17/10/2007 - 07:26

Today's 7.30am headlines

17/10/2007 - 07:26

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ACCC fines Pratt record $38m; SA govt forces Santos to wait another year to remove takeover rules; Howard's $34b package could become a burden; Rudd eyeing Swanbourne Barracks land to ease housing pressures; Airlines to increase ticket prices.

Today's 7.30am headlines

ACCC has criticized the conduct of Richard Pratt and executives form his Visy Group, claiming they showed a "blatant disregard for the law" as they agreed yesterday to pay a record $38 million in penalties to settle a landmark cartel position. The Fin Review

The South Australian government has forced Santos to wait a year and has imposed $100 million penalty to keep staff in return for removing rules that have protected the gas producer from takeover for three decades. The Fin Review

The Howard government's $34 billion tax-cut package could become a burden for middle-income earners and a bonanza for the wealthy, a Sydney University economics professor has warned. The Mercury

Kevin Rudd is eyeing off land around the special Air Service Regiments Swanbourne barracks under a plan to free up billions of dollars of Commonwealth property to counter housing affordability pressures. The West

Airlines may soon increase ticket prices as jet fuel hit $US95 a barrel amid fears that oil from Iraq could be disrupted. The Advertiser


THE WEST AUSTRALIAN
Page 6: Labor has intensified its attack on the Federal Government for wasting taxpayer's money after it emerged anther $66 million was spent in the lead up to the election on a second wave of advertisements promoting its controversial WorkChoices industrial relations laws.

The coalition 2007 election campaign slogan is "go for growth". But the latest Federal Budget update shows it is taxes that are "going for growth" even after the $34 billion cut announced.

Page 7: Kevin Rudd is eyeing off land around the special Air Service Regiments Swanbourne barracks under a plan to free up billions of dollars of Commonwealth property to counter housing affordability pressures.

The environmental impact of the Gorgon Gas project on Barrow Island could be much greater than previously thought, with new research showing the Ningaloo Reef depends on coral spawning near Chevron's proposed $20 billion project.

Business: Billionaire Richard Pratt's claim that his company, Visy, broke anti-cartel laws because of a poor understanding of legal complexities should be rejected, a lawyer for Australia's consumer watchdog said yesterday.

Gold and oil hit record highs yesterday as economic uncertainty and geopolitical tensions gripped world financial markets.

Murchison Metals is expected to lodge the bidder's statement for its $938 million takeover of rival Midwest Corp as early as tonight, just over a week since flagging its hostile intentions.

Santos is to finally be free of a 28-year-old shareholder ownership cap which has constrained its growth-but not for another year.

Uranium explorer Monaro Mining and its takeover target Uranium King yesterday tipped that about a third of the of the 150-plus uranium explorers listed on the Australian Securities exchange would struggle to stay afloat over the next 18 months.

 

THE AUSTRALIAN FINANCIAL REVIEW

Page 1: ACCC has criticized the conduct of Richard Pratt and executives form his Visy Group, claiming they showed a "blatant disregard for the law" as they agreed yesterday to pay a record $38 million in penalties to settle a landmark cartel position.

The major parties have access to $31.3 billion to fund election spending initiatives over the next six weeks, according to the new budget figures, in addition to the 434 billion already promised by the coalition for tax cuts.

The South Australian government has forced Santos to wait a year and has imposed 4100 million penalty to keep staff in return for removing rules that have protected the gas producer from takeover for three decades.

Page 3: The federal government has backed down on the timing of a controversial tax change that potentially jeopardised $28 billion in corporate takeovers, although experts warned the change could still hurt shareholders involved in future deals.



STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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