27/11/2007 - 06:34

Today's Business Headlines

27/11/2007 - 06:34

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Directors' liability 'hindering boards'; Rio hits back at BHP with bullish expansion plan; Kiernan threatens to walk over pay stoush; ABB confirms push into wheat sales as drought cripples profit; Bitter blow to Empire as chief quits.

Today's Business Headlines

Directors' liability 'hindering boards'
The head of the corporate regulator has acknoledgeed the extent of personal liability for company directors may be too great and could be hindering boards in decision making. The Fin Review

Rio hits back at BHP with bullish expansion plan
Rio Tinto has pledged to be more aggressive about selling its growth prospect and has unveiled a huge iron ore expansion plan in the Pilbara has it fends off an unsolicited takeover from BHP Billiton. The Fin Review

Kiernan threatens to walk over pay stoush
Mining veteran Michael Kiernan has threatened to quit his chairmanship of Windimurra Vanadium, the rebadged Precious Metals Australia, after clashing with leading investors over corporate directions and boardroom pay. The West

ABB confirms push into wheat sales as drought cripples profit
Australia's biggest barley exporter and maltster, ABB Grain confirmed yesterday it expected to break into wheat exports in a significant way next year after the promised deregulation of the market by the new Labor Federal Government. The West

Bitter blow to Empire as chief quits
The upheaval in WA's listed micro-brewing sector continued yesterday with the sudden resignation of Empire Beer Group managing director, Phillip Gallagher, less than a year into a three year contract. The West

 

THE WEST AUSTRALIAN
The Liberal Party leadership is shaping as a three-way contest between Malcolm Turnbull, Tony Abbott and Brendan Nelson, with former Education Minister Julie Bishop firming as the favourite for the party's deputy.

State Agriculture Minister Kim Chance has called on Victoria, NSW and South Australia to keep their moratoriums on commercial genetically modified crops, warning a decision to lift the ban would place WA crops at risk of contamination.

Cattle farmers have set up WA's first organic beef co-operative to tap into growing demand from health conscious consumers.

Business: Rio Tinto has promised another $US10 billion ($11.3 billion) expansion of its Pilbara iron ore business in a move which will dwarf BHP Billiton's adjoining operations and deliver an extra $420 million a year in royalties to the State Government.

Mining veteran Michael Kiernan has threatened to quit his chairmanship of Windimurra Vanadium, the rebadged Precious Metals Australia, after clashing with leading investors over corporate directions and boardroom pay.

Australia's biggest barley exporter and maltster, ABB Grain confirmed yesterday it expected to break into wheat exports in a significant way next year after the promised deregulation of the market by the new Labor Federal Government.

Agribusiness investment giant Great Southern confirmed yesterday it was no longer in negotiations with potential suitors as it unveiled a number of changes to its product suite that it says will better position it for the next five years.

THE AUSTRALIAN FINANCIAL REVIEW

Page 1: Kevin Rudd challenges coalition-controlled Senate to pass Labor bill to abolish Work Choices as soon as possible, claiming an election mandate for it. Rio unveils expansion plans in bid to fend off BHP Billiton takeover bid. Liberal leadeership race narrows to Brendan Nelson and Malcolm Turnbull, with Tony Abbott said to be lagging in the vote-canvassing.

Page 3: The head of the corporate regulator has acknoledgeed the extent of personal liability for company directors may be too great and could be hindering boards in decision making. Finance industry operators succeed in limiting increase in quantum on investor compensation complaints to $150,000 from July next year.

World: Richard Branson's Virgin Group steps in to save Britain's Northern Rock bank. Britain hails Rudd win in official media, but cool on his climate change initiatives.

Markets: Stocks surge on resources revival and further takeover talk. Companies that stand to gain from Labor win include Telstra, Harvey Norman and ABC Learning Centres.



THE AUSTRALIAN

Page 1: Kevin Rudd wants Liberal support in the senate for Labor's new industrial relations laws; The Northern Territory's incoming chief minister has demanded Kevin Rudd soften coalition moves to take over indigenous communities; Coalition leadership confusion reached an all-time high yesterday as Mark Vaile quit as Nationals leader and Alexander Downer stepped back from a chance at the Liberal leadership; Six years after leading Labor to its first election victory in the Northern territory, Clare Martin has resigned as chief minister to make way for a fresh team.

Page 2: ACTU has claimed credit for Labor's acquisition of 24 marginal coalition seats at the election, following a campaign specifically targeting union members.

Page 3: Incoming finance minister Lindsay Tanner is expected to take his time making budget reforms but it is thought he will have some influence prior to Labor's first budget in May.

Finance: Mining giant Rio Tinto has demanded BHP Billiton include guaranteed dividend increases for investors as part of its proposed takeover bid.



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