Today's Business Headlines

Carbon fears fuel Labor unrest

Disgruntled supporters of Kevin Rudd broke their silence yesterday to question Prime Minister Julia Gillard's mandate for a carbon tax and use of spin, even as her supporters admitted Labor faced electoral defeat and was failing to sell its message. The Fin

Fortescue slams China snub

Fortescue Metals Group chief executive Neville Power has criticised federal and state governments for not sending ministers to China's biggest economic and business gathering at a time when its relations with Australia are under pressure. The Fin

EPA delays Kimberley gas report

The proposed $30 billion Browse liquefied natural gas development has been hit by another setback after the state's environmental watchdog delayed a decision on whether to support the project. The West

Unions query jobs for US workers

Unions have questioned a plan by Julia Gillard to protect the booming mining industry from a labour shortfall by encouraging skilled American construction workers to migrate to Australia on temporary visas. The Aus

Pressure to cut interest rate

The Reserve Bank board is under pressure to deliver an interest rate cut to the nation's homeowners today after new figures showed the building sector at its lowest point despite the global financial crisis. The West

THE WEST AUSTRALIAN:

Page 3: US combat veterans and highly skilled American workers will be enticed to come to WA under a resource industry-driven migration program aimed at plugging critical shortages in jobs vital to the state's boom.

Page 4: The Reserve Bank board is under pressure to deliver an interest rate cut to the nation's homeowners today after new figures showed the building sector at its lowest point despite the global financial crisis.

WA's blisteringly fast economy makes it the best place in Australia for the restaurant sector, according to celebrity chef Guillaume Brahimi.

Page 5: The proposed $30 billion Browse liquefied natural gas development has been hit by another setback after the state's environmental watchdog delayed a decision on whether to support the project.

Page 7: The Department of Fisheries has revealed it has been unable to tag a single great white shark since announcing its $1.7 million effort to boost shark research in WA waters after the death of Texan diver George Wainwright in October.

Page 17: People in Perth and the South West are paying hundreds of millions of dollars to subsidise power supplies to remote country towns and WA's economic regulator wants the impost axed.

Page 18: The council-funded operator of a major waste processing plant was scrambling yesterday to find alternatives to dispose of 1,600 tonnes of rubbish a week from 84,000 homes after being ordered to close over odour issues.

Business: The BHP-Mitsubishi Alliance, the world's biggest supplier of seaborne coking coal, has declared force majuere at its Bown Basin operations in Queensland, notifying offshore customers it cannot meet supply obligations because of continuing industrial action and recent heavy rain.

Northern Star Resources, flush with cash from a surprise $45 million capital raising six weeks ago, has increased the size of its Ashburton project by 50 per cent, an upgrade it hopes will underpin the emergence of a 200,000 ounces a year gold producer.

Officials figures show that unemployment in the 17 countries that use the euro spiked to its highest level since the currency was introduced in 1999.

Westpac has emerged with one of the least productive branch networks of the major Australian banks based on mortgages and deposits, while rival Commonwealth Bank generates more sales for every branch it operates.

Ampella Mining's surprise decision to all but put itself up for sale with its shares hovering around two-year lows is the gold explorer's attempt to avoid being acquired on the cheap, according to managing director Paul Kitto.

IFS Construction's full-year loss has blown out to $3 million since reporting annual results in February because of a write-down to Perth scaffolding business Hire Access.

Gina Rinehart has recruited Paladin Energy's chief financial officer to fill the same role for her Roy Hill development as the iron ore billionaire finalises the corporate and funding structure for the $10 billion Pilbara project.

Reed Resources is hoping to overcome scepticism about WA's chequered history in restarting old gold mines, asking shareholders to help it come up with $40 million in equity to bring the Meekatharra gold project back into production.

Monadelphous' share price has hit a new peak ahead of announcing construction and maintenance contracts worth a combine $220 million.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Disgruntled supporters of Kevin Rudd broke their silence yesterday to question Prime Minister Julia Gillard's mandate for a carbon tax and use of spin, even as her supporters admitted Labor faced electoral defeat and was failing to sell its message.

BHP Billiton has been forced to declare it may not be able to supply its customers due to strikes for the first time in more than a decade, as the industrial action by unionised workers at its Queensland coalmines drags into its 10^th month.

Fortescue Metals Group chief executive Neville Power has criticised federal and state governments for not sending ministers to China's biggest economic and business gathering at a time when its relations with Australia are under pressure.

Page 4: Companies will be notified this month about whether they will have to pay the carbon tax, and the chairwoman of the Clean Energy Regulator conceded there is still uncertainty among businesses about how the scheme applies to them.

Page 5: Plans to make it easier for American blue-collar workers to get jobs in Australia have been met with a mixed reaction.

Page 9: The Indian company that owns half of Western Australia's coal supplies denies it is in financial difficulty, despite seeking a $50 million break on royalty payments and port charges from the state government.

Page 17: The Australian Securities Exchange will make it easier for smaller resource companies to raise money and consider extending its trading by two hours as part of an ambitious bid to capitalise on the mining boom and attract cashed-up Asian investors.

Page 54: Residential building approvals plummeted in February while the market for established homes is starting to show signs of stabilising, figures released yesterday show.

THE AUSTRALIAN:

Page 1: The Gillard government has been forced to hand over millions of dollars of taxpayers’ funds in compensation to Sky News after bungling the $223 million tender to run the Australia Network international television service.

Leading executives from the early days of the Australian payTV industry have continued to line up to rubbish claims that a News Corporation unit was involved in a conspiracy to hack into competitors’ technology.

Page 3: Trading with China is worth $13,400 to every Australian household — a 30 per cent rise in the past year alone — but the nation must broaden its exports away from reliance on the mining industry.

Fortescue Metals Group chairman Andrew Forrest has warned against government intervention in ‘‘trade and investment flows’’ between nations in a major speech delivered in China.

Page 4: Unions have questioned a plan by Julia Gillard to protect the booming mining industry from a labour shortfall by encouraging skilled American construction workers to migrate to Australia on temporary visas.

A push to link indigenous businesses to some of the country’s biggest firms will be dramatically expanded after the Gillard government announces today it will double the funding to the Australian Indigenous Minority Supplier Council in next month’s budget.

A slump in home building and depressed trading conditions will keep interest rate cuts on the Reserve Bank’s agenda in coming months, although it is not expected to act at today’s board meeting.

Workplace Relations Minister Bill Shorten has opened a new stoush with the big banks, declaring that they are trying to introduce a wage cut for low-paid employees by stealth.

Labor has rejected business calls for an upcoming minimum wage rise to be limited on the grounds that many low-income workers will be overcompensated for the effects of the carbon tax.

Page 5: BHP Billiton has announced it can no longer meet all its customer contract obligations for seven mines in Queensland’s Bowen Basin after heavy rains and prolonged industrial action.

Page 6: The head of Australia’s largest cattle company, the Australian Agricultural Company’s David Farley, has blasted the federal government over its reluctance to build public road and port infrastructure to support a new $80 million meatworks in Darwin.

State governments are challenging Wayne Swan’s agenda at a crucial meeting tomorrow as they accuse Canberra of an ‘‘overbearing attitude’’ towards economic reform.

Business: Company directors are facing increased jail terms for everyday business decisions under new federal laws that backtrack on promised national reforms originally meant to ease burdens on board members.

The banking sector is seeking a deeper understanding of its low community regard as a first step towards reversing the rising tide of regulatory intervention.

Aquila Resources has revealed a $200 million difference on the value of a stake in the Belvedere coal project was at the heart of a long-running dispute with Brazilian giant Vale, which the Australian miner has effectively won.

Lithium miner Galaxy Resources hopes to grab the attention of major financial institutions when it completes its $C112 million ($108m) merger with Canada’s Lithium One.

Fortescue chief executive Nev Power believes a lower price for iron ore will be good for producers and steelmakers and has predicted the price will settle at about $110 per tonne over the next few years.

Online retail sales are growing at more than 15 times the rate of the overall retail sector, highlighting the need for traditional merchants to accelerate their internet sales strategy.

Retailers are increasingly worried that staff cost blowouts will have the biggest influence on the performance of their business, according to the latest survey from Dun & Bradstreet.

THE SYDNEY MORNING HERALD:

Page 1: Foreign Affairs Minister Bob Carr is among a group of prominent Australians who have declared the "war on drugs" a failure in the most significant challenge to drug laws in decades.

Page 2: A website that allows students to compare Australia's 39 public universities on everything from student/staff ratios to graduate employment outcomes and even car parking spaces on campus will go live this morning.

Page 3: Unions are suspicious of plans to allow US construction workers fast-track recognition of their qualifications to work in Australia to meet skills shortages in large mining projects.

World: Aung San Suu Kyi has vowed to press for further democratic change after her long-suppressed party claimed wins by massive margins in by-elections across the country, but called on supporters not to rub government noses in their victories.

Business: The BHP-Mitsubishi Alliance, the world's biggest supplier of seaborne coking coal, has declared force majeure at its Bowen Basin operations, notifying overseas customers it could not meet supply obligations due to industrial action and recent heavy rain.

Sport: Wests Tigers will not be changing their minds on Willie Mason - despite the club's premiership aspirations being plunged further into crisis by the news that forward Gareth Ellis will miss three months of football.

THE DAILY TELEGRAPH:

Page 1: Premier Barry O'Farrell has been drawn into the centre of The Star casino scandal after it was revealed that, in the months before he was elected, he discussed with his soon-to-be communications director Peter Grimshaw how his government would "smash" The Star.

Page 2: Plastic recycling companies will have to slash hundreds of jobs or face going bust because of the carbon tax that was designed to help the environment.

Page 3: While Princess Diana sparkles in this previously unseen picture, her young sons William and Harry look bored and almost reluctant to be part of the photo shoot.

World: OJ Simpson did not murder Nicole Brown and her lover Ron Goldman in 1994 - his son did. That's the claim from a private investigator who says the disgraced former American footballer turned actor covered for his son Jason, even though he only narrowly escaped being jailed.

Finance: The Reserve Bank will wait another month before cutting the official interest rate despite a fresh flood of downbeat economic figures, analysts believe.

Sport: It is the highway without a toll - the easiest way to break the Wests Tigers defensive line is straight up the middle.

THE AGE:

Page 1: Singer Jimmy Little dies at his home at Dubbo.

Foreign Minister Bob Carr among think tank urging drug reform.

Dumped cabinet minister Robert McClelland says Prime Minister Julia Gillard's broken promise on carbon tax is a burning issue among Australians.

Page 2: Victorian government yet to decide if public housing rents will go up with carbon tax.

Fiji battling heavy flooding with another cyclone on the way.

Page 3: Unions wary of plan to fast-track American workers to meet skills shortages.

Research shows Australian families spend an average of $5100 on Chinese goods every year.

World: Burma's opposition leader Aung San Suu Kyi vows to press for democratic change.

Business: Plunge in building approvals leads to fear of high unemployment in building industry.

Sport: Matt Rendell may get AFL job after being dismissed from Adelaide Crows after offensive remarks about indigenous players.

THE HERALD SUN:

Page 1: War on drugs has failed, says new report. Fremantle niggler Hayden Ballantyne cops two weeks.

Page 2: Plastics recyclers will either have to sack hundreds or go bust because of carbon tax.

Page 3: Qantas to limit carry-on bag to one per passenger. Gym junkie is a 90-year-old great-grandmother.

World: Burmese opposition leader Aung San Suu Kyi hails her parliamentary election win as a victory of the people.

Business: Reserve Bank likely to wait another month before cutting interest rates.

Sport: Melbourne coach Mark Neeld stung by Grant Thomas claims that he treated indigenous players differently.