Glencore in $74bn talks with Xstrata – The Fin; Rudd may run before state poll – The Aus; Rinehart fears for her children's safety – The West; Big banks slash jobs, bristle over rates – The Fin; Fair Work turns firms off hiring workers – The Aus
Glencore in $74bn talks with Xstrata
Commodities trader Glencore is in merger talks with mining giant Xstrata to create an $US80 billion ($74.6 billion) combined mining and trading house that would transform the global resources industry. The Fin
Rudd may run before state poll
A challenge from Kevin Rudd to Julia Gillard as prime minister is now possible within the next eight weeks as despair grows within government ranks. The Aus
Rinehart fears for her children's safety
A lawyer for Gina Rinehart said yesterday the mining magnate had grave fears for the safety of her grandchildren in an eleventh-hour bid to convince Mrs Rinehart's children to keep secret details of the feuding family's bitter court battle. The West
Big banks slash jobs, bristle over rates
Banks are positioning themselves not to pass on in full the next interest rate cut by the Reserve Bank of Australia, as Westpac Banking Corp unveiled plans to slash up to 560 positions to offset a profit squeeze. The Fin
Fair Work turns firms off hiring workers
Labor's federal workplace laws have led to increased labour costs, a rise in employee absenteeism and declining or flatlining productivity, according to a national survey of senior managers charged with implementing the new rules in their workplaces. The Aus
THE WEST AUSTRALIAN:
Page 1: Volunteer firefighters say there are “nightmare” areas in the Perth hills where a bushfire could potentially destroy more homes than those lost in last year's devastating blaze in Roleystone and Kelmscott.
Page 4: The most senior member of Colin Barnett's staff was at the Subiaco Hotel on the night that false text messages about Mark McGowan were sent to reporters by a government adviser.
Page 5: A lawyer for Gina Rinehart said yesterday the mining magnate had grave fears for the safety of her grandchildren in an eleventh-hour bid to convince Mrs Rinehart's children to keep secret details of the feuding family's bitter court battle.
Page 6: The federal government has signalled it may have to change laws governing how TV programs are recorded on iPhones and other devices to protect the Australian Football League and National Rugby League.
Perth AFL fans with access to a Melbourne postal address will be able to watch Friday night games in the eastern states with just a two-minute delay this season after the Federal Court's ruling allowing Optus to record and transmit free-to-air television over the internet.
Page 7: Applause erupted in the Supreme Court yesterday as former premier Brian Burke and his lobbying partner Julian Grill scored another win in their long-running battle with the corruption watchdog when prosecutors abandoned a retrial.
Page 13: Travel package deals to Bali, WA's favourite holiday spot, have been slashed to just over $500 for seven nights as tourism operators strive to stimulate trade in the quiet March, April period.
Transport Minister Troy Buswell yesterday shot down claims by his partner, Fremantle MP Adele Carles, that the transportation of low-level radioactive material through Fremantle port could put public safety at risk.
Page 18: More metropolitan roadworks are being carried out at night, adding tens of millions of dollars to overall costs.
Business: The WA government has set the scene for tough talks with the state's biggest miners after yesterday revealing plans to axe their right for board representation at the Pilbara's ports.
BHP Billiton expects to being work on WA's biggest dredging program as early as the middle of the year after the miner's board yesterday approved a $US917 million ($855 million) first step of its ambitious Port Hedland outer harbour iron ore project.
Westpac is poised to axe more than 400 jobs and send up to 150 more offshore in the latest round of job cuts at the big banks.
Wesfarmers insisted yesterday Coles was not going to open new supermarkets for the sake of it, despite bettering Woolworths yet again in a tough environment.
The future of Coretrack is under a cloud after the drilling technology developer conceded the loss of its key business asset – an experimental rig – amid a legal spat with inventor Warren Strange.
Mining giant Xstrata last night said it had received an approach from its biggest shareholder Glencore International about an all-share “merger of equals” which could create a £52 billion ($77 billion) rival to Rio Tinto and BHP Billiton.
Clough chief executive Kevin Gallagher says the engineering group has already nailed down three quarters of its income for the next financial year in the wake of winning a big LNG contract.
Lynas Corp chief executive Nicholas Curtis celebrated confirmation of a long-awaited Malaysian operating licence with “a quiet glass of champagne at about midnight” as shares in the group jumped 19 per cent yesterday.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Commodities trader Glencore is in merger talks with mining giant Xstrata to create an $US80 billion ($74.6 billion) combined mining and trading house that would transform the global resources industry.
Banks are positioning themselves not to pass on in full the next interest rate cut by the Reserve Bank of Australia, as Westpac Banking Corp unveiled plans to slash up to 560 positions to offset a profit squeeze.
One of Gina Rinehart's daughters complained of being down to her last $60,000 and needing bodyguards because the “whole world” thought her mother would one day be richer than Microsoft founder Bill Gates.
Page 3: State governments are delaying the introduction of reforms promised four years ago and squandering billions in economic output, according to a damning report that could lead the federal government to withhold $450 million in rewards.
Page 5: A showdown over the Labor leadership is being pondered by supporters of Julia Gillard as they seek to end the speculation which threatens to overshadow the government.
Page 7: The federal government has sharpened its message on the need for stronger media controls as Gina Rinehart raises her stake in Fairfax Media and Labor MPs express alarm at her potential to influence the company.
Gina Rinehart is employing extraordinary legal tactics to keep private the details of her financial feud with her children, including a claim by her lawyers in the NSW Supreme Court yesterday that their physical safety was in danger.
Page 9: More than 170,000 extra people called in sick the day after the recent Australia Day public holiday, illustrating the nation's high level of absenteeism, according to a large employer group.
Page 11: Qantas Airways has raised fuel surcharges on international flights by up to 24 per cent and introduced new charges to offset the cost of carbon schemes in Australia and Europe.
Page 12: The tight grip big miners hold over West Australian ports will be loosened under a state government plan to halve the number of harbour authorities that control almost 50 per cent of Australia's exports.
Page 17: Mining companies need to offer more than just entry-level jobs if they are to progress the cause of indigenous employment, according to Danny Lester, chief executive of the Aboriginal Employment Strategy, a recruitment service.
Page 18: Home building activity is on track to slump below levels last seen in the depths of the global financial crisis, fuelling industry calls for more interest rate cuts.
Page 21: Manufacturing in the United States grew in January at the fastest pace in seven months, adding to signs of a global pick-up from Germany to China.
Page 25: African rare earths explorer Tabora might struggle to close its $5 million float.
Page 40: Wesfarmers managing director Richard Goyder has vowed to continue investing in lower prices, even though deflation is crimping sales growth at Coles, Bunnings and Kmart.
Wesfarmers mid-market department store chain Target appears to be losing business to its discount stablemate Kmart as cautious consumers search for value.
Page 41: Lynas Corporation has received the long-awaited licence for its Malaysian rare earths refinery which will be able to start generating cash flow by the second half of the year.
Page 42: BHP Billiton has started spending money on plans to nearly double its iron ore exports this decade.
THE AUSTRALIAN:
Page 1: Wivenhoe Dam engineers have been accused of concocting a fictitious and self-interested report of their conduct in the lead-up to last year’s flooding of Brisbane, as it emerged that the document was written with the assistance of a top public relations firm.
The daughter of Australia’s wealthiest person, Gina Rinehart, complained to her mother that she was ‘‘down to my last $60,000’’ and begged her for more money so she could employ a full-time cook, bodyguard and nanny.
A challenge from Kevin Rudd to Julia Gillard as prime minister is now possible within the next eight weeks as despair grows within government ranks.
Labor's federal workplace laws have led to increased labour costs, a rise in employee absenteeism and declining or flatlining productivity, according to a national survey of senior managers charged with implementing the new rules in their workplaces.
Page 3: A government-run research body has found in an extensive study of corals spanning more than 1000km of Australia’s coastline that the past 110 years of ocean warming has been good for their growth.
Page 5: Qantas passengers will pay up to $6.86 extra for a one-way ticket from July 1 to cover the Gillard government’s carbon tax, and will this month be slugged up to $120 more on a return international fare to help pay the airline’s fuel bill.
Page 6: A high-powered group of mining experts and indigenous leaders will meet Treasury officials next week to push for a radical overhaul of the tax treatment of native title payments and the creation of a tax-exempt indigenous community fund to help pull Aborigines out of poverty.
Brian Burke wants fundamental changes to Western Australia’s corruption watchdog, urging investigators ‘‘who can’t cut the mustard at the CIB fraud squad’’ to be replaced and a commissioner of the quality of prominent barrister and state Governor Malcolm Mccusker to run the agency.
Page 8: Top business leaders have lashed as ‘‘feeble’’ the targets used to trigger hundreds of millions of dollars in federal payments to the states and have demanded Julia Gillard and the premiers overhaul an unwieldy national reform agenda
The home building industry last year had its worst year since the global financial crisis, and weak conditions appear set to continue following a further fall in approvals for new dwellings.
Westpac has ordered a fresh round of job cuts, slashing up to 560 positions to offset what it says are the worst financial market and lending growth conditions in almost three decades.
One of Australia’s largest construction companies, Thiess, has become the first major company to publicly voice its concerns over the Gillard government’s plans to abolish the building industry watchdog, telling The Australian the changes pose a serious threat to productivity.
Business: Wesfarmers-owned supermarket chain Coles has outpaced larger rival Woolworths for a 10th straight quarter in sales from existing stores, and declared it will continue to wage a price war despite falling returns from its discount department stores.
Global commodities trader Glencore has approached AngloSwiss miner Xstrata with a merger proposal which, if accepted, would create an $US82 billion ($76.4bn) resources giant
Gina Rinehart may be aiming to seize control of Fairfax Media as a way of combining the company’s radio division with Macquarie Radio Network, which is controlled by her close friend, veteran adman John Singleton.
Facebook has filed for an initial public offering that could value the social network between $US75 billion and $US100bn ($93.8bn), putting the company on track for one of the biggest US stockmarket debuts of all time.
Mining tsar Clive Palmer and coal rail company QR National had a draft agreement to build a railway line between the Galilee Basin and Abbot Point ready to be announced this week before the Queensland government last week declared the QR proposal a project of state significance.
Rare-earths miner Lynas has been given the go-ahead to operate its controversial Malaysian processing facility despite strong community opposition, sending the company’s shares soaring.
Vodafone has taken the axe to its executive ranks as part of a major restructure to remain competitive in the mobile market.
BHP Billiton has approved initial expenditure of $US917 million ($854m) on one of its four ‘‘mega’’ development projects that have a combined development cost of $US120 billion, transforming the group’s production profile in the process.
THE SYDNEY MORNING HERALD:
Page 1: Cancer research spending in Australia is fragmented and wasteful and has failed to tackle the deadliest forms of the disease, say representatives of charities and government funding bodies which want an overhaul of the $300 million sector.
Page 2: Australian troops are set to stop fighting in Afghanistan by the end of next year, following the sudden announcement by the US Defence Secretary, Leon Panetta, that the American combat mission will end as soon as mid-2013.
Page 3: Qantas will raise surcharges for international and domestic flights by as much as 24 per cent, blaming higher fuel costs and the impact of carbon taxes in Australia and Europe.
World: The Muslim Brotherhood has blamed supporters of the ousted Egyptian president Hosni Mubarak for the worst bloodshed since last year's revolution in clashes between rival football fans that killed at least 74 people.
Business: Coles has signalled there is no end in sight for the supermarket price wars it kicked off a year ago as sales results for the December quarter confirmed it continued to close the gap on larger rival Woolworths.
Sport: NRL chief executive David Gallop says players and fans will be the worst affected by a landmark Federal Court ruling that protects Optus TV Now from copyright laws, allowing the telco to stream sports vision via the internet on a two-minute delay.
THE DAILY TELEGRAPH:
Page 1: Smacking kids can be tantamount to child abuse and should be banned in Australia, the nation's leading paediatricians say.
Page 2: She is Australia's "iron maiden" and the country's wealthiest person, whose father Lang Hancock dug the foundations for his native Western Australia's incredible mineral wealth.
Page 3: The head of Sydney's Star casino has been sensationally sacked amid accusations of inappropriate behaviour "in a social work setting".
World: Colombia's guerrilla group scratched plans to release six long-held hostages and was blamed for a bomb that killed at least five people in the port town of Tumaco, proving that the weakened rebel force can still pack a psychological and military punch.
Business: Coles' triumphant run continues as the Wesfarmers-owned retailer outpaced arch-rival Woolworths for the 10th consecutive quarter.
Sport: Wayne Bennett has slammed critics of the All Stars concept who question the motivation of non-indigenous players in the annual event.
THE AGE:
Page 1: Job cuts are gathering pace, with major companies revealing plans to slash hundreds of positions in sectors from banking to defence and car making.
Australian rescuers helped save more than 200 Papua New Guineans from drowning after their ferry sank at sea, but fears remained for more than 100 still missing.
Page 2: Immigration Minister Chris Bowen saddened by yet another boat tragedy involving asylum seekers heading to Australia.
Page 3: Gina Rinehart's bid to ensure details of the acrimonious dispute that is dividing her family remain private has backfired after a court released intimate emails from the iron ore magnate's daughters.
World: The Arab League's mission to monitor the bloodshed in Syria was doomed from the start, with some observers seemingly oblivious to the gravity of their assignment and others lacking the expertise to do the job, according to a leaked internal report.
Business: Coles aims to continue the price war it kicked off a year ago, issuing sales results for the December quarter that confirmed it continued to close the gap on Woolworths.
Sport: In the post-game madness of Brisbane Roar's improbable comeback against Sydney FC last month was a moment Mohamed Adnan, a soccer player in exile, will revel in.
THE HERALD SUN:
Page 1: Mums and dads should be banned from smacking their children, the head of Australia's leading paediatric body says.
Page 2: Wayne Carey was refused entry to a maximum security jail after registering a high reading for cocaine particles on him.
Page 3: Airline passengers are about to cop the first hit from the Gillard government's carbon tax with Qantas to raise fares by up to $13 on a return ticket as it passes on a $113 million rise in costs.
World: The son of ex-Libyan dictator Muammar Gaddafi was a "victim" of human traffickers and will face no charges related to an audacious bid to smuggle him into Mexico, prosecutors have confirmed.
Business: Coles is ringing up sales growth at threefold the rate of its foremost rival as the supermarket wars continue apace.
Sport: Collingwood coach Nathan Buckley is confident Scott Pendlebury will stay at the club.
