattled billionaire Clive Palmer is directly blaming his Chinese nemesis CITIC for the collapse of his nickel empire in a new legal action which claims its failure to pay him royalties meant the Queensland company folded with a personal loss to the former MP of $2.3 billion. The West

 

Alarm over ruling on casual staff

Small retailers have warned a landmark Fair Work Commission ruling could reshape their industry after the commission granted millions of casual workers rights to convert to permanent employment if they work regular hours. The Fin

 

Construction groups do deals over new code

Friction over a new building code administered by the Australian Building and Construction Commission is being resolved at some construction groups by pragmatic agreements with unions, indicating workers are open to adopting some code changes as companies bid on billions of dollars of new projects. The Fin

 

Outlook dim for thermal coal: South32

A growing investor backlash is making it harder for listed miners to stay in thermal coal, according to South32 chief Graham Kerr, who says he expects his Perth based company to have a portfolio more tilted to base metals over the next decade. The Aus

 

Clarity on Africa mine move

Kibaran Resources yesterday sought to give relief to its shareholders and fellow Australian based graphite players in Tanzania as it explained how it might be affected by legislative changes around mining in the East African country. The West

 

Merredin blazes own path with wind, solar

The Wheatbelt town of Merredin is emerging as a renewable energy hotspot, with plans for a $160 million solar farm, battery storage and an expansion of WA’s biggest wind farm. The West

 

All not well at Primary Health Care as jobs go

A slew of management – including group head of strategy and growth Alex Smith – have been made redundant as Primary Health Care looks for cost savings before the arrival of its new chief executive. The Fin

 

Tax office ‘tarnished after Cranston scam charges’

An alleged $165 million tax scam implicating one of the Australian Taxation Office’s veteran officials had “tarnished” the organisation, Tax Commissioner Chris Jordan said yesterday. The Aus

 

Call for medical devices inquiry

Health insurance industry head Matthew Koce has called for a royal commission into the high cost of medical devices in Australia, arguing “powerful interests” were delaying reform. The Aus

 

The Australian Financial Review

Page 1: North Korea’s long-range missile test represents a ‘‘new threat to the world’’, forcing an emergency meeting of the United Nations Security Council on Wednesday and threatening to overshadow this week’s G20 meeting of world leaders.

Small retailers have warned a landmark Fair Work Commission ruling could reshape their industry after the commission granted millions of casual workers rights to convert to permanent employment if they work regular hours.

Page 4: A minority group of economists has dumped its forecasts that the Reserve Bank of Australia will cut official interest rates again as the global central banking tide begins to change direction.

Page 5: An emboldened National Party has seized on the Liberal Party’s turmoil to try to muscle in on seats traditionally held by the Coalition’s senior partner, sparking fears internal contests may drain dwindling campaign resources better used to fight Labor.

Page 10: CPA Australia’s loss-making financial advice arm has added two members, to a total of 26, after slashing its member fees in mid-May in a bid to attract more interest in the business.

Page 12: Friction over a new building code administered by the Australian Building and Construction Commission is being resolved at some construction groups by pragmatic agreements with unions, indicating workers are open to adopting some code changes as companies bid on billions of dollars of new projects.

Page 17: The board of Vocus Group has decided to granted storied private equity house Kohlberg Kravis Roberts & Co access to its books, in an attempt to draw out rival suitors and spark a bidding war for the $2 billion valued, second-tier telco.

Page 19: A slew of management – including group head of strategy and growth Alex Smith – have been made redundant as Primary Health Care looks for cost savings before the arrival of its new chief executive.

The arrival of Ken MacKenzie as chairman of BHP Billiton will spark a ‘‘radical shift in strategy’’ that could eventually see the company succumb to a shareholder push to demerge its petroleum business.

 

The Australian

Page 1: The number of Australians paying the top tax rate will more than double to almost 1.2 million within 10 years, according to new modelling that has ignited a ferocious Liberal attack on Bill Shorten’s election manifesto to increase the highest bracket to an effective 49.5 per cent.

Page 2: An alleged $165 million tax scam implicating one of the Australian Taxation Office’s veteran officials had “tarnished” the organisation, Tax Commissioner Chris Jordan said yesterday.

Page 3: Taxpayer-funded liquidators are suing to claw back $67 million from Clive Palmer’s Sunshine Coast golf course and dinosaur park, $16m from his flagship company Mineralogy and $9.2m from his Bora Bora resort.

Page 5: Penny Wong will commit a future Labor government to strong support for globalisation, an open economy and low trade barriers, in a speech to the Lowy Institute today.

Page 17: The British-based GFG Alliance has won the battle for failed steelmaker Arrium despite being outbid by a rival Korean consortium.

A growing investor backlash is making it harder for listed miners to stay in thermal coal, according to South32 chief Graham Kerr, who says he expects his Perth based company to have a portfolio more tilted to base metals over the next decade.

Page 19: Health insurance industry head Matthew Koce has called for a royal commission into the high cost of medical devices in Australia, arguing “powerful interests” were delaying reform.

 

The West Australian

Page 9: Embattled billionaire Clive Palmer is directly blaming his Chinese nemesis CITIC for the collapse of his nickel empire in a new legal action which claims its failure to pay him royalties meant the Queensland company folded with a personal loss to the former MP of $2.3 billion.

Page 10: Treasurer Ben Wyatt has admitted that households could be paying too much for sewerage services as he flagged a potential shake-up in the way water bills are calculated.

Page 11: The Taxation Commissioner is about to go through the work expense claims of millions of Australians, revealing that half of us claim to wear a uniform or need special equipment to do our job.

Page 13: Relations between Malcolm Turnbull and Tony Abbott have hit a new low, with the Prime Minister refusing even to name his predecessor.

Page 46: Kibaran Resources yesterday sought to give relief to its shareholders and fellow Australian based graphite players in Tanzania as it explained how it might be affected by legislative changes around mining in the East African country.

Sandalwood grower Quintis has yet again extended its already long trading suspension while it tries to finalise a recapitalisation “critical to the company’s continued solvency”.

WA’s 4200 grain growers who deliver to CBH have become stakeholders in the rapidly growing South-East Asian beer market, after the official opening of the $US70 million Intermalt facility in Vietnam yesterday.

Page 47: The Wheatbelt town of Merredin is emerging as a renewable energy hotspot, with plans for a $160 million solar farm, battery storage and an expansion of WA’s biggest wind farm.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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