Today's Business Headlines

Labor reins in executive bonuses

Boards will have to install costly systems to ensure they can claw back executive pay and bonuses where financial accounts are materially misstated, as the federal government pushes for more changes to executive pay. The Fin

Resources future fund a priority

Colin Barnett has revealed his government will create a future fund this year to quarantine the benefits of the “finite” resources boom for future generations of West Australians. The West

Lib states revolt at ABCC axing

Julia Gillard faces a bitter campaign of dissent from the Coalition states after scrapping the construction watchdog and installing a watered-down inspectorate. The Aus

Walk-off in Pilbara over shift extension

The construction union boosted its foothold in the Pilbara yesterday after workers walked off the $5.1 billion Sino Iron project after a meeting with heavyweight unionist Joe McDonald. The West

Timis, Sage hit African liquid gold

Business partners Frank Timis and Tony Sage have hit the black gold jackpot worth $320 million after their African Petroleum vehicle yesterday reported a big oil discovery off Liberia. The West

 

THE WEST AUSTRALIAN:

Page 1: Suburban shopping centres and big national retailers such as Coles, Woolworths, Harvey Norman, Myer and David Jones will be allowed to open on Sundays across the Perth metropolitan area by August.

Page 5: The state government would halve the amount of popular types of eating fish that recreational anglers are allowed to have under sweeping changes proposed for the sport in WA.

Page 6: Factional boss and shop union leader Joe Bullock was not told that Labor had dropped plans to protect workers against Sunday shifts in an extended trading regime.

Page 8: Colin Barnett has revealed his government will create a future fund this year to quarantine the benefits of the “finite” resources boom for future generations of West Australians.

Page 9: Julia Gillard has called Kevin Rudd's bluff, telling him she will allow a leadership spill but only if he goes before Labor MPs next week and asks for one.

Page 13: The construction union has boosted its foothold in the Pilbara yesterday after workers walked off the $5.1 billion Sino Iron project after a meeting with heavyweight unionist Joe McDonald.

A one-in-a-million find, Australia's biggest pink diamond has been unearthed in the East Kimberley.

Page 18: Colin Barnett has accused the federal government of trying to take over state-run schools after the release on Monday of its report proposing reforms to the way schools are funded.

Page 19: The decline of CD sales over the past decade has made WA bands almost totally reliant on live gigs to survive, according to two of the state's most successful groups.

Page 20: Boat owners could have to pay third party insurance to compensate people injured in accidents on their vessels after Transport Minister Troy Buswell revealed he had ordered a review into a compulsory scheme.

Page 21: Record low airfares and the booming resources industry are fuelling unprecedented growth in air travel in and out of Perth, with Perth Airport recording more than one million passengers each month.

Business liftout:

Page 1: OneSteel is shedding more jobs and looking for a new name, underscoring its rapid transformation from a former BHP steelmaker to a mining and services company.

French giant Total is on the verge of increasing its stake in the $US34 billion ($32 billion) ground-breaking Ichthys LNG project in a move that should shed billions of dollars from operator Inpex's debt burden.

GR Engineering's dream run since floating has come to an abrupt end with investors savaging the firm's share price after it sprang a surprise profit fall on the market.

Investors remained skittish yesterday after Greece dodged a debt default and credit markets were on high alert as a leaked official assessment painted a less optimistic outcome.

Page 2: The $2.2 billion fight for Extract Resources has proved a windfall for a handful of Perth businessmen who have made tens of millions backing the WA success story.

Page 3: Macmahon Holdings says it has another half a billion dollars worth of contracts in the bag as big mining and energy projects drive healthy profits among companies servicing the resources sector.

Business partners Frank Timis and Tony Sage have hit the black gold jackpot worth $320 million after their African Petroleum vehicle yesterday reported a big oil discovery off Liberia.

Page 5: Former AFL umpire Grant Vernon has returned to his corporate roots in financial services, joining Perth funds manager Entrust Private Wealth Management with a mandate to drive “aggressive growth”.

Page 6: Shares in Michael Malone's listed internet service provider touched a seven-year high yesterday as investors lapped up a record interim result and solid growth outlook from iiNet.

Page 16: The divide in WA's construction industry is widening with strong growth recorded in the north west while in Perth small to mid-tier firms are vying for a shrinking pool of projects.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Boards will have to install costly systems to ensure they can claw back executive pay and bonuses where financial accounts are materially misstated, as the federal government pushes for more changes to executive pay.

The United States has indicated for the first time it would be willing to lease or sell a nuclear submarine to Australia is a move that will inflame tensions with China and force the Coalition to declare its policy on bolstering regional defence.

The Holden Commodore is set to be replaced in five to six years but parent company General Motors is upbeat on the prospect of its being succeeded by a “global” car that will secure the future of its local manufacturing operation.

Page 3: Reserve Bank of Australia governor Glenn Stevens has weighed in to the debate over bank funding costs, defending the decision by the four biggest banks to raise mortgage rates this month after official interest rates were left unchanged.

Page 5: West Australian Premier Colin Barnett has dismissed the shake-up of school funding in the Gonski report as another grab for power by Canberra.

Page 6: Industry Minister Greg Combet has welcomed the Business Council of Australia's intervention in the productivity debate, but says Australia should not and cannot risk inducing poverty by modelling itself on the United States' workplace system.

Page 10: Woolworths new Masters hardware chain will remain closed in Western Australia on Sundays despite new laws being introduced yesterday to relax shopping-hour restrictions in Perth.

Page 11: Treasury officials conceded yesterday Labor's resource rent taxes were more volatile than other imposts but disagreed with opposition claims they would undermine budget surpluses.

Page 16: OneSteel has become the first struggling Australian manufacturer to reposition itself to return to profit despite the structural challenges facing the global steel industry.

Downer EDI is considering following the lead of competitor UGL and shifting more of its locomotive manufacturing overseas to stay competitive.

Page 41: Rio Tinto is now selling the bulk of its iron ore to Chinese customers on the spot market, with steel mills having shifted from lagged quarterly pricing following a sharp price fall in October.

Page 42: Global energy giant BP has described the future of the refining industry as “dire” and given a downbeat assessment of the prospects for solar projects, predicting governments may back away from funding ambitious long-term developments.

French oil major Total has found gas off the north-west coast as part of an exploration program it hopes will lead to an expansion of its liquefied natural gas position in Australia.

Page 43: iiNet chief executive Michael Malone admits Australia's third-largest internet service provider is venturing into uncharted territory as it prepares to compete under the national broadband network.

 

THE AUSTRALIAN:

Page 1: Thousands of Family Court orders relating to de facto couples, including property settlements and maintenance agreements, have been cast into doubt by a major federal government blunder.

Labor veteran Simon Crean is being touted by colleagues as a possible compromise candidate in the leadership battle, amid fears Julia Gillard and Kevin Rudd’s ongoing war could leave both fatally damaged.

A massive European bailout for Greece has raised hopes that the embryonic global recovery can gather strength without being derailed by a fresh financial crisis.

School funding reform has become the latest flashpoint between the West Australian and commonwealth governments, with Premier Colin Barnett saying the Gonski recommendations would amount to a federal takeover of the running of public schools.

Page 2: Billionaire mining magnate Clive Palmer has extended his legal actions to a giant hotel chain, claiming $60 million in damages from Hyatt.

Page 3: The Barnett government has agreed to hold a parliamentary inquiry into last year’s disastrous Kimberley Ultramarathon, which it sponsored as a way of promoting the state’s natural beauty.

Page 4: Julia Gillard faces a bitter campaign of dissent from the Coalition states after scrapping the construction watchdog and installing a watered-down inspectorate.

The aluminium industry will ask the federal government for greater relief from its renewable energy laws, warning that over the next few years the laws will have a greater impact than the carbon tax on smelters confronting falling metal prices and a surging dollar.

West Australian Premier Colin Barnett has announced his government will quarantine some of the benefits of the resources boom in a future fund.

Page 5: A senior Treasury official has conceded that the revenue stream of the $10.6 billion mining tax is ‘‘volatile’’ and government documents show a shortfall in the tax’s revenue projection and linked spending commitments.

Page 8: West Australian Premier Colin Barnett and new Labor leader Mark McGowan have brokered a deal that will finally allow limited Sunday trading in the west.

Business: Beleaguered manufacturer Onesteel is to slash more jobs and change the company’s name, as the company attempts to chart a new course amid seismic shifts in the economy that continue to rock the business plans of leading companies.

Momentum is growing for greater use of China’s yuan by local businesses, with ANZ chief executive Mike Smith calling for Australia to become a regional trading hub for the currency.

Companies will be forced to claw back bonuses from their executives when their accounts are materially misstated, under federal government changes designed to realign executive pay with profit performance.

Mining contractor Macmahon has joined a growing chorus of businesses speaking out against the Gillard government’s lack of support for the resources sector.

Downer EDI has delivered a turnaround in profits but chief executive Grant Fenn says the hard work is not yet over to put the company firmly back on track.

The head of exploration at French energy giant Total has called on the Australian oil and gas industry to better promote the benefits of coal-seam gas development, saying the issue has become mired in confusion and misinformation.

The Reserve Bank has backed the major Australian banks’ claim that increased retail deposit rates and higher wholesale costs are exacerbating funding pressures across the sector.

Australia's third-largest internet service provider, iiNet, has signalled its intention to “get serious” in the mobile phone market, admitting that its efforts in the space to date have been lacklustre.

 

THE SYDNEY MORNING HERALD:

Page 1: Eurozone leaders agree to a 130 billion euros ($A160.76 billion) bailout deal for Greece but insist the money can be clawed back if Greece fails to make further cuts.

Smoking will be banned in outdoor areas under reforms the NSW government will introduce within months.

Advisers say Julia Gillard may call a leadership ballot next week to kill off the threat to her leadership.

15,000 serving and ex-university workers from 10 universities may lose $2.9 billion of super because the federal government has no agreement with the NSW state government about who should pay what.

Page 2: Transport Minister Anthony Albanese has written to state governments advising them of a proposal to limit residential developments in areas affected by aircraft noise.

Page 3: Businesses are losing confidence in NSW economy after expectations for business conditions slumped to their lowest mark since the financial crisis.

World: Iraq officials say violence has dropped by 50 per cent in a few months in some parts of the country since al-Qaeda fighters left Iraq to join the rebellion against the Syrian president.

Business: OneSteel will slash 430 jobs after posting a $74 million first-half net loss.

Sport: The Waratahs will wait a day to make sure Berrick Barnes is fit before naming him in their team to play the Reds in the Super Rugby season opener this weekend.

 

THE DAILY TELEGRAPH:

Page 1: Tough new smoking laws in NSW that could be in place within months will ban smoking at playgrounds, bus stops, sports grounds and outside public buildings. Outdoor dining areas will be smoke free by 2015.

Page 2: Rudd backers say they don't yet have the numbers to win a leadership vote if it is called next week.
Page 3: TV actress Zoe Naylor let off from a $350 fine for driving with her dog on her lap claiming she didn't know the law.

World: Millions of dollars donated to the Christchurch earthquake recovery effort remain unspent.

Business: RBA governor Glenn Stevens defends big four banks' rate rises.

Sport: Why Peter Moody decided against racing Black Caviar in Saturday's Futurity Stakes.

 

THE AGE:

Page 1: Kevin Rudd should be told to put up or shut up, say Julia Gillard confidants. The PM hosts same-sex couples at The Lodge. Liberal MP pressured a wind farm developer to buy his family's western district farm or he would lobby against him. European leaders agree to a $160 billion bailout for Greece.

Page 2: Environmental Monitors gives Port Phillip Bay a clean bill of health.

Page 3: Victorian private schools would receive more than the minimum amount of government funding under Gonski review.

Qantas's Melbourne engineers face the axe after losing work to their Sydney counterparts.

World: More than 500,000 people got into the UK unchecked in the past five years due to the repeated suspension of vital controls.

Business: OneSteel to shed a further 430 jobs as company posts $74 million first half loss.

Sport: Relations between former coach Mark Thompson and Geelong begin to thaw.

 

THE HERALD SUN:

Page 1: Commonwealth Bank to hold a pirates' fancy dress party at Lorne for its best 200 bankers.

Page 2: Greek crisis edging closer to a solution as EU approves a $160 billion bailout. Maria Korp murder accomplice Tania Herman says she was brainwashed by her lover Joe Jorp.

Page 3: Hundreds of women will head to the town of Wallace in search of a farmer husband. Station staff told to dob in gun-happy train guards.

Business: Greece backs away from the abyss as Europe strikes a bailout deal.

Sport: Black Caviar won't race here again before she heads for Europe, says trainer Peter Moody.