16/11/2017 - 06:51

Morning headlines

16/11/2017 - 06:51

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US energy investors lining up $11b tilt for Santos, BHP shale sale moves and more.

Morning headlines

US energy investors lining up $11b tilt for Santos

Big American oil is preparing to make an $11 billion all-cash takeover offer for Santos as the next step in play for regional and global relevance in rapidly reforming liquid natural gas markets. The Fin

BHP’s US shale sale

BHP Billiton is determined to extract maximum value in the sale of its muchmaligned US shale business, and could include kicker clauses in any deal so it receives extra payments if oil prices rise. The Fin

CME boss to leave next year

The WA Chamber of Minerals and Energy is on the hunt for a new chief executive after longserving boss Reg Howard-Smith announced he would be leaving the resources policy and lobbying group. The West

Seven Group slow, steady in aged care

Ryan Stokes, the chief executive of Seven Group Holdings, says the longterm growth prospects of the health and aged care sectors are appealing but he’s in no hurry to build a fourth division to sit alongside Seven’s interests in industrial services, media and energy. The Fin

Aussie dollar falls as weak wage growth persists

Wage growth has lifted only marginally from record annual lows of 1.9 per cent to 2 per cent, despite end-of-year pay rises and a big increase in the minimum wage. The Fin

Stalled wages hit rate rise outlook

Stalled wages growth across Australia has cast further doubts over the outlook for an interest rate rise, amid signs the economy has increasingly become stuck in a low inflation cycle. The Aus

Hughes ineligible to join Senate

A landmark ruling that prevented NSW Liberal candidate Hollie Hughes from replacing former cabinet minister Fiona Nash in the Senate because she took up a government job a year after the 2016 election has created a new constitutional headache for federal parliament. The Aus

ALP to bankroll cash-poor firms

Labor is planning to turn the Finance Department into a kind of entrepreneurial bank that would use the commonwealth’s balance sheet to fund business ventures that cannot gain access to private finance.  The Aus

Wyatt lauds workers in Griffin deal

WA’s Energy Minister has hailed as “extraordinary” a decision by workers at a Collie coal mine to sacrifice more than a third of their pay to help save the struggling operation. The West

Move to shut ships loophole

Agriculture Minister Alannah MacTiernan wants older ships which do not meet modern standards to stop carrying animals, and has told the live export industry the State Government will take a bigger role in monitoring animal welfare. The West

Aussies punching above their weight in megawealth stakes

Despite talk of a looming housing market crash, the relative strength of the local economy, a rising sharemarket and a growing propensity to invest overseas and in technology ventures will mean the nation’s richest people will get even wealthier during the next five years. The Fin

Pilbara Solar pitches $14b subsea plan

A fledgling solar energy company has won the support of a key player in the lithium boom and the ear of the federal government as it advances plans for a multibillion dollar subsea cable supplying renewable energy to Indonesia. The Fin

The Australian

Page 1: Hughes ineligible to join Senate

A landmark ruling that prevented NSW Liberal candidate Hollie Hughes from replacing former cabinet minister Fiona Nash in the Senate because she took up a government job a year after the 2016 election has created a new constitutional headache for federal parliament.

Page 1: ALP to bankroll cash-poor firms

Labor is planning to turn the Finance Department into a kind of entrepreneurial bank that would use the commonwealth’s balance sheet to fund business ventures that cannot gain access to private finance.

Page 2: SA warned on second tax grab

The South Australian government has been warned not to attempt another “tax grab” after abandoning its controversial bank levy in a move welcomed by major lenders and business groups.

Page 7: $650m pot of gold at rainbow’s end

The pent-up demand for same-sex marriage in Australia could be worth more than $650 million in its first year — and as much as $2 billion over five years — when the parliament legislates the solid Yes returned in the national postal survey.

Page 19: Stalled wages hit rate rise outlook

Stalled wages growth across Australia has cast further doubts over the outlook for an interest rate rise, amid signs the economy has increasingly become stuck in a low inflation cycle..

Page 19: Lowe’s push for a balanced team at the top

Reserve Bank governor Philip Lowe: ‘We now have an aspirational goal to have women make up 50 per cent of the management team’.

Page 19: AI the big disrupter for Joyce

Qantas boss Alan Joyce has described artificial intelligence as one of the big disrupters, along with other innovations such as aircraft that allow direct flights from Australia to Europe.

Page 20: Challenger bond oversubscribed

The demand for corporate bonds has reached its highest point ever as local and international companies look to diversify their funding sources and take advantage of surging demand from investors to hold Australian-dollar debt.

Page 20: Domain looks for value as it prepares to step out on its own

The historic structure of the Fairfax empire will come to an end today when the demerged Domain begins trading as a listed company separate from the struggling publisher.

Page 22: AusNet to push renewables as jobs disappear

AusNet Services has slashed 500 jobs — nearly one in five — since April last year to tackle costs and it has foreshadowed the need for more investment to connect renewable energy sources to the grid as coal-fired power is retired.

Page 23: Bank breached Chinese walls

Westpac treasurer Curt Zuber has admitted traders breached Chinese walls during discussions about the benchmark bank bill swap rate, which the corporate regulator accuses the bank of rigging.

Page 25: Vacancy tax passes parliament

Foreign owners of Australian property who leave their homes vacant are set to be charged thousands of dollars a year after the federal parliament passed its vacancy tax legislation.

Page 26: Infrastructure spend driving non-mining state economies

The recovery in non-mining infrastructure spending is now well under way, and that’s just as well.

Page 27: Go-it-alone Brookfield aims for the skies after shelving sale plans

Canadian giant Brookfield will develop one of Perth’s tallest towers at the gateway of the city’s $2.6 billion Elizabeth Quay after quietly shelving plans to sell the luxury hotel component of the riverfront property.

The Australian Financial Review

Page 1: US energy investors lining up $11b tilt for Santos

Big American oil is preparing to make an $11 billion all-cash takeover offer for Santos as the next step in play for regional and global relevance in rapidly reforming liquid natural gas markets.

Page 3: Recession isn’t an answer, says RBA’s Ellis

Luci Ellis says economic growth is more conducive to innovation than is recession.

Page 10: Aussie dollar falls as weak wage growth persists

Wage growth has lifted only marginally from record annual lows of 1.9 per cent to 2 per cent, despite end-of-year pay rises and a big increase in the minimum wage.

Page 10: Tax office issues alerts on new SMSF schemes

The Australian Tax Office is warning self-managed super funds (SMSFs) to reject ‘‘too good to be true’’ schemes that claim to reduce tax or allow the skirting of new contribution and balance caps.

Page 11: Aussies punching above their weight in megawealth stakes

Despite talk of a looming housing market crash, the relative strength of the local economy, a rising sharemarket and a growing propensity to invest overseas and in technology ventures will mean the nation’s richest people will get even wealthier during the next five years.

Page 14: Finance won’t come second under Labor

Opposition finance spokesman Jim Chalmers wants to lift the role of the department he hopes to command above and beyond its caricature as a building full of bureaucrats who shoot down colleagues’ spending plans and leadenly recite the government’s messages of the day.

Page 16: Asiaciti clients offshore and out of reach

In February 2008, golden-haired Happy received from her mother five books written by her father, Jim Rogers, a US billionaire investor, including one that was more than 430 pages long and another on how to invest in corn, cotton and coal.

Page 20: Banks vow transparency on job cuts

Leaders at the two major banks making the deepest job cuts have pledged to be open and transparent with staff about the forces of technology transforming the financial services workforce.

Page 22: Bidders eye $30m torrent of sales

More than $30 million worth of art is about to cascade onto the Australian auction market, marking the end of a year that should show the first significant turnover improvement since the collapse of the art boom almost a decade ago.

Page 23: BHP’s US shale sale

BHP Billiton is determined to extract maximum value in the sale of its muchmaligned US shale business, and could include kicker clauses in any deal so it receives extra payments if oil prices rise.

Page 23: Canavan says gas deal is working, but big buyers disagree

Federal Resources Minister Matthew Canavan has insisted that last month’s deal with east coast gas producers is doing its job in making more gas available and bringing down prices despite warnings from Incitec Pivot that the issue may force the closure of its Queensland fertiliser plant next year.

Page 24: CBA seeks M&A boss to play with $976b balance sheet

Commonwealth Bank of Australia might be looking for a new chief executive and a boss of its wealth division, but you can add another role to the ‘‘positions vacant’’ list.

Page 25: Seven Group slow, steady in aged care

Ryan Stokes, the chief executive of Seven Group Holdings, says the longterm growth prospects of the health and aged care sectors are appealing but he’s in no hurry to build a fourth division to sit alongside Seven’s interests in industrial services, media and energy.

Page 27: Private equity raisings at 10-year high

A record year for venture capital and the launch of new buy-out funds boosted total Australian private equity fund raising to a 10-year high of $3.35 billion in 2016-17.

Page 28: Elliott looks to have altered investment in Big Australian

Activist investor Elliott was tight-lipped about the future of its investment in BHP Billiton yesterday, after the hedge fund’s latest filing in the US indicated it had changed its exposure to the Melbourne-based miner.

Page 33: Pilbara Solar pitches $14b subsea plan

A fledgling solar energy company has won the support of a key player in the lithium boom and the ear of the federal government as it advances plans for a multibillion dollar subsea cable supplying renewable energy to Indonesia.

Page 42: Too tight to buy: deals dwindle as yields drop

Commercial real estate deals have fallen by 19 per cent over the first three quarters of 2017 as a lack of stock and low yields frustrate buyers, according to Real Capital Analytics.

The West Australian

Page 3: Husseys build solid innings for infants foundation

Mike Hussey faced many anxious times in his cricket career but nothing compared to almost losing two babies and his wife.

Page 18: Freo MP ‘was validly elected’

Expert legal advice obtained by a WA Labor MP embroiled in the national citizenship crisis argues it is “clear” he was validly elected.

Page 22: Sustainable investment a hit with many retirees

Most Western Australians want their superannuation green and lean. More than 70 per cent think sustainable and ethical investment is important and more than 80 per cent leave fund management to others, the Retirees’ Voice survey found.

Page 53: Move to shut ships loophole

Agriculture Minister Alannah MacTiernan wants older ships which do not meet modern standards to stop carrying animals, and has told the live export industry the State Government will take a bigger role in monitoring animal welfare.

Page 53: This girl’s best friend is worth a cool $44m

Lucapa Diamond Company is celebrating the $44 million auction sale of a necklace at Christie’s in Geneva featuring a 163-carat diamond mined from its Lulo project in Angola.

Page 53: CME boss to leave next year

The WA Chamber of Minerals and Energy is on the hunt for a new chief executive after longserving boss Reg Howard-Smith announced he would be leaving the resources policy and lobbying group.

Page 54: Wyatt lauds workers in Griffin deal

WA’s Energy Minister has hailed as “extraordinary” a decision by workers at a Collie coal mine to sacrifice more than a third of their pay to help save the struggling operation.

Page 54: Kimberley station to double herd

New Chinese owners of a Kimberley cattle station empire plan to double cattle capacity with a $10 million investment.

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