Mining contracts 'lock out Aussies' – The Aus; Banks to slash jobs in cost-cutting move – The West; Carbon costs hitch for smaller emitters – The Fin; Weak data pointing to another rate cut – The Aus; Waterfront designer says critics lack imagination – The West
Mining contracts 'lock out Aussies'
Australian mining companies are being pressured to buy Chinese equipment as a condition of minerals export contracts, one of the nation’s leading business groups has declared. The Aus
Banks to slash jobs in cost-cutting move
Australia's banks could cull 7,000 staff in the next two years as they scramble to slash costs and send more jobs offshore. The West
Carbon costs hitch for smaller emitters
Mining companies and other heavy emitters of greenhouse gases may be forced to pay to offset their carbon emissions even if they don't produce enough carbon to be hit by the federal carbon tax. The Fin
Weak data pointing to another rate cut
Market economists widely predict the Reserve Bank will cut the cash rate another 25 basis points to 4 per cent on February 7, which would be the third interest rate cut since November. The Aus
Waterfront designer says critics lack imagination
A leading architect of the Perth waterfront design has dismissed as “1970s claptrap” criticism of the project and branded low-scale alternatives as “lacking imagination and vision”. The West
THE WEST AUSTRALIAN:
Page 4: Opposition Labor Party MP Martin Whitely has announced he is quitting politics and has urged Eric Ripper to do the same in a fresh attack on the Opposition Leader's tenuous grip on his job.
Page 5: Swan Valley wine producers are preparing for a strong vintage as harvest kicks off this week.
Page 6: The massive Square Kilometre Array space telescope project has been rocked by the mysterious death in Britain last week of one of the $2.6 billion venture's original proponents.
Page 10: A leading architect of the Perth waterfront design has dismissed as “1970s claptrap” criticism of the project and branded low-scale alternatives as “lacking imagination and vision”.
Page 12: Ray Mickelberg is suing hardware giant Bunnings for damages after a failed prosecution over the alleged theft of a ceiling fan and a roll of sticky tape.
Business: Australia's banks could cull 7,000 staff in the next two years as they scramble to slash costs and send more jobs offshore.
Fortescue Metals Group will spend the next two months crunching the numbers on plans for a 20 to 30 million-tonne-a-year magnetite operation in the Pilbara as it weighs options to joint venture, spin-off or sell the 2.1 billion tonne deposit.
China has launched a rival iron ore trading platform to strengthen its bargaining power with Australian miners, including BHP Billiton and Rio Tinto.
Leighton Holdings has shown the first tangible signs of putting its annus horribilis behind it after flagging a stronger profit for the half year just ended because of an improvement in earnings from its Australian and Asian operations.
Chinese companies have acquired huge areas of farmland around the world as the country looks abroad to feed its population.
African Iron will start and Eastern States roadshow today to sell the virtues of Exxaro Resources' friendly $338 million cash bid after a rival bidder failed to emerge by last night's deadline to secure the bulk of Cape Lambert Resources' 25.2 per cent stake.
Tensions between IMX Resources and its Chinese joint venture partner have escalated, with Taifeng Yuanchuang again baulking at paying its share of costs.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Future Fund chairman David Murray says it is “blindingly obvious” that there will be further job losses in the banking sector, saying the lower demand for credit gives some financial institutions no other choice.
Telstra chief executive David Thodey has described the company's $11 billion national broadband network windfall as a “dividend opportunity” as its board prepares one of its biggest capital management initiatives since listing.
The head of the Australian Taxation Office has warned that the anti-tax avoidance laws would need to be toughened if a string of major court losses continued to undermine the system and threaten the budget.
Page 4: The value of unfunded state government pension liabilities has blown out by $15 billion in just six months to almost $90 billion, prompting fears of an impending crunch on already strained state coffers.
State governments said they would fight any attempt by the federal government to use the Gonski review of school funding to take greater control over education spending.
Page 6: Easing inflation and weakening demand for workers are strengthening the case for a February interest rate cut as the central bank contemplates the need to provide more support for growth.
Accountants, tax experts and IT workers lacking prospects in the city might consider making the switch to an “orange-collar” job in mining, where financial services professionals with the stomach for remote living are in demand, recruiters say.
Page 11: Mining companies and other heavy emitters of greenhouse gases may be forced to pay to offset their carbon emissions even if they don't produce enough carbon to be hit by the federal carbon tax.
Page 33: The expansion ambitions of France's Total, Italy's Eni and other foreign oil majors are opening up opportunities for the plentiful natural gas resources sitting of Australia's north coast, some of which have lain fallow for years.
Page 34: Fortescue Metals Group is considering partnerships with third parties to develop its North Star magnetite project in an effort to help monetise the huge resource without burdening its own balance sheet.
THE AUSTRALIAN:
Page 1: Australian mining companies are being pressured to buy Chinese equipment as a condition of minerals export contracts, one of the nation’s leading business groups has declared.
Surf lifesavers, rural firefighters, scout leaders, amateur football coaches and up to six million other community volunteers have been reclassified as ‘‘workers’’ under national occupational health and safety laws and could be prosecuted if an accident occurs on their watch.
Page 2: Work for the dole has expanded by almost 30 per cent over the past year, despite Labor’s claims it did not believe the Howard government program was the best way to get unemployed people off welfare.
Market economists widely predict the Reserve Bank will cut the cash rate another 25 basis points to 4 per cent on February 7, which would be the third interest rate cut since November.
Page 4: The competition watchdog has come under new pressure to dump Telstra’s plan to structurally separate its business after a band of the telco’s rivals said it was fundamentally flawed.
Business: Leighton Holdings has finally delivered some good news for its embattled shareholders, revealing better-than-expected earnings from its Australian and Asian operations that will deliver an extra $20 million to its half-year profit forecast.
The Australian equity market fell sharply yesterday after multiple ratings downgrades in Europe, but the bond market had huge support from offshore investors seeking a safe haven.
Fortescue Metals Group has significantly upgraded its estimated magnetite resource, making it one of the largest deposits in Australia, and confirmed it is likely to seek a strategic partner to develop the project.
Junior West African gold hopeful Golden Rim Resources received a boost yesterday after the company revealed strong drill results at its flagship project.
Retailers have been forced to extend their summer clearance sales as an underwhelming response from shoppers has left them with piles of unsold stock.
Virgin Australia is set to operate wide-bodied aircraft during the morning peak period on the nation’s busiest sector between Melbourne and Sydney as it steps up its pitch to snare more business traffic from the southern capital.
THE SYDNEY MORNING HERALD:
Page 1: Australia's banks could cull 7000 staff in the next two years as they scramble to slash costs and send more jobs overseas.
Page 2: The NSW government's plan to ban regular unleaded fuel has been thrown into doubt by the revelation that the state's only ethanol producer, Manildra, has failed the government's clean fuel test, with its ethanol producing more greenhouse gas emissions than previously thought.
Page 3: Financial markets are banking on at least three more rate cuts over the next six months, but an increasing proportion of home borrowers appear not to care.
World: The man at the centre of the "memogate" scandal that threatens to bring down the Pakistani government has delayed his arrival in Pakistan because of threats to his life, his lawyers say.
Business: Leighton Holdings has shown the first tangible signs of putting its annus horribilis behind it after flagging stronger profit for the half year just ended because of an improvement in earnings from its Australian and Asian operations.
Sport: Former Socceroo Craig Foster has broken his silence over comments made by Robbie Slater on Twitter at the weekend, revealing he is "incandescent" about his views being labelled "racist".
THE DAILY TELEGRAPH:
Page 1: Greedy Sydney councils are raking in millions more from parking meters while private operators are forcing families to pay over the hourly minimum wage to park.
Page 2: Former Penthouse Pet and Hustler centrefold Madison Ashton was offered the riches of a billionaire for her "affection and love" - but that wasn't enough to satisfy a court.
Page 3: Tough coercive powers in collaboration with the NSW Crime Commission will be used by police to haul in a string of suspects for questioning over the drive-by epidemic terrorising Sydney.
World: The Republican nomination battle to take on President Barack Obama in November has claimed another victim after former Utah governor Jon Huntsman pulled out of the race.
Business: Telstra has warned Australia will fall behind other countries rolling out crucial mobile phone technology if the federal government slugs the industry with draconian licence renewal laws.
Sport: The crushing sight of fans deserting Rod Laver Arena inspired Bernard Tomic to the greatest victory of his short career.
THE AGE:
Page 1: Jewish group tries to stop DVD sales of SBS show The Promise saying the four-part UK series is anti-Semitic.
Cruise ship captain made serious misjudgments and failed to follow emergency procedures. Unis increase offers to students as enrolment caps are abolished.
Page 2: Managing economy is our biggest challenge, says Premier Ted Baillieu.
Page 3: Senior Labor MPs in secret talks with hotel association over pokie reforms.
Business: Pakistan's Supreme Court issues contempt of court order against Prime Minister Yousuf Raza Gilani.
Sport: Local pressure may be getting to Sam Stosur, says Pat Cash.
THE HERALD SUN:
Page 1: Police officers fight new rule to clean up the appearance of the force by banning beards and ponytails. Bernard Tomic wins after five set heart-stopper.
Page 2: Fire chief says people should reassess their fire plans as weather heats up. Premier Ted Baillieu promises action over Fiskville cancer cluster.
Page 3: Anti-whaling activist whisked off to jail for unpaid fines. Debt collectors sent in to collect library fine from eight-year-old.
World: Melbourne mum says it was every man for himself on sinking Italian cruiser.
Business: Telstra says expansion roll-out could be stymied if government imposes licence renewal fees.
Sport: Bernard Tomic faked exhaustion after trailing 0-2 in Open tennis to fool opponent Fernando Verdasco into thinking he had the game in the bag.
