Today's Business Headlines

IMF safety net could lift rates

Banks have warned that interest rates will go up if they are forced to adopt International Monetary Fund recommendations to bolster their capital as protection against a financial meltdown. The Fin

Barnett won't buy Labor's new Sunday trade plan

WA's antiquated Sunday trading laws have again become a political football after the Barnett government dismissed an offer from new Labor Party leader Mark McGowan to discuss a bipartisan approach to the issue. The West

ABCC move 'risks $130bn'

Australia risks losing $130 billion in mining projects planned for Western Australia if federal government moves to water down the power of the construction industry watchdog proceed, WA's peak industry group has warned. The Fin

ASIC targets infrastructure investments

The Australian Securities & Investments Commission is targeting companies promoting infrastructure projects to prevent a repeat of the stunning losses generated by the collapse of groups like Babcock & Brown. The Aus

Dollar not to blame for car woes: Fraser

Former Reserve Bank of Australia governor Bernie Fraser has undermined Labor's argument that the car sector can recover once the dollar falls, warning that low productivity will kill the industry despite government assistance. The Fin

THE WEST AUSTRALIAN:

Page 3: Learning about the history and significance of Australia Day will be compulsory for all children by year 3 under the new national curriculum.

Page 6: WA's antiquated Sunday trading laws have again become a political football after the Barnett government dismissed an offer from new Labor Party leader Mark McGowan to discuss a bipartisan approach to the issue.

Page 12: Europe is expected to have a mild recession this year, with the head of the International Monetary Fund warning the world faces a 1930s-style Great Depression unless more money is urgently pumped into European countries to resolve their sovereign debt crises.

Page 14: The owner of one of the two biggest cattle transport businesses in WA has demanded an inquiry into why Main Roads tried to force the company to put modified, unsafe semi-trailers on the road.

Page 25: Transport Minister Troy Buswell has initiated a new investigation into the possible expansion of Perth's ferry services.

The City of Fremantle is turning to an old tradition as part of its revamp of the City Centre, with plans to boost the number of street vendors at Kings Square.

Business liftout:

Page 1: Economists at the International Monetary Fund have called on Australia's biggest banks to bolster their levels of capital even further, warning that the sector may not be able to withstand the dual shock of a residential property downturn and losses on corporate lending.

More than a year after announcing plans for a demutualisation and tie-up with Patersons Securities, Goldfields Credit Union will finally head to the sharemarket under the new name Goldfields Money.

Page 3: The Port Hedland Port Authority's newest chief executive, Roger Johnson, has flagged a 60 per cent jump in staff numbers within a year, plans to bring maintenance services in-house, and a review of the Utah Point multi-user berth.

Page 5: Lynas Corp, owner of one of the few rare earths mines outside China, has agreed to raise $US225 million ($214 million) in convertible bonds to cover project delays and cost increases while it waits on a crucial regulatory decision.

Page 7: BHP Billiton's aggressive drilling program for its US shale assets appears increasingly at odds with the rest of the industry, after another rival revealed it was dramatically cutting back on exploration.

Page 16: Development company Finbar Group will build the cornerstone apartment and office project at LandCorp's 14ha waterside development in Rivervale.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Banks have warned that interest rates will go up if they are forced to adopt International Monetary Fund recommendations to bolster their capital as protection against a financial meltdown.

Former Reserve Bank of Australia governor Bernie Fraser has undermined Labor's argument that the car sector can recover once the dollar falls, warning that low productivity will kill the industry despite government assistance.

Page 3: House prices have stopped falling for the first time in 18 months, and experts expect property markets around the country to stabilise this year, starting with Sydney.

Page 6: Expectations by Manufacturing Minister Kim Carr that the struggling car industry will be saved by a fall in the exchange rate are at odds with views in the Treasury that the dollar is set to sta high.

Page 8: The economy is set to be buffeted by falling commodity prices and deteriorating financial markets as Europe's debt crisis hits trade and stalls the international recovery from the global financial crisis.

Page 9: Australia risks losing $130 billion in mining projects planned for Western Australia if federal government moves to water down the power of the construction industry watchdog proceed, WA's peak industry group has warned.

Page 14: Talks to restructure Greece's debt hit a new impasse after euro zone finance ministers rejected an offer from private bondholders because the cost of sweeteners on new Greek bonds was too high.

Page 44: Newcrest Mining has no plans to link its dividend payments to the gold price as part of its upcoming secondary listing in Toronto, chief executive Greg Robinson says.

Page 49: Community service operators face a severe shortage of affordable housing in Perth as rents surge because of decreasing vacancy rates.

THE AUSTRALIAN:

Page 1: Unions have split in the wake of job cuts at Toyota Australia, with a senior unionist attacking calls by ACTU president Ged Kearney for greater transparency over taxpayer-funded assistance to the struggling car industry.

The risks to the international economy from the worsening European sovereign debt crisis are intensifying, prompting the International Monetary Fund to slash its global growth forecasts.

Page 2: Australia has joined the EU in banning imports of Iranian oil and imposing a range of heavy sanctions amid threats of retaliatory military action by Tehran.

Business: The Australian Securities & Investments Commission is targeting companies promoting infrastructure projects to prevent a repeat of the stunning losses generated by the collapse of groups like Babcock & Brown.

The Australian banking regulator has been warned it should conduct more stringent stress testing of major banks to ensure the sector could survive another global financial crisis.

Rare-earths miner Lynas’s controversial Malaysian plant has been strongly backed by a US investment firm, which has injected a $US225 million ($214m) funding boost to finish construction of the delayed plant.

Uranium explorer Toro Energy will be the sole beneficiary of West Australian Labor leader Mark Mcgowan’s decision to relax his party’s blanket ban on uranium mining if he wins next year’s state election.

Two weeks after clothing and homeware distributor Pacific Brands revealed private equity group KKR had made a takeover approach, the deal appears to have stalled, with neither side in any apparent hurry to make a deal.

THE SYDNEY MORNING HERALD:

Page 1: Tensions have erupted between the Liberals and Nationals over the O'Farrell's government's first big cabinet leak, with Energy Minister Chris Hartcher forced to deny accusations that he was responsible.

The world will face a `1930s moment' of the kind that brought on the Great Depression unless money can quickly be found to support nations such as Italy and Spain, the International Monetary Fund says.

Page 2: Three lives were taken in an instant after a semi-trailer laden with bricks crossed a grass embankment and hit a car.

Page 3: The state government will introduce legislation targeting bikie gangs as it tries to combat a recent series of serious crimes and drive-by shootings.

World: (Washington) Under pressure from his defeat in South Carolina, Mitt Romney has offered a partial snapshot of his vast personal fortune.

Business: The corporate watchdog has cracked down on fundraising in the infrastructure sector in a bid to prevent debacles such as BrisConnections and Sydney's Cross City Tunnel.

Sport: Ricky Ponting last night drew a line through speculation he will retire from Test cricket any time soon.

THE DAILY TELEGRAPH:

Page 1: The entire Labor caucus has been ordered to an unprecedented weekend brainstorming session before parliament resumes.

Page 2: Immigration Minister Chris Bowen has agreed to consider a controversial return to temporary protection visas in an attempt to break the asylum seeker deadlock.

Page 3: Magistrate Pat O'Shane has been steered away from cases involving police for more than a year.

World: (Washington) Republican presidential candidate Mitt Romney earned more than $20 million in 2011 but will pay only 15 per cent tax.

Business: A key industry group has called on the federal government to halt the introduction of the carbon tax, saying it could not come at a worst time.

Sport: Australia's new selectors questioned Ricky Ponting's future recently but panel chairman John Inverarity says the former skipper may now tour England next year at the age of 38.

THE AGE:

Page 1: Up to 268,000 face powers cuts on code-red days if a fault is detected on power lines.

Europe imposes oil bans on Iran saying the country threatens peace of the world.

National Gallery of Victoria says a painting by British landscape artist Richard Parkes Bonington was stolen - 12 years ago.

Page 2: IMF may ask Australia to kick in to $1000 billion pool to prop up ailing European nations and stave off a 1930s-like depression.

Page 3: Energy Minister Michael O'Brien used his own figures, rather than Primary Industry department figures, to attack Julia Gillard's carbon tax.

World: One dead and dozens injured in Tibetan protest.

Business: IMF tells Australian banks to bolster their capital, warning of housing downturn and losses on corporate lending.

Sport: Clarke and Ponting put Australia in the box seat with centuries against India.

THE HERALD SUN:

Page 1: Unions threaten to close parks and disrupt fireworks shows on Australia Day. Ex-AFL star Shane Crawford now father of twins.

Page 2: IMF warns Aussie banks to stash away billions in case property market collapses. Families flee blaze as grass fire takes hold in Melbourne's north.

Page 3: Surgeon calls for every Victorian child to learn first aid.

Business: Costello warns of European-like meltdown in Australia unless government curbs spending.

Sport: Deledio puts contract talks on hold with Richmond as GWS continues to loom in the background.