25/06/2012 - 06:46

Today's Business Headlines

25/06/2012 - 06:46

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Push to free up greenfields work deals – The Fin; Call to ditch the bailouts as $260bn boom gathers pace – The Aus; Barnett faces heartland revolt – The West; Greens seek laws to block Rinehart – The Aus; Precious metal output defies bullion surge – The West

Today's Business Headlines

Push to free up greenfields work deals

The Gillard government's review of the Fair Work Act is set to recommend that employers get a circuit breaker when unions stall negotiations agreements for major new resource projects. The Fin

Call to ditch the bailouts as $260bn boom gathers pace

Industry assistance must be scaled back to make way for a resources boom that will add $260 billion to economic output over the next decade, according to new research that escalates the policy row over government handouts. The Aus

Barnett faces heartland revolt

High-profile western suburbs professionals and community leaders have united to rally against the Barnett government on multiple policy fronts and disquiet grows in the Liberal Party's heartland. The West

Greens seek laws to block Rinehart

The Greens will move today to force Labor’s hand on media ownership laws that could block Gina Rinehart’s influence at Fairfax Media, sparking backbench complaints at government inaction on the industry. The Aus

Precious metal output defies bullion surge

Despite a surge in bullion prices, Australian gold output has fallen for the third consecutive quarter amid lower production by some of the big miners and tough weather conditions. The West

 

THE WEST AUSTRALIAN:

Page 3: Thousands of laptop computers and mobile phones have been lost or damaged by state government agencies in less than two years.

Page 4: An oil and gas boom is tipped to replace the minerals boom and deliver hundreds of billions of dollars to the economy but add further strain to struggling parts of the nation.

Newspaper, television and radio station operators would have to pass a public interest test under laws to be introduced in Parliament by the Greens.

Page 5: High-profile western suburbs professionals and community leaders have united to rally against the Barnett government on multiple policy fronts and disquiet grows in the Liberal Party's heartland.

Page 11: A public housing staff member was threatened at gunpoint and another was bitten by a tenant while carrying out a property inspection, a Department of Housing register reveals.

Page 15: Residents angry about plans to explore for bauxite in the South West have vowed to fight a bid to push ahead with the proposal, saying it puts some of WA's most productive farmland at risk.

Business: Australia's big banks have been ranked the most profitable in the developed world for the second year running by the the influential Bank for International Settlements.

Despite a surge in bullion prices, Australian gold output has fallen for the third consecutive quarter amid lower production by some of the big miners and tough weather conditions.

Would-be miners in WA's Yilgarn region have gone public with their frustration over what they say is the slow progress of the Esperance Port expansion.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The Gillard government is expected to announce a $42 million payment to Alcoa within days to help keep open its Point Henry aluminium operations near Geelong, Victoria, and save 600 jobs.

A large majority of companies are critical of key design features of the carbon tax although there is still support for action on climate change.

Moves for new laws aimed at preserving media diversity are gathering pace, with support growing in the Labor Party, and the Greens turning up pressure on the government.

Page 3: The Gillard government's review of the Fair Work Act is set to recommend that employers get a circuit breaker when unions stall negotiations agreements for major new resource projects.

Page 4: The Gillard government has been told to avoid bailing out failing industries amid signs the oil and gas boom is broader than expected, just days before an expected rescue of Geelong's troubled aluminium plant.

The federal government can be expected to receive only 35 per cent of Treasury's forecast take from the minerals resource rent tax over the next four years, according to an analysis by UBS.

Page 6: Treasurer Wayne Swan has moved to counter increasing fears among voters about the negative impact of the carbon tax, saying households could make money by changing their behaviour and spending habits.

Page 8: One of Australia's most experienced company directors, Rod Eddington, says it is difficult for hostile bidders to steal control of a company without paying a premium, and that the laws guarding against unfair takeover attempts are “about right”.

Page 10: Federal Treasury has slammed as “deeply flawed” a consultant's report casting doubt on the revenue it will collect from a controversial tax rise for foreign investors.

Page 11: German Chancellor Angela Merkel has shot down calls for full mobilisation of euro-zone bailout funds to halt the bond crises in Spain and Italy, ignoring pleas for action from the International Monetary Fund.

Page 13: Optus is preparing to double its spending to $2 billion over the next two years as it launches an offensive in the 4G arms race and aims to build a network that will catapult it ahead of Telstra for the first time.

Billionaire Kerry Stokes moved to seek regulatory clearance for a takeover bid of Consolidated Media Holdings to maximise his options in regards to Rupert Murdoch's $2 billion offer for the pay TV company.

Page 15: Perpetual and the independent directors of Brickworks are preparing to meet to discuss a strategy to break up a cross-shareholding between the brick group and investment company Washington H Soul Pattinson.

Page 17: BHP Billiton's head of non-ferrous metals, Andrew Mackenzie, is expected to face a grilling from investors and analysts this week about the status of the $US20 billion-plus Olympic Dam copper-uranium expansion amid growing expectation the project will be delayed.

Rare earths miner Lynas Corporation expects to avoid the sort of public opposition that has plagued the start-up of its Malaysian refinery if it decides to build a new processing facility in Western Australia.

 

THE AUSTRALIAN:

Page 1: The Coalition has rejected government calls to ‘‘reach across the parliament’’ and do a deal on offshore processing, telling Labor it must work with the Greens to end the nation’s asylum chaos or prepare itself for the certainty of more boat arrivals.

The cost of servicing state and territory borrowings is set to surge dramatically to $10 billion, adding to the pressure on state governments to find budget cuts and sparking calls for Wayne Swan to help fund desperately needed infrastructure.

On the second anniversary of Kevin Rudd’s removal as leader, the Labor Party’s support continues to wallow below its level before the coup that removed the first-term prime minister.

Page 2: Schools are demanding extra taxpayer funding to replace hundreds of thousands of obsolete computers over the next four years.

Page 3: The Greens will move today to force Labor’s hand on media ownership laws that could block Gina Rinehart’s influence at Fairfax Media, sparking backbench complaints at government inaction on the industry.

Government health advisers will be forced to declare all financial and personal links to drug companies, under a new conflict-of-interest crackdown.

Page 5: Labor has hit back in the political fight over Speaker Peter Slipper, amid questions about the former staffer who accuses him of sexual harassment and court documents shedding new light on Liberal links to the case.

Audits of a union super fund for meat workers have uncovered alleged corporate governance failures, conflicts of interest and an alleged failure by a union stalwart, Wally Curran, to disclose six-figure ‘‘consultancy fees’’ spanning nine years.

Page 6: Industry assistance must be scaled back to make way for a resources boom that will add $260 billion to economic output over the next decade, according to new research that escalates the policy row over government handouts.

The opposition has unveiled plans to scrap at least five major climate change agencies and dozens of programs as part of its removal of the carbon tax if Tony Abbott wins the next election.

The Point Henry aluminium smelter has been offered a $42 million lifeline by the Gillard government which, if accepted, would guarantee the future of the Geelong plant for the next two years and save hundreds of manufacturing jobs on the eve of the introduction of the carbon tax.

Treasury has shown itself incapable of forecasting tax revenue from the petroleum resource rent tax, and is unlikely to fare any better with the new minerals resource rent tax, which comes into force on Sunday.

Wayne Swan says about 98 per cent of Australian households earning up to $150,000 a year will receive some assistance for the carbon tax, new modelling shows.

Business: Economic uncertainty and tough domestic conditions are expected to keep a lid on takeover activity among Australian corporates as deal-making sputters to a three-year low.

Mining industry-owned Wiggins Island Coal Export Terminal has selected four miners for its second-stage expansion at Gladstone but it is unclear if key partner Xstrata will sign up as pressures mount on its $6 billion Wandoan coal development.

Telco giant Telstra’s vaunted in-house venture capital team has made its maiden investment with the multi-million-dollar bankrolling of fledgling real-time online restaurant reservations group Dimmi, in partnership with movie powerhouse Village Roadshow.

The global banking system still poses a threat to financial stability, and regulators and banks face ‘‘tough challenges’’ to restore confidence, the Bank for International Settlements has warned.

A combination of new mine developments and the recycling of old operations is tipped to end the recent trend of falling gold production in Australia

The ACCC appears to be preparing for another possible test of its powers to counter the expansion of the big two supermarket chains — this time in the hardware market.

 

THE SYDNEY MORNING HERALD:

Page 1: Mineral giants involved in negotiations with the federal government over the mining tax have warned it would be pointless to try to come up with a reliable estimate on how much it will make.

Page 2: The City of Sydney is set to call for national and international ideas for a new library at Green Square in Sydney's south.

Page 3: Julian Assange says the Australian government should treat his situation with the "seriousness it requires".

World: The Turkish jet shot down by Syria on Friday was in international airspace, Turkey's foreign minister has claimed.

Business: Australia's major four banks have again been ranked the most profitable in the developed world by an annual report.

Sport: Trainer Peter Moody flags retirement for Black Caviar after her victory at Royal Ascot.

 

THE DAILY TELEGRAPH:

Page 1: Children visiting federal parliament will no longer receive free bottled water and fruit.

Page 2: Construction on Barangaroo's headland park is expected to begin within weeks.

Page 3: Queensland father of five has been accused of drowning his baby boy after plunging off a bridge into the Logan River, south of Brisbane.

World: Turkey has played down the loss of a warplane to Syria.

Business: Managing director of fund manager Allan Gray says Fairfax Media had no choice but to push ahead with a restructure.

Sport: NSW coach Ricky Stuart is expected to use Tony Williams in the Origin decider.

 

THE AGE:

Page 1: Census shows one in three Melbournians born overseas. English press questions the Blunder from Down Under that almost ended the winning run of Black Caviar. UN committee raps Australia about racial discrimination of indigenous youth to inadequate numbers of newborns being breastfed.

Page 3: Bailout of Alcoa 600 jobs expected to cost taxpayers tens of millions of dollars. Water Minister Peter Walsh wants senior bureaucrat's scalp despite a departmental investigation clearing him of wrongdoing.

World: Turkey says its jet was in international airspace when shot down by Syria.

Business: Our big four banks judged the most profitable in the world for the second year running.

Sport: North regain their spirit and down Adelaide.

 

THE HERALD SUN:

Page 1: Recruits pulled from training at the CFA's Fiskville hub amid fears of contaminated water. Queen meets Black Caviar.

Page 2: Salvation Army apologises for saying homosexuals deserved to die.

Page 3: Grant Hackett trashed his apartment in a rampage because he wanted to end his marriage with Candice Alley.

World: US has shown no interest in extraditing WikiLeaks' Julian Assange, says Foreign Minister Bob Carr.

Business: Melbourne to drag the chain on property prices for next three years.

Sport: Black Caviar carried two muscle tears and severe bruising to her hind quarters in her famous Royal Ascot win.

THE CANBERRA TIMES:

Page 1: Canberra's median house price will rise by a mere one per cent over the next three years.

Page 2: Cabinet minister Bill Shorten secured an audience with Israeli Prime Minister Benjamin Netanyahu in Jerusalem because the Israelis were convinced he could one day be Australia's leader.

Page 3: Fixed speed cameras not reducing the number of nearby car crashes.

World: Four soldiers of the international NATO-led alliance and two Afghan civilians have died in three separate incidents in southern Afghanistan.

Business: Gina Rinehart is unlikely to get broader shareholder support for a seat on the Fairfax Media board unless she agrees to abide by the company's 20-year-old charter of independence.

Sport: Olympic track cyclists fined after drink-driving incident.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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