Axed contract sparks Sino chaos in Pilbara – The West; Coles to be Wesfarmers insurance spearhead – The Fin; Supplier plays down fears of WA power drain – The Fin; Shelf gas still viable – The Aus; Navitas sell-off an overreaction: CEO – The Fin
Axed contract sparks Sino chaos in Pilbara
Construction of China's biggest resources project in Australia - the $US5.2 billion ($5.3 billion) Sino Iron magnetite project at Cape Preston in the Pilbara - has descended into chaos after the Australian contractor building the iron ore project's massive power station was axed yesterday. The West
Coles to be Wesfarmers insurance spearhead
Wesfarmers has continued its assault on the $25 billion general insurance market, launching home and contents insurance through its Coles supermarkets chain four months after entering the market by offering cover for cars. The Fin
Supplier plays down fears of WA power drain
The head of Western Australia's biggest electricity retailer has disputed claims that gas shortages would crimp power supplies and undermine WA's resource projects, arguing that industry has shown in the past that it can develop individual "on-site" solutions. The Fin
Shelf gas still viable
The operator of the $27 billion North West Shelf Venture has blamed rising domestic gas prices on the difficulty of developing remote deposits off the West Australian coast, combined with the soaring cost of materials and equipment. The Aus
Navitas sell-off an overreaction: CEO
Navitas chief executive Rod Jones blamed a big drop in the company's share price last week on an overreaction by analysts to news of falling foreign student enrolment numbers because of the strong Australian dollar and racial violence in Melbourne. The Fin
THE WEST AUSTRALIAN:
Page 1: Australia's biggest mainland detention centre will be built near Northam to house 1,500 male asylum seekers as part of a huge revamp of the nation's immigration detention regime.
Page 3: Thousands of hospital support workers could escalate their industrial action into a full-scale strike this week, after their union claimed state government officials had warned them it could stop paying workers.
Page 4: A Fremantle nightclub has been fined $7,500 and had a range of restrictions imposed on it after a big increase in police call-outs, including 13 allegations of assaults by bouncers over 15 months.
Page 5: Former Federal MP Wilson Tuckey is fighting a $200 fine from the Swan River Trust for illegally clearing native vegetation on the foreshore next to his Ascot riverfront home.
Page 6: The Gillard Government has vowed to implement its mining tax "to the letter of the Constitution" but now faces new questions over the entire Henry tax review process.
More than 100 workers face losing their jobs after a Chinese-owned venture, the Sino Iron project in the North-West, locked out its workforce amid a contractual dispute.
Page 9: Westralia Airports Corporation is close to resolving a damaging stand-off over the relocation of airlines at Perth Airport, which is reaching the limit of its capacity as passenger growth soars ahead of forecasts.
Page 10: A decision to house up to 1,500 male asylum seekers at a disused army camp poses safety concerns for Northam residents because of the risk of a breakout or riot, Premier Colin Barnett said yesterday.
Page 11: Charity and religious groups say they will struggle to find accommodation for hundreds of asylum seeker families and children to be released from detention centres because they are already having difficulty finding places for the poor.
Business: Construction of China's biggest resources project in Australia - the $US5.2 billion ($5.3 billion) Sino Iron magnetite project at Cape Preston in the Pilbara - has descended into chaos after the Australian contractor building the iron ore project's massive power station was axed yesterday.
Tasmania's richest man, Dale Elphinstone, has sold his Allforks Australia business to WA forklift supplier United Equipment in a deal that could make United one of Australia's biggest forklift distributors.
BHP Billiton will come under pressure from investors to accelerate the growth program for its Pilbara iron ore division after it and Rio Tinto ended months of speculation and terminated their controversial $120 billion joint-venture proposal.
Fortescue Metals Group has embarked on an international road show to elicit investor support for a $US 2.04 billion senior unsecured note issue to fund expansion of its Pilbara iron ore business.
Fund manager Perpetual is considering offloading its corporate trust business as part of a defence against a $1.75 billion takeover approach from US private equity raider Kohlberg Kravis Roberts.
A committee investigating the sharp rise in domestic gas prices in WA has been told that spiralling costs and the remoteness of WA's gas fields has fuelled the hikes.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Gambling giant Tabcorp has buckled to investor demands, unveiling a dramatic separation of its casino and wagering business as it seeks to overcome regulatory hurdles in Victoria and bed down a major capital expenditure program.
US private equity giant Kohlberg Kravis Roberts & Co has offered $1.75 billion for wealth manager Perpetual, one of Australia's oldest companies, surprising investors and opening the way for a re-evaluation of the local funds management sector.
Environment and Water Minister Tony Burke has called an urgent meeting with irrigation groups tonight as the federal government defends its water reform plans and calls on the Coalition to support a bipartisan approach to the Murray-Darling Basin.
BHP Billiton and Rio Tinto have abandoned plans to share their iron ore infrastructure plans in the Pilbara after receiving opposition to their proposed $US116 billion joint venture from regulators around the globe.
Page 3: The business community's pitch for compensation if a carbon price is introduced has been undermined by a world-first study that finds Australia is taking less action on climate change than China or the US.
Page 6: The Gillard government has moved to provide more certainty to the investment community by outlining plans to modernise the tax rules for managed investment trusts.
Federal political leaders have dismissed the idea of intervening in the currency market to ease pressure on the Australian dollar, despite concerns about the challenges facing local exporters and a row over the impact of domestic fiscal policy.
Page 7: Employers face a new union push for higher pay claims based on the soaring cost of living, low unemployment and a rebound in corporate profits after the global financial crisis.
Page 8: An over-60s investor preparing for retirement is pursuing one of the biggest financial planning networks in the country for damages after her geared portfolio shed hundreds of thousands of dollars in the global financial crisis.
The corporate regulator has issued a blunt warning to independent experts who value mining exploration companies that they should stop using a popular method for forecasting cash flow, amid concern that shareholders are being misled.
Page 11: The head of Western Australia's biggest electricity retailer has disputed claims that gas shortages would crimp power supplies and undermine WA's resource projects, arguing that industry has shown in the past that it can develop individual "on-site" solutions.
Page 14: Adani Group executive chairman Gautam Adani yesterday ruled out buying a stake in Gina Rinehart's Queensland coal business, but the Indian company is interested in forming partnerships to develop rail links for its adjacent deposit into the Galilee Basin.
Page 15: BHP Billiton faces an uphill task in expanding its Pilbara iron ore operations with the same efficiency as Rio Tinto after European regulators quashed the companies' joint venture plans and dashed hopes of a proposed "plan B."
Page 16: Navitas chief executive Rod Jones blamed a big drop in the company's share price last week on an overreaction by analysts to news of falling foreign student enrolment numbers because of the strong Australian dollar and racial violence in Melbourne.
The talks between Optus and NBN Co over transferring the former's 500,000 cable broadband customers to the national broadband network are weighing on its negotiations with Foxtel over a new pay television content-sharing agreement.
Wesfarmers has continued its assault on the $25 billion general insurance market, launching home and contents insurance through its Coles supermarkets chain four months after entering the market by offering cover for cars.
THE AUSTRALIAN:
Page 1: Julia Gillard has dramatically altered the government's policy on asylum-seekers, opening two more detention centres to house 2000 would-be refugees and bowing to pressure to release children and their families into the community.
Page 2: The fight to close the gap in Northern Territory indigenous communities has had dramatic results, with a 46 per cent increase in job placements in just six months, according to the latest Closing the Gap in the Northern Territory Monitoring Report.
Page 3: Business is warning of the dangers of a wages breakout during construction of the $43 billion National Broadband Network and is demanding a building industry watchdog for the project, setting the scene for a potential showdown with unions.
Page 4: Up to 738 children in immigration detention will begin moving into community accommodation run by churches and charities under major changes made by the Gillard government yesterday.
Page 5: The Coalition has flagged that radical superannuation tax reforms proposed by the Henry review may form part of an alternative tax policy it is preparing for next year's tax summit.
The Coalition has flagged that radical superannuation tax reforms proposed by the Henry review may form part of an alternative tax policy it is preparing for next year's tax summit.
The head of Australian Government Solicitors last night confirmed the Rudd government was advised its resource super-profits tax could be unconstitutional.
Page 6: A long-awaited, landmark ''peace deal'' between conservationists and native-forest loggers is set to be announced today, as the industry faces the closure of up to five Gunns sawmills.
Men were ordered out of a Perth courtroom yesterday after a judge set down strict conditions to accommodate a woman giving evidence without her face covering nikab.
Business: BHP Billiton and Rio Tinto are unlikely to pursue joint alternatives to their failed $US116 billion ($118bn) West Australian iron ore merger after the European Union unequivocally indicated to the pair they would need to make huge concessions on any future deal.
Tabcorp has pulled the trigger on a long-speculated demerger, with the company planning to split its casinos business from the main wagering and gaming group as it expands its aggressive growth strategy to the recovering Queensland market.
Kohlberg Kravis Roberts stunned asset manager Perpetual and the market yesterday with a $1.75 billion offer that reinforces the return of private equity and puts the financial services sector back in the takeover frame.
The operator of the $27 billion North West Shelf Venture has blamed rising domestic gas prices on the difficulty of developing remote deposits off the West Australian coast, combined with the soaring cost of materials and equipment.
The rising Australian dollar is expected to crunch OneSteel's profits, as analysts lower the target price of the stock, already buffeted by the global financial crisis and proposed mining tax.
Supermarket chain Coles has further expanded its financial services business, offering home and contents insurance alongside credit cards and auto coverage.
