02/12/2011 - 06:54

Today's Business Headlines

02/12/2011 - 06:54

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Strike surge under Fair Work - The Aus; Union claims trivial, says Barnett - The West; Mining investors may be misled: ASIC - The Aus; Russian miner's assets frozen - The Fin; Resort operator in Rottnest bid - The West

Today's Business Headlines

Strike surge under Fair Work

Working days lost due to industrial action have hit a seven-year high, sparking business demands for Labor to use its imminent review of the federal workplace laws to wind back the capacity of unions to strike. The Aus

Union claims trivial, says Barnett

Premier Colin Barnett has used the ground-breaking ceremony for the $29 billion Wheatstone LNG project to fire a broadside at Australia's union movement, arguing many of their industrial campaigns were outdated and based on “quite trivial issues”. The West

Mining investors may be misled: ASIC

The Australian Securities & Investments Commission has warned that part of the Australian Securities Exchange’s plans to overhaul the reporting of mining reserves and resources could mislead investors. The Aus

Russian miner's assets frozen

One of the largest shareholders in Fortescue Metals Group, Russian steelmaker Magnitogorsk Iron & Steel has been forbidden to sell its stake in the West Australian iron ore miner after the Federal Court froze its local assets. The Fin

Resort operator in Rottnest bid

Tourism entrepreneur John Spence is throwing his hat back in the ring to build a luxury resort on Rottnest Island. The West

 

THE WEST AUSTRALIAN:

Page 3: Billions of litres of fresh water from WA would be piped to the Eastern States under an audacious plan to save the Murray-Darling system and its struggling farmers.

Page 5: Tourism entrepreneur John Spence is throwing his hat back in the ring to build a luxury resort on Rottnest Island.

Plans to convert a Swan Valley winery into a concert venue hit a roadblock when the City of Swan recommended the application be refused.

Page 7: One of WA's richest men has spent almost $50,000 of taxpayers' money flying between Perth and his holiday home in Broome over the past four years.

Page 19: Julia Gillard's withdrawal from a long-standing in-principle agreement that the Commonwealth would meet most native title compensation costs could derail the $750 million negotiations between WA's 30,000 Nyoongar people and the state government over a land claim that stretches from Jurien Bay to Hopetoun.

Page 36: The world's top central banks have sprung into action to help cash-strapped banks, while the European Union acknowledged it has 10 days to fix a crisis threatening a global financial meltdown.

Business: A wave of optimism ran through global markets yesterday, pushing up the Australian dollar and adding $30 billion to the value of Australian stocks after an unprecedented move by six of the world's central banks to free up capital reserves and provide much-needed breathing space for the debt-laden nations of Europe.

Premier Colin Barnett has used the ground-breaking ceremony for the $29 billion Wheatstone LNG project to fire a broadside at Australia's union movement, arguing many of their industrial campaigns were outdated and based on “quite trivial issues”.

Flinders Mines has moved to reassure shareholders a $554 million bid from Russia's Victor Rashnikov remains on track after some of the steel tycoon's Australian assets were frozen because of an unrelated legal fight.

WA's Ellendale diamond mine is back on the market, four years after one-time business partners Miles Kennedy and Karl Simich sold it to London-listed Gem Diamonds for $300 million.

A brewer whose culture and brands took more than 100 years to create was buried in less than 45 minutes yesterday as Foster's shareholders overwhelmingly, but still somewhat reluctantly, supported a $12.3 billion takeover by London-based SABMiller.

Veteran mortgage broker John Bignell has sold his WA group, the Mortgage Gallery, to national outfit Smartline almost 20 years after he created it, in a deal believed to be worth about $8 million.

The Reserve Bank will have to consider a bigger-than-expected rate cut next week amid signs the country's home building has stalled.

Bunnings boss John Gillam was yesterday keeping mum on the location of the first multi-storey hardware outlet planned for WA's western suburbs, after revealing the long-awaited Perth launch of the format was “not far off”.

Buru Energy shares hit an all-time high yesterday after Japan's Mitsubishi Corp committed to bankrolling the junior's search for unconventional gas in the Canning Basin for another year.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Australia's big four banks were hit with a historic downgrade to their credit ratings overnight in a move that could push up their funding costs.

The Maritime Union of Australia is using union-friendly provisions of the Fair Work Act to expand into white-collar positions, increasing its negotiating leverage over port authorities and shipping and construction companies.

Labor was prepared to junk the hard-won surplus projected for next year if Europe's debt crisis further destabilises the world economy, Finance Minister Penny Wong said.

Page 3: Telstra's $11 billion deal with the Gillard government on the national broadband network will almost certainly not get regulatory approval this year.

Page 4: The federal Coalition has taken aim at the tax code as one of the first targets for a new deregulation taskforce that aims to slash red tape across the public sector, seeking to add billions of dollars to economic output.

Page 10: A senior industry economist has warned that manufacturers will have to achieve a substantial improvement in productivity to survive.

Page 11: The biggest plunge in home building approvals in almost eight years and surprisingly weak retail sales have underlined concerns about government growth forecasts and the effect of tight fiscal policy.

Page 47: The corporate regulator has expressed concerns that reporting standards for resource companies and reforms proposed by the Australian Securities Exchange to fix existing shortcomings could still mislead investors who rely on their public disclosures.

Page 49: Virgin Australia chief executive John Borghetti says the airline will waste no time adding new international routes after an alliance with Singapore Airlines was given final regulatory approval yesterday.

Page 50: One of the largest shareholders in Fortescue Metals Group, Russian steelmaker Magnitogorsk Iron & Steel has been forbidden to sell its stake in the West Australian iron ore miner after the Federal Court froze its local assets.

Boart Longyear, the world's largest supplier of drilling products and services, may beat earnings guidance this year after confirming it is recording no signs of a pull-back in mineral exploration activity.

 

THE AUSTRALIAN:

Page 1: Working days lost due to industrial action have hit a seven-year high, sparking business demands for Labor to use its imminent review of the federal workplace laws to wind back the capacity of unions to strike.

On the northern shoulders of the continent, the resources boom is gathering pace. In the rest of the nation there are increasing signs the economy is hollowing out.

Page 6: An attempt by striking workers to bring Fremantle port to a halt yesterday failed after some broke ranks and refused to join the stoppage and others were replaced by management.

Page 7: The head of one of the nation’s biggest energy companies has attacked opponents of the $60 billion coal-seam gas industry, accusing them of an ‘‘ideologically driven’’ agenda and making misleading claims about the release of toxic chemicals during extraction.

Business: Co-ordinated emergency action by global central banks to provide liquidity to frozen credit markets in Europe gave stockmarkets around the world hope that a new global financial crisis will be averted, but it was quickly seen more as an effort to buy some time as European political leaders dither.

New fears of delays to the roll-out of Australia’s high-speed internet network emerged last night as Telstra appears to have run out of time to satisfy a deadline for a crucial regulatory ruling on a proposed $11 billion deal for the No 1 telco to transfer its fixed-line monopoly to the National Broadband Network.

Mining billionaire Robert Friedland had some comforting news for the industry yesterday, declaring that Australia did not need to worry about the financial travails of Europe and that global warming was much more desirable than global cooling.

Manufacturing activity in China shrank for the first in time almost three years last month, sending the strongest signal yet that the nation’s growth could slow to as low as 7 per cent in the first half of next year.

Centro Properties Group’s former auditor PricewaterhouseCoopers has won a stay on a NSW Supreme Court rejection of its challenge to the creation of a $7 billion shopping centre merger.

The Australian Securities & Investments Commission has warned that part of the Australian Securities Exchange’s plans to overhaul the reporting of mining reserves and resources could mislead investors.

 

THE SYDNEY MORNING HERALD:

Page 1: Jeffrey Gilham may walk out of court with his wife, two years after he was sentenced to life in jail. Labor right moves to bind its members to support a conscience vote on gay marriage. Former NSW Labor MP tells corruption inquiry that he fell asleep during a late night "remedial massage" at a luxurious Sydney hotel.

Page 2: Mining company NuCoal Resources will hold an emergency meeting with Energy Minister Chris Hartcher after the government suddenly called for a suspension of its operations.

Page 3: Immigration reviewers are not being told crucial information about asylum seekers, such as whether they are on anti-psychotic medication. Sydney has been voted the world's third best city, according to a survey of 35,000 people in 15 countries.

World: Hillary Clinton is seeking an assurance from Burma's leaders that they are not receiving nuclear technologies from North Korea and wants them to agree to more rigorous inspections.

Business: Optimism ran through the markets on Thursday, pushing the Australian dollar and stockmarket higher. Foster's shares will be delisted after shareholders approved the takeover by SABMiller.

Sport: Australia's attack makes a promising start in the first Test against New Zealand.

THE DAILY TELEGRAPH:

Page 1: Rugby league loses larger than life legend Arthur Beetson, after he dies from a heart attack.

Page 3: Senior bureaucrats in the state government's environment department have been told to stop publishing papers that challenge the federal government's claims of sea level rises.

World: BBC has been forced to apologise for TV presenter Jeremy Clarkson's remarks that public sector workers involved in a 24-hour strike should be shot.

Business: Australian stock market has its biggest one-day rise in almost six weeks.

Sport: Rugby league mourns the loss of Arthur Beetson.

 

THE AGE:

Page 1: Julia Gillard appears set to avert a damaging blow to her authority at this weekend's ALP national conference.

An unprecedented move by six of the world's central banks to help Europe's debt-laden nations triggered a global sharemarket rally.

Page 2: A senior Left faction boss has rejected Immigration Minister Chris Bowen's bold plan to up Australia's humanitarian intake of refugees in exchange for support of the Malaysian people swap deal at Labor's national conference.

Page 3: Victoria's top health bureaucrats were given a 46 per cent pay rise last financial year, worth more than $57,000 each.

World: As up to two million public sector workers took to streets across Britain to protest against pension changes, a leading think tank warned that families will be worse off in 2016 than they were 14 years earlier as they cope with more than a decade of austerity.

Business: A wave of optimism ran through markets, pushing the Australian dollar and sharemarket higher, after the US Federal Reserve, leading a group of six central banks, reduced the access fee to emergency US dollar funding.

Sport: Debutant Mitchell Starc celebrates after taking the wicket of New Zealand's Jesse Ryder at the Gabba yesterday.

THE HERALD SUN:

Page 1: Politicians from both major parties have ducked for cover in the face of public anger and union attacks over their massive pay rises.

Page 2: More than 1000 children have been packed onto rickety refugee boats in just 12 months as the government's asylum seeker policies unravelled.

Page 3: A critical new bushfire warning system won't be in place this summer because of wrangling between telcos and governments.

Business: Australia's stock market has staged its biggest rally in almost six weeks after leading central banks launched a united push to rebuild the shattered confidence of investors around the globe.

Sport: Outgoing Hawthorn president Jeff Kennett has lashed the AFL's three strikes illicit drug code, saying its lenient nature could have led to Travis Tuck's death last year.

THE CANBERRA TIMES:

Page 1: Fighting over gay marriage could split Labor at its national conference in Sydney. ACT universities fear brain drain to the big universities in Sydney and Melbourne.

Page 2: CFMEU to lodge claims of bullying at Cotter Dam site to industrial tribunal.

Page 3: Corrosion of bolts on Scrivener Dam to cost $20 million to replace.

World: Major central banks to inject cash to stem eurozone debt crisis.

Business: Australian sharemarket rises for a fourth straight day. Shareholders approve takeover of Foster's by Anglo-South African brewer SABMiller.

Sport: Rugby league legend Arthur Beetson dies aged 66. Australian Test debutants put screws on New Zealand on first day of of play in Brisbane.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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