Today's Business Headlines

Greens flag fight over budget cuts

The Greens have declared they will fight any attempt by the government to use cuts to the public service, family benefits or research and development funding to return the budget to surplus. The Aus

KKR eyes diamond merger

Private equity firm KKR is looking to buy BHP Billiton’s and Rio Tinto’s diamond units and merge the operations to create a multi-billion-dollar company to rival the giants of the industry. The Aus

Mindax directors deny self interest

Mindax directors Andrew Tsang and Benjamin Chow have hit back at criticism they acted in self-interest in attempting to block a deal between the tiny iron ore company and Japan's Sumitomo Corporation. The Fin

Cut snarls with paid parking

Free parking should be phased out and paid parking introduced at major retail, business and housing centres across metropolitan Perth to combat congestion on WA roads, according to a government report. The West

Dairy farmers warned sales to Asia crucial

The WA dairy industry must dramatically increase production and boost fresh milk exports to Asia or it would not meet domestic demand by 2015, a report commissioned by Wesfarmers has warned. The West

THE WEST AUSTRALIAN:

Page 3: Free parking should be phased out and paid parking introduced at major retail, business and housing centres across metropolitan Perth to combat congestion on WA roads, according to a government report.

Page 6: New Greens leader Christine Milne has signalled she is prepared to play hardball in the Senate in defiance of the federal government's goal to get the nation's finances back in the black.

Mark McGowan says Australia's “entire Federation” would be put under strain unless WA gets a bigger proportion of GST revenue.

Page 7: A “flagship” government program for at-risk youth and their families will close this month, sparking concerns that young people who come in contact with police will miss out on early intervention which could divert them from the justice system.

Page 8: The WA dairy industry must dramatically increase production and boost fresh milk exports to Asia or it would not meet domestic demand by 2015, a report commissioned by Wesfarmers has warned.

Page 11: Internal documents have revealed the level of dysfunction within WA's peak ethnic communities' body, almost three years after the state government cut off funding.

Page 17: A new ban on Department of Environment and Conservation controlled burns near towns has raised fears WA could be at increased risk from bushfires.

The Barnett government is under increasing pressure over its handling of compensation for victims of the Margaret River bushfire amid claims it is short-changing people whose homes were destroyed.

Business: The corporate watchdog is stepping up its scrutiny of advertisements for financial services in regional Australia, including mining boom towns, to weed out unscrupulous operators.

Mindax's biggest shareholder, Chinese-born and educated Australian citizen Andrew Tsang, has broken his silence on why he wants to sack the Yilgarn iron ore junior's managing director Greg Bromley.

China took a big step towards turning its yuan into a fully tradeable global currency at the weekend by doubling the range it is allowed to rise or fall against the greenback.

London was abuzz last night with speculation that private equity giant KKR was hatching a plan to combine BHP Billiton and Rio Tinto's unwanted diamond businesses, including the Argyle mine in the Kimberley, to create a global giant.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The new leader of the Australian Greens, Christine Milne, has declared that the Business Council of Australia and other industry groups are stuck in the last century and progressive business must form an alliance to challenge their views on climate.

Mining giant Rio Tinto has cast doubt on the federal government's plan to prioritise gas a clean energy transition fuel after warning that big industry is being shut out of domestic supply deals at the expense of lucrative liquefied natural gas exports to Asia.

Smaller lenders have warned they might have to follow ANZ's lead and lift lending interest rates because their funding costs remain elevated.

Page 4: Tax experts have criticised recommendations from the federal government's business tax working group as underwhelming, saying the vast majority of small businesses, the target of the reform, will miss out.

Page 5: Mining companies may still face a clampdown on billion-dollar tax breaks despite assurances from the federal government on Friday that it would not slash the benefits in the budget next month.

Page 8: The federal government says it will not amend an antiquated import law that enables overseas companies to hide data that could hurt local manufacturers.

Page 11: Opposition frontbencher Christopher Pyne says the Coalition will target Queensland and Western Australia as it tries to gain Senate control and abolish the carbon tax after the next election.

Three months into the job as West Australian Labor Leader, Mark McGowan has reversed the party's sliding popularity.

Page 15: Telstra's attempt to drag its ailing directories arm into the 21^st century is poised to claim more casualties with further job cuts looming at its Sensis division.

Page 17: Asciano is optimistic of finalising an enterprise agreement with the Maritime Union for its Patrick port operations this week as it starts fresh negotiations before Fair Work Australia today.

Page 18: Qantas has entered the final week of negotiations with unions over its plan to shut at least one of its three heavy maintenance facilities to cut costs, with governments in Victoria and Queensland increasing their efforts to retain bases in their states.

Mindax directors Andrew Tsang and Benjamin Chow have hit back at criticism they acted in self-interest in attempting to block a deal between the tiny iron ore company and Japan's Sumitomo Corporation.

Page 49: Fund manager QIC, along with listed players Lend Lease and GPT, are lining up as likely candidates to acquire a $665 million retail portfolio, comprising stakes in property giant Centro Retail Australia's best assets.

THE AUSTRALIAN:

Page 1: The Greens have declared they will fight any attempt by the government to use cuts to the public service, family benefits or research and development funding to return the budget to surplus.

The Obama administration will make a major push to convince China to pressure North Korea not to conduct a nuclear test, following the failure on Friday of Pyongyang’s missile launch.

Page 2: A government regional development body has called for NBN Co to ditch its population-based criteria when deciding whether to give country towns fibre cable or fixed wireless connection.

Page 3: The cat-and-mouse game of mortgage interest rates continues this week, as three of the big four banks consider their responses to ANZ’s surprise rate hike.

Lending giants Suncorp and GE Money were among the companies that exploited relaxed lending practices during the last property boom.

Page 4: Two cabinet ministers will be the key targets of the Greens’ lower house ambitions at next year’s federal election as the party takes its next steps to fulfil retiring leader Bob Brown’s ambition of eventually supplanting one of the major parties.

Julia Gillard’s ambitions for a huge increase in gas use because of the carbon price have been dealt a blow as mining giant Rio Tinto warns that official estimates of Australia’s gas reserves are overly optimistic and revealed it is struggling to secure supplies in Queensland.

National workplace harmonisation laws may be scuppered in Labor’s only mainland state, with key independents indicating they will not support the bill without significant amendments.

Page 6: Public servants face a new round of job cuts from July 1 as the bureaucracy struggles to squeeze 4 per cent in efficiency savings from backroom expenses, travel and entertainment.

Business: Private equity firm KKR is looking to buy BHP Billiton’s and Rio Tinto’s diamond units and merge the operations to create a multi-billion-dollar company to rival the giants of the industry.

The Reserve Bank is even more likely to cut official interest rates next month after ANZ’s move to increase its variable mortgage and small business lending rates.

China will allow the yuan to trade in a wider daily range against the US dollar from today, taking another major step to further liberalise its exchange rate regime and make its currency more market oriented.

Westpac is ramping up its Indian operations to capitalise on the increasing number of Australian food and mining operations being bought by one of the world’s fastest-growing nations.

Mindax director Benjamin Chow has defended his decision to back a move to sack the managing director of the junior, saying he was left with no choice after the company entered a deal with Japan’s Sumitomo that he could not support.

Xstrata’s plan to forge a $US90 billion ($87bn) mining goliath has received a boost with one of its biggest investors signalling it would support the terms of its merger with Glencore.

THE SYDNEY MORNING HERALD:

Page 1: Some schools could lose close to $4 million a year under a proposed national funding model, independent schools say.

Page 2: A major Australian insurer plans to pay the equivalent of 20 weeks' parental leave.

Page 3: Safer cars could halve the road toll within a decade.

World: Syria's ceasefire is tested with shelling in Homs.

Business: Westpac wants to increase its market share of deposits and small business lending.

Sport: Todd Carney and Jarryd Hayne should play for NSW, captain Paul Gallen says.

THE DAILY TELEGRAPH:

Page 1: Former prime minister Paul Keating slams the NSW and federal governments for ruling out Badgerys Creek as a second airport site.

Page 3: A father attacks a gunman near Wollongong as he kills his son.

Page 5: Speaker Peter Slipper spent $75,000 on travel and limousines in just 18 months.

World: Secret Service agents to US President Barack Obama are involved in a Colombian sex scandal.

Business: Interest costs to household income have doubled over the past decade.

Sport: Cowboys enforcer James Tamou says he may regret choosing the Kangaroos over the Kiwis.

THE AGE:

Page 1: Australian swimming legend and four-time Olympic gold medallist Murray Rose has died. Star City casino scandal has Sydney enthralled.

Hamish Blake wins Gold Logie in a boilover tipping out Karl Stefanovic and Ten presenter Carrie Bickmore.

Proposal before Baillieu government to end mandatory energy ratings for new homes and renovations.

Page 2: Government warns of cuts to agricultural production in northern Victoria if the draft Murray-Darling Basin Plan water cuts are implemented.

Page 3: New Greens leader Christine Milne appears to rule out Senate passing Labor's plan for big business tax cuts.

Insurance Australia Group to pay equivalent of 20 weeks parental leave including a bonus payment for the first six weeks on returning to work to retain female staff.

The owner of the derelict Savoy Hotel opposite Southern Cross Station says no to development plans.

World: Iran to sit down with six world powers to talk on Tehran's disputed nuclear program.

Business: Westpac wants a bigger share in deposits, small-to-medium business lending and wealth management.

Sport: North upset sluggish Geelong.

THE HERALD SUN:

Page 1: Tens of thousands of Victorians are successfully challenging traffic, parking and public transport fines. Hamish Blake new king of TV after Golden Logie win.

Page 2: 350 workers at Toyota's Altona plant to be given the axe today. Golden boy Murray Rose dies at 73. Essendon footballers' Gold Coast flight diverted to Brisbane.

Page 3: Screaming One Direction fans drown out the stars on the red carpet at the Logies. Government denies existing roads could be tolled to pay for new infrastructure.

World: Following a failed rocket launch, North Korean leader Kim Jong-un praises his dead father's military-first policy.

Business: Australians continue to wean themselves off debt as cash advances from credit cards tumble to a 16-year low.

Sport: Buckley under pressure at Collingwood with predecessor Mick Malthouse questioning Magpie's new corridor-based game plan.

THE CANBERRA TIMES:

Page 1: ACT government shifts residential tax to hit inner suburbs. PM Julia Gillard commits $27 million to refurbish WWI galleries.

Page 2: Half of all sexual harassment settlements fall below $7000. Australian Greens leader Christine Milne says Labor's push for a budget surplus is a tragedy.

Page 3: ACT chief minister Katy Gallagher has produced a tougher code of conduct for ministers and a binding set of rules for their staff.

World: Syrian regime forces shell the rebel Khaldiyeh neighbourhood of the central city of Homs. New North Korean leader Kim Jong-un delivers his first speech.

Business: Corporate watchdog to monitor financial sector advertisements in regional Australia, including mining boom towns, to weed out unscrupulous operators.

Sport: ACT Brumbies Jake White warns his young side ahead of their two-match tour of South Africa. Canberra Raiders' prop reclaims his spot in Australia's Rugby League side in Friday's ANZAC test against New Zealand in Auckland.