Today's Business Headlines

Swan attacks Rinehart on Fairfax move

Treasurer Wayne Swan has warned that mining magnate Gina Rinehart's increased stake in Fairfax Media and her bid for board positions could undermine democracy amid a Labor push for a public interest test to determine who can own media outlets. The Fin

G20 row over euro debt crisis

European members of the Group of 20 have pledged to “take all necessary policy measures” to safeguard the euro zone, amid rising tensions between the US, Europe and developing economies over the cause and handling of the crisis. The Fin

Barnett blasts Liberals' choice

Colin Barnett has fired an extraordinary broadside at his own party, declaring he was disappointed and let down by Churchlands preselectors' decision not to endorse his preferred candidate, businesswoman and former Tourism WA chairwoman Kate Lamont. The West

Rate cuts in the balance between home and away

Further rate cuts in coming months are in doubt as minutes from the Reserve Bank board meeting two weeks ago show the decision to lower the rate was ‘‘finely balanced’’ because of the divergence between the Australian and global economies. The Aus

Atlantic asks state for royalties relief

Embattled miner Atlantic has asked the state government for millions in royalties relief on its Windimurra vanadium project in a desperate bid to help overcome a cash squeeze caused by production problems. The West

THE WEST AUSTRALIAN:

Page 4: Colin Barnett has fired an extraordinary broadside at his own party, declaring he was disappointed and let down by Churchlands preselectors' decision not to endorse his preferred candidate, businesswoman and former Tourism WA chairwoman Kate Lamont.

Page 6: Wayne Swan has branded Gina Rinehart's plans for Fairfax Media a threat to democracy, backing calls for the billionaire mining recluse to respect the organisation's long-standing editorial independence.

After 20 years and 100 surveys at the top of Perth radio, MIX 94.5 has been toppled – and by the most unlikely of its competitors, Fairfax Media's 96FM.

Page 10: Prime Minister Julia Gillard says European leaders should be taken at their word that they will restore bank stability and fuel stronger economic growth.

Page 11: The Housing Industry Association has renewed its attack on the Barnett government's bungled Building Act, telling its members in the construction industry that the law is “the most dysfunctional piece of legislation ever introduced into the WA home building industry”.

Page 16: Shoppers are spending up across WA as figures show first home buyers are flocking back to the property market.

Page 17: The latest proposed route for Perth's first light rail system has been released on a Federal Government website, showing a line that begins on the border of Balga and Mirrabooka and runs along Alexander Drive and Fitzgerald Street into the city.

Business liftout:

Page 1: Embattled miner Atlantic has asked the state government for millions in royalties relief on its Windimurra vanadium project in a desperate bid to help overcome a cash squeeze caused by production problems.

The Carnegie's Group has brought Fremantle's National Hotel and plans to open its third restaurant in WA on the first and ground floors of the historic building.

Page 3: Griffin Coal has settled a protracted pay dispute with unions, giving its plans to expand coal exports to India from its mine in Collie a much-needed boost.

“Absolute coincidence” was how Bauxite Resources chairman Barry Carbon described the departure of its second chief executive in two years on the same day the explorer confirmed another setback in the bid to broaden its WA footprint.

Page 12: Thundelarra Exploration has become the second Perth-based uranium explorer in a week to start battening down the hatches to wait for global sentiment for yellowcake to recover.

Page 24: Master Builders says the ministerial order announced last week to help speed up building permits for housing applications will only kick-start the process for cash buyers but offers no relief for most home building projects.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Treasurer Wayne Swan has warned that mining magnate Gina Rinehart's increased stake in Fairfax Media and her bid for board positions could undermine democracy amid a Labor push for a public interest test to determine who can own media outlets.

The Reserve Bank of Australia has indicated that the forecast sharp swing to budget surplus next financial year mostly reflects shuffling of spending that will limit the scope for further interest rate cuts.

European members of the Group of 20 have pledged to “take all necessary policy measures” to safeguard the euro zone, amid rising tensions between the US, Europe and developing economies over the cause and handling of the crisis.

Page 3: The tourism and travel industry celebrated what the opposition estimated was a $157 million victory yesterday after the federal government backed down on an indexation of the departure tax for air and ship passengers to avoid a wounding defeat in Parliament on a budget bill.

Carbon analysts at Thomson Reuters have slashed their forecast for international carbon abatement permits by 59 per cent to $4.30 a tonne, underscoring how global economic weakness is making Australia's $23 price relatively more expensive.

Page 4: Banks have lowered the interest rates they pay for term deposits by almost the same amount as the reduction in cash rates by the Reserve Bank of Australia, suggesting competition for depositor's cash is easing.

Page 6: Representatives of European governments have responded to a strongly worded message from Prime Minister Julia Gillard about the need for action to deal with the euro zone crisis by suggesting that quiet diplomacy is likely to be more effective than “speaking through a megaphone”.

Page 8: A key Howard government adviser and now Liberal senator says industrial relations reform will be part of the Coalition's agenda, but that changes will not be driven by ideology and will not solve all the economy's productivity problems.

Many professionals could earn more for doing the same job if they shifted west, according to a salary survey that underlines the two-speed economy.

A jobs board website introduced by the federal government after a union backlash over its controversial enterprise migration elements, such as Gina Rinehart's Roy Hill agreement, has received 60,0000 hits in its first week.

Page 12: News Ltd will announced the $30 million purchase of the Business Spectator website as part of a widespread overhaul of the publishing and pay television group that is expected to result in significant job cuts.

THE AUSTRALIAN:

Page 1: Labor caucus members are renewing their push for radical intervention in media standards as Gina Rinehart’s newspaper ambitions spark a widening political storm over regulating the press.

The states are planning an unprecedented $32 billion raid on the profits of their utilities and other businesses over the next four years, raising fears of further price hikes on top of the carbon tax, and prompting new calls for privatisation.

Former Fairfax Media chairman Ron Walker has strongly backed Gina Rinehart’s push for representation on the board of the media company and questioned whether a decades-old, written editorial charter of independence still has any relevance for Fairfax directors.

Tensions have erupted in the Coalition over a key climate change policy less than two weeks before the introduction of the carbon tax from July 1.

Page 2: Further rate cuts in coming months are in doubt as minutes from the Reserve Bank board meeting two weeks ago show the decision to lower the rate was ‘‘finely balanced’’ because of the divergence between the Australian and global economies.

Australia's top foreign affairs official, Dennis Richardson, has pronounced himself puzzled and frustrated by the enduring popularity of French among would-be diplomats in the Asian Century.

Page 4: The government believes it can still underpin its budget surplus with the multi-billion-dollar proceeds from selling wireless spectrum to major telcos, despite pushing back the auction of the scarce asset to next year.

Labor has publicly signalled the government is examining changes to workplace rules on new resources projects following employer lobbying ahead of the Gillard government’s response to the Fair Work Act review.

Julia Gillard has received a letter from the welfare lobby calling for new investment in programs targeted at single parents, including specific wage subsidies, with a strong warning that parents pushed on to the dole next year will struggle without the extra assistance.

Page 5: BHP Billiton could face claims for millions of dollars in punitive damages after a South Australian court ruled that it exposed its workers to asbestos dust when it knew of the dire potential health consequences of doing so.

Page 6: The Indigenous Employment Program has exceeded its key targets this financial year, delivering almost 33,000 work and training opportunities for Aboriginal Australians.

Page 8: Fairfax Media editorial staff will meet today to decide on a response to dramatic cuts announced by management on Monday that include the loss of 1900 jobs from the company.

Business: Fairfax Media intends to stand firm on its insistence that mining magnate Gina Rinehart agrees to a number of key conditions before securing board representation at the media company, including an agreement that she will not launch legal action against fellow directors.

The intense competition among the major banks for deposits is starting to temper, with term deposit rates being reduced in line with the official Reserve Bank rates.

The arrival of the Asian century has been underscored with news that China will kick in $US43 billion ($42.4bn) to the International Monetary Fund’s global firewall.

The Federal Court has signed off on the $200 million settlement in the long-running class action claim brought by disgruntled shareholders against shopping centre owner Centro and its former auditor PricewaterhouseCoopers.

Arafura Resources has received a funding boost by its major shareholder but the struggling junior is still in a ‘‘go slow’’ mode on its flagship project as tight capital markets continue to affect financing options.

The first Qantas A380 superjumbo reconfigured to carry more people in cattle class and fewer business passengers enters service today as Qantas tries to fix its ailing international operations.

One in three Australians would only be able to cover basic expenses for a few weeks if they suddenly lost their jobs, a Dun & Bradstreet survey has found.

The persistently high Australian dollar and its adverse impact on overseas commodity sales have led to a 2 per cent cut in the expected size of Australia’s farm, fishery and forestry exports this year.

Optus is ready to accelerate the rollout of its national 4G mobile network after it completed its $230 million acquisition of wireless broadband provider Vividwireless from Kerry Stokes’s Seven Group Holdings.

Ranger uranium miner Energy Resources of Australia has flagged a $50 million-$60m loss for the first half.

THE SYDNEY MORNING HERALD:

Page 1: The federal government rejects a bid for new legislation that would force Gina Rinehart to obey Fairfax Media's charter of independence.

Page 2: The continued detention of a Sri Lankan asylum seeker deemed a security threat by ASIO was justified, the High Court was told.

Page 3: Age Discrimination Commissioner Susan Ryan tells a seniors' forum the booming of the aged population will be a massive call on the public purse.

World: Spain on the verge of requiring a full-scale international bailout.

Business: Insurance giant QBE faces a profit hit of $240 million.

Sport: The Canterbury Bulldogs set to get ruthless to keep their star players.

THE DAILY TELEGRAPH:

Page 1: NSW workers' compensation and medical bill payments will be slashed.

Page 2: Prime Minister Julia Gillard denies putting the European Commission offside by telling the G20 that world leaders could follow Australia's example.

Page 3: Cancer patients pay expensive car-parking fees as they are being treated.

World: Greece is finally expected to announce a new government after pro-European parties set aside their differences.

Business: Instability in Europe was a major factor in the Reserve Bank's rate cut.

Sport: ARL Commission chairman John Grant admits international rugby league has a credibility crisis.

THE AGE:

Page 1: Anti-corruption commission adviser says new anti-crime body has been muzzled by Baillieu government before it has even started working. Gillard government calls on Gina Rinehart to explain her plans with Fairfax Media. Almost 500 medical graduates expected to be jobless because the government has failed to create enough positions for them to finish their education.

Page 2: European G20 leaders shirk at committing on a package of reforms intended to fireproof the eurozone.

Page 3: Baillieu government accused of ignoring Melbourne Water's overcharging for seven months before stepping in to demand refunds. Claim that government department managers know when and where public service cuts will come but won't give any details. Mullet-wearing bogans get recognition in the Oxford English Dictionary. Crown security guards used the "shut down" position to restrain patron Anthony Dunning who died four days later, court told.

World: Greece expected to hold out its hand out for a third bailout when a government is formed.

Business: Asian casino operator Gentings believed to have upped its stake in Echo Entertainment to about 9.4 per cent.

Sport: Remorseful Bulldogs ruckman Will Munson vows never to cross the line in on-field sledging again.

THE HERALD SUN:

Page 1: Under new laws offenders will have to pay for the damage they cause and victims will get a bigger say in their punishment. Bulldog Will Munson apologises for sledge but fans say bad-mouthing on the field has to stop.

Page 2: Black Saturday hero stripped of his bravery medal after it's revealed he is a wife-basher. Talkback king Neil Mitchell switches allegiance from Seven to Nine.

Page 3: Schools ban Baillieu MPs from visiting as teachers campaign for better pay and conditions. Bogans find legitimacy as Oxford English Dictionary lists a definition for them.

World: World powers tell Greece there is no time to lose and it must form a government to oversee bailout.

Business: Analyst says the Fairfax Media unit that runs the company's flagship newspapers is now worthless.

Sport: AFL says the game has changed forever and sledging won't be tolerated any more.