Today's Business Headlines

Swan lashes billionaires' influence

Australia's notion of the “fair go” is under threat from an elite group of wealthy business people – including Andrew Forrest, Gina Rinehart and Clive Palmer – who are using their riches to undermine good public policy and “threaten our democracy”, Treasurer Wayne Swan says. The Fin

Forrest case a bit Orwellian, says judge

A High Court judge has said there is something ‘‘a bit Orwellian’’ about the Australian Securities & Investments Commission’s long-running case against Andrew Forrest over allegations he misled investors about the binding nature of three contracts with Chinese corporations to build infrastructure in the Pilbara region. The Aus

Atlantic boss trying to keep dream alive

Michael Minosora will spend the next few days working to keep his dream of reviving the Windimurra vanadium project alive after resources vehicle Atlantic flagged its second surprise capital raising in less than three months. The West

More strife at Perth Arena

Industrial strife is looming at the troubled Perth Arena project, with disputes raging over unpaid subcontracting bills and a claim of a threatening phone call to a company executive's home. The West

Sumitomo makes surprise $115 move on Mindax

Japanese trading giant Sumitomo has muscled its way into Yilgarn's iron ore sector through a $115 million deal to acquire up to 70 per cent of Mindax's flagship project. The West

THE WEST AUSTRALIAN:

Page 3: Some of WA's most disadvantaged households are being slugged credit card-like interest rates on overdue water bills, sparking accusations from the Opposition that the state government is heartless.

Page 4: Labor MP Peter Tinley accused Housing Minister Troy Buswell yesterday of jeopardising his privacy by putting the address of a property he owned on the public record during a political attack.

Page 5: Julia Gillard confirmed yesterday she had personally lobbied former NSW premier Bob Carr to fill a Senate vacancy, prompting federal opposition claims she has been economical with the truth.

Treasurer Wayne Swan has launched an attack on some of Australia's richest people, accusing them of putting at risk millions of middle-class families for their selfish gains.

Page 7: Road safety experts yesterday criticised the state government's loosening of mobile phone driving laws after research showed fatal crashes caused by driver inattention almost doubled last year.

Page 11: A former Peppermint Grove shire president who once headed the select Weld Club was labelled a “crook” in state Parliament yesterday over his dealings with South West home owners.

Business: Michael Minosora will spend the next few days working to keep his dream of reviving the Windimurra vanadium project alive after resources vehicle Atlantic flagged its second surprise capital raising in less than three months.

The state's biggest superannuation provider has lost its long-serving and highly regarded chief investment officer a month after appointing a new chief executive.

The grant of final approvals for Rio Tinto and Hancock Prospecting's Hope Downs iron ore mine expansion could push Gina Rinehart's royalty stream from the Pilbara above $1 billion a year, even before her Roy Hill project is developed.

Woolworths chief executive Grant O'Brien says the retailer is prepared for another three years of tough trading conditions after the supermarket booked its first profit fall in more than a decade.

Employers claim union right-of-entry provisions are being abused in mass membership drives as unions grow by 130 people a week.

Industrial strife is looming at the troubled Perth Arena project, with disputes raging over unpaid subcontracting bills and a claim of a threatening phone call to a company executive's home.

Orica and its new partners in the planned Burrup ammonium nitrate plant will be under pressure to sign early sales agreements as the race to supply explosives to the booming Pilbara mining industry begins in earnest.

The corporate watchdog's claim Andrew Forrest and Fortescue Metals Group misled investors has been called “Orwellian” by a High Court judge and conspiratorial by his legal team.

Japanese trading giant Sumitomo has muscled its way into Yilgarn's iron ore sector through a $115 million deal to acquire up to 70 per cent of Mindax's flagship project.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Australia's notion of the “fair go” is under threat from an elite group of wealthy business people – including Andrew Forrest, Gina Rinehart and Clive Palmer – who are using their riches to undermine good public policy and “threaten our democracy”, Treasurer Wayne Swan says.

Legal experts have warned that the federal government's failure to keep up international regulation of bribery and corruption has left local companies at greater risk of falling foul of the law.

Page 5: Foreign investment in farmland and agribusiness of more than $20 million would face new scrutiny and be considered in the same “sensitive” category as media and defence under a Coalition plan to bolster Australia's food security.

Page 6: A senior High Court judge has described the way in which the corporate regulator framed its case in 2006 against Andrew Forrest over framework agreements between Fortescue Metals Group and three Chinese contractors as “Orwellian”.

The nation's record-breaking investment boom is on track to accelerate despite an unexpected setback that could drag on short-term growth.

Page 14: Industry groups are urging senators to reject a bill to scrap the Australian Building and Construction Commissioner and install a watered down inspectorate, claiming that corruption will return to building sites.

Page 17: Woolworths has delivered its weakest profit growth for 13 years but reassured investors that more than $5 billion reinvested in its business and a renewed focus on costs will start to deliver returns in 2013.

Gold's worst one-day crash in 39 months on Wednesday evening appears to be an overreaction but the ferocity of the selloff has divided expert opinion on the outlook for the commodity.

Page 19: Qantas Airways' entry into Asia via a new premium carrier could suffer further delays after potential partner Malaysia Airlines said it was “in crisis” following a fourth consecutive quarterly loss.

Page 20: Orica is defying concerns about an oversupply of explosives in the West Australian mining industry, moving ahead with plans to bulk up in that market with a development deal estimated at $700 million.

Page 22: Base metals miner Kagara Mining is believed to have struck a deal to sell its Lounge Lizard nickel deposit in Western Australia to Western Areas for as much as $80 million.

Page 49: Developers in Western Australia could be subjected to a legally binding code of practice that resembles the stricter criteria imposed on real estate agents and sales staff, according to a series of state parliamentary committee recommendations.

Page 50: West Australian property developer Port Bouvard's share price slumped by more than 10 per cent yesterday after unveiling a weak first half result on the back of poor housing market conditions in its home state, and particularly in hard-hit coastal regions.

THE AUSTRALIAN:

Page 1: Port operators and the mining industry warn that plans to impose a levy on dredge spoils from coal and liquefied natural gas ports around the Great Barrier Reef Marine Park would lead to an explosion in costs for exporters, undermining Queensland’s trade competitiveness and leading to job losses.

Julia Gillard has confirmed she held talks with former NSW premier Bob Carr over drafting him to serve in her government, sparking fresh opposition attacks on her honesty and political judgment.

Wayne Swan has claimed Australia’s prosperity is under threat from Australia’s richest people pursuing their own vested interests in league with the media.

Page 3: Home values have turned a corner after months of declines, with new research showing prices on both units and houses rose last month.

Page 4: Incoming Reserve Bank board member Heather Ridout has expressed concern that the Gillard government is ‘‘going through the motions’’ of reviewing the workplace laws and will resist the changes sought by business.

Page 6: The nation’s peak business chamber has urged the Gillard government to sacrifice its planned surplus in the May budget if economic growth falters this year, as it rebuked Labor for failing to do enough to prepare for a global slowdown.

Page 9: Australian universities have risen to the challenge of increasing domestic enrolments, with an additional 150,000 places in just five years.

Business: Retail giant Woolworths has reported its first fall in net profit since listing in 1993, after booking $300 million in restructuring charges on its Dick Smith Electronics business and pumping cash into its new hardware joint venture.

The Gillard government moved last night to protect billions of dollars in commonwealth revenue by toughening tax avoidance laws, sparking fears it was rushing to crack down on business without fair consultation.

Aquila Resources has confirmed an Indian consortium is an ‘‘advanced’’ bidder for its Queensland coal project but no formal offer has been lodged.

Base metals miner Kagara is believed to have sold its Lounge Lizard nickel mine to Western Areas for as much as $80 million.

As embattled federal Tourism Minister Martin Ferguson prepared to front a national awards ceremony in Cairns last night there were rumblings in the industry about his performance in the portfolio.

A High Court judge has said there is something ‘‘a bit Orwellian’’ about the Australian Securities & Investments Commission’s long-running case against Andrew Forrest over allegations he misled investors about the binding nature of three contracts with Chinese corporations to build infrastructure in the Pilbara region.

Citic Pacific has warned that its already over budget and behind-schedule Sino Iron project in Western Australia faces ‘‘a lot of challenges’’ to meet its construction timetable.

THE SYDNEY MORNING HERALD:

Page 1: A report has recommended increasing the number of flights through Sydney Airport each hour.

Page 2: More than 300 homes at Cooma are at risk of flooding.

Page 3: Roads Minister Duncan Gay wants an investigation into any truck with a speed limiter caught travelling at more than 120km/h.

World: The phone of Rebekah Brooks, former chief executive of News International, was hacked twice a week by her colleagues at the now closed News of the World.

Business: Woolworths plans to invest more than $2 billion this year in new supermarkets and hardware stores.

Sport: Mining magnate Clive Palmer wants to start a rebel soccer league but his own players have rejected the idea.

THE DAILY TELEGRAPH:

Page 1: Schools could lose millions of dollars in interest under state government plans to centralise their bank accounts.

Page 2: NSW Premier Barry O'Farrell has urged schools to talk to their community about changing class hours for young pupils.

Page 3: The contraceptive pill and cholesterol medication will be available from chemists without having to renew a doctor's prescription.

World: Gabe Watson explains why he used bolt cutters to remove flowers from his wife's grave.

Business: Woolworths is ambitious about double-digit profit growth.

Sport: Soccer's battle of the billionaires has heated up with Clive Palmer declaring legal action against Frank Lowy.

THE AGE:

Page 1: Highly paid information technology specialists, many on $1000 a day, have shared in a taxpayer-funded $175 million bonanza while working for the Victorian government's troubled IT agency, which is now the subject of three inquiries.

Page 2: Australia is fracturing sharply into two economies. Defiant residents of Tallygaroopna were determined to remain in the flooded town, despite warnings from the State Emergency Service to evacuate after a channel to the east of town burst.

Page 3: A friend and political ally of Premier Ted Baillieu was appointed chairman of the government's key development agency, which will oversee billions of dollars worth of Melbourne development, apparently without going through any formal selection process or consideration of alternative candidates.

World: Obama administration officials are escalating warnings that the United States could join Israel in attacking Iran if the regime does not dispel concerns that its nuclear research program is aimed at producing weapons.

Business: Woolworths says it is changing gears to better prepare for the next decade by investing more than $2 billion this year in supermarket and hardware openings.

Sport: Maverick Gold Coast United owner Clive Palmer has plans to start a rebel league, but his own cohorts have already rejected the idea.

THE HERALD SUN:

Page 1: A Victorian man could face the death penalty after allegedly being caught carrying dozens of drug-filled capsules in his stomach in Bali.

Page 2: Australia could run out of Anzac biscuits by Anzac Day.

Page 3: Patients will be able to get birth control and high cholesterol medication from July 1 without revisiting their doctor.

Business: Woolworths' food and liquor sales are growing at a slower pace than inflation, laying bare the impact of aggressive competition in the supermarket industry.

Sport: Maverick Gold Coast United chairman Clive Palmer's bid to form a breakaway competition has been soundly rejected by his players, leaving his plan in tatters.