Today's Business Headlines

15/09/2008 - 06:44

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Grylls grants Barnett tenuous grip on power; Yilgarn clings to berth hope at Oakajee; Qantas pilots reject pay proposal; Lehman on brink as Fed steps in; Bank breaks rank on emissions

Grylls grants Barnett tenuous grip on power
Colin Barnett completed one of the greatest comebacks in Australian political history yesterday when a reluctant Nationals party agreed to support the Liberals to form the next WA government. The West

Yilgarn clings to berth hope at Oakajee
Yilgarn Infrastructure is refusing to concede it has lost the race for rights to build an iron ore loading berth at the yet-to-be developed Oakajee port, despite having been advised by the Department for Planning and Infrastructure it has been overlooked as a reserve proponent for the crucial $1.5 billion multi-user facility. The West

Qantas pilots reject pay proposal
Qantas faces further industrial turmoil after long-haul pilots voted overwhelmingly to reject a pay proposal that would have seen them fall into line with the airline's wages policy. The Australian

Lehman on brink as Fed steps in
Wall Street investment firm Lehman Brothers is close to collapse following emergency weekend talks to plan an orderly sale or break-up of the distressed company. The Fin Review

Bank breaks rank on emissions
Westpac has urged the federal government to pursue a strict emissions trading scheme with tougher reporting standards for business. Sydney Morning Herald

 

THE WEST AUSTRALIAN:

Page 1: Colin Barnett completed one of the greatest comebacks in Australian political history yesterday when a reluctant Nationals party agreed to support the Liberals to form the next WA government.

Page 10: Australia's second biggest bank, Westpac, has broken ranks with the rest of the corporate world to urge the federal government to pursue a strict emissions trading scheme with tougher reporting standards for business.

Business: Yilgarn Infrastructure is refusing to concede it has lost the race for rights to build an iron ore loading berth at the yet-to-be developed Oakajee port, despite having been advised by the Department for Planning and Infrastructure it has been overlooked as a reserve proponent for the crucial $1.5 billion multi-user facility.

UK banking giant Barclays was last night considering a direct plea from US Treasury secretary Henry Paulson to assemble a cut-price rescue bid for Lehman Brothers, the investment bank which has become the latest victim of the global financial crisis.

Origin Energy said yesterday it would release the full report it used to defend itself against BG Group's lapsed $13.5 billion hostile takeover offer.

The sharemarket was expected to open stronger today after positive leads, including Hurricane Ike crossing the Texas coast without too much regional destruction and stronger metals prices on the London Metal Exchange.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Wall Street investment firm Lehman Brothers is close to collapse following emergency weekend talks to plan an orderly sale or break-up of the distressed company.

Labor's monopoly on power across the country has been broken after the Nationals yesterday backed Colin Barnett's Liberals in Western Australia, ending a week-long political stalemate after the cliffhanger state election.

Page 3: The federal government will warn against a move by the Australian Industrial Relations Commission to make one million small businesses liable for redundancy pay.

Page 5: Car companies claimed the federal government's move to increase the luxury car tax added further uncertainty and gloom to the industry.

Page 7: The Australian Taxation Office has flagged plans to alter the taxation of energy companies' labour costs, in a move that would stop them from claiming the costs as an immediate tax deduction and might have wide-ranging consequences for other capital-intensive sectors.

 

THE AUSTRALIAN:

Page 1: A pact between WA Liberals and Nationals has toppled the Labor government in the state elections.

Page 2: Federal opposition treasury spokesman Malcolm Turnbull is not expected to challenge for the Liberal leadership this week.

Page 3: Consumer protection groups have called for a national cap on home loan rates.

Qantas faces further industrial turmoil after long-haul pilots voted overwhelmingly to reject a pay proposal that would have seen them fall into line with the airline's wages policy.

Business: Wall Street executives ponder splitting up Lehman Brothers as hopes dim to rescue the investment bank.

The pro-uranium mining stance of Colin Barnett's newly installed WA government will spark a significant drilling program in the state that is likely to deliver billions of dollars to both state and federal coffers, according to analysts and the industry.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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