Today's Business Headlines

Fortescue financing downgraded
Fortescue Metals has flagged raiding a fund earmarked for expansion to cover construction shortfalls for the first stage of its Pilbara iron ore project. The Australian

NAB role in Bill irks WA business brokers
Angry WA business brokers have accused National Australia Bank chairman Michael Chaney of using his influence to cut a "sweetheart deal" with the State Government.The West

Harvey's relaxed and comfortable about poll
A confident Gerry Harvey is convinved that nothing - neither the federal elections nor another bout of share market wobbles - can stand in the way of growing consumer demand for electronic entertainment. The Australian

Chinese rule changes threatens BHP takeover
BHP Billiton chief executive Marius Kloppers arrived in Shangai last night facing a threat that his hostile tilt for Rio Tinto could be undermined by new anti-competition laws in his two most important markets. The West

ABB eyes Stooke's Standard Wool in national expansion
ABB Grain is believed to be on the verge of buying one of WA's most prominent wool broking businesses, Standard Wool Australia, as it continues to expand beyond its founding grain marketing and handling operations in South Australia. The West

THE WEST AUSTRALIAN
Page 1: Aboriginals in WA are living in horrific conditions that are as bad as some of the worst Third World according to a series of explosive reports by the State Government special adviser on indigenous affairs and former governor LT-Gen John Sanderson.

Federal Labor has refused to condemn WA's militant construction union for embarking on a campaign against builder Len Buckeridge in which the Kevin Reynolds-led CFMEU planned to enter his brickworks site everyday this week.

The State's highest paid public servant, Neale Fong, has asked the Corruption and Crime Commission to investigate how The West Australian came to know about cost blowouts and delays in the Fiona Stanley Hospital project.

Business: Angry WA business brokers have accused National Australia Bank chairman Michael Chaney of using his influence to cut a "sweetheart deal" with the State Government.

BHP Billiton chief executive Marius Kloppers arrived in Shangai last night facing a threat that his hostile tilt for Rio Tinto could be undermined by new anti-competition laws in his two most important markets.

ABB Grain is believed to be on the verge of buying one of WA's most prominent wool broking businesses, Standard Wool Australia, as it continues to expand beyond its founding grain marketing and handling operations in South Australia.

Award winning South-West winery Killerby is on the market for about $6 million in a sale that would mark the first time the property has changed hands since it was founded by the Killerby family more than 30 years ago.

Property developer Mirvac has landed the Port Hedland hotel contract for a $100 million, four-star plus hotel aimed at helping address Port Hedland's dire accommodation shortage.

THE AUSTRALIAN FINANCIAL REVIEW

Page 1: Labor outlines plan to slash insurance red tape. A $30 billion reserve fund for health has been revealed by Health Minister Tony Abbott. A merger between Rio Tinto and BHP Billiton would dominate the local market.

Page 3: The ATO has refunded hundreds of millions to superannuation trustees who mistakenly put too much in their super funds.

World: (WASHINGTON) The risk of the US sliding into a recession over the next 12 months has risen.

Market: Reports US banks might have to endure more sub prime mortgage writedowns left the local market reeling.

THE AUSTRALIAN

Page 1: The Liberal leadership team has ruled out any challenge to Peter Costello's claim as successor to Prime Minister John Howard. Scientists in Japan and the US say they have made human embryonic stem cells without using human eggs or embryos. Former Tasmanian deputy premier Bryan Green broke the law when he secretly granted a lucrative contract to a mate of a mate just before the state election. The campaign manager of Labor candidate George Newhouse has spoken out against Zionism.

Page 2: Victorian Premier John Brumby has made changes to Freedom of Information laws, including scrapping a $22 fee and narrowing the scope of the cabinet documents exemption.

Business: Fortescue Metals has flagged raiding a fund earmarked for expansion to cover construction shortfalls for the first stage of its Pilbara iron ore project.