26/08/2008 - 06:48

Today's Business Headlines

26/08/2008 - 06:48

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Yilgarn back in port play on Golden deal; Ailing Centro bids to extend life support; Condensate tax added to Lib hit list; Minister hides key gas crisis evidence; US investors get direct access to local shares

Today's Business Headlines

Yilgarn back in port play on Golden deal
Yilgarn Infrastructure is set to reveal today it has strengthened its case for a $1.5 billion railway network in the Mid West by signing a deal with Golden West Resources that will effectively deal the Chinese-backed group back into the iron ore region. The West

Ailing Centro bids to extend life support
In a last ditch effort to stave off bankruptcy, Centro Properties Group has pleaded to lenders for help with its massive debt. The Fin Review

Condensate tax added to Lib hit list
The coalition will try to torpedo more than $6 billion in federal government revenue after the shadow cabinet vowed yesterday to add a new tax on WA's North-West Shelf project to the list of Budget measures it intends to oppose in the Senate. The West

Minister hides key gas crisis evidence
The state government will keep crucial documents about the Varanus Island gas explosion secret until after the election, refusing to release a bundle of emails and ministerial briefing notes under Freedom of Information laws.

US investors get direct access to local shares
The liquidity of Australia's financial markets will be deepened under a new plan struck by the government to allow Wall Street investors to buy domestic stocks directly. The Australian

 

THE WEST AUSTRALIAN:

Page 1: The state government will keep crucial documents about the Varanus Island gas explosion secret until after the election, refusing to release a bundle of emails and ministerial briefing notes under Freedom of Information laws.

Page 3: The federal government should create tax incentives for Australians to set up special savings accounts to cover ever-growing out-of-pocket medical expenses, the nation's main doctors' group has proposed.

Page 4: The coalition will try to torpedo more than $6 billion in federal government revenue after the shadow cabinet vowed yesterday to add a new tax on WA's North-West Shelf project to the list of Budget measures it intends to oppose in the Senate.

Business: Yilgarn Infrastructure is set to reveal today it has strengthened its case for a $1.5 billion railway network in the Mid West by signing a deal with Golden West Resources that will effectively deal the Chinese-backed group back into the iron ore region.

The potential for China's state-owned Chinalco to increases its stake in Rio Tinto from 9 per cent to 11 per cent has injected some much-needed pep into Rio's defences against BHP Billiton's hostile $160 billion takeover bid.

The resuscitation of crumbling property company Centro Properties Group has faltered after no sufficient proposals for an injection of fresh equity were received despite six months of hard campaigning by the board.

Austal has warned investors to temper any expectations of a sharp profit rise this year after yesterday booking a 14 per cent increase in annual earnings to a record $52.3 million.

Administrators of Michael Kiernan's Monarch Gold Mining have been granted more time to investigate the collapsed miner's affairs and talk to potential buyers of its assets after a series of creditors meetings yesterday.

Anvil Mining has been forced to slash a $300 million deal to establish Israeli diamond tycoon Dan Gertler as a cornerstone investor in the company.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Executives from more than 50 businesses have been called to Canberra by Resources and Energy Minister Martin Ferguson to discuss the fall-out from the proposed emissions trading scheme.


THE AUSTRALIAN:

Page 1: A million-dollar TV ad campaign by trade unions will demand Kevin Rudd scrap or weaken curbs on trade union thuggery at worksites.

Page 3: The Air Force is pleading staff not to quit for better-paid civilian jobs as it faces a shortage of air traffic controllers meaning all its planes cannot be monitored.

Page 4: The proposed federal emissions trading scheme would turn a $750 million Chinese-backed Victorian power station into a taxpayer-funded white elephant, according to legal advice.

Business: The chief executive of Challenger Financial Services Group, Mike Tilley, has become the latest casualty of a radically changed financial marketplace by resigning his position with more than three years left on his contract.

The liquidity of Australia's financial markets will be deepened under a new plan struck by the government to allow Wall Street investors to buy domestic stocks directly.

Outdoing analysts' expectations, Alumina Ltd plans to raise $910 million through an entitlement offer to fund expansion in Brazil and strengthen its balance sheet.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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