Today's Business Headlines

Business tax breaks in jeopardy

Curbing tax breaks on corporate debt and scrapping depreciation concessions in the oil and gas industries have emerged as the key targets to fund the next round of business tax reform. The Fin

Collier plays hardball on WA's Irish jobs plan

State Training and Workforce Development Minister Peter Collier plans to bypass the federal government to realise his dream of importing thousands of unemployed Irish workers to WA to ease the skilled labour shortage. The West

Crown's $2.2bn punt paying off

The James Packer-backed Crown believes the five-year $2.2 billion redevelopment of its Crown and Burswood casinos in Melbourne and Perth is already generating revenue improvements as the group looks to fend off increased competition from Singapore and The Star casino in Sydney. The Aus

No reason for doubt on Browse: Coleman

Woodside Petroleum managing director Peter Coleman has warned investors and analysts that his “silence” on the controversial Browse LNG project should not be interpreted as a lack fo faith in the proposed development option, at James Price Point north of Broome. The West

Lanco derailed deal: Perdaman

Perdaman Chemicals is claiming that as little as two months after Indian company Lanco Infratech paid $750 million for Ric Stowe's collapsed Griffin Coal operations in January it had decided to interfere with a 25-year coal supply contract between the parties and alienate Perdaman's financiers. The West

 

THE WEST AUSTRALIAN:

Page 3: Weather Bureau workers are to take industrial action today – which could lead to a ban on forecasts for radio and television.

Page 10: Australia's richest person, Gina Rinehart, has lambasted the country's leaders for burdening the mining industry with excessive red tape, claiming she had to apply for more than 3100 permits to develop her $US6.6 billion Roy Hill iron ore project in the Pilbara.

WA Premier Colin Barnett has used an address to Commonwealth leaders to criticise the mineral resources rent tax and urge the federal government to support rather than hinder mining.

Page 14: The Reserve Bank has a green light to cut interest rates on Melbourne Cup Day with figures showing prices are falling across the board.

Page 16: Travel chaos is set to return tomorrow after the Transport Workers Union, which represents baggage handlers, caterers and ground staff, rejected a new pay offer from Qantas.

Business: Woodside Petroleum managing director Peter Coleman has warned investors and analysts that his “silence” on the controversial Browse LNG project should not be interpreted as a lack fo faith in the proposed development option, at James Price Point north of Broome.

Federal Superannuation Minister Bill Shorten has pledged to review the impact of tougher new restrictions on art collections held by self-managed superannuation funds.

ANZ chief executive Mike Smith has called on global regulators to slow the pace of new banking reforms, warning their haste to implement the so-called Basel III rules while Europe was in the midst of a financial crisis could “choke” the world's economic recovery.

A lull in natural disasters across the region over recent months had delivered a rare patch of sunlight for Insurance Australia Group, with the car and home insurer yesterday giving shareholders hope that after years of misses, it can finally hit its profit targets.

State Training and Workforce Development Minister Peter Collier plans to bypass the federal government to realise his dream of importing thousands of unemployed Irish workers to WA to ease the skilled labour shortage.

Coles' owner Wesfarmers expects consumer spending to remain weak even if the Reserve Bank cuts interest rates next week, as widely expected following yesterday's benign inflation reading.
Africa is missing out on its fare share of riches from the resources boom and companies need to do more to engage with the countries they are operating in, say African leaders and industry figures.

Perth's booming office market is the standout favourite for commercial property investments, according to a new quarterly survey by the Property Council and ANZ showing confidence in WA's property sector is the highest in the nation.

Paul Kopejtka, the architect of Murchison Metals' ill-fated strategy to become an integrated iron ore mine and infrastructure group, has quit the board of the company just months after being axed from the role of executive chairman.

Perdaman Chemicals is claiming that as little as two months after Indian company Lanco Infratech paid $750 million for Ric Stowe's collapsed Griffin Coal operations in January it had decided to interfere with a 25-year coal supply contract between the parties and alienate Perdaman's financiers.

The sprawling Wellard Group saw its profit slashed by more than half in 2010-11, as the agricultural group battled a perfect storm of industrial action, a soaring dollar, “unprecedented” weather events and political unrest in key export markets.

Apache Corp is trying to have a $158 million damages claim brought by fellow heavyweight Alcoa thrown out of the Supreme Court, arguing that damages stemming from the Varanus Island explosion more than three years ago are capped under contract at less than $6 million.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Curbing tax breaks on corporate debt and scrapping depreciation concessions in the oil and gas industries have emerged as the key targets to fund the next round of business tax reform.

Australia is risking a stoush with India and may miss out on billions in extra trade by refusing to lift a ban on uranium exports, say business chiefs and diplomats.

Page 3: Departing Toll Holdings chief executive Paul Little has accused the leader of the Transport Workers Union of trying to micro-manage the company by seeking to limit the use of contractors.

House prices have fallen for a fifth consecutive quarter, as weak sentiment over the economy keeps buyers out of an oversupplied housing market.

Page 8: Wayne Swan has warned banks to pass on in full any interest rate relief to their customers after a sharp slowdown in inflation cleared the way for a rate cut.

Page 14: Infrastructure works must involve capital expenditure of more than $100 million ore be of national significance to qualify for new tax concessions.

Page 24: Karoon Gas has defended its practice of paying options to directors and lashed out at the one-size-fits-all approach to executive remuneration.

Page 27: Fortescue Metals Group has raised $US1.5 billion of high-yield bonds, upsized from initial plans to raise $US1 billion, to help fund its $US8.4 billion expansion strategy.

Woodside Petroleum has rejected market speculation it remains a takeover target as it progresses talks to market Royal Dutch Shell's 24 per cent stake in the company to new investors.

Page 31: Britain's trade minister has warned against supporting local industry at the expense of promoting free trade, saying it would ultimately be self-defeating.

Page 32: Rio Tinto chief Tom Albanese has delivered a blunt warning to African nations not to demand ownership stakes in mining projects in their own countries.

Page 70: Western Australia's wealth may be growing in line with the mining boom, but house prices are falling.

 

THE AUSTRALIAN:

Page 1: A sharp fall in the inflation rate has demolished the Reserve Bank’s arguments for keeping interest rates high to slow the economy and presented a strong case for a rate cut at the bank’s board meeting next Tuesday.

James Packer will today launch a scathing attack against the Gillard government’s plans to introduce laws to combat problem gambling, warning that the current proposals will cost jobs, reduce investment in the industry and do nothing to help serious gamblers.

Page 2: Brisbane has won the race to the bottom with Adelaide to become the cheapest mainland capital in which to buy a house, with median prices plummeting 6.7 per cent in 12 months.

Page 3: ABC employees fear job losses if the broadcaster loses the $223 million Australia Network contract, sources at the corporation say, and they have not ruled out industrial action.

Page 5: Airservices Australia has called for changes in the way mining companies in Western Australia roster their staff as it struggles to keep pace with the explosion of fly-in, fly out traffic.

Page 6: Queensland MP Bob Katter has left the door open to supporting Julia Gillard’s mining tax as fellow cross-bencher Andrew Wilkie lobbies her government for 11th-hour changes to the multi-billion-dollar levy.

Woodside Petroleum chief executive Peter Coleman has rejected speculation that the company is a takeover target and revealed he has offered to help major shareholder Royal Dutch Shell sell down its remaining $6.7 billion stake.

Billionaire mining magnate Gina Rinehart has predicted a massive labour shortage in Western Australia’s Pilbara region within years and warned that the Gillard government’s carbon and mining taxes will drive away investment.

Page 7: Commonwealth leaders meeting in Perth this week will toughen the 54-nation body’s ability to sanction member states over human rights abuses, in response to criticism that it is becoming irrelevant.

Barack Obama now appears certain to make a whistle-stop visit to Darwin next month as part of his lightning trip to Australia.

Business: The James Packer-backed Crown believes the five-year $2.2 billion redevelopment of its Crown and Burswood casinos in Melbourne and Perth is already generating revenue improvements as the group looks to fend off increased competition from Singapore and The Star casino in Sydney.

The Gillard government is under renewed pressure to help the states deliver nationally significant projects, after it detailed plans to remove tax disincentives for private investment in infrastructure.

The Gillard government’s carbon tax will hit top-200 companies just as hard as Kevin Rudd’s previous plans, adding $33.4 billion to the cost of doing business across its first decade, according to new research.

One of Australia’s biggest financial planning networks, owned by the Commonwealth Bank, has agreed to a deal with the corporate cop in which it accepts a wide-ranging, two-year shake-up of its internal processes following an investment advice scandal.

Iron ore prices have continued to plunge on world markets with the biggest one-day fall in three years as the Chinese government signalled jitters over the direction of the economy and a possible need to ease credit conditions.

Fortescue Metals Group has defied jitters in iron ore markets to raise $US1.5 billion ($1.4bn) in unsecured high-yield US bonds, bolstering confidence it can acquire the $US8.4bn funding needed to triple its annual iron ore capacity to 155 million tonnes a year by mid-2013.

The guard officially changed at Macarthur Coal yesterday after Peabody Energy decided to go it alone with the $4.9 billion takeover of the Queensland miner.

Brewing major Foster’s has been cleared to put a $12.3 billion takeover offer from British-South African giant SABMiller to shareholders.

Rio Tinto’s major shareholder, Chinalco, has delayed the signing of a deal to enter the Simandou iron-ore project in Guinea and has requested an engineering study on the $US10 billion ($9.5bn) project before it joins.

Strong institutional demand for Woolworths’ notes issue has lifted the size of the capital raising to $700 million and the margins or coupons payable reduced to the lower end of expectations.

The country’s property industry is pinning its hopes on resource-rich Western Australia and the Northern Territory to drag it out of the doldrums, according to a survey by peak body the Property Council of Australia and ANZ Bank.

Growing alarm at Perth’s shortage of hotel beds has led the state government to offer radical incentives, including peppercorn leases on crown land, to try to attract developments.

 

THE SYDNEY MORNING HERALD:

Page 1: A Liberal backbencher says he could support the federal government's mining tax. The Commonwealth Ombudsman's office received a report six days ago about the 27-year-old Tamil detainee who committed suicide at Villawood.

Page 2: Spill from page 1 - the Commonwealth Ombudsman's office received a report six days ago about the 27-year-old Tamil detainee who committed suicide at Villawood. Pharmacy Guild in controversy over offering weight loss programs based on genetic tests.

Page 3: Queen Elizabeth takes a tram ride in Melbourne. Reserve Bank set to deliver interest rate cuts worth $49 a month to typical mortgagee households.

World: Hopes for a grand plan to solve the European debt crisis at the emergency summit in Brussels have faded.

Business: Iron ore prices have continued to crumble, potentially wiping more than $US10 billion from annual export earnings.

Sport: Todd Carney's mother has told him that one false step at the Cronulla Sharks will end his career.

 

THE DAILY TELEGRAPH:

Page 1: A man reportedly wanted by UK police for allegedly faking his own death has been found living in Sydney.

Page 2: According to the AXS Futures Market a 0.25 per cent rate reduction is expected on Melbourne Cup Day. Foreign Minister Kevin Rudd battles a sore throat at CHOGM.

Page 3: A first time mum has been charged with the manslaughter of her toddler, who died after being left in a car in western Sydney. Queen Elizabeth boards a Melbourne tram on St Kilda Road, creating a fuss.

World: Two-week-old baby pulled from the rubble of Turkey's earthquake.

Business: Institutions representing almost half of Qantas's shareholders have met with pilots.

Sport: Sharks coach Shane Flanagan has called on fans to judge bad boy Todd Carney on his time at Toyota Stadium, not his past indiscretions.

 

THE AGE:

Page 1: The Queen takes a royal tram ride to Government House. The Commonwealth Ombudsman sent a report six days ago on the Tamil detainee who took his life at the Villawood detention centre.

Page 2: You can bet on a rate cut on Melbourne Cup Tuesday as inflation eases up. Soldiers argued about the risk of sending out a patrol on the day that Private Nathan Bowes was killed by an IED.

Page 3: Education Department moves to sack school council and axe alternative Steiner program. Motorcyclist and his barrister father spend $60,000 to beat $1800 speeding fine. Melbourne Grammar school captain takes up historic right to ride his horse to school. Court told Joseph Gutnick knew of sex charges against Yeshivah security guard. Abducted Maserati driver found safe and unhurt.

World: Texas Governor Rick Perry promises a flat rate income tax as he vies for the Republican presidential nomination.

Business: Tabcorp prepared to keep Irish bookmaker Paddy Power in court for years to keep it out of the Australian market.

Sport: Jockey Craig Williams's spring carnival campaign in tatters after he was suspended for careless riding at Bendigo.

 

THE HERALD SUN:

Page 1: The Queen of Hearts captivates Melbourne as thousands flock to see her.

Page 2: Leading jockey Danny Nikolic faces assault charges on another jockey. Bali prosecutors file three drugs charges against 14-year-old Australian boy.

Page 3: OPI finds state government adviser Tristan Weston leaked information to media about death of underworld boss Carl Williams. Santas given update on latest tech gizmos as kids draw up their Christmas wish lists.

World: Thais brace for the worst as floodwaters head for Bangkok.

Business: Fall in inflation opens the door for interest rate cut by the Reserve Bank on Melbourne Cup Tuesday.

Sport: GWS admits to employing star recruit Tom Scully's dad as a full time recruiter.

THE CANBERRA TIMES:

Page 1: The ACT will need to dramatically cut fossil fuel electricity use and car dependency if it is to meet its legislated 40 per cent reduction in emissions by 2020.

Page 2: New statistics show the cost of living in Canberra is rising faster than nearly every other Australian city.

Page 3: The ACT government has told teachers they must accept a "fourth and final" pay deal offer.

World: US President Barack Obama says Libyan leader Muammar Gaddafi's death sends a message to dictators around the world.

Business: Fortescue Metals says it has secured the funding needed for its planned $8.4 billion expansion.

Sport: The Canberra Raiders chairman warns another poor season will not be tolerated, but denies giving coach David Furner any ultimatum.

THE ADELAIDE ADVERTISER:

Page 1: The odds of a Melbourne Cup rate cut have shortened.

Page 3: Poor sleepers are more likely to be cash-strapped and sickly.

World: A two-week-old girl has been pulled from the rubble of an earthquake in Turkey.

Business: Karoon Gas will spend up to $1 billion on a drilling program.

Sport: Adelaide is considering a shock swoop for Leon Davis.