Global deal on climate in doubt: Labor – The Fin; Minerals Council rejects tax bias – The Fin; Banks will own Nine, says Stokes – The Aus; Troubled CITIC axes 50 jobs – The West; Qantas faces fresh disruption as unions plan a day in court – The Aus
Global deal on climate in doubt: Labor
Labor has conceded that the future of the global climate deal is in jeopardy, saying Australia will not sign unless major polluters agree to lock in pledges to reduce emissions. The Fin
Minerals Council rejects tax bias
The Minerals Council has backed the federal government's position that the mining tax does not discriminate against small miners, undermining claims of unfair treatment by Andrew Forrest's Fortescue Metals Group. The Fin
Banks will own Nine, says Stokes
Seven Group Holdings chairman Kerry Stokes yesterday predicted that ‘‘the banks will own’’ Nine Entertainment within a year as the company is crippled by a $3.6 billion debt burden. The Aus
Troubled CITIC axes 50 jobs
CITIC Pacific Mining, the Chinese owner of the troubled $US6.1 billion Sino Iron magnetite project in the Pilbara, is slashing its WA workforce just months out from producing first iron ore. The West
Qantas faces fresh disruption as unions plan a day in court
Qantas passengers face new disruption, with the Transport Workers Union set to launch a Federal Court challenge to the Fair Work Australia ruling preventing unions taking industrial action against the airline. The Aus
THE WEST AUSTRALIAN:
Page 3: The future of WA's biggest music festival is in limbo after the Town of Victoria Park rebuffed moves by Big Day Out promoters to shift it to a smaller stadium in Lathlain.
Page 9: Western Power executives were attacked yesterday by members of a parliamentary committee over their failure to disclose the dire state of the utility's wood pole network.
Page 10: The tourism industry is confident the number of visitors from China to WA will treble within a year after the start of direct flights yesterday.
Page 11: The payment of “success fees” to lobbyists will be outlawed and politicians, ministerial staffers and senior public service chiefs will be subject to a 12-month “cooling-off” period after they leave office under Colin Barnett's plan to reign in the lobbying industry.
Page 13: The state government will help pay for the sporting club fees of up to 30,000 financially disadvantaged WA children in a move aimed at giving them the same opportunities to learn life skills and gain physical fitness as other youngsters.
Page 14: Wayne Swan is facing demands he reveal all details of the mining tax to head off claims from smaller miners and the Opposition that it will not raise the cash promised.
Building magnate Sam Buckeridge is disappointed Education Minister Liz Constable declined his offer to build a crucial teaching facility at below cost while taking “sponsorship” cash from other corporations.
Page 16: State Liberal MP John McGrath wants a tunnel built under the government's Perth Waterfront project amid concerns that the proposed downsizing of Riverside Drive will cause traffic snarls in his South Perth electorate.
Business: Shareholder anger at seemingly ever-increasing salaries paid to company executives dominated Wesfarmers' annual meeting yesterday, as investors voiced their distaste at incentive schemes they claimed were out of sync with the conglomerate's performance.
At the height of the most acrimonious AGM season in recent corporate memory, Fortescue Metals Group's annual gathering of shareholders failed to attract any criticism over how well the $15.9 billion Pilbara iron ore miner rewards its senior executives.
Seven West Media chairman Kerry Stokes has predicted that his heavily indebted rival, Nine Entertainment, would be in the hands of its bankers within 12 months.
Brockman Resources has triggered speculation that it is once again in the corporate crosshairs after revealing it has held “confidential” discussions with its controlling Chinese shareholder, Wah Nam International.
CITIC Pacific Mining, the Chinese owner of the troubled $US6.1 billion Sino Iron magnetite project in the Pilbara, is slashing its WA workforce just months out from producing first iron ore.
It was the glimmer of hope the market had been looking for – sales growth across Myer's 67 department stores crept into positive territory in October, breaking a long-running downward trend in a sign things may be looking up for retailers.
WA's gold miners should not expect to find themselves on Evolution Mining's shopping list any time soon, although chairman Jake Klein has left the door open to using the group's soon to be $215 million cash pile to fund acquisitions.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Labor has conceded that the future of the global climate deal is in jeopardy, saying Australia will not sign unless major polluters agree to lock in pledges to reduce emissions.
Italy faces a prolonged political crisis on top of its economic woes after Prime Minister Silvio Berlusconi promised to resign, but gave no clear signal on how a new government might be formed.
Page 3: The Minerals Council has backed the federal government's position that the mining tax does not discriminate against small miners, undermining claims of unfair treatment by Andrew Forrest's Fortescue Metals Group.
Page 4: Transport group Asciano has agreed to give stevedores at its Patrick unit pay rises of up to 26 per cent over five years in return for concessions from the Maritime Union of Australia, including an end to an unofficial limit on the operation of cranes.
Success fees for political lobbyists will be banned and fines of up to $10,000 levied for anyone lobbying while not on an official register under new laws unveiled by the West Australian government.
Page 8: A surge in consumer confidence has boosted retailer hopes for strong Christmas sales as easing interest rates drive new-found optimism about the economic outlook.
Page 9: State and federal governments are on track to meet national targets to improve school education but are failing on vocational education and training goals, a centrepiece of the federal government's policy agenda.
Page 10: Companies that try to dodge the carbon price by splitting operations or shifting them overseas could be hit with tough anti-avoidance laws under measures included in the legislation passed on Tuesday.
Page 13: Treasury secretary Martin Parkinson has rejected calls for the government to drop its commitment to a budget surplus next financial year and declared that restoring the Commonwealth balance sheet is the priority.
Page 20: Strong revenue growth from its WesTrac mining equipment distributors in Australia and China will boost profits at Kerry Stokes' Seven Group Holdings this year.
Nine Entertainment Co will be owned by its banks within 12 months, according to Seven Group Holdings executive chairman Kerry Stokes.
Page 21: Wesfarmers chairman Bob Every has been forced to defend the conglomerate's $20 billion acquisition of Coles after facing a barrage of criticism from shareholders over executive remuneration.
A dispute over native title cast a shadow over Fortescue Metals Group's annual meeting in Perth on Wednesday.
Page 22: Sales continued to decline at Myer in the October quarter but solid demand for toys, Christmas trim, hampers and gift-boxed cosmetics have buoyed hopes that Christmas trading could exceed expectations, underpinning full year earnings.
Page 23: A more than 50 per cent surge in the anticipated cost of Inpex's Ichthys liquefied natural gas project in northern Australia has triggered expectations that the Japanese company will sell more equity in the project to partner Total as well as to customers within the next few weeks.
Page 50: First-time buyers are becoming more active in the housing market due to falling house prices and a stable interest rate outlook, leading some experts to predict a return to house price growth early next year.
THE AUSTRALIAN:
Page 1: The Greens face widespread accusations of hypocrisy after demanding Australia abandon non-renewable energy sources, a day after voting for a carbon tax package underwritten by the continuing long-term use of gas.
Qantas passengers face new disruption, with the Transport Workers Union set to launch a Federal Court challenge to the Fair Work Australia ruling preventing unions taking industrial action against the airline.
Page 2: Australia will press its trading partners to move quickly to simplify regulations in a bid to sideline protectionists and boost national income.
Page 5: The number of Chinese visitors to Perth each year is expected to increase from 15,000 to 45,000 within 12 months as Asia’s biggest airline ramps up its presence in Australia
Struggling authors would be eligible for the same tax breaks as farmers to cover their lean years under a new government-commissioned blueprint for the future of the book industry.
Page 6: The International Energy Agency has rejected Greens claims that the big coal-seam gas export plants planned for Gladstone could emit as much carbon as coal-fired power plants, saying CSG is cleaner by a big margin.
Fortescue Metals Group expects to pay $800 million in company tax, over $400m in state royalties but no more than $20m under the mining tax next year, despite spearheading a campaign against the new levy.
Coral reefs may be able to withstand climate change better than previously thought, with new research showing some reefs can protect themselves from dangerous ocean acidity by absorbing carbon dioxide.
Business: Seven Group Holdings chairman Kerry Stokes yesterday predicted that ‘‘the banks will own’’ Nine Entertainment within a year as the company is crippled by a $3.6 billion debt burden.
The chairman of ports and rail operator Asciano says the company still has ‘‘a long way to go’’ in its rebuilding strategy under new chief executive John Mullen and will stay committed to its port operations despite the protests of some institutional investors.
Wesfarmers shareholders last night approved a controversial equity grant worth up to $6.7 million to chief executive Richard Goyder, despite investors raising strong concerns during the conglomerate’s annual meeting in Perth.
Qantas boss Alan Joyce’s worst nightmare arrived in Perth yesterday with a promise to more than triple flights between China and Australia by 2015.
Myer sales fell 3.5 per cent from last year to $681.4 million, but there were encouraging signs for sales leading up to Christmas, chief executive Bernie Brookes said yesterday.
THE SYDNEY MORNING HERALD:
Page 1: The governor of Afghanistan's Oruzgan province where three Australians soldiers were shot is desperate to leave because he fears for his safety.
Page 2: The federal government has been forced to pay $18 million in compensation to asylum seekers for unlawful detention.
Page 3: News Ltd will no longer be run by newspaperman John Hartigan, but by pay TV executive Kim Williams, the son-in-law of former Labor prime minister Gough Whitlam.
World: (London) The head of the International Monetary Fund (IMF) has warned of the risk of a "lost decade" for the global economy unless nations act together to counter threats to growth.
Business: The new boss of Foxtel faces the immediate challenge of sealing a takeover of regional operator Austar or coming up with an alternative path to growth if it is blocked.
Sport: Des Hasler is gone as Manly coach for next year, replaced by Geoff Toovey.
THE DAILY TELEGRAPH:
Page 1: Australian special forces have set out to capture alive the latest Afghan soldier to turn his weapon on diggers. News Limited CEO John Hartigan has retired after four decades with the company.
Page 2: Two men were rushed to hospital after inhaling ammonia leaking form the Orica plant in Newcastle yesterday.
Page 3: An independent school has fired the latest salvo in Sydney's `school wars' as debate heats up over whether families should be given more choice.
World: Embattled Italian prime minister Silvio Berlusconi pledged to resign yesterday in a bid to help save the crumbling euro currency.
Business: Myer will look to close stores and reduce floor space as the company attempts to generate as much as 10 per cent of its sales revenue online.
Sport: Des Hasler has all but coached his last fame for Manly.
THE AGE:
Page 1: Top Afghan ally wants to get out of strife-torn province where three Australians were shot this week. Gillard government says lockout plans for Victorian nurses was out of the 19th century. News Ltd replaces CEO with non-newspaperman Kim Williams. Italy now under pressure as Silvio Berlusconi signals he'll quit as PM.
Page 3: Book industry wants GST scrapped on local sales or imposed on online purchases. Helen Razer article wrongly attributed in VCE exam. Mining boom benefits have peaked, says study.
World: Western sanctions needed to slow Iran's nuclear progress in order to avoid the need for military action, experts warn.
Business: Corporate insolvencies surge as retailers, manufacturers and property groups hurt in weak economy.
Sport: Adam Scott has his eyes on world number one spot.
THE HERALD SUN:
Page 1: Thugs face an automatic four-year sentence with new laws to be introduced. Wild storms batter Victoria.
Page 2: Shake-up at the top of News Ltd as John Hartigan steps down as CEO.
Page 3: Taxpayers kick in another $865 million for myki card to ensure transport group's income. Penguins celebrate their first chicks at the Melbourne Aquarium. Andrew Forrest's Fortescue mining company has not paid tax for seven years.
World: Crosby and Nash sing for Occupy Wall Street protesters.
Business: Myer to axe poor performing stores as sales weaken.
Sport: Tiger Woods favourite to win Australian Open and end a two-year losing streak.
THE COURIER MAIL:
Page 1: Queensland police have been told to find new places to catch speeding motorists if their mobile cameras are only catching a few culprits.
Page 2: John Hartigan steps down as News Ltd CEO after 11 years.
Page 3: A Gold Coast bank manager has been found not guilty of robbing his own bank after claiming he was held hostage by Irish revolutionaries and stabbed with a mystery syringe of poison.
World: Italian Prime Minister Silvio Berlusconi says he will not run for office again.
Business: Consumer confidence may have hit a six-month high but Wesfarmers and Myer remain cautious into the all-important Christmas season.
Sport: Canterbury are close to winning the services of Manly coach des Hasler a season earlier than expected.
THE CANBERRA TIMES:
Page 1: Australia will keep troops in Afghanistan despite the latest attack by a soldier within Afghan National Army ranks.
Australia's education standards are slipping, the latest Council of Australian Governments reform group says.
John Hartigan resigns as the chief of News Ltd.
Figures show Canberra drivers were hit with an extra $1.6 million in parking fines this year compared to last year.
Lobby groups are vying for credit for helping the carbon tax become law.
Page 2: Big nightclubs in Canberra will pay more for liquor licences and smaller ones less under ACT government reforms.
Page 3: The ACT government promises residents they will be able to catch a glimpse of US President Barack Obama when he visits the Australian War Memorial, despite a big security lockdown.
World: Republican Herman Cain insists a mounting sexual harassment scandal won't push him out of the White House race.
Business: The spotlight turns to News Ltd's new chief executive Kim Williams, who is described as a cultured and astute businessman.
Sport: There are hopes Indian cricketing legend Sachin Tendulkar will be part of the line-up at Manuka Oval for an Australian tour in Canberra next month.
THE ADELAIDE ADVERTISER:
Page 1: Even via video link, Jason Alexander Downie's discomfort was obvious. (Feature on Jason Downie who pleaded guilty to a triple murder on Wednesday.)
1: The gap between South Australian students from low socio-economic backgrounds and those from wealthier families is wider than the national average.
Page 3: Researchers have identified concrete links between the use of Chinese herbal remedies and an increased risk of kidney failure and cancer.
World: Embattled Italian Prime Minister Silvio Berlusconi pledged to resign yesterday in an attempt to help save the crumbling Euro.
Business: Retailers took heart from signs of rising consumer confidence, with shares in Myer, David Jones, Harvey Norman and JB Hifi soaring between three and 6.5 per cent yesterday.
Sport: Leon Davis has driven to Adelaide and will meet Port Adelaide within the next 24 hours as the club's interest in the dual All-Australian heats up.
