Today's Business Headlines

Coalition hits an 11-year high

Support for Julia Gillard’s government has crashed to within a point of its record low, with voters shunning Labor despite its recent announcements of aged-care and disability reform and the fast-tracked withdrawal of Australian troops from Afghanistan. The Aus

Miners turn up pressure on Swan's revenue estimates

Miners have escalated their attacks on Wayne Swan over the fairness of his new mining tax amid warnings that revenue projections in next week’s budget will be meaningless because of volatility in commodity prices and exchange rates. The Aus

Pay-to-enter proposal for CBD

A congestion charge, where motorists pay the enter the central business district at peak times, should be introduced in Perth, a key economic advisory group has said. The West

'Unreasonable' for users to pay network costs

Telstra has challenged a key plank of the National Broadband Network’s business case — to fully repay all taxpayer funds — by declaring that it is unreasonable to force consumers to pay the full cost of Labor’s flagship infrastructure project. The Aus

Bernie Fraser slams Labor on budget

The federal government's determination to balance the budget despite patchy growth is economically irrational, says former Reserve Bank governor Bernie Fraser. The Fin

 

THE WEST AUSTRALIAN:

Page 1: Labor MPs grimly predict the leadership issue will be revisited unless Julia Gillard stages a dramatic post-budget lift in the polls.

Page 3: A congestion charge, where motorists pay the enter the central business district at peak times, should be introduced in Perth, a key economic advisory group has said.

Page 6: Billionaire mining magnate Clive Palmer's plan to run against Wayne Swan at the next election while building a full-size replica of the Titanic could be sunk by Opposition Leader Tony Abbott.

Page 7: Mining magnate Andrew Forrest has accused Treasurer Wayne Swan of lying to the public about how much money the mining tax will raise in a dramatic escalation in his war of words with the Federal Government.

The big banks will be under pressure today to pass on all the expected Reserve Bank cut in official interest rates aimed at propping up the housing and retail sectors.

Page 10: Restaurant owner and Tourism WA chairwoman Kate Lamont has formally lodged her controversial bid to become the Liberal Party's candidate for Churchlands at the next state election.

Page 11: Retail gas prices will rise 8.3 per cent from today after the state government was forced into urgent action amid concerns about the viability of gas retailer Alinta Energy.

Page 17: An epic damages claim by mining billionaire Gina Rinehart against her later father's former solicitor has finally reached trial in the Supreme Court, revealing details of tensions over Lang Hancock's spending habits during his marriage to Rose Porteous and a bid to pay off his debt with a $20 million share sale.

Business: Administrators for collapsed base metals miner Kagara have warned of looming job losses after taking control of the one-time WA market darling.

National Australia Bank will spend £456 million ($711 million) and cut 1,400 British jobs to prevent its struggling UK business from causing more damage to its bottom line.

Spotless says the arduous process of dealing with a hostile takeover bid was a major factor behind the company accepting a $720 million offer from private equity firm Pacific Equity Partners.

After seven years and $15 billion, the first train of Woodside's Pluto development near Karratha produced its first LNG yesterday.

Alinta Energy has foreshadowed that it will increase consumer-facing marketing activity in a bid to position natural gas as a cost-effective form of household energy at a time of rising utility bills.

Perth has earned the dubious distinction of being the third most expensive city in the world for business travel in the wake of a surge in room rates and the Australian dollar.

The revaluation of has continued iImdexn the wake of a downbeat earnings update, with the drilling products company closing down another 5 per cent yesterday.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Media companies have hit out at a new regulatory watchdog proposed by the federal government's Convergence Review, warning that it will increase regulation and compliance costs for the industry.

Corporate boards have been put on notice by increasingly hostile shareholders who warn they will not hesitate to boot out directors if companies ignore opportunities to create short-term value for investors.

Page 3: The federal government's determination to balance the budget despite patchy growth is economically irrational, says former Reserve Bank governor Bernie Fraser.

Queensland mining magnate Clive Palmer plans to run against federal Treasurer Wayne Swan in the next federal election.

Page 4: Mining recorded the biggest drop in income of any industry in 2009-10, by $50 billion to $140 billion, and their tax bills were sliced nearly in half in the same period.

Page 6: Prime Minister Julia Gillard has told internal Labor Party critics that they will have to dig her out of the leadership, amid new internal debate about the possibility of bringing back former prime minister Kevin Rudd to replace her.

Page 8: Retailer Ray Della-Polina says penalty rates create inequality at work because salaried managers can earn less per hour on the weekend than casual employees.

Page 12: Monetary policy needs easing to spur weaker than expected economic growth that has pushed core inflation to the bottom of the central bank's target range, according to a group of economists acting as a “shadow” Reserve Bank of Australia.

Page 19: National Australia Bank will slash thousands of jobs in the United Kingdom and close dozens of branches in the south of England in a bid to stem a growing tide of bad debts from its loss-making British business.

Page 21: Base metals miner and one-time market darling Kagara Mining has called in administrators after being hobbled by a lack of available cash, but the company's directors hope to trade out of the situation.

Page 22: Rare earths miner Lynas Corporation is taking legal action against several Malaysian organisations after being described as “a harbinger of death” in online material.

Page 48: The two-speed economy is driving a gap in the national office market, as miners fuel rental growth in the resource-rich states.

Page 50: In his first major business play since leaving his mother Gina Rinehart's Hancock Prospecting, John Hancock has enlisted boutique Perth property outfit Match Group to help develop an innovative building panel.

Page 52: Housing industry figures have intensified their call for an interest rate cut when the Reserve Bank of Australia meets today, following figures showing new-home sales fell to their lowest level in more than a decade.

Housing starts should turn up in the next financial year, hopefully helped by a cut in mortgage rates.

 

THE AUSTRALIAN:

Page 1: Support for Julia Gillard’s government has crashed to within a point of its record low, with voters shunning Labor despite its recent announcements of aged-care and disability reform and the fast-tracked withdrawal of Australian troops from Afghanistan.

Page 2: Miners have escalated their attacks on Wayne Swan over the fairness of his new mining tax amid warnings that revenue projections in next week’s budget will be meaningless because of volatility in commodity prices and exchange rates.

The Reserve Bank is under pressure to cut its benchmark interest rate by 0.5 per cent at its board meeting today as growth in home-lending drops to a multi-decade low.

The global financial crisis has left companies and superannuation carrying massive losses, which are undermining the government’s tax revenue.

Page 3: Tensions between unions representing Qantas workers have erupted into open warfare, after three unions took legal action in Fair Work Australia claiming their members were subject to poaching threats by a rival union.

Page 4: The head of the Australian Press Council has warned the government to move swiftly to put in place a new two-tiered regime of media regulation so the major operators are not disadvantaged by a system in ‘‘paralysis’’.

Page 6: Julia Gillard has declared she will lead Labor to the next election, even as MPS who backed her against Kevin Rudd concede her handling of the Slipper and Thomson affairs has deeply damaged their confidence in her judgement and the viability of her leadership.

West Australian crossbencher Tony Crook says Julia Gillard has failed to lift the ‘‘dark cloud’’ that hangs over parliament with her action on Craig Thomson, and that the public will recognise it as a hollow move.

Page 7: Telstra has challenged a key plank of the National Broadband Network’s business case — to fully repay all taxpayer funds — by declaring that it is unreasonable to force consumers to pay the full cost of Labor’s flagship infrastructure project.

Business: National Australia Bank will restructure its Clydesdale and Yorkshire banks, sack 1400 staff and run off a £6.2 billion ($9.6bn) commercial property portfolio after failing to find a buyer for the troubled British businesses and warning of Depression era-like conditions there.

Exploration spending on shale gas projects could top $1 billion in the next couple of years as local and international players ramp up spending in the fledgling sector.

Embattled miner Kagara has gone into voluntary administration after failing to meet its debt obligations, putting up to 325 jobs at risk.

Rio Tinto chief Tom Albanese is highlighting the growing cost and regulatory challenges of operating in Australia as he fronts investors and analysts this week.

Rare-earths miner Lynas is suing a Malaysian community group and various media organisations because of strong criticism of its operation.

Pacific Equity Partners has downplayed the prospect of wholesale changes at Spotless, broadly endorsing the company’s business strategy and praising its 40,000-strong workforce.

The Australian Securities & Investments Commission has banned another two advisers from the Commonwealth Bank’s financial planning network, including one who was ranked among its top performers.

 

THE SYDNEY MORNING HERALD:

Page 1: The budget will be a critical test for Prime Minister Julia Gillard's tenuous leadership.

Page 2: Cross-media ownership rules should be scrapped and replaced with a minimum number of owners clause, a review says.

Page 3: The NSW government should cease issuing production licences for coal seam gas until a regulatory framework is developed, a parliamentary inquiry will recommend.

World: UN Secretary-General Ban Ki-moon urges Western nations to ease sanctions on Burma.

Business: National Australia Bank will cut 1400 jobs and close dozens of branches in the UK.

Sport: Brett Stewart agrees to stay with Manly under a new three-year deal.

 

THE DAILY TELEGRAPH:

Page 1: The Health Services Union racked up $17 million worth of contracts without going to tender, a report has found.

Page 2: Pressure is mounting on the Reserve Bank to slash interest rates.

Page 3: Canadian actress Emily VanCamp is being used by the Seven Network to promote US drama Revenge.

World: A British aid worker was found beheaded and riddled with bullets in Pakistan after kidnappers weren't paid the ransom.

Business: A massive $1.1 billion bad debt charge driven by UK losses contributes to fall in NAB's half-year net profit.

Sport: Parramatta Eels star Jarryd Haynes has been fined for being late to a recovery session.

 

THE AGE:

Page 1: Senior ministers circle the wagons around besieged Prime Minister Julia Gillard as she faces fresh speculation about her leadership.

Mining magnate Clive Palmer says he'll run for parliament as well as build a 21st century Titanic.

Leading Australian sports bodies, including the AFL and NRL, push to have marijuana removed from the international list of performance-enhancing drugs.

Victorian budget to include $336 million package to protect vulnerable children.

Page 2: Temby report says five companies, some linked with HSU boss Michael Williamson, were paid more than $17 million over a four-year period.

Page 3: The Convergence Review says a new industry-funded media watchdog should oversee standards in news and current affairs, and calls for more local content to be made.

World: China's media keeps quiet on reporting of the blind human rights advocate, Chen Guangcheng, who is believed to be holed up in US embassy.

Business: NAB cuts its losses and 1400 jobs in troubled UK business.

Sport: AFL urged to have two goal umpires at each end of the ground or invest in football microchips because the video review system is not conclusive.

 

THE HERALD SUN:

Page 1: Qantas to sack 400 jobs at Tullamarine with another 600 at risk at Avalon.

Page 2: The big four banks are unlikely to pass on all of the expected interest rate cut as RBA meets. The Voice favourite Mahalia Barnes loses out to mate Prinnie Stevens. The Avengers bags $13 million on its opening weekend.

Page 3: Shepparton calf sells for new record $101,000. Victorian teacher banned from the classroom for inappropriate and sexual online chats with besotted year 12 female student.

World: Bill Clinton brushes aside past differences to help Obama's presidential election.

Business: NAB sets aside $1 billion for bad and doubtful debts as it restructures its struggling British assets.

Sport: AFL ready to stamp out surge in old-style tagging tactics.

THE CANBERRA TIMES:

Page 1: ANU rethinks $40m budget cuts and mass job losses.

Page 2: Ex-RBA chief calls on central bank to cut rates by 0.5 percentage points.

Page 3: Court told mum stabbed son in drunken fight over `goon bag'.

World: Mexican journalist believed killed by drug barons.

Business: Miners' tax bill slashed by half.

Sport: Olympic selectors keep Melissa Breen on B list.