Today's Business Headlines

Ridout hits back at economic threat

New Reserve Bank of Australia board member and outgoing Australian Industry Group chief executive Heather Ridout hit out yesterday at the Greens for having a “hard-nosed ideological stance” that threatened investment, jobs and living standards. The Fin

It's a matter of trust for Gillard as Labor support flatlines

Julia Gillard is losing her bitter battle with Tony Abbott for Australia’s political leadership after collapses in voter recognition for her trustworthiness, likeability, empathy with voters, strength and ability to manage the economy and national security. The Aus

Miners join WA in attack on safety laws

The mining industry has backed claims by West Australian Premier Colin Barnett that the Gillard government's proposed harmonised safety laws will become an industrial relations weapon for unions seeking to increase their hold on the state's resource and oil and gas industry. The Fin

Shareholders shun Apex rescue issue

Apex Minerals shareholders, fed up with the Wiluna gold miner's serial underperformance, have shunned a $22.2 million rescue financing that was designed to prevent its collapse. The West

National trade licences delayed

The starting date for the first tranche of national trade licences that will allow workers to operate across state borders could be delayed by up to a year, which industry participants said could put the entire plan at risk. The Fin

THE WEST AUSTRALIAN:

Page 1: Reduced tax on low-alcohol drinks, subsidised public transport, smaller takeaway meals and two hours of compulsory school sport a week are included in a Health Department plan to cut chronic disease.

Page 3: WA engineers have developed a flying robot that may help reduce shark attacks at beaches.

Page 4: Dozens of sacked Toyota workers who were marched from their work stations by security guards yesterday will fight to get their jobs back.

Page 5: The Fire and Emergency Services Authority says it might have cancelled the ill-fated Kimberley ultramarathon if told about the event.

Page 6: Federal WA Nationals MP Tony Crook has offered to team up with state Labor leader Mark McGowan to win WA a bigger slice of the GST revenue pie.

Page 10: Phasing out free parking at big shopping centres would drive customers away, the Retail Traders Association has warned.

After years of delicate negotiations, hard work and big dreams, the doors were finally open this week on the Berkeley River resort – the Kimberley's newest accommodation option and probably the most remote luxury resort in the country.

Page 15: One in 10 of the 293,000 WA pensioners who will receive carbon tax compensation live in the City of Stirling, while the City of Wanneroo accounts for the most WA families in line for higher benefits.

Page 17: Major traffic snarls around Perth Airport should ease after last night's opening of a new intersection off Tonkin Highway on the road connecting the domestic and international terminals.

Business: Corporate Australia has suffered its biggest financial hit yet from the Gillard government's carbon tax after the state-owned Macquarie Generation yesterday slashed the book value of its power stations and flagged an annual $460 million impost.

After decades out of favour, farmers are turning their attention back to wool as increased demand from emerging markets and record low production levels bolster the long-term outlook for the former clothing staple.

About half of 170 calls to the Small Business Commissioner since a new dispute resolution regime began last month have been over commercial tenancies.

Apex Minerals shareholders, fed up with the Wiluna gold miner's serial underperformance, have shunned a $22.2 million rescue financing that was designed to prevent its collapse.

Paladin Energy's cost-cutting campaign has backfired, after a switch to cheaper chemicals hampered production at one of the company's African uranium mines.

Axed Central Petroleum boss John Heugh tried to subvert a board decision giving control of the company's dealmaking to its exploration manager, the Supreme Court in Perth heard yesterday.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Toyota faces mass legal action after selecting 350 workers for redundancy using individual ratings on a scale of one to five, including how often they turned up to work and how well they did their jobs.

New Reserve Bank of Australia board member and outgoing Australian Industry Group chief executive Heather Ridout hit out yesterday at the Greens for having a “hard-nosed ideological stance” that threatened investment, jobs and living standards.

The head of KKR in Australia, Justen Reizes, says the private equity giant would never contemplate a hostile takeover bid for a company even if it meant missing out on deals.

Page 4: Clean energy companies claimed yesterday they were being drowned out by business opponents of the carbon price.

Page 5: Some of the country's largest developers say “green tape” from the Gillard government is adding millions of dollars to crucial housing projects.

The terms of trade are set to fall as increased capacity across the global resource sector dampens commodity prices, but economists say Chinese demand will temper the price falls.

Page 8: NBN Co has been accused of taking highly unusual risks with $600 million in taxpayers' funds by signing contracts to build and launch satellites without securing their orbital parking spots first.

Telstra has admitted that thousands of jobs could be at risk as it begins to decommission its copper network and the rollout of the $36 billion national broadband network accelerates.

Page 10: The starting date for the first tranche of national trade licences that will allow workers to operate across state borders could be delayed by up to a year, which industry participants said could put the entire plan at risk.

Page 11: The mining industry has backed claims by West Australian Premier Colin Barnett that the Gillard government's proposed harmonised safety laws will become an industrial relations weapon for unions seeking to increase their hold on the state's resource and oil and gas industry.

Page 19: Telstra chief executive David Thodey has expressed confidence that the company's $11 billion deal to participate in the national broadband network will withstand any change in government, paving the way for an announcement on capital management initiatives later this week.

Page 23: Russia's Magnitogorsk Iron and Steel has failed in its initial attempt to have an injunction lifted that it preventing it from proceeding with a $558 million takeover of West Australian iron ore explorer Flinders Mines.

Page 24: The Reserve Bank of Australia is facing calls to slash official interest rates by half a percentage point next month to re-invigorate the economy amid growing concerns other lenders will follow Australia and New Zealand Banking Group's lead and slug customers with home loan increases.

THE AUSTRALIAN:

Page 1: Julia Gillard is losing her bitter battle with Tony Abbott for Australia’s political leadership after collapses in voter recognition for her trustworthiness, likeability, empathy with voters, strength and ability to manage the economy and national security.

Former Future Fund chairman David Murray has accused the Greens of making ‘‘ill-advised’’ demands on the federal budget, declaring the priority should be to protect the government’s credit rating as the global financial system remains under strain.

Australia's troop withdrawal from Afghanistan will probably begin within months, and many of the Diggers would be home before the federal election due in August next year.

Page 2: Toyota Australia will by today have sacked 350 workers after assessing their adherence to company values, how they dress, punctuality and safety record.

West Australian Labor leader Mark McGowan has broken ranks with his political peers by urging other states to accept a smaller share of the $51 billion GST, while also taking aim at the federal government’s mining tax.

Businesses and consumers are increasingly reluctant to take out new loans, adding to evidence that Australia’s economic activity this year is weaker than expected.

Labor has accused opposition finance spokesman Andrew Robb of giving the major banks a ‘‘green light’’ to increase interest rates in defiance of the Reserve Bank.

Page 6: Almost 34,000 sacked workers were forced to spend most of their meagre savings and wait for more than 10 weeks before qualifying for the dole last year, new figures reveal.

The NBN Co has admitted it got it wrong when forecasting the take-up of fibre broadband services in new housing developments, saying delays caused by its multi-billion-dollar deal with Telstra and changes in government policy were at fault for the missed targets.

Page 8: The federal government faces a backlash against plans for stronger ‘‘use it or lose it’’ laws on offshore oil and gas projects, with Chevron saying the laws would be likely to delay the approval of multi-billion-dollar liquefied natural gas projects.

An Australian mining entrepreneur is in custody in Zimbabwe following allegations he was involved in a gold mining scam involving high-level political figures in the southern African nation.

BHP Billiton must commit to its $30 billion Olympic Dam copper-gold-uranium mine expansion by the end of the year or the state Labor government will withdraw approval, South Australian Premier Jay Weatherill has threatened.

Business: Nathan Tinkler could sell down part of his $1 billion stake in the new-look Whitehaven Coal in a matter of weeks, after shareholders sealed the deal yesterday on a $5.1bn merger created by the takeover of Mr Tinkler’s Aston Resources.

China's move to widen the trading bracket of the yuan has been applauded as a major step towards vital financial market reform in the world’s fastest-growing economy.

Ivanhoe Australia has strengthened its negotiating position in its talks with potential new strategic partners by releasing a feasibility study of the development of its Merlin molybdenum-rhenium project in northern Queensland.

Private equity firm KKR’S expected move on Rio Tinto’s and BHP Billiton’s diamond assets could see the merged vehicle returned to the market quickly to exploit a small window of opportunity in the industry.

Shares in iron ore hopeful Flinders Mines slid to their lowest level in almost five months yesterday after a Russian court refused to lift an injunction on a takeover by Magnitogorsk Iron & Steel.

Seven cemented its dominance over rival free-to-air networks last month, with an increase in its share of bookings from media agencies at the expense of Nine and Ten.

THE SYDNEY MORNING HERALD:

Page 1: Australia's combat and training roles in Afghanistan could be over by the middle of next year.

Page 2: A memorial was held for the Brazilian student, Roberto Laudisio, who was tasered by police.

Page 3: Permeate, a waste product from cheese-making, forms up to 16 per cent of fresh milk sold.

World: Norwegian mass murderer Anders Behring Breivik refuses to recognise the authority of the court as his trail opened.

Business: Macquarie Generation has blamed the carbon tax for its decision to slash hundreds of millions of dollars off its balance sheet.

Sport: Country Rugby League officials are furious at Wayne Bennett for pulling Danny Buderus from the State of Origin trial.

THE DAILY TELEGRAPH:

Page 1: Australian troops will begin leaving Afghanistan by the middle of next year as part of an accelerated withdrawal plan.

Page 3: Hamish Blake was surprised to win the Gold Logie.

Page 5: Federal Infrastructure Minister Anthony Albanese says Badgerys Creek would have had an airport by now if not for politics.

World: A senior British Labour figure has been suspended by the party over claims he offered a $15 million "bounty" for the capture of Barack Obama.

Business: Commercial borrowing has dropped by 20 per cent in the past five months.

Sport: Willie Horton to undergo a medical test to return to the NRL via the Newcastle Knights.

THE AGE:

Page 1: Premier Ted Baillieu vows to maintain mandatory energy ratings for new homes in Victoria. Victorian government is suing for more than $22 million in compensation from electricity company for Black Saturday fire devastation.

Page 3: Toyota sacks 200 workers, with another 100 likely to go on Tuesday.

Government study shows that in 10 years trains could run every four minutes during peak hour on some metro lines.

World: Coordinated attacks on embassies in Kabul aimed at humiliating the government and its foreign allies as Afghan forces take more responsibility for protecting their country.

Finance: Auditing firm PricewaterhouseCoopers admits breaching its duty of care over the multibillion-dollar debt misclassification of retail investment group Centro.

Sport: The handover from Malthouse to Buckley at Collingwood has gone toxic, with the fallout starting to spread.

THE HERALD SUN:

Page 1: Prime Minister Julia Gillard will announce today that Australian troops will start leaving war-torn Afghanistan midway through next year.

Page 2: Victorian motorists are the most slugged drivers in Australia, paying more for parking, road tolls and traffic fines.

Page 3: Panelbeater says he will give away his shop and business provided the new owner pays the monthly $1200 lease. Holden to design two new cars for the Chinese market at their Port Melbourne plant.

World: Anti-Muslim fanatic Anders Behring Breivik made a Nazi salute in a Norwegian court where he faces 77 counts of murder.

Business: Businesses dump expansion plans - commercial borrowing plunges 20 per cent in the past five months.

Sport: Magpie CEO Gary Pert denies talk of rift between coach Nathan Buckley and the players.

THE CANBERRA TIMES:

Page 1: Prime Minister Julia Gillard will flag an early exit for Australian troops from Afghanistan by next year.

Page 2: The University of Canberra is investigating whether a lecturer told a tutor not to fail two Chinese journalism students.

Page 3: Lack of mental health support for prisoners in the ACT are contributing to high rates of suicide, drug overdose and recidivism. A burglar caught shoeless admits it was a stupid idea.

World: An 18-hour Taliban attack on Kabul has ended after insurgents were overcome by heavy gunfire from Afghan-led forces and air assaults from US-led coalition helicopters.

Business: Australia's largest generator, Macquarie Generation, has slashed hundreds of millions of dollars off its balance sheet as it prepares for future profits to be wiped out by the introduction of the carbon tax from July 1.

Sport: Canberra Raiders playmaker Josh McGrone shocked by his call-up to the NSW Country side's match against NSW City on Sunday. ACT Brumbies prop Ben Alexander has told his young teammates to embrace the physical and mental test of playing at altitude against the Bulls in Pretoria on Sunday.