Rio dumps BHP deal – The West; WA utilities hit with travel curb – The Fin; Timber jobs to go unless mills sold – The West; Golden opportunities make mint for State – The West; Miners say profit threshold policy will hurt hundreds of firms – The Aus
Rio dumps BHP deal
BHP Billiton's audacious $120 billion bid to merge its Pilbara business with Rio Tinto's to create the world's biggest iron ore business is on the brink of collapse. The West
WA utilities hit with travel curb
The West Australian government has continued efforts to impose its will on the state's power utilities, putting a clamp on the amount of international travel executives are allowed to take. The Fin
Timber jobs to go unless mills sold
WA's native timber industry is under renewed threat, with Gunns expected to announce today it could just its main WA jarrah sawmill near Manjimup unless a buyer can be found within six weeks. The West
Golden opportunities make mint for State
The Perth Mint is expanding its capacity to take better advantage of surging demand for gold after it chalked up its second biggest profit on record in another bumper year. The West
Miners say profit threshold policy will hurt hundreds of firms
Hundreds of mining companies could be hit even harder than expected by the proposed mineral resources rent tax after revelations that those earning more than the $50 million profit threshold level may be liable to pay the tax on the entire amount. The Aus
THE WEST AUSTRALIAN:
Page 1: BHP Billiton's audacious $120 billion bid to merge its Pilbara business with Rio Tinto's to create the world's biggest iron ore business is on the brink of collapse.
Page 3: Outgoing Murdoch University vice-chancellor John Yovich has warned that universities are becoming clones of each other because of shortcomings in higher education funding.
Page 4: Prime Minister Julia Gillard has said she intends to take an "active and feisty" role in foreign affairs, travelling frequently and ensuring Australia looks outward to the rest of the world to pursue its national interests.
Hard-pressed mortgage holders and retailers could be spared interest rate pain until next year after the Reserve Bank yesterday unexpectedly left rates on hold.
Page 6: WA's native timber industry is under renewed threat, with Gunns expected to announce today it could just its main WA jarrah sawmill near Manjimup unless a buyer can be found within six weeks.
Page 9: Retailers in Joondalup have reported an overwhelming response to Sunday trading with a surge in customers and sales as shoppers vote with their wallets on the issue.
Page 11: West Australians are abandoning holidays within their home state at an alarming rate, with the latest figures revealing a 17.6 per cent decline in intrastate tourists in 2009-10.
An established WA tour company has closed, blaming the strong Australian dollar and a shrinking number of overseas tourists for its demise.
Page 13: Dairy farmers in the drought-ravaged South-West are preparing to send hundreds of milking cows to slaughter as feed and pasture supplies drop to critical levels.
Page 16: WA boaties could soon undergo random breath and drug tests, with police keen to get powers allowing them to target intoxicated skippers.
Page 24: Broome would be the loser in a plan to impose a moratorium on extended trading licences across the Kimberley to prevent liquor being sold after midnight.
Business: The Perth Mint is expanding its capacity to take better advantage of surging demand for gold after it chalked up its second biggest profit on record in another bumper year.
Australia has its first woman prime minister but women are still denied top jobs in the corporate world.
An independent report into BHP Billiton's $US40 billion takeover bid for Canada's PotashCorp said it could cost the province of Saskatchewan up to $C2 billion ($2.04 billion) but is "much more aligned to the province's interests" than a potential bid by China's Sinochem.
Chevron has moved to secure one of the key offshore permits underpinning the giant Wheatstone LNG project by applying for renewal as a retention lease.
WA's aviation industry appears poised to lose one of its few remaining operators, with Qantas in friendly takeover discussions with the owners of the state's third-biggest regional airline, Network Aviation.
Mallesons Stephen Jaques Perth has pulled off a major coup by poaching a partner from its arch rival Freehills.
The Tourism Council of WA is urging the state government to make dramatic concessions to hotel developers to avoid a hotel room shortage that threatens to rob the state of valuable revenue.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Saskatchewan Energy and Resources Minister Bill Boyd has lent support to BHP Billiton's $US40 billion bid for Potash Corporation of Saskatchewan, even after warning that it posed "significant risks" to the province's tax and royalty revenues.
The Reserve Bank of Australia has surprised financial markets by holding interest rates steady as concerns mount that European banking woes could destabilise the global economy, but it says higher rates are likely to be needed to tame inflation.
Optus is in advanced talks to transfer its half a million cable broadband customers to Labor's national broadband network in an echo of the $11 billion non-binding agreement struck by Telstraand NBN Co in June.
Page 4: Independent MP Tony Windsor says the government must focus on improving water efficiency, rather than just buying back licenses from farmers, as it considers further reforms to restore the rivers of the Murray-Darling basin.
The federal government is coming under renewed pressure to release details of an audit of its bungled home insulation scheme, as the failed program comes under increasing scrutiny from the opposition.
Page 5: Trade Minister Craig Emerson has put the services sector at the forefront of the government's efforts to liberalise local and overseas markets.
Page 6: The senior executive jobs at Australia's listed companies remain out of reach for most women as the slow progress towards gender equity has stalled here over the last few years.
Page 8: The union movement will call for the federal government to establish a "formal national process" that includes employers in discussions on improving job security and rewarding businesses that "do the right thing".
Page 10: The West Australian government has continued efforts to impose its will on the state's power utilities, putting a clamp on the amount of international travel executives are allowed to take.
Telstra has revealed plans to enter the competitive tablet computer market in November with its own device, known as the T-Touch Tab.
Page 14: Real estate agents are hoping the housing market will get a boost from yesterday's interest rate reprieve, but with rates expected to rise again, the residential property sector is tipped to keep on slowing.
Page 53: Wesfarmers Insurance has contracted Carbon Conscious to plant 26,000 trees in Western Australia to offset annual carbon emissions.
THE AUSTRALIAN:
Page 1: The Reserve Bank will wait for clearer signs of the resources boom boosting the Australian economy before lifting interest rates amid warnings the global financial recovery is faltering.
Joe Hockey has declared industrial relations reform alive under the Coalition and has challenged business leaders to push for change.
Electricity generators have warned that state government schemes that pay households to produce power using rooftop solar panels are costing about 25 times as much to cut greenhouse gases as a nationwide emissions trading scheme, leading to soaring energy bills.
Page 2: Three major Australian banks have ruled out raising their mortgage rates outside the RBA's official cycle but the largest, the Commonwealth, has left the door open to an increase independent of the central bank.
Page 3: Tasers are fast becoming a standard-issue weapon for law enforcement agencies across Australia, with almost 7000 of the electro-shock guns being purchased in the past three years.
Virgin Blue is rostering on extra staff to assist passengers as it switches back to its primary reservations system after last week's embarrassing computer meltdown.
Page 4: Even swimming's biggest stars were not enough to draw Indian crowds to the first night of finals.
Page 5: The gross under-representation of women in the top echelon of business continues, but this year may yet prove a tipping point.
Page 6: The Coalition has attacked Julia Gillard for playing politics over Tony Abbott's refusal to join her on a visit to Afghanistan last weekend, saying the Prime Minister was aware he had already ''locked in'' a date to travel to the war-torn country.
Page 9: Almost eight months after the government's botched insulation scheme was suspended, businesses are still waiting to find out if they have been selected to deliver promised home safety checks.
Business: BHP Billiton has had a major win in its $US40 billion ($41.3bn) quest for Canada's Potash Corp, with an independent review commissioned by the Saskatchewan government effectively endorsing the bid.
The Australian dollar tumbled yesterday after the Reserve Bank held official rates steady in a move that is likely to keep a lid on home loan rates this month.
Hundreds of mining companies could be hit even harder than expected by the proposed mineral resources rent tax after revelations that those earning more than the $50 million profit threshold level may be liable to pay the tax on the entire amount.
Aston Resources, the biggest float this year, could miss forecasts made in its prospectus by four years due to infrastructure constraints, unless it makes acquisitions or receives crucial port allocation, according to UBS.
The turnaround program at maintenance and infrastructure contracting group Transfield Services is bearing fruit, with the group securing a further $400 million worth of contracts in the past six weeks.
The four major banks are among a handful of companies that are likely to clean up as wage costs rise over the next 12 months, while the more labour-intensive airlines and gaming stocks are expected to suffer.
