Today's Business Headlines

Boom state underwrites nation

Western Australia’s ‘‘spellbinding’’ resources boom will almost single-handedly drive the nation’s growth for years as China’s strength trumps the problems in Europe and the US. The Aus

Kill switch to avert flash crash

The corporate regulator will control high-speed, computer-generated share trading by stockbrokers in an effort to prevent a United States-style “flash crash” from occurring locally. The Fin

BHP in port loader dust-up

BHP Billiton is poised to take legal action against a West Australian government authority in a stand-off over who should pay to upgrade costly machinery at the state's southernmost port of Esperance. The Fin

Delay in $7bn Shell sale could hit Woodside raisings

Equity raisings by Woodside Petroleum to fund its growth projects could be complicated by a possible delay in Royal Dutch Shell’s sale of its $7 billion stake in the Perth oil and gas giant because of weak markets. The Aus

Labor attacks as Midland misses out on new trains

Labor intensified its attacks on the Barnett government's public transport record yesterday, applying the blowtorch to Transport Minister Troy Buswell over revelations none of the 15 train sets on order have been set aside for the increasingly busy Midland line. The West

THE WEST AUSTRALIAN:

Page 4: Times might be tough for many West Australians but the state's richest have become even wealthier in the past year as China's demand for iron ore grows.

Page 5: The average price of unleaded petrol will be at a three-year high today.

Page 7: BHP Billiton staff have been told to limit their movements in public today and hide anything that might identify their employer because of a safety risk from anti-uranium protesters.

Page 13: Labor intensified its attacks on the Barnett government's public transport record yesterday, applying the blowtorch to Transport Minister Troy Buswell over revelations none of the 15 train sets on order have been set aside for the increasingly busy Midland line.

Page 17: The increasingly acrimonious dispute between Qantas and three key industry unions took a turn for the worse yesterday when the Transport Workers Union rejected a new agreement for 3,800 baggage handlers, caterers and ground staff.

Business: Fresh doubts about the ability of iron ore prices to maintain bumper levels put a lid on BHP Billiton's share price yesterday despite the group reporting better-than-expected production for the September quarter.

Australians are cracking fewer tinnies than they used to, but their insatiable thirst for cider shows no sign of abating.

Clive Palmer was “perfectly up-front” with directors of Gladstone Pacific Nickel when he negotiated to buy the Yabulu nickel refinery in Queensland from BHP Billiton in 2009, the NSW Supreme Court was told yesterday.

Shares in VDM Group will resume trading next week following four months in limbo after institutional shareholders helped to finally get its capital raising over the line.

Wellard Group is in talks with an international suitor over the sale of its fledgling wireless technologies business, days after selling its automation and control division to an Adelaide firm.

Lynas Corp shareholders were taken on a rollercoaster ride yesterday, with the rare earths miner forced to dispute a report that the Malaysian government had refused it an import licence after its shares plunged up to 17 per cent.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The Australian waterfront is braced for more strikes as businesses in highly unionised sectors try to protect management control in key areas of the national economy.

The corporate regulator will control high-speed, computer-generated share trading by stockbrokers in an effort to prevent a United States-style “flash crash” from occurring locally.

The man leading the national broadband network has warned that any plan to sell one of the Labor government's highest-profile projects will struggle because parts of it will never be profitable.

Page 7: The federal government has promised further reform to curb executive remuneration, scoffing at recent criticism by business doyen Don Argus.

Page 9: BHP Billiton is poised to take legal action against a West Australian government authority in a stand-off over who should pay to upgrade costly machinery at the state's southernmost port of Esperance.

Page 16: The Australian Competition and Consumer Commission will crack down on businesses that mislead customers on the need to raise prices ahead of the carbon tax, its annual report reveals.

Page 22: Virgin Australia has moved the compass in the industrial relations war between Qantas and three unions with a plan to switch aircraft from its international fleet into domestic service to plug the gap in air capacity left by its rival's withdrawal of aircraft.

Page 23: Ten Network has axed its current affairs program 6:30pm With George Negus, signalling the end of the $20 million a year early evening news and current affairs strategy introduced by its former chief executive, Grant Blackley.

Page 24: BHP Billiton's surging iron ore output in the September quarter has put it on track to exceed its guidance of a record 159 million tonnes of production from its West Australian operations this year, providing there are no severe disruptions during the wet season.

Record production from BHP Billiton and Rio Tinto, combined with a 10 per cent quarter on quarter boost in supply from Brazil to China, continue to weigh on spot iron-ore prices, which fell 2 per cent on Tuesday to $US150.30 a tonne.

Page 26: Telstra shares jumped to a 13-month high as investors digested news that the telco will maintain its prodigious dividend payout for the next two years in the wake of its $11 billion deal with the Gillard government.

THE AUSTRALIAN:

Page 1: The new chief of the navy has highlighted the dangers to defence personnel and asylum-seekers of turning back boats at sea, as promised by Tony Abbott under his border protection plans.

Page 2: Western Australia’s ‘‘spellbinding’’ resources boom will almost single-handedly drive the nation’s growth for years as China’s strength trumps the problems in Europe and the US.

US investment funds are pulling their money out of European banks and pouring them into bank deposits in Australia.

Page 3: More young people in Queensland, Victoria and Western Australia are staying in the family home or joining share houses, reversing a trend of almost 20 years, as housing affordability worsens.

Virgin Australia has offered a safety net to worried Qantas passengers, with a plan to bring in international planes over the busy Christmas period to fill the void created by its competitor’s industrial woes.

Page 5: West Australian journalists are to be granted long-awaited shield laws by the Barnett government, which is also introducing legislation to cover whistleblowers.

Page 6: Major international funds managers controlling $20 trillion in investments have warned that Tony Abbott’s vow to scrap the carbon tax if he wins the next election represents a ‘‘political risk’’ and may hold back investment in infrastructure and electricity.

Business: The major Australian banks are moving swiftly to act on their new-found ability to issue covered bonds to international investors, planning deals worth up to $3 billion that will diversify their funding bases and scale back exposure to costly wholesale funding markets.

Equity raisings by Woodside Petroleum to fund its growth projects could be complicated by a possible delay in Royal Dutch Shell’s sale of its $7 billion stake in the Perth oil and gas giant because of weak markets.

Rare earth miner Lynas’s shares slumped yesterday on speculation that it had been refused a licence to import ore into Malaysia for processing, as protests against its plant continued.

The once-in-a-lifetime mining boom and extensive home ownership have made Australians the wealthiest people in the world, according to a new survey.

The heads of some of Australia’s biggest manufacturers and unions have been named as members of Julia Gillard’s manufacturing taskforce, which will hold its first meeting next month as part of a push to revamp industry.

A day after Telstra shareholders overwhelmingly backed the company’s $11 billion deal with the National Broadband Network that will see the telco hand its copper network back to the government, analysts have projected a bright outlook for the company.

Mining magnate Clive Palmer and a former business partner are fighting two bitter legal battles after the billionaire pocketed a multi-million-dollar windfall on the purchase of an ailing BHP nickel refinery.

Online travel agency Webjet has provided more evidence that consumers are prepared to take holidays despite the uncertain economic times, reporting a solid first-quarter result.

THE SYDNEY MORNING HERALD:

Page 1: Opposition leader Tony Abbott has foreshadowed that Japan would be a higher priority than China if the coalition wins the next election. Queen Elizabeth arrives in Canberra, marking the start of Australian tour. The chairman of Webjet has written a letter to Julia Gillard urging her to intervene in the Qantas dispute with unions.

Page 2: Police have withdrawn an application on behalf of John Della Bosca's ex-mistress Kate Neill for a personal violence order against his wife, former federal MP Belinda Neal. The State of Australian Cities 2011 report shows that Sydney continues to lead the country in several key trends.

Page 3: The Police Integrity Commission has been accused of unfairness, withholding evidence and presenting misleading findings in a new report. Investigations are under way into the grounding of a supply ship carrying 20 tonnes of marine diesel fuel in the lagoon of Lord Howe Island.

World: An exclusive interview by Egyptian state television with released Israeli soldier Gilad Shalit has sparked criticism.

Business: Concerns about iron ore prices put a lid on BHP Billiton's share price yesterday.

Sport: French stayer Dunaden ground his rival into the turf in the Geelong Cup yesterday.

THE DAILY TELEGRAPH:

Page 1: Queen Elizabeth is swamped by schoolchildren after touching down in Canberra for her Australian tour. Qantas staff might lose their jobs due to continued strike action by unions.

Page 2: Independent MP Rob Oakeshott has been criticised for suggesting the NBN deal needs proper scrutiny.

Page 3: NSW frontbencher Carmel Tebbutt is reportedly opposing the federal government's mandatory poker machine pre-commitment scheme. Young P-plater should be banned from driving late on Friday and Saturday nights, NSW Auditor-General Peter Achterstraat says.

World: Israeli soldier Gilad Shalit came home on Wednesday after five years in Palestinian custody.

Business: Online travel agency Webjet is expanding into the hotel market.

Sport: Black Caviar will start the shortest-priced favourite in a feature race in 50 years on Saturday.

THE CANBERRA TIMES:

Page 1: The Queen arrives in Canberra.

Page 2: Royal visit coverage continued.

Page 3: Royal visit coverage continued.

World: Israeli officials criticise Egyptian television interview with soldier Gilad Shalit minutes after Hamas militants freed him in a prisoner swap.

Business: Canberra and Newcastle are to be targeted by global hardware giant Ikea in a future online business.

Sport: Michael Clarke is confident veteran Ricky Ponting is ready to produce some of his best form for Australia over the next five weeks. (Cricket)

THE COURIER MAIL:

Page 1: Qantas boss Alan Joyce warns of job cuts if union strike action continues.

Page 3: Thousands flock to the first Mining and Gas Job Expo on the Gold Coast.

Page 5: The man behind the original inquiry into the Bundaberg Hospital crisis says Queensland Health's problems are far more serious.

World: An Israeli soldier released in exchanged for 1000 Palestinian prisoners is fragile but should recover quickly, experts say.

Business: BHP Billiton's coking coal is down 10 per cent for the September quarter.

Sport: Two French stayers sit atop of Melbourne Cup betting.