China Inc launches $1.2 billion bid for Brockman, FerrAus–The West; Ex-Woodside boss welcomes foreign bids–The Aus; LNG investors hit by high $A–The Fin; Dip in foreign students 'will hit economy'–The West; Legal action threatens Burrup project–The Aus
China Inc launches $1.2 billion bid for Brockman, FerrAus
Hong Kong conglomerate Wah Nam International has launched an audacious two-pronged $1.2 billion takeover for Pilbara juniors Brockman Resources and FerrAus in order to become on of Australia's biggest iron ore producers. The West
Ex-Woodside boss welcomes foreign bids
John Akehurst, the former Woodside Petroleum chief who led the company's aggressive defence against Royal Dutch Shell's $10 billion takeover attempt in 2001, now believes Australia should accept that the oil and gas group could fall into foreign hands. The Aus
LNG investors hit by high $A
The strong Australian dollar that sweetened the proceeds from Royal Dutch Shell's sale of Woodside shares is also stinging Shell and other foreign companies looking to invest in the nation's liquefied natural gas sector. The Fin
Dip in foreign students 'will hit economy'
A dramatic decline in the number of international students choosing to study in Perth will put a serious dent in WA's economy, education authorities have warned. The West
Legal action threatens Burrup project
The bitter stoush between Perth-based tycoon Pankaj Oswal and his 35 per cent shareholder Yara International has worsened, after the Norwegian company launched legal action alleging he had refused to open his company books to scrutiny. The Aus
THE WEST AUSTRALIAN:
Page 1: Colin Barnett has moved to rein in West Australians' optimism about the economy and bullish talk of a return to boom times, warning people to think twice before buying houses and splurging on holidays because "this is not party time".
Page 4: The state government yesterday announced a $5 million assistance package to help stricken farmers grappling with what is said to be the worst drought since 1914.
Watsonia-branded cheese will no longer be made in WA after George Weston Foods decided to stop production at its dairy in Spearwood.
Page 5: Public hospital medical practitioners have underbilled private and international patients $20 million because of inadequate invoicing controls, the Auditor-General has revealed.
Page 7: ANZ has become the second of the big four banks to hit homeowners with a supersized interest rate increase, but it has attempted to sugar-coat the news by scrapping its mortgage exit fees.
Page 9: Julia Gillard has flown into a war of words among the world's biggest economies that threatens to derail the recovery from the global financial crisis.
Page 10: An 18-month inquiry into the Shire of Shark Bay has produced damning findings against the former council.
Page 11: Premier Colin Barnett has hauled Liberal MPs in for a stern chat about their loose lips as he continued to be dogged yesterday by fallout from the Adele Carles staff-for-votes affair.
Page 14: A dramatic decline in the number of international students choosing to study in Perth will put a serious dent in WA's economy, education authorities have warned.
Business: Hong Kong conglomerate Wah Nam International has launched an audacious two-pronged $1.2 billion takeover for Pilbara juniors Brockman Resources and FerrAus in order to become on of Australia's biggest iron ore producers.
The group behind the refurbishment of the Busselton Jetty, Marine & Civil, hopes to trade though its financial difficulties after yesterday calling in administrators over a loss-making contract with the Gorgon LNG project.
Woodside Petroleum investors will find out within weeks whether the company-defining Pluto LNG project has fallen prey to time and cost blow-outs as it nears its final stage.
One of Mount Gibson Iron's two major Chinese shareholders insisted yesterday it was committed to ensuring the iron ore miner operated "under the highest corporate governance priniciple", including a board with a majority of independent directors.
AWB has talked up the outlook for the hard-hit agricultural sector after handing down a $55 million loss in what is likely to be its last result as an ASX-listed company.
Norwegian fertiliser giant Yara International has stepped up hostilities in its increasingly bizarre tit-for-tat with business partner Pankaj Oswal, claiming it has been forced to launch fresh Federal Court action over attempts to gain access to Burrup Holdings' books.
A rapid rise in gas production in Australian could threaten billions of dollars in liquefied natural gas projects for companies yet to secure offtake deals for their product.
Xstrata is on the cusp of reaching 50 per cent ownership of Sphere Minerals after another major shareholder agreed to sell its stake into the $514 million takeover bid.
The fines Qantas has received for taking part in a global air freight cartel have now topped more than $100 million after the European regulator finally dished out its penalty.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: ANZ Banking Group has added to the political heat on the banks by becoming the second lender to raise rates above the rise in the official cash rate, but has pre-empted the regulator by abolishing its mortgage exit fee.
China's larger than expected trade surplus has inflamed tensions over global trade imbalances and currency values ahead of the Group of 20 meeting in South Korea.
The big four banks have cut their exposure to the commercial property sector by $20.7 billion in the past year, amid predictions that lending to the sector will be tight for at least another two years.
Foxtel could win the right to bid directly with the AFL to show football matches, in an option Communications Minister Stephen Conroy will take to cabinet on Monday as a decision looms on the contentious TV sports anti-siphoning list.
Page 4: Mining industry advertising against Labor's resources tax was important in highlighting deep community concerns about the government's economic management before the election, Liberal Party federal director Bian Loughnane said yesterday.
Page 5: The competition regulator is investigating whether the proposed takeover of the ASX by its Singapore counterpart will block other stock exchange operators from entering the market, placing another major hurdle in front of the deal.
Page 6: The federal government is still considering the emissions trading scheme it shelved early this year as an option for pricing carbon, even though the Greens have argued it should be dead, buried and cremated.
Page 8: Higher borrowing costs are eroding consumer confidence and constraining the housing market, giving the Reserve Bank of Australia time to gauge how much further it needs to raise interest rates.
Page 9: About half of the $83 billion the Gillard government has claimed in budget savings comes from revenue measures including higher taxes on mining, luxury cars, alcopops and employees' shares.
Page 10: Foreign students will find it harder to stay in Australia permanently under changes being prepared to the system governing skilled migration.
Page 16: Qantas' nightmare week continued as European regulators fined it and 10 other carriers a total of Є799.4 million ($1.1 billion) for being part of a worldwide cartel to fix air cargo and security surcharges over six years.
Page 17: Telstra's $450 million fightback in the mobile phone market is showing early signs of success, based on Optus and Vodafone Hutchison Australia's latest subscriber figures.
Page 18: The strong Australian dollar that sweetened the proceeds from Royal Dutch Shell's sale of Woodside shares is also stinging Shell and other foreign companies looking to invest in the nation's liquefied natural gas sector.
Page 20: Equinox Minerals chief executive Craig Williams says the idea his company is not paying enough for copper rival Citadel Resource Group is due to the target's large cash holding.
Xstrata is poised to win control of iron ore explorer Sphere Minerals after another large institutional shareholder signalled it would accept the mining giant's $3-a-share cash offer.
Page 48: Canadian asset giant Brookfield Asset Management is planning to float a near $4 billion portfolio of Australian office towers on the Australian Stock Exchange in 2011.
Page 50: Goodman Group will developm a $60 million distribution centre at its Stockyards Industrial Estate in Perth for Coca-Cola Amatil.
Page 56: Property developer Port Bouvard has slashed the prices on the final 26 apartments at its Oceanique development, near Mandurah, south of Perth, citing a need to "meet the market".
THE AUSTRALIAN:
Page 1: A historic trade pact between South Korea and the US is expected to be sealed at the G20 summit today, paving the way for an earlier than expected free trade deal between the Asian nation and Australia.
The Gillard government has unveiled radical changes to family law that redefine domestic violence, place greater weight on child safety and could weaken the Howard government's shared parenting laws.
ANZ has sparked a political firestorm by defying the Gillard government with a 39-basis-point rise in its variable mortgage rate -- 14 points above the Reserve Bank's Melbourne Cup day increase.
Page 4: A multi-party committee set up just six weeks ago to help drive climate change policy has fractured, with the Greens yesterday accusing Labor of a ''breach of faith''.
Page 6: Borrowers can count on cuts to the exit fees on home loans, as lenders review their charges to head off class actions from consumers.
Predictions of economic capacity constraints and rising inflation have renewed business pressure on Julia Gillard to make bold reforms.
The states are crying poor over a $1.5 billion cut to their goods and services tax payments ahead of the annual carve-up of the vital tax receipts by Canberra.
Retailers are bracing for a quiet Christmas with a revival in consumer confidence halted by last week's interest rate rise.
Business: ANZ has become the second major bank within a week to ignore the government by raising its key mortgage rates by more than the Reserve Bank's official move, as the industry faces a fresh clampdown on banking fees.
John Akehurst, the former Woodside Petroleum chief who led the company's aggressive defence against Royal Dutch Shell's $10 billion takeover attempt in 2001, now believes Australia should accept that the oil and gas group could fall into foreign hands.
The festive season is set to live up to its name, with capital markets signalling a strong return of activity that should carry through into the new year.
Australia is on track to become the third-biggest Organisation for Economic Co-operation and Development gas producer and the largest producer in the Asia-Pacific region.
European steel industry body Eurofer has flagged a return to the old iron ore benchmark system, a move the major miners will resist as they enjoy the benefits of pricing mechanisms linked to the spot price.
Computershare has backed the proposed $8.4 billion takeover of the Australian Securities Exchange by its Singapore counterpart, saying it will help create a more vibrant capital market.
The bitter stoush between Perth-based tycoon Pankaj Oswal and his 35 per cent shareholder Yara International has worsened, after the Norwegian company launched legal action alleging he had refused to open his company books to scrutiny.
THE SYDNEY MORNING HERALD:
Page 1: The government is promising new legislation to give shareholders power to rein in executive salaries.
Qantas is tipped to extend the grounding of its A380 fleet. Fertility specialists have developed technology to magnify human sperm.
Lend Lease has shaved the length and reduced the mass of the first of three giant office towers planned for Barangaroo.
Page 2: Children caught in violent family break-ups would be better protected under proposed changes to the Family Law Act.
Page 3: A government rebate to install solar panels on households favoured the rich, a review has found.
World: (Jakarta) Barack Obama said his attempts to reconcile the US with the Islamic world needed more work.
Finance: Industry superannuation funds still have an appetite for infrastructure assets.
Business: Greg Inglis is understood to have canvassed numerous figures on what John Lang is like as a coach.
THE DAILY TELEGRAPH:
Page 1: The ANZ has risen interest rates by 0.39 per cent. Ron Medich became obsessed with having Michael McGurk murdered, court documents allege.
Page 2: Ron Medich story continued.
Page 3: Ron Medich story continued.
World: (Los Angeles) Nobody has been able to explain the sight of a missile streaking through the sky.
Business: PBL Media has appointed Jeff Browne as managing director of the Nine Network.
Sport: The Johns brothers have joined forces to help rescue the Newcastle Knights.
THE AGE:
Page 1: Hospitals are putting performance concerns ahead of lives as they battle to meet Victorian government targets without enough resources, an explosive report has revealed.
Preference negotiations between Labor and the Greens have broken down, with the ALP now resigned to a Coalition-Greens deal that could bring down the Brumby government.
Page 2: Qantas is tipped to extend the grounding of its entire A380 fleet until at least early next week, as the fallout from the airlines mid-air engine emergency spreads.
Page 3: Free television has issued a private threat to advertise against a looming decision on sports broadcasting rules expected to allow more premium AFL and rugby league matches to drift to pay TV.
World: US President Barack Obama admitted his project to reconcile the US with the Islamic world needed much more work, even as he enthralled an audience of dignitaries and students in Jakarta, capital of the nation with the world's largest Muslim population.
Business: Industry superannuation funds still have an appetite for infrastructure assets despite pouring cash into the $2.1 billion purchase of the Port of Brisbane yesterday.
Sport: Six weeks after walking away from Geelong citing burnout, Mark Thompson strode into a Windy Hill training session and told Essendon coach James Hird he would take a senior assistant coaching role.
THE HERALD SUN:
Page 1: John Brumby last night battled to defend his governments 11-year record on the key issues that will decide the state election.
Page 3: The corporate watchdog says it will take banks to court if they try to punish home loan customers who switch lenders by imposing high exit fees.
Page 5: Violent crime, cuts to stamp duty and the Labor governments 11-year record last night dominated Victoria's first peoples forum.
World: US President Barack Obama yesterday called on Muslims worldwide to reject al-Qaeda and other terrorist organisations, saying they had no claim to leadership in the Islamic world.
Business: ANZ chief Philip Chronican says he has thrown down the gauntlet by axing exit fees in a move that threatens to reshape the competitive landscape in Australia's $1 trillion mortgage market.
Sport: Geelong has accused dual premiership coach Mark Thompson of lack of transparency in the months leading to his return to Essendon yesterday as James Hird's senior assistant.
THE CANBERRA TIMES:
Page 1: The ACT government will pay up to $26 million to bring a Sydney-based AFL club to Canberra over a decade.
Page 2: The ACT government is under fire for allowing the contractor involved in a Barton bridge collapse to finish the construction job.
Page 3: The ACT lost up to $62 million in GST payments, a review of the budget has found.
World: US president Barack Obama has used a speech in Indonesia to renew his efforts to repair US relations with the Muslim world.
Business: Grains marketer AWB has narrowed its net loss and failed to declare a dividend before its takeover by Canada's Agrium Inc.
Sport: Tiger Woods has promised not to relinquish the Australian Masters, the last title he has left to defend, without a fight.
