Today's Business Headlines

Directors ‘to blame’ for political woes – The Aus

Two of Australia’s most powerful company directors have called on corporations to radically reassess their relationship with governments, claiming business could have itself to blame for its lack of influence on controversial public policy reforms.

Financial reform delay hint – The West

The federal government is considering delaying its plan for an overhaul of financial advice, amid industry claims the proposed starting date of July is unworkable.

Europe crisis to hit home as liquidity dries up, says Wesfarmers – The Aus

The retreat of capital starved European banks from Australia could spell serious trouble next year for small to medium sixed businesses, according to Wesfarmers chief executive Richard Goyder.

No rollback of Fair Work, say unions – The Fin

The union movement is fighting back against a business campaign to reform Labor’s industrial laws, warning new Workplace Relations minister Bill Shorten it will not accept any rollback of regime.

Joyce confident despite traumas – The Aus

Qantas and its engineers will jointly present a proposed agreement to Fair Work Australia this afternoon to end the most damaging of the three industrial disputes that have cost the airline almost $200 million.

 The West:

Pg 14 - Perth’s most important drinking water source, the Gnangara Mound, will come under more pressure next year after the Water Corporation asked to take enough water from it to fill 65,000 Olympic size swimming pools.

Pg 28 – The federal government is considering delaying its plan for an overhaul of financial advice, amid industry claims the proposed starting date of July is unworkable.

The Fin: 

Pg 1 – The union movement is fighting back against a business campaign to reform Labor’s industrial laws, warning new Workplace Relations minister Bill Shorten it will not accept any rollback of regime.

Australia is at risk of moving ahead of the rest of the world in adopting tough new bank rules that could lead to higher interest rates and trigger a credit squeeze former Commonwealth Bank of Australia boss Ralph Norris has warned.

Pg 3 – The new competition regulator, Rod Sims, may seek jail terms for corporate executives who take part in price fixing cartels.

The average superannuation fund is likely to decline 2 per cent over the course of 2011, a disappointing result for many investors who hoped for good returns this year after the turmoil of the global financial crisis.

Pg 4 – A union representing university professors and other academics is seeking greater control over the $29 billion UniSuper retirement fund, which may not have enough money to pay all its members their retirement benefits.

One of Indonesia’s largest cattle importers has more than doubled the value of its breeding herd over the past three years, raising the possibility that Indonesia’s decision to reduce its reliance on Australian cattle imports will stay.

Pg5 - Greg Combet, minister for Climate Change, Energy Efficienct, Industry and Innovation said there was no contradiction in overseeing the federal government’s strategy to cut greenhouse gases and drive industrial development.

Construction group Brookfield Multiplex will pay builders’ labourers in Western Australia as much as $120,000 a year under one of the most generous wages agreements in the construction industry.

Pg  8 – The Doha round of trade negotiations has been rescued by the adoption by world trade ministers of an Australian plan to keep the talks alive.

Pg  9 – Mining industry figure Ian Middleman is among a group of investors being pursued by Westpac Banking Corp for more than $33 million over a debt used to finance an expensive resort in Western Australia’s south west that went sour.

Pg 14 – Flight Centre managing director Graham Turner has joined the attack by prominent retailers on the federal government’s refusal to lower the tax free threshold on imported goods which, he says, threatens to destroy Australian retail.

Pg 15 – The Alcoa World Alumina and Chemicals joint venture is watching the market carefully to see whether it should shut some of its alumina refining capacity, as demand slumps and prices fall so low hat the majority of alumina and aluminium producers are running at a loss.

The head of shipbuilder Austal is confident that the huge cuts which the US is making to its defence budget will not affect its sales there.

Pg 19 – The Euro has had its sharpest fall against the US dollar in more than three months and touched an 11-month low due to concerns that the euro zone leaders would not be able to contain the sovereign-debt crisis.

Pg 37 – An increasing number of homeowners are expected to default on their mortgages next year due to an uncertain job market and soft property prices.

 The Aus: 

Pg 1 - Australia has claimed a breakthrough in talks to lift global trade, convincing the World Trade Organisation to embrace fresh negotiations among freetrading nations outside its longstalled Doha round process.

Pg 2 - Climate Change Minister Greg Combet has defended the governance arrangements surrounding Labor’s $10 billion clean energy investment fund after former Labor leader Mark Latham declared it was open to waste.

Former Labor leader Mark Latham has fuelled Labor leadership tensions by arguing Julia Gillard should have sacked Kevin Rudd in last week’s cabinet reshuffle.

Pg 3 - Qantas and its engineers will jointly present a proposed agreement to Fair Work Australia this afternoon to end the most damaging of the three industrial disputes that have cost the airline almost $200 million.

The head of the RSPCA will appear in a Sydney court today over alleged aggravated cruelty to a horse.

Pg 5 - New Attorney-general Nicola Roxon and Foreign Minister Kevin Rudd will today receive an open letter signed by more than 70 prominent figures imploring them take action to protect WikiLeaks founder Julian Assange.

Pg 17 – The retreat of capital starved European banks from Australia could spell serious trouble next year for small to medium sixed businesses, according to Wesfarmers chief executive Richard Goyder.

CSR has revealed it will use Rio Tinto’s planned sale of its $5 billion aluminium asset portfolio to review its 25 per cent interest in the Tomago aluminium smelter in NSW, which could result in the building materials group quitting the stake.

Qantas is bracing itself for another tough year but chief executive Alan Joyce believes it has the flexibility and adaptability to survive whatever 2012 and beyond can throw at the airline.

Two of Australia’s most powerful company directors have called on corporations to radically reassess their relationship with governments, claiming business could have itself to blame for its lack of influence on controversial public policy reforms.

Pg 18 - Thousands of small to midsized companies can expect greater Australian Taxation Office scrutiny of their crossborder activities, if proposed tighter laws on disclosure of profit shifting arrangements come into effect next year.

PG 19 - A sharp earnings downgrade from one of the country’s biggest listed recruiters has increased fears of a white-collar jobs slump in the new year as employers delay hiring decisions or implement mass lay-offs.

Pg 20 – Leading company directors believe the two strikes rule has re-empowered boards in discussions with management on the issue of executive remuneration, but remain ware of unintended consequences flowing from the controversial reform.

The Sydney Morning Herald

Page 1: More than 160 asylum seekers are feared dead after their boast sank off Java on Saturday.

Page 2: A senior homicide detective will come under scrutiny from the Police Integrity Commission over his investigation into the fatal police shooting of a mentally-ill man.

Page 3: Qantas has reached an agreement with the licensed aircraft engineers' union in a dispute that led to the grounding of aircraft.

Business: Financial Services Minister Bill Shorten is considering delaying the government's overhaul of financial advice.

Herald-Sun

Page 1: Up to 200 asylum seekers feared dead as boat sinks off Indonesian coast.

Page 3: Elderly man dies in police station while reporting assault.

Business: Chinese industry group says global economic woes will hurt Asian manufacturing in 2012. 

The Age

Page 1: More than 200 asylum seekers feared dead as boat sinks on the way to Australia.

$200 million diabetes scheme ditched. 

Page 2: Malcolm Fraser urges Kevin Rudd to ensure WikiLeaks founder Julian Assange is not extradited to US. 

Page 3: Writ alleges female staff bullied and degraded at air traffic control centre.

Scientists identify more than 20 chemicals that make some wines taste like leather or disinfectant and other unpalatable ingredients. Greenpeace says coal "mega mines" in Queensland will ruin chance of keeping global warming to two degrees. 

Business: Financial Services Minister Bill Shorten considers delaying overhaul of financial advice industry.