24/07/2009 - 06:51

Today's Business Headlines

24/07/2009 - 06:51

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We need Chinese money – Barnett; Premier signals tough deal; We must vote for ETS – Abbott; Chevron on track to oust Woodside on assets table; Aust Post in bid to raise stamp price

We need Chinese money - Barnett
Premier Colin Barnett yesterday told critics of China's investment in WA to "get over it" as Chinese bureaucrats declared to a high-powered business forum that the state was a key investment target. The West

Premier signals tough deal
West Australia Premier Colin Barnett has signalled tougher conditions on the proposed iron ore joint venture between Rio Tinto and BHP Billiton after talking to Chinese steel mills. The Australian

We must vote for ETS - Abbott
Tony Abbott has urged Liberal MPs to back the embattled leadership of Malcolm Turnbull and asked them to pass Kevin Rudd's flawed emissions trading scheme in the Senate to avoid a double dissolution election that they cannot win. The Australian

Chevron on track to oust Woodside on assets table
Chevron Corp's plan to develop the Wheatstone gasfield off WA's North West is tipped to swell the US energy giant's potential for value creation in Australia to $US15.9 billion ($19.4 billion), eclipsing that of arch foe Woodside Petroleum. The West

Aust Post in bid to raise stamp price
Australia Post is pushing to raise the price of the basic postage stamp from 55 cents to 60 cents and to increase charges for business mail, adding about $136 million to annual postal costs for consumers and business. The Fin Review

 

 

THE WEST AUSTRALIAN:

Page 1: Premier Colin Barnett yesterday told critics of China's investment in WA to "get over it" as Chinese bureaucrats declared to a high-powered business forum that the state was a key investment target.

Page 6: The state government will halve the usual royalty rate for massive onshore gasfields close to Perth to push them towards development.

WA's chefs and winemakers have warned of a consumer backlash if the ban on genetically modified crops is lifted in WA.

Page 10: The Liberals and the Nationals will agree to disagree over the federal government's carbon trading system, with strategists expecting a "velvet divorce" on the contentious issue.

Page 12: More low-cost airlines, airfare wares and the resource industry have led to a surge in passengers through Perth Airport.

Business: Chevron Corp's plan to develop the Wheatstone gasfield off WA's North West is tipped to swell the US energy giant's potential for value creation in Australia to $US15.9 billion ($19.4 billion), eclipsing that of arch foe Woodside Petroleum.

Macquarie Airports has gone into a trading halt pending a "significant announcement", stoking suspicions the operator of Sydney Airport could become the latest Macquarie satellite to sever ties with its parent.

Indian-born fertiliser tycoon Pankaj Oswal was last night named among the six regional winners of the Ernst & Young Entrepreneur of the Year awards.

Mount Gibson Iron Ore has started the ball rolling on a bid to recover cash from defaulting iron ore customers.

WA miner Resolute says it has received compensation from its insurance company to cover the theft of 3500 ounces of gold, worth about $4 million, from its Golden Pride mine in Tanzania.

A go-ahead decision for the $50 billion Gorgon liquefied natural gas project on Barrow Island is tipped to have been pushed back to September 14.

Creditors of the failed Opes Prime Stockbroking group will decide today if the promise of getting 37 cents in the dollar fairly quickly for their $631 million of claims is a better gamble than battling the firm's banks in court.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Australia Post is pushing to raise the price of the basic postage stamp from 55 cents to 60 cents and to increase charges for business mail, adding about $136 million to annual postal costs for consumers and business.

Macquarie group is poised to accelerate the dramatic overhaul of its listed infrastructure funds through the sale of the management rights to Macquarie Airports, its $4.5 billion flagship airports fund.

Perth businessman Tony Sage is so bullish about the prospects for the West Australian economy that he has gambled $1.5 million on a spectacular revival in the months ahead.

Page 3: The number of migrants seeking permanent residency surged by 50 per cent in the first six months of the year, as more foreign workers chased jobs in Australia's resilient economy.

Page 5: West Australian Premier Colin Barnett has emerged from meetings with Chinese steel makers and called for the scrapping of the annual benchmark pricing system for iron ore, claiming it has created hostility between Australia and China.

Page 7: Cutting carbon emissions is the most significant economic reform since the deregulation of the economy more than 20 years ago, but it is dogged by misinformation, the Department of Climate Change's top bureaucrat, Martin Parkinson said yesterday.

Page 8: Iron ore magnate Andrew Forrest yesterday bought back his family's former sheep station, Minderoo, for $12 million at auction.

Page 12: The union movement will use next week's Labor Party national conference to pressure the federal government into increasing the safeguards surrounding its temporary skilled migration program to ensure local workers do not have their wages and conditions undercut by migrant workers.

Page 15: Perth Airport has defied the economic gloom to retain its title of Australia's fastest-growing major airport, reporting a higher than expected 6.1 per cent increase in passenger numbers over the past year.

 

THE AUSTRALIAN:

Page 1: Tony Abbott has urged Liberal MPs to back the embattled leadership of Malcolm Turnbull and asked them to pass Kevin Rudd's flawed emissions trading scheme in the Senate to avoid a double dissolution election that they cannot win.

Resources Minister Martin Ferguson has savaged environmentalists for demonising nuclear, gas and coal-fired energy despite knowing solar and wind energy are not viable on current technology.

Page 2: The queue of 42 ships waiting to be loaded off Newcastle yesterday was vivid testimony to the durability of demand for Australian coal during a global economic collapse -- and to the chronic state of the nation's export infrastructure.

An unexpected surge in Chinese coking coal imports has raised hopes for the potential return of thousands of Queensland mining jobs lost in the darkest days of the global financial crisis.

West Australia Premier Colin Barnett has signalled tougher conditions on the proposed iron ore joint venture between Rio Tinto and BHP Billiton after talking to Chinese steel mills.

The head of Penny Wong's climate change department has rejected the Coalition's central objections to the government's emissions trading scheme and said an alternative model being investigated by the Coalition would be more expensive and harder to administer.

Page 4: have asked the Queensland police to return $10,000 in reward money that may have been misused by officers investigated by Operation Capri.

A government minister forced to quit the road safety portfolio earlier this year after his poor driving record was exposed is suing the "state of South Australia" -- effectively taxpayers -- after being implicated in a fake ALP document scandal that has rocked the state division of the Liberal Party.

Page 5: The office of the commonwealth Auditor-General has taken the highly unusual step of using the "full breadth" of its coercive powers in its investigation of the OzCar scandal.

A former Canberra press gallery TV journalist and self-confessed political junkie, Helen McCabe, has been appointed editor-in-chief of The Australian Women's Weekly, signalling a stronger news focus for the flagship ACP magazine.

Page 6: Kevin Rudd has been urged by two of the country's biggest unions to back a national manufacturing strategy that would broaden taxpayer support for employers to retain vulnerable workers in the downturn, and give priority to sourcing locally made goods on government projects.

Beijing is standing firm over its detention of Rio Tinto iron ore executive Stern Hu following a meeting between Foreign Minister Stephen Smith and his Chinese counterpart Yang Jiechi yesterday at the ASEAN regional forum in Thailand.

Page 7: Teachers will demand six figure salaries to rival accountants and lawyers in a national pay push to start next year.

The defection of Labor MP Vince Catania to the Liberal-Nationals government has given West Australian Opposition Leader Eric Ripper some breathing space to strengthen his leadership, insiders say.

Business: Macquarie Airports is likely to be the next satellite fund to be cut adrift as the Macquarie business model unravels and the group sharpens its focus on pure investment banking.

China doubled its imports of Australian coking coal in June, helping to reopen at least one Queensland mine made idle because of the economic crisis.

The China Iron & Steel Association has continued its loud campaign for control of iron ore pricing, speaking for the first time since the detention of Rio Tinto executive Stern Hu and using a director of Fortescue Metals Group as its mouthpiece.

Rio Tinto says it remains committed to the development of a massive iron ore project in the African nation of Guinea, after the nation's mines minister accused the company of defying government decisions.

Rio Tinto's spurned investor and largest shareholder, Chinalco, holds no grudges and wants to participate with Rio in developing new projects despite increased diplomatic tension between China and Australia.

National Australia Bank could secure a 22 per cent re-rating of its stock if it acknowledges it has a "Bad Bank" and separately discloses its performance.

The most powerful executive role in Australian radio is up for grabs after Austereo Group chief executive Michael Anderson confirmed yesterday he would not renew his tenure next year after six years in the top job.

The Finance Sector Union has clashed with Westpac, calling on it to honour chief executive Gail Kelly's commitment to stop off-shoring jobs after it emerged yesterday that 23 data entry roles at BT in Adelaide would be transferred to India.

Fuel commissioner Joe Dimasi has declared the 40c-a-litre discounts offered by Coles and Woolworths last week were not anti-competitive.

General Motors has posted its sixth consecutive quarterly decline in global sales, but insists the ailing car industry is beginning to recover as government stimulus programs prime three of the world's key markets.

Ford returned to profitability in its second quarter and slowed its cash burn amid speculation that it might issue more equity to reduce its debt.

The International Monetary Fund's governing board is urging China to continue to use fiscal stimulus to boost growth and to let its currency appreciate even if that contributes to short-term unemployment.

The S&P/ASX 200 fell for the first time in eight sessions yesterday, ending the longest winning streak for the index in almost three years.

Santos revenues plunged to a four-year low in the second quarter as falling gas and LPG prices failed to offset a rise in the oil price.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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