08/06/2012 - 06:56

Today's Business Headlines

08/06/2012 - 06:56

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Three-step strategy for growth – The Aus; China cuts rates to drive growth – The Fin; Pastoral rents 'killing cattle industry' – The Aus; Chinese appetite for ore still sharp – The Aus; Agencies battle as big brands go out to market – The West

Today's Business Headlines

Three-step strategy for growth

Extending the GST to fund lower income taxes, making it easier for mothers to return to work and increasing the retirement age to keep older people in work are ‘‘ game-changing’’ reforms for Australia over the next decade. The Aus

China cuts rates to drive growth

The Chinese central bank has cut interest rates for the first time in four years to kickstart the world's second-biggest economy amid the deepening debt crisis in Europe. The Fin

Pastoral rents 'killing cattle industry'

Pastoralist Paul Holmes a Court has slammed the Barnett government for ‘‘doing absolutely nothing’’ to address massive rent hikes hitting Western Australia’s struggling cattle industry. The Aus

Chinese appetite for ore still sharp

Iron ore shipments from the world’s biggest bulk commodity export harbour, Port Hedland, hit a record last month as China kept buying iron ore from BHP Billiton, Fortescue Metals Group and Atlas Iron despite softening demand. The Aus

Agencies battle as big brands go out to market

The creative accounts of three of the state's biggest brands could be set to move, with the Water Corporation, RAC WA and Brownes all out to tender. The West

 

THE WEST AUSTRALIAN:

Page 1: A tornado left a trail of destruction through Perth's northern suburbs as it ripped through homes and shops yesterday.

Page 3: Motorists will be stung an extra $3.4 million in parking fees by the City of Perth, the council's 2012-13 budget reveals.

Page 5: WA doctors have become the first in the Southern Hemisphere to use breakthrough technology dubbed “heart in a box” that allows donor hearts to beat for hours outside the body.

Page 13: A Greek exit from the European Union is almost unavoidable and politicians around the world should be doing more to prepare for the fallout from the crisis, according to one of WA's leading academics.

Page 14: Pessimism about the health of Australia's economy has again proved misplaced, with figures showing an extra 39,000 jobs were created last month.

The Minerals Council of Australia has sided with the federal government, accusing the union movement of a “race-based” campaign against enterprise migration agreements.

Page 19: Two of Australia's biggest pastoralists have lost a landmark three-year fight for dramatic increases imposed on pastoral leases across the country's north to be reduced.

Page 20: Upgraded nib Stadium in East Perth could be without a key tenant after Perth Glory owner Tony Sage again threatened to walk away from the rectangular stadium and move his club's home games to Burswood Dome.

Business: Santos and ConocoPhillips have ended their stalemate over development of the big but carbon-rich Caldita-Barossa gas fields after agreeing to a $US520 million farm-in deal with South Korean conglomerate SK Group.

A day after BHP Billiton chief executive Marius Kloppers truck a cautious note on the pace of the Big Australian's Pilbara expansion, Fortescue Metals Group has signalled its own iron ore plans are gathering steam by tapping European debt markets for $US490 million,

The number of employers suing former staff for poaching clients has doubled in the past four years as managers seek to protect their market share, according to senior employment lawyers.

One of Margaret River's most prominent wineries has been put on the market with a price tag of $25 million in what would be the region's biggest sale in eight years.

The three-year legal battle over a gas supply contract between Apache Energy and Burrup Fertilisers has heated up, with Pankaj Oswal winning access to sensitive documents he has banned from seeing since losing control of Burrup in 2010.

The creative accounts of three of the state's biggest brands could be set to move, with the Water Corporation, RAC WA and Brownes all out to tender.

The first City Wide Sale advertisements produced in more than a decade hit screens this week as the City of Perth continues its push to get consumers into the central business district.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The Chinese central bank has cut interest rates for the first time in four years to kickstart the world's second-biggest economy amid the deepening debt crisis in Europe.

Page 4: BHP Billiton has struck a four-year collective industrial agreement covering its massive Olympic Dam mine in South Australia that locks in individual pay arrangements despite union involvement as a bargaining representative for some workers.

Page 6: Kevin Rudd has emerged from his self-imposed silence to weigh into the global economic debate and use his standing to press Europe's leaders to take decisive political action to stabilise the euro zone economy.

Business will seek commitments from the federal government at next week's economic forum to reform the industrial relations system, cut direct taxes and regulation and develop a coherent national agenda to overcome skills shortages.

Page 7: Federal Environment Minister Tony Burke has taken over the approval process of Queensland's $6.4 billion Alpha Coal project and will renegotiate an agreement that allows the state bureaucrats to conduct environmental assessments required under federal law.

The mining industry is taking the highly unusual step of launching an advertising campaign in support of a federal Labor government policy and one of its ministers, Gary Gray.

Page 9: Slashing company tax to 23 per cent, cutting $20 billion in GST exemptions and making people wait longer for the age pension are among “game changers” that could boost the economy by more than $80 billion by 2022.

Page 10: Australia's job market rebounded last month as the resources boom generated strong demand for labour and offset job losses in other industries.

Page 11: This week's powerful jobs and growth data, while cause for optimism, have obscured the threat from Australia's falling terms of trade as shockwaves from the European crisis dampen demand for resources, a leading bank economist says.

Page 17: James Packer's bid to install a director on the board of Echo Entertainment has been dealt a blow by key shareholder Perpetual Investments, which has declined to back the appointment of Jeff Kennett.

More Australian mining projects are likely to fall by the wayside as the environment of rising costs renders them uneconomic, a major supplier to the coal sector has warned.

Page 19: Rio Tinto iron ore boss Sam Walsh likes to point out that if his company needs to build a house in Western Australia's Pilbara region for an employee working at its iron ore operations, it costs $800,00 to $1 million.

Page 20: Ten Network's $200 million capital raising has been welcomed by the market as a prudent way to shore up its balance sheet amid tough trading conditions but many analysts do not expect the TV broadcaster's fortunes to turn around in the short term.

Page 22: South Korea's growing demand for natural gas has driven giant conglomerate SK Group to its biggest investment in Australia, as it agreed to pay up to $US520 million for a stake in two fields off the north coast held by ConocoPhillips and Santos.

The $C7.3 billion ($7.2 billion) acquisitions of Perth-based copper miner Equinox Minerals last year is being seen as a key reason behind the surprise sacking of Barrick Gold chief executive Aaron Regent.

 

THE AUSTRALIAN:

Page 1: Extending the GST to fund lower income taxes, making it easier for mothers to return to work and increasing the retirement age to keep older people in work are ‘‘ game-changing’’ reforms for Australia over the next decade.

Working days lost because of industrial action have more than doubled in the past 12 months to the highest level in seven years, prompting business to demand the Gillard government use Labor’s review of the federal workplace laws to wind back the ability of union members to strike.

Page 2: Tony Abbott has committed a Coalition government to spend $10 million on trials to overhaul indigenous job services by specifically linking training for 1000 indigenous people to actual jobs.

Page 5: The federal government is paying 10 times its own carbon price to cut greenhouse gas emissions at thousands of schools, according to a highly critical audit that warns of safety risks under the program.

Two of Australia’s biggest sports have been dealt a serious financial blow with Vodafone axing its sponsorship of the Australian cricket team, the summer Test series and its V8 Supercar team to save tens of millions of dollars.

Page 8: Strong hiring by employers over the past month shows the economy has maintained the momentum built up in the first quarter of the year.

There is such a high demand to train oil and gas workers in how to escape ocean helicopter crashes and in other emergency and safety skills that companies such as Perth’s ERGT Australia are on a constant recruitment drive.

Shell has brought forward the closure of its Clyde refinery in Sydney by up to nine months, cutting about 350 jobs as tough operating conditions plaguing the shrinking sector worsen.

Workers at BHP Billiton’s Olympic Dam uranium mine have backed a new four-year deal that locks in individual performance pay and extra superannuation but does not guarantee annual wage rises.

Page 9: A meeting yesterday between the Queensland and federal governments failed to achieve a breakthrough in the battle over environmental approvals for major projects, such as the $6.2 billion Alpha Coal project given the green light last week by the Newman government.

Pastoralist Paul Holmes a Court has slammed the Barnett government for ‘‘doing absolutely nothing’’ to address massive rent hikes hitting Western Australia’s struggling cattle industry.

Business: China's decision to cut interest rates for the first time since 2008 boosted world sharemarkets overnight, countering for now market fears of a widespread global slowdown.

Santos and ConocoPhillips have opened the door a little wider on a long-awaited expansion of their Darwin LNG plant by inking a $US520 million ($527m) deal with South Korea’s SK Group that targets exports from the Caldita-Barossa gas fields in the Timor Sea.

Origin Energy chief executive Grant King says the company remains committed to pursuing renewable energy, despite his increasing belief that gas alone can be a long-term solution to reducing the world’s carbon emissions.

Iron ore shipments from the world’s biggest bulk commodity export harbour, Port Hedland, hit a record last month as China kept buying iron ore from BHP Billiton, Fortescue Metals Group and Atlas Iron despite softening demand.

Ten Network has been downgraded by Merrill Lynch and UBS after announcing a $200 million capital raising, in a move that led to speculation of a media-wide contagion and expectations of Seven West Media soon tapping shareholders for capital.

Shares in pallet and logistics company Brambles fell more than 5 per cent after the company secured only 83 per cent support from institutional shareholders in its $448 million capital raising.

Fund managers increased their funds under management in the March quarter, ahead of May’s share rout, which pushed the market into correction territory.

 

THE SYDNEY MORNING HERALD:

Page 1: Ten thousand jobs will be cut from the NSW public service and speeding fines will be increased to get the budget into surplus.

Page 2: Federal MP Craig Thomson has accepted an apology from a former prostitute, who recanted on a statement she gave to the Nine Network.

Page 3: The number of people in full-time work surges despite fears of a global downturn.

World: Syrian activists accuse pro-government forces of unleashing a fresh massacre on scores of civilians.

Business: Investors added $16 billion to Australia's sharemarket after months of volatility.

Sport: Manly co-owner Scott Penn asked to step down as chairman at fiery board meeting.

 

THE DAILY TELEGRAPH:

Page 1: Families have begun billeting asylum seekers in Sydney.

Page 4: Alleged people smuggler Captain Emad has been allowed to flee Australia.

Page 5: Prisoners from Grafton jail escaped by scraping away mortar to loosen bricks.

World: An investigation is under way into how a convicted sex offender managed to mingle with the Queen, Prince Charles and the royal family on a barge during jubilee celebrations.

Business: Unions say the closure of Shell's Sydney oil refinery will lead to job losses.

Sport: Legendary halfback Andrew Johns trains Parramatta's halfback Chris Sandow.

 

THE AGE:

Page 1: Police will record their interactions with the public on video and audio equipment attached to their uniforms under a trial program aimed at improving transparency. Casual workers at a warehouse in Melbourne's west are being required to wear and pay for armbands identifying them as non-permanent staff. Scientists have produced the first comprehensive genetic map of an unborn child by using only a blood sample from the mother and a saliva sample from the father.

Page 2: The state government has walked away from recommendations by the Black Saturday Royal Commission to force sellers to reveal the ability of a home to withstand bushfires.

Page 3: The number of Australians in full-time work has surged, despite growing fears that a global downturn could spark widespread job losses.

World: Syrian pro-government forces have killed at least another 87 people in Hama province, many of them women and children, according to a human rights organisation - an allegation denied by Damascus.

Business: Investors added $16 billion to the sharemarket's value on Thursday in a sharp reversal of the volatility that has stripped billions of dollars from stock values in recent months.

Sport: Triple premiership coach Mick Malthouse has urged Richmond to batten down the hatches and stay calm and controlled in the face of overwhelming excitement from its roaring fan base.

 

THE HERALD SUN:

Page 1: A critically ill Victorian woman is in a race against time to see the birth of her twin babies.

Page 2: Students and parents face more school closures next term after teachers voted unanimously in favour of further strike action.

Page 3: A simple gesture of thanks turned into a $2.25 million windfall for battling single mum.

World: The earth's environmental systems are being pushed towards their biophysical limits, the United Nations' Environment Program says.

Business: The Australian share market is bouncing back, fuelled by growing optimism that US officials are planning a fresh stimulus blitz.

Sport: An eight-man, soccer-style substitution system proposed by Kevin Bartlett has been criticised by some of the AFL's most respected commentators.

THE CANBERRA TIMES:

Page 1: London Olympic bound swimmers Nick D'Arcy and Kenrick Monk are facing a Swimming Australia investigation after posting photos online posing in a gun shop in the US.

Page 2: AFP allows Captain Emad to leave the country.

Page 3: Wheelchair user grounded.

World: Pro-Assad forces kill 87 in Syria massacre.

Business: Shares rise for a third straight day.

Sport: Carlton vows to get down and dirty.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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