24/02/2012 - 06:48

Today's Business Headlines

24/02/2012 - 06:48

Bookmark

Upgrade your subscription to use this feature.

Gillard seeks to bury Rudd – The Fin; Budget turns a corner: Deloitte – The Aus; Wages fall for first time in a decade – The West; RBA sees no US-style housing meltdown – The Fin; Plan to clear 50,000 fans in an hour – The West

Today's Business Headlines

Gillard seeks to bury Rudd

Prime Minister Julia Gillard and her senior cabinet ministers moved yesterday to destroy Kevin Rudd's credibility with voters ahead of the Monday leadership ballot, saying he had been a prime minister who lacked “courage, discipline, method, consistency, purpose, inclusion and consultation”. The Fin

Budget turns a corner: Deloitte

Tax revenue is flowing back into Treasury coffers, keeping alive the government’s hopes of returning the budget to surplus next year. The Aus

Wages fall for first time in a decade

Average wages across WA have fallen for the first time in more than a decade in a sign the big pay rises in the mining sector are yet to filter through to the rest of the workforce. The West

RBA sees no US-style housing meltdown

Home owners need to get used to house prices going down as well as up, according to a senior Reserve Bank of Australia official. The Fin

Plan to clear 50,000 fans in an hour

Trains and buses will be expected to clear as many as 50,000 spectators from the Burswood stadium within an hour of an event under state government plans. The West

 

THE WEST AUSTRALIAN:

Page 1: Julia Gillard says the Australian people do not know the real Kevin Rudd, revealing he “sabotaged” Labor's 2010 election campaign and had led a chaotic and paralysed government.

Page 4: Kevin Rudd's wife has weighed into the leadership tussle, calling on Australians to contact their local Labor MP or Senator to demand her husband be returned to The Lodge.

Page 5: Kevin Rudd has declared “people power” will propel him back into his old job, calling on Australians to phone their local MPs and media outlets to energise his campaign.

WA business leaders have demanded Julia Gillard and Kevin Rudd sort out their leadership tensions for the sake of the economy.

Page 7: WA's most prominent Labor politician has reaffirmed his support for Julia Gillard and taken a swipe at the way Kevin Rudd ran the country when he was Prime Minister.

Page 13: Trains and buses will be expected to clear as many as 50,000 spectators from the Burswood stadium within an hour of an event under state government plans.

Page 18: Average wages across WA have fallen for the first time in more than a decade in a sign the big pay rises in the mining sector are yet to filter through to the rest of the workforce.

Business: Virgin Australia has opened the way for foreign airlines such as Etihad gaining cornerstone stakes in its domestic operations after unveiling sweeping changes to its ownership structure.

BHP Billiton, the world's biggest and most profitable miner, has shelved another project, this time its TEMCO manganese alloy plant in Tasmania.

Apple has defended its right to use the iPad trademark in China in a heated court hearing that pitted the electronics giant against a struggling company that denies it sold the mainland China rights to the tablet's name.

Telstra has passed all the big hurdles to complete its lucrative deal with NBN Co after submitting a fresh structural separation plan to the competition watchdog yesterday.

Ausdrill's potentially lucrative new mineral testing business was held up for six months last year over local government concerns about uranium testing.

Presiding over his fifth full-year result for Iluka Resources, chief executive David Robb offered investors a glimpse of the conservative leadership that has helped revive the mineral sands miner's fortune, warning it “must work to protect what has been achieved to date”.

Legacy issues continue to haunt Clough with a Queensland property investment carving more than $9 million off the engineering group's bottom line.

RCR Tomlinson has completed a turnaround phase by finally erasing $50 million of debt, leading the engineering company to pay its first interim dividend and more actively seek acquisition targets.

The shift in Australian reading habits from print to online and a prolonged downturn in the advertising market have crunched Fairfax Media's profits, with the group announcing a “disappointing” 41 per cent fall in first-half earnings.

Shares in Seven West Media extended their rally yesterday as analysts revised their forecasts for the sector in the wake of a mixed reporting season.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Prime Minister Julia Gillard and her senior cabinet ministers moved yesterday to destroy Kevin Rudd's credibility with voters ahead of the Monday leadership ballot, saying he had been a prime minister who lacked “courage, discipline, method, consistency, purpose, inclusion and consultation”.

Influential businessmen have called for a swift end to the political crisis, warning the showdown is damaging business and risks sparking a flight of investment from Australia.

Page 3: Kevin Rudd is appealing to economic nationalism as part of his campaign for the leadership, flagging his opposition to the Gillard government's decision to scrap an element of assistance for the car industry.

Page 16: Home owners need to get used to house prices going down as well as up, according to a senior Reserve Bank of Australia official.

A senior Treasury official has questioned calls for Australia to adopt a Norwegian-style sovereign wealth fund to save and distribute revenue from the mining boom.

Page 18: Optus has accused Australian Football League chief Andrew Demetriou of “grossly” overstepping the mark after he petitioned Optus customers to shift to Telstra and accused it of a “form of stealing”.

Page 19: The $36 billion national broadband network has all but cleared the final hurdle in the way of its construction throughout Australia.

Page 41: Virgin Australia has paved the way for an influx of foreign investment from institutional backers and competitors after announcing plans to split its domestic and international operations into separate entities.

Page 43: West Australian Premier Colin Barnett has welcomed interest from Brazilian mining giant Vale in the state's iron ore industry.

Page 46: Manganese miner OM Holdings is pressing ahead with plans to build a new smelter in Malaysia even as BHP Bilitton prepares to put its TEMCO manganese alloy project in Tasmania on ice next month while it evaluates its future.

Page 47: Uncertainty about the demand outlook for Iluka Resources' most valuable mineral sands product has overshadowed a 15-fold increase in the company's annual profit.

 

THE AUSTRALIAN:

Page 1: Labor's leadership rift has plunged the party into its worst crisis in decades, with the showdown between Kevin Rudd and Julia Gillard exploding into open warfare that has split the cabinet and left the government mired in distrust and personal animosity.

One of the nation’s most senior and celebrated directors, former BHP Billiton chairman Don Argus, has warned that Australia risks losing its ‘‘lucky country’’ title as Labor’s leadership crisis pushes the business community’s dismay with Canberra to a new low.

Independent Rob Oakeshott has declared he would be prepared to negotiate with the Coalition if Labor changed leaders, but his preference would be to deal with Malcolm Turnbull over Tony Abbott.

The Barnett government plans to slow down prescribed burning after an inquiry found serious mistakes and inadequate risk assessments led to a catastrophic fire that destroyed 32 homes in Western Australia’s premier wine and tourism region.

Page 2: Tax revenue is flowing back into Treasury coffers, keeping alive the government’s hopes of returning the budget to surplus next year.

The suspension of production at a Tasmanian manganese alloy factory, which is placing 380 jobs in doubt, has fuelled trade union demands for greater government effort to protect the country’s manufacturers.

Page 3: The West Australian Coroner has launched a stinging attack on the Australian Federal Police and a commonwealth department over their role in the Christmas Island boat tragedy and has demanded increased surveillance around the Indian Ocean outpost.

Page 5: The Barnett government plans to slow down prescribed burning after an inquiry found serious mistakes and inadequate risk assessments led to a catastrophic fire that destroyed 32 homes in Western Australia’s premier wine and tourism region.

Telstra has cleared the path for an $11 billion payday after the telco ceded to the demands of its rivals and the regulator and submitted a compliant plan to structurally separate its business and transfer its fixed line monopoly to the NBN Co.

Page 6: Influential right-wing union leader Joe de Bruyn has warned federal Labor MPS that electing Kevin Rudd would be a ‘‘disaster’’ for the party and would ensure the government was defeated at the next election.

Page 7: Labor MPS have expressed alarm at the personal attacks aimed at Kevin Rudd by Julia Gillard’s supporters, saying it is demoralising to the party’s backbench and for the Australian public.

Page 8: Julia Gillard has emphasised her ability to get reforms through parliament – including carbon pricing and the mining tax – as she pitched for the support of the Labor caucus in Monday's leadership ballot.

Business: Origin Energy boss Grant King says Queensland’s burgeoning coal-seam gas export industry may struggle to drill enough of the thousands of onshore wells needed to meet the early demands of multi-billion-dollar plants being built at Gladstone, highlighting a tightening of a market some feared would be in a glut.

An exclusive preview of an economic report on China, prepared by the World Bank and government insiders considered to have the ear of the nation’s leaders, offers a surprising prescription: China could face an economic crisis unless it carries out deep reforms, including scaling back its vast state-owned enterprises and making them operate more like commercial firms.

Virgin Australia is likely to become majority foreign-owned after it yesterday unveiled a corporate restructure aimed at removing a 49 per cent cap on overseas investments on its domestic operations.

Toll Holdings is looking to increase its exposure to resources, defence and chemicals as it struggles against Australia’s two-speed economy and global headwinds.

Mineral sands producer Iluka Resources has met market expectations for a boom profit last year.

Woodside Petroleum chief Peter Coleman says he will try to wring more value out of the soon-to-start Pluto liquefied natural gas project, off the coast of Western Australia near Karratha, by driving production beyond its nameplate capacity before expanding into a second production train.

Engineering group Clough says a flurry of new contracts on the nation’s biggest resources projects has boosted its order book to a record $2.4 billion, but it remains focused on boosting its credibility by consistently hitting targets.

The James Packer and Kerry Stokes-backed Consolidated Media Holdings is banking on Foxtel’s merger with Austar and a suite of new sports offerings to drive growth after the tough retail environment hit earnings during the half.

 

THE SYDNEY MORNING HERALD:

Page 1: Kevin Rudd is set to hit the phones when he lands in Australia, to try and keep alive the prospect of a second challenge.

Page 2: The West Australian state coroner has criticised the federal government for failing to provide rescue vessels on Christmas Island.

Page 3: Investigators looking into a trucking company that illegally tampered with speed limited devices are now looking into the company's clients.

World: Foreign ministers and officials from 80 countries are preparing to meet in Tunis to discuss the escalating Syrian crisis.

Business: Virgin Australia has opened the way for foreign airlines to gain stakes in its domestic operations.

Sport: Waratah's reserve Daniel Halangahu will be tossing the coin as captain on Saturday night.

THE DAILY TELEGRAPH:

Page 1: Kevin Rudd is reportedly set to offer a peace deal by promising not to sack a single minister if he regains the leadership.

Page 2: Prime Minister Julia Gillard outlines what she has done as the Labor leader and why she can win the next election.

Page 3: Kevin Rudd and Julia Gillard have opened their leadership bout by claiming policy successes in the same area.

World: Australian prisoners, including Schapelle Corby and the Bali Nine, were expected to be evacuated from Kerobokan jail in Bali, following a second inmate riot in 48 hours.

Business: IAG shares jump eight per cent after it said it was set to reap higher revenues from premiums.

Sport: Australian players should be paid $500,000 in prize money immediately, Brisbane and Kangaroos veteran Petero Civoniceva says.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options