Bashing of banks 'could cost jobs' – The Aus; Defence treaty under attack – The Fin; Rio ponders Rossing options – The West; Qantas act 'to force Jetstar sale' – The Aus; Rinehart's children say no to demand – The Fin
Bashing of banks 'could cost jobs'
Wayne Swan’s assault on the banks over their mortgage rates and profitability is threatening to backfire, potentially forcing banks to lift interest rates for small business and other sectors of the economy and causing further job losses, top business figures warn. The Aus
Defence treaty under attack
Austal chief executive Andrew Bellamy has criticised a planned treaty designed to boost military exports to the United States, warning that it will only add to the cost and complexity of doing business for Australian companies. The Fin
Rio ponders Rossing options
Rio Tinto faces a decision between selling its Rossing uranium mine to China Guangdong Nuclear Power Corp or pursuing a joint venture with the Chinese group over their neighbouring Namibian assets, according to analysts. The West
Qantas act 'to force Jetstar sale'
Qantas chief executive Alan Joyce has hit out at proposed legislation restricting the flying kangaroo’s ability to operate, warning the move would result in jobs lost, services slashed and the possible sale of low-cost offshoot Jetstar. The Aus
Rinehart's children say no to demand
Gina Rinehart's children will not buckle to her demands to keep details of a fight over the family's $20 billion fortune private, despite her threats that she will stop paying insurance that covers the cost of ransom if they are kidnapped. The Fin
THE WEST AUSTRALIAN:
Page 4: Fremantle Port is so choked with cargo containers that late-night truck runs are being used to clear the backlog.
Transport Minister Troy Buswell has threatened to publish CCTV images of a person who put up intimidating flyers around the port of Fremantle in December if the Fair Work Ombudsman does not take action against them.
Page 5: Gina Rinehart's three estranged children have rejected her demand to keep the family's multi-billion-dollar court battle secret.
Page 10: Two WA Labor senators have dismissed suggestions behind their allegiances have swung behind Kevin Rudd.
Page 12: The Reserve Bank is poised to cut official interest rates for the third time in four months but bank profits rather than mortgage holders may be the only winners.
Page 16: Qantas will have higher costs and fares, be forced to sell its low-fare subsidiary Jetstar and abandon services to Darwin and Cairns if legislation proposed by Senator Nick Xenaphon comes into law, according to the airline and a leading industry analyst.
Business: Perpetual, one of Australia's biggest wealth managers which looks after almost $23 billion for clients, has dismissed Chris Ryan just short of a year after he was appointed chief executive.
Media giant Time Warner's television production company Home Box Office is set to emerge as the biggest shareholder in Stephen Langsford's Quickflix after agreeing to invest $10 million in the Perth online entertainment company.
Rio Tinto faces a decision between selling its Rossing uranium mine to China Guangdong Nuclear Power Corp or pursuing a joint venture with the Chinese group over their neighbouring Namibian assets, according to analysts.
Chalice Gold Mines has given itself until the end of the year to use a $100 million war chest to acquire a new project.
Bell Potter Securities has added weight to arguments that major Australian banks will not pass on a cut to official interest rates today by suggesting they are already losing money on mortgages.
Joanne Farrell, the most senior woman in Rio Tinto's global iron ore business, and BHP Billiton Nickel West principal electrical engineer Margaret Watroba are among 16 finalists in the Chamber of Minerals and Energy's annual Women in Resources awards.
The Spotless Group board ended a stand-off with its major shareholders yesterday and allowed private equity suitor Pacific Equity Partners to conduct “non-exclusive due diligence”.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Mining unions are set to hit major BHP Billiton coalmines in Queensland with overtime bans from Friday ahead of a threatened week-long strike, as part of a broader struggle over management control in the booming resources sector.
The Greens have launched an assault on Resources Minister Martin Ferguson over the government's most expensive solar power projects yet, declaring he had favoured them to defend the coal industry.
Page 3: Gina Rinehart's children will not buckle to her demands to keep details of a fight over the family's $20 billion fortune private, despite her threats that she will stop paying insurance that covers the cost of ransom if they are kidnapped.
Page 4: Bendigo and Adelaide Bank will follow the lead of Australia and New Zealand Banking Group and set its home loan interest rates independently of the Reserve Bank of Australia.
Falling fruit and vegetable prices are helping hold living costs down, giving the Reserve Bank ample scope to cut interest rates today.
Page 5: One of the weakest years for retail spending on record has overshadowed signs the nation's employment slide may be slowing, fuelling calls for the Reserve Bank of Australia to cut interest rates.
Page 8: Some of the federal government's biggest programs, including the minerals resource rent tax and the national broadband network, are at risk if the Labor Party keeps playing a high-risk strategy of changing leaders, independent MPs say.
Page 9: Optus has joined Telstra in criticising NBN Co's wholesale pricing strategy and called for greater regulatory oversight of the new monopoly network.
Page 11: Labor MPs have hit out at big companies for sending jobs offshore, singling out Qantas chief executive Alan Joyce for criticism as they demanded industry accept lower profits to protect jobs.
Page 15: Austal chief executive Andrew Bellamy has criticised a planned treaty designed to boost military exports to the United States, warning that it will only add to the cost and complexity of doing business for Australian companies.
The nation's largest class action so far, challenging the fees of Australia's major banks, looks set for a showdown in the High Court as early as May or June.
Page 16: European leaders maintained pressure on Greece to accept terms demanded by international lenders during a weekend of talks to avert a financial collapse.
Page 20: Spotless Group has headed off the threat of a protracted and damaging board spill from restive shareholders after allowing private equity suitor Pacific Equity Partners access to due diligence for a proposed takeover bid.
Page 38: Rio Tinto's plans to build a $US4.5 billion hydro-powered aluminium smelter in Malaysia appear to have stalled, with negotiations on a power contract taking far longer than expected when the project was unveiled in 2007.
Page 39: OM Holdings is pursuing a $US502 million plan to build a manganese smelter in Malaysia to help capture the higher margins that have been available in producing alloys compared with the mining of ore.
The independent directors of uranium hopeful Extract Resources will withhold a recommendation on a potential $2.2 billion takeover bid from China Guangdong Nuclear Power Corp until they receive and review a bidder's statement.
Page 40: Perth-based home entertainment provider Quickflix has secured a heavyweight equity partner and $10 million in expansion capital by linking up with US giant Home Box Office.
THE AUSTRALIAN:
Page 1: Wayne Swan’s assault on the banks over their mortgage rates and profitability is threatening to backfire, potentially forcing banks to lift interest rates for small business and other sectors of the economy and causing further job losses, top business figures warn.
Independent MP Rob Oakeshott has punctured Labor’s claims that party tensions are being driven by the media, revealing that supporters of Kevin Rudd have canvassed him about a leadership change.
Page 2: Qantas chief executive Alan Joyce has hit out at proposed legislation restricting the flying kangaroo’s ability to operate, warning the move would result in jobs lost, services slashed and the possible sale of low-cost offshoot Jetstar.
Page 4: The means test on the 30 per cent private-health insurance rebate that makes up half the government’s 2012-13 budget surplus is in jeopardy after independent MP Tony Crook declared he would not support it.
Page 5: Julia Gillard has overshadowed her own attempt to fight back against leadership critics by sparking political uproar with a claim that she is treated differently from previous prime ministers because she is a woman.
Manufacturing Australia executive chairman Dick Warburton has called on Labor to resolve its leadership issue, warning that continuing speculation about a potential change is adding to business pessimism.
Page 8: Julia Gillard has given the first indication that the referendum to acknowledge indigenous Australians in the Constitution may not occur in this political cycle, as a bipartisan position with the opposition may not be reached in time to ensure its success.
Business: Perpetual has shocked investors and drawn a hostile response from a former senior employee after chief executive Chris Ryan left the company yesterday because of ‘‘strategic differences’’ with the board.
Australia big banks could be losing money on new mortgages, prompting warnings that they will be forced to increase lending rates or slow residential home lending.
Spotless chairman Peter Smedley has bowed to pressure from institutions by agreeing to open its books to private equity bidder Pacific Equity Partners.
Downer EDI has been awarded a $570 million contract with Karara Mining for its magnetite iron ore project in Western Australia.
The International Monetary Fund is the latest group to warn of lower growth for China, cutting its forecast for this year to 8.25 per cent from a 9 per cent projected in September.
Online DVD rental company Quickflix has received the biggest equity injection of its existence with Time Warner’s Home Box Office taking a $10 million strategic stake in the company.
THE SYDNEY MORNING HERALD:
Page 1: The gaming giant Tabcorp was warned of an alleged culture of drug and alcohol abuse among senior management at The Star casino, and was advised to swab offices and introduce "sobriety tests" to detect cocaine use at work.
Page 2: A well-intentioned Australian project in Kabul has foundered on bureaucracy, corruption and lack of security.
Page 3: A betting plunge on financial markets suggests an interest rate cut today is as good as certain after weak retail sales figures appearing to show the worst growth on record.
World: The Queen issued a message of thanks to the public yesterday on the 60th anniversary of her accession to the throne
Business: Banks could step back from lending to new home owners after making losses on new mortgages written over the last four months, according to the latest banking industry research
Sport: Cricket australia and the NRL are set to go to war over Friday night prime time on March 2.
THE DAILY TELEGRAPH:
Page 1: Liberal turncoat Peter Slipper wants to wear the plush gown and other regalia that goes with being Speaker of the House.
Page 2: Sid and Jenni Brummell are marooned on an island, their yard is a swamp infested with snakes and their only transport is the tiny tinnie tied to the back deck of their home in the northwest NSW town of Rowena.
Page 3: A Virgin Australia pilot is suing the budget airline for more than $1 million in lost earnings and medical expenses because he had to carry flight charts instead of having them provided digitally on an iPad.
World: (Los Angeles) A father being investigated over the disappearance of his wife two years ago blew up himself and his two sons during a custody visit.
Business: The Flying Kangaroo will die if laws requiring Qantas to restrict expansion offshore are passed, CEO Alan Joyce says.
Sport: Timana Tahu has told his Newcastle coach Wayne Bennett he wants back in on the State of Origin, less than two years after he quit.
THE AGE:
Page 1: Flowerdale residents bear a tattoo marking Black Saturday.
Markets bet on an interest rate cut by Reserve Bank.
Page 2: Backbenchers urge Julia Gillard to lift the dole.
Page 3: Transport Minister Terry Mulder urges motorists to ride a bike to get a better understanding of what it feels like to be a cyclist.
World: US proposes international coalition to support opposition in Syria after UN blocked resolution to end bloodshed.
Finance: Mortgage losses could force banks to pull back from lending to new home owners.
Sport: Ex-NRL star Israel Folau makes progress as his first AFL season approaches.
THE HERALD SUN:
Page 1: NAB vows to keep its variable home loan rate lower than the other big four banks in 2012.
Page 2: Cricket Australia to surrender hundreds of thousands of dollars after ads in Hindi suspected of advertising chewing tobacco.
Page 3: Three-year-old Noah Jeffrey climbed inside a vending machine to get a cuddly toy.
World: The Queen celebrates 60 years on the throne.
Business: It's 50-50 on whether the Reserve Bank cuts rates as there is a widely differing picture on the health of the economy.
Sport: Bomber Dustin Fletcher to combine playing with a coaching role at Essendon.
