15/11/2017 - 07:01

Morning headlines

15/11/2017 - 07:01

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Morning headlines

Former Xstrata boss in race to chair Rio

The Fin

Former Xstrata boss Mick Davis has emerged as a leading contender to chair Rio Tinto. The company is expected to name a replacement for incumbent Jan du Plessis within two months.

Smith goes on the attack

The Fin

Former ANZ chief executive Mike Smith says the big four banks could have handled recent political attacks better. ‘‘It’s being used as political capital ... when you want to get mob interest, you turn on the banks. Hitler did it,’’ he said after speaking at the UBS Australasia conference in Sydney yesterday.

End of an era as Shell sells out of Woodside

The Fin

Woodside Petroleum chairman Michael Chaney has declared ‘‘the end of an era’’ as the oil and gas player emerged as a fully independent company for the first time in more than 30 years, thanks to a $3.5 billion sellout by Royal Dutch Shell.

PM in first strike on ALP star candidate Keneally

The Aus

Malcolm Turnbull has unleashed an attack on star Labor challenger Kristina Keneally over her time as NSW premier, as he fights to keep his slim majority in federal parliament and stop the Bennelong byelection on December 16 turning into a test of his leadership.

 

Business buoyed by rising sales

The Aus

More businesses say their profits and sales are improving than at any time in at least the last 20 years, while there remains no trace of inflation.

China’s foot on the gas as exports boom

The Aus

Queensland is exporting gas at record rates as resurgent oil prices boost LNG contract revenue and a Chinese push to reduce coal-fired power and heating pushes LNG spot prices to two-year highs and underpin medium-term demand.

Freo MP could pass court test

The West

British-born Fremantle MP Josh Wilson will be in a “slightly better” position than Tasmanian Labor colleague Justine Keay if they are referred to the High Court over their British citizenship, a constitutional law expert says.

Direct flights to Shanghai set for trial

The West

A trial of direct flights between Perth and Shanghai could start in October after Premier Mark McGowan got a commitment from the chairman of China’s second biggest airline at a meeting in Shanghai yesterday.

Subiaco market may reopen if site sold

The West

The Pavilion Markets in Subiaco, closed for nearly a decade, could reopen under a possible new deal.

Albemarle to build lithium plant in WA

The West

US chemicals giant Albemarle will follow the lead of its Chinese joint venture partner in the Greenbushes lithium mine by building a lithium hydroxide plant in WA, potentially representing a near $1 billion investment in the State.

 

The Australian Financial Review

Smith goes on the attack

P1

Former ANZ chief executive Mike Smith says the big four banks could have handled recent political attacks better. ‘‘It’s being used as political capital ... when you want to get mob interest, you turn on the banks. Hitler did it,’’ he said after speaking at the UBS Australasia conference in Sydney yesterday.

End of an era as Shell sells out of Woodside

P1

Woodside Petroleum chairman Michael Chaney has declared ‘‘the end of an era’’ as the oil and gas player emerged as a fully independent company for the first time in more than 30 years, thanks to a $3.5 billion sellout by Royal Dutch Shell.

 

NBN revenue doubles as it pushes for speed transparency

P2

NBN Co chief executive Bill Morrow said the infrastructure builder was working with the government on publishing achievable speeds in customers’ homes where retail service providers don’t provide the information voluntarily, in an effort to manage consumer expectations on the national broadband network.

 

Best business conditions in decades: NAB

P3

Discord between Australian business conditions and corporate sentiment has worsened to its widest since before the 2008 global financial crisis, raising doubts over the sustainability of the current investment upswing.

 

Replacement for Lambie could also be inelligible

P5

Former senator Jacqui Lambie’s likely replacement is also under a constitutional cloud over his eligibility to sit in Parliament because he is a serving mayor.

 

AWU disputes ROC’s refusal of documents

p9

The union watchdog is refusing demands to disclose communications with Employment Minister Michaelia Cash’s office that occurred after last month’s raids on the Australian Workers Union offices.

Employers abandon EBAs over ‘errors’

P10

Hundreds of employers are withdrawing proposed enterprise bargaining agreements from the Fair Work Commission due to minor technical errors, delaying pay increases for thousands of workers.

 

China cools on coal, oil, embraces renewables

P11

The world’s worst polluter is leading the clean energy revolution, according to the International Energy Agency.

  

Former Xstrata boss in race to chair Rio

p15

Former Xstrata boss Mick Davis has emerged as a leading contender to chair Rio Tinto. The company is expected to name a replacement for incumbent Jan du Plessis within two months.

 


Amazon impact could be even greater with speedy rollout

P15

Amazon’s decision to launch a twopronged attack on the $300 billion Australian retail market and replicate its fast-paced rollout in Spain will magnify the impact on Australian retailers, analysts say.

Revived Newcrest aims to bolster assets

p17

Newcrest Mining has vowed to pivot towards growth as it mulls acquisitions and expands its exploration footprint in prospective locations such as Ecuador.

Lithium reserves head for supply bottleneck

P20

The world is heading for a lithium bottleneck because even though there are enough reserves of the resource available, producers say it can’t get into the battery supply chain in time for the anticipated uptick in electric vehicles.

The Australian

PM in first strike on ALP star candidate Keneally

P1

Malcolm Turnbull has unleashed an attack on star Labor challenger Kristina Keneally over her time as NSW premier, as he fights to keep his slim majority in federal parliament and stop the Bennelong byelection on December 16 turning into a test of his leadership.

Crackdown on foreign influence

P2

Foreign state media outlets and lobbyists for overseas companies could be forced to register as foreign agents under tough new laws that will criminalise covert foreign interference in Australia.

Stress feared as ABC tears down the silos

P3

ABC managing director Michelle Guthrie vowed yesterday to tear down the traditional silos of television and radio in her quest to bring the broadcaster closer to audiences, while unions feared months of change would increase staff stress levels.

Nat may face court test over retail centre deal

P4

The High Court “cannot decide” if Nationals MP David Gillespie has fallen foul of the Constitution because he has not been referred by federal parliament, Solicitor-General Stephen Donaghue says.

Business buoyed by rising sales

P6

More businesses say their profits and sales are improving than at any time in at least the last 20 years, while there remains no trace of inflation.


China’s foot on the gas as exports boom

P17

Queensland is exporting gas at record rates as resurgent oil prices boost LNG contract revenue and a Chinese push to reduce coal-fired power and heating pushes LNG spot prices to two-year highs and underpin medium-term demand.

ASIC probes banks, funds over tardy transition to MySuper accounts

P17

The corporate watchdog has launched an investigation into the big four banks and large wealth managers, examining disclosure practices during their tardy approach to move superannuation assets out of high-fee legacy products into low-fee accounts.

 

Ensuring research funds are safe and Sohn

P17

Philanthropic donations will play an increasing role in funding medical research in Australia, according to Bob Graham, executive director of the Victor Chang Cardiac Research Institute.

 

Tabcorp at short odds as bid faces final hurdle

P17

Tabcorp’s 13-month battle to win control of Tatts could hit a final hurdle this week with the Australian Competition Tribunal due to hand down its decision. It is expected to back the deal.

 

Glencore enlists Morgan Stanley for Rolleston sale

P18

International trading house Glencore has called in Morgan Stanley to help sell its Rolleston coalmine, which is a central part of the ongoing Wiggins Island Coal Export restructure.

 

Local M&A tipped to double

P18

The level of domestic mergers and acquisition activity in Australia is forecast to double next year, as bankers hold out hope that low interest rates and cheap debt will help fuel a rebound in corporate activity.

Super funds get on Woodside

P18

Shell’s block trade out of Woodside Petroleum has confirmed the market is ripe for other major selldowns, but the big question everyone was asking yesterday was which of the superannuation funds are the cornerstone investors.

One more Xmas before Amazon presence: Citi

P19

Australia’s domestic retailers might have just one last Christmas to enjoy the full attention of shoppers before Amazon lands, with a report from Citi suggesting the US retail behemoth was unlikely to capture significant market share this Christmas as its sales for the holiday period are capped at about $200 million.

 

Myer, liar, pants on fire: Lew repeats his claim

P19
A fortnight before Myer’s annual general meeting, tension between the board and its biggest shareholder, billionaire Solomon Lew, has intensified again with Mr Lew repeating his incendiary line that incoming Myer chairman Garry Hounsell lied to shareholders.

Smith pushes for four pillars to fall

P21

Former ANZ Banking Group chief executive Mike Smith has reaffirmed his support for ditching the “four pillars” policy which restricts big bank mergers, amid increasing pressure on parliament to inject more competition into the banking sector.

The West Australian

Freo MP could pass court test

P8

British-born Fremantle MP Josh Wilson will be in a “slightly better” position than Tasmanian Labor colleague Justine Keay if they are referred to the High Court over their British citizenship, a constitutional law expert says.

 

Bid to check live export vessel fails

P11

The State Government has taken the unusual step of seeking to inspect a live export vessel in Fremantle harbour amid concerns that companies are using old and unfit ships for voyages to the Middle East.

Direct flights to Shanghai set for trial

P13

A trial of direct flights between Perth and Shanghai could start in October after Premier Mark McGowan got a commitment from the chairman of China’s second biggest airline at a meeting in Shanghai yesterday.

 

Subiaco market may reopen if site sold

P20

The Pavilion Markets in Subiaco, closed for nearly a decade, could reopen under a possible new deal.

Peak cost slug in power pay plans

P23

Electricity consumers who are a drain on the power grid during peak periods will be charged more under mobile phone-style payment plans being rolled out in two of WA’s biggest towns.

Coal workers vote for pay cut

P33

Workers at a struggling Collie coal mine have agreed to sacrifice more than a third of their pay after a knife-edge vote to accept a heavily diluted wage deal.

Brownes sale secures market in hungry China

P33

WA dairy farmers hope the sale of Brownes to Chinese interests will put a floor under prices and help the industry grow.

 

Regulator questions Quintis

P34

The corporate regulator has been probing Quintis since April, demanding documents and quizzing directors and executives over the sandalwood grower’s fall from favour.

$130k a week for NAB boss

P34

National Australia Bank chief Andrew Thorburn collected almost $130,000 worth of pay and perks every week on average over the past financial year — even after receiving a pay cut.

BAE Systems talks up its local cred in frigate bid

P87

British defence company BAE Systems is drawing on its 65-year history in this country to pitch itself as an Australian shipbuilder for the $35 billion frigate project.

Albemarle to build lithium plant in WA

P87

US chemicals giant Albemarle will follow the lead of its Chinese joint venture partner in the Greenbushes lithium mine by building a lithium hydroxide plant in WA, potentially representing a near $1 billion investment in the State.

 

 

Perth office to ‘flip’ in 2018

P89

Next year will be the flip year for Perth’s languishing CBD office market, Knight Frank predicts.

 

MRA to sell five eclectic retail outlets

P90

The Metropolitan Redevelopment Authority is selling five heritage William Street retail properties in the Perth Cultural Precinct.

 

Notre Dame mulls student digs

P91

The University of Notre Dame Australia has declared it could convert the Customs House in Fremantle’s West End into student accommodation.

 

Stirling plans for life cycle at Jolimont

P92

Apartment developer Stirling Capital has declared owneroccupiers are its principle focus, with 90 per cent of its buyers Perth-based.

Some stand-out in patchy market

P93

Perth’s patchy apartment market is experiencing some outstanding results — but only where the alchemy of design and location are casting a spell.

 

Worship, learn or eat at Hazelmere

P94

A 5.5ha site near the Helena River in Hazelmere, zoned for potential uses including industrial, education and places of worship, is for sale.

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