06/02/2012 - 06:53

Today's Business Headlines

06/02/2012 - 06:53

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Swan puts rate heat on banks – The Fin; Burrup bonus for new owners – The West; Seven escalates Olympics tax fight – The Fin; Birkbeck takes charge of pearl farmer – The West; Chinese poised to pounce on Extract – The Aus

Today's Business Headlines

Swan puts rate heat on banks

Treasurer Wayne Swan has stepped up pressure on “hugely profitable” banks to pass on in full any cut in the official cash rate tomorrow and engaged in a war of words with shadow treasurer Joe Hockey over which side of politics reigned over lower rates. The Fin

Burrup bonus for new owners

The receivers of Pankaj Oswal's Burrup Fertilisers have handed the business' new ownership team $130 million, demonstrating the controversial Indian tycoon's foresight in building a world-class liquid ammonia plant in the Pilbara. The West

Seven escalates Olympics tax fight

Kerry Stokes's Seven Network has elevated a brawl over the taxation of almost $100 million it paid to the International Olympic Committee, taking it to the federal court in a case that could set a precedent in the area of offshore royalties. The Fin

Birkbeck takes charge of pearl farmer

WA entrepreneur Steve Birkbeck has stepped up turnaround efforts for struggling Atlas South Sea Pearl by removing the company's managing director and placing himself in charge of operations at Australia's last listed pearl farmer. The West

Chinese poised to pounce on Extract

China is set to launch a $2.2 billion bid for Australian-listed Extract Resources after securing a controlling stake in the company’s major shareholder. The Aus

 

THE WEST AUSTRALIAN:

 

Page 1: Gina Rinehart has given her three estranged children until 10am today to agree to keep the family's explosive court battle secret.

Page 4: A state government policy to reduce overcrowding in hospital emergency departments by speeding up treatment of patients is likely to save at least one life every two days, a new study suggests.

Page 6: Besieged Prime Minister Julia Gillard has attempted to stare down her internal critics by demanding political discipline and telling them they risk handing power to Tony Abbott.

For the first time in months, Julia Gillard leads Tony Abbott as the nation's preferred prime minister.

Page 9: The federal government should intervene directly in the banking sector if the major banks fail to pass on an expected cut in official interest rates this week, the union movement has demanded.

Tony Crook has decided against supporting the means-testing of private health insurance in a move that threatens to puncture a near $3 billion hole in the federal government's budget.

Page 15: The RAC wants the state government to urgently address Perth's growing traffic congestion by committing to more key road projects.

Business: The receivers of Pankaj Oswal's Burrup Fertilisers have handed the business' new ownership team $130 million, demonstrating the controversial Indian tycoon's foresight in building a world-class liquid ammonia plant in the Pilbara.

WA entrepreneur Steve Birkbeck has stepped up turnaround efforts for struggling Atlas South Sea Pearl by removing the company's managing director and placing himself in charge of operations at Australia's last listed pearl farmer.

Stephen Langsford's online movie company Quickflix is set to cash in on a rampant share price by securing cash from a global entertainment and media player.

Ausdrill chief and major WA racehorse breeder Ron Sayers is pushing ahead with his business plans despite being hit with a tax fraud charge, that, if prove, could land him in jail for a decade.

Profit results from the nation's two biggest miners and a Reserve Bank meeting will define the week – and will likely be the key pieces of information that affect the markets for some time.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The future of two of the Gillard government's big-ticket renewable energy projects is under a cloud after they missed their December deadline for finding a financial backer and may now lose more than $750 million in federal funding.

Gina Rinehart has escalated the fight over her $20 billion family fortune, threatening to stop paying ransom insurance for her children that would be triggered if they were kidnapped, unless they agree to suppress details of the court battle they are waging against her.

Greens leader and key government ally Bob Brown has demanded Labor resolve its leadership tensions, saying speculation about Prime Minister Julia Gillard is destabilising the government and hampering policy.

Page 4: Treasurer Wayne Swan has stepped up pressure on “hugely profitable” banks to pass on in full any cut in the official cash rate tomorrow and engaged in a war of words with shadow treasurer Joe Hockey over which side of politics reigned over lower rates.

Page 9: Kerry Stokes's Seven Network has elevated a brawl over the taxation of almost $100 million it paid to the International Olympic Committee, taking it to the federal court in a case that could set a precedent in the area of offshore royalties.

Page 14: Gina Rinehart's Hancock Coal is adamant that its $8 billion Alpha Coal joint venture with India's GVK will not be delayed by mining billionaire Clive Palmer's planned legal action against rail haulage company QR National.

Page 15: Extract Resources, owner of one of the world's biggest uranium deposits, will be subject to a takeover bid of almost $2.2 billion by the end of the month from China Guangdong Nuclear Power.

Page 16: Xstrata boss Mick Davis is facing growing pressure from investors not to accept a zero-premium merger offer from Glencore, but mining industry insiders say the directors of the Swiss commodities trader will drive a hard bargain.

Corporate Australia is bracing itself for a seventh consecutive fall in half-year earnings as weak consumer sentiment, the high Australian dollar and deteriorating economic conditions in Europe take their toll.

 

THE AUSTRALIAN:

Page 1: A senior Labor powerbroker involved in ousting Kevin Rudd from the prime ministership has conceded the move might have been a mistake, but warned that dumping Julia Gillard would be even worse.

The nation’s bank leaders have challenged Wayne Swan to give new tax breaks on savings accounts to give the banks access to cheaper money.

Business is demanding Labor dump a proposal to model new anti-discrimination laws on a key pillar of the Fair Work Act that has already burdened employers with a surge in speculative claims designed to force costly payouts.

Page 2: The quickening recovery in the US economy has reduced pressure on the Reserve Bank to cut its benchmark cash rate at tomorrow’s meeting.

Page 3: Australia's competition tsar is promising a shield of secrecy for farmers and grocery suppliers who blow the whistle on retailers abusing their market power to demand cheaper prices.

Page 5: Tony Abbott will use tomorrow’s resumption of parliament to renew his attack on Labor’s carbon tax by using Treasury economic modelling to warn it will slash wages.

Australia will be unable to produce affordable base-load power supplies while meeting its emissions targets under present policy, new research has found.

Concerns that technological advancements in mining will lead to fewer jobs have been dismissed by a new Rio Tinto-commissioned report, which argues they will have the opposite effect and ensure Australia’s booming industry remains globally competitive.

Business: More than $300 million of asset sales and increased dividend income from its core gaming and media investments have helped billionaire James Packer’s private company Consolidated Press Holdings post another year of robust profits.

China is set to launch a $2.2 billion bid for Australian-listed Extract Resources after securing a controlling stake in the company’s major shareholder.

The value of merger and acquisition activity in the global mining sector surged by about 50 per cent last year to top $US100 billion, aided by a recovery in transaction values in the final quarter of the year, according to KPMG.

The world’s largest miners’ earnings will be closely scrutinised this week to gauge the impact of falling commodity prices on the sector, while outlook comments from the chief executives will be crucial to market sentiment.

Banks will be the first to front the market as the reporting season kicks off this week, with investors expected to pick over companies’ updates and results for signs of improving earnings.

More than half the corporates in the ASX 50 have failed to adequately report non-financial risks and are in danger of being shunned by investors, according to research.

The world’s largest miners’ earnings will be closely scrutinised this week to gauge the impact of falling commodity prices on the sector, while outlook comments from the chief executives will be crucial to market sentiment.

 

THE AGE:

Page 1: Julia Gillard gets some relief with latest poll showing she leads Tony Abbott as preferred prime minister for first time in nine months.

Page 2: Poll shows Julia Gillard nudges out Kevin Rudd as preferred Labor leader.

Page 3: The four-hour rule in emergency departments, where patients either have to be admitted or discharged, has shown it can save lives.

World: Syrians fear more terror after UN resolution fails to condemn Assad.

Business: Signs of a US recovery gives investors hope that an interest rate cut will lift confidence.

Sport: Concerns that new gloves will give AFL players an advantage when taking a mark.

 

THE HERALD SUN:

Page 1: Julia Gillard tells MPs to pull their heads in and unite behind her.

Page 2: A 24-hour hotline to be set up to monitor and report bullies.

Page 3: Kevin Sheedy's wife Geraldine talks of the ups and downs of a life spent in football. The Chaser jumps the ABC ship to commercial TV.

Business: Reserve Bank to consider rate cut on Tuesday.

Sport: AFL games might be live on TV but clubs receive boost in memberships.

THE CANBERRA TIMES:

Page 1: Employment agencies suspected of rorting multi-billion-dollar job assistance scheme.

Page 2: Aged care group calls for clarity on costings.

Page 3: Canberra Rape Crisis Centre seeking extra funding from ACT government.

World: The US has warned that Sunday's UN veto by China and Russia would lead to the greater likelihood of civil war in Syria.

Business: Apple wins iPhone, iPad reprieve.

Sport: Aussies bounce back to best (Cricket).

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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