Today's Business Headlines

Hancock confident on debt

Gina Rinehart's Hancock Prospecting remains confident that it will be able to attract $7 billion in debt funding to build the Roy Hill iron ore project despite weaker credit market conditions. The Fin

Junior jumps in with plan to get Oakajee moving

A third proposal is firming as a frontrunner to break the deadlock on the development of the troubled Oakajee port and rail infrastructure in Western Australia’s Mid-West region, with a junior explorer finalising its plan to build the project. The Aus

WA firm shows its Calibre with $75m float

Calibre Group is set to become the year's biggest stockmarket listing by market capitalisation after lead managers wrapped up a $75 million bookbuild with institutional investors yesterday. The West

WA holds its fire on Greens

The West Australian branch of the Labor Party is refusing to join federal and NSW attacks on the Greens for fear of further alienating disaffected ALP voters and being linked to the deeply unpopular Gillard government. The Fin

ASIC may push out creep rule to 30pc

Australia's takeover laws could be changed to force investors who buy more than 30 per cent of a company to make a full bid under new proposals to be recommended by Australian Securities & Investments Commission chairman Greg Medcraft. The Aus

THE WEST AUSTRALIAN:

Page 1: A desperate search ended in tragedy last night when a pilot died after a plane crash near Broome's Cable Beach.

Page 4: Public hospitals, GPs and the ambulance service are facing a major crisis as they are swamped by patients in what could be the worst flu season since the 2009 swine flu pandemic.

Page 5: A restaurant is to open at Rottnest Lodge this month, promising to deliver woodfired pizzas anywhere on the island – including to boats moored offshore.

Page 7: Former transport minister Alannah MacTiernan has called for an unprecedented investment in public transport to coax Perth motorists out of their cars and on to buses and trains.

Perth Airport says it will go ahead with an upgrade that would allow planes to operate in reduced visibility and potentially avoid chaos caused by fog only if airlines push for it.

Page 9: Labor leader Mark McGowan does not plan to ask Prime Minister Julia Gillard to hit the state election trail with him in March.

Page 11: The competition watchdog has launched 20 investigations into companies trying to push up their prices and blame them on the carbon price.

Page 14: Public perception has them pinned as the workers who are willing to don high-visibility vests and steel-cap boots for days at a time in return for big pay packets but research suggests fly in fly out workers are not motivated only by money.

Business: The family behind Best Tractor Parts are on the verge of selling the WA mining equipment supplier to Ausdrill in a deal worth as much as $150 million.

Gina Rinehart's Roy Hill Holdings has denied reports it is facing financing delays for its $10 billion Pilbara iron ore mine, saying it still believes it will secure a debt deal by the end of this year.

Calibre Group is set to become the year's biggest stockmarket listing by market capitalisation after lead managers wrapped up a $75 million bookbuild with institutional investors yesterday.

Murchison Metals managing director Greg Martin, who is in the throes of winding up the once-troubled company after liquidating its assets and amassing a cash pile of about $230 million, has begun planning a new venture to capture underpriced infrastructure and resources assets.

Businesswoman Marylyn New is putting the Esplanade Hotel in Fremantle back on the market after the collapse of a $90 million sale to a Singaporean group.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The corporate regulator is considering putting the brakes on predators trying to build controlling shareholdings in companies by dramatically scaling back “creep” rules as part of a sweeping review of takeover laws.

Business has rejected Treasury's claim that the performance of management is partly to blame for Australia's poor productivity performance, citing too much regulation, taxes, skills shortages and pro-union industrial relations laws.

Page 3:Electricity users have copped a $3 billion slug in their power bills because of the flawed system governing distribution companies, an expert panel has found.

Page 4: The West Australian branch of the Labor Party is refusing to join federal and NSW attacks on the Greens for fear of further alienating disaffected ALP voters and being linked to the deeply unpopular Gillard government.

Page 5: The consumer regulator has received fewer complaints about the carbon tax since it began than it received about the goods and services tax.

The Labor Party is pulling Australian politics to the right and betraying its roots in its recent assault on the Greens, says the minor party's former leader Bob Brown.

Page 6: The government will consider proposals to streamline takeovers after the corporate regulator proposed a sweeping review to make it more difficult for raiders to acquire a company without paying a premium and to address fears about the role technology played in a recent approach to retailer David Jones.

Page 9: The Reserve Bank of Australia has confirmed it has responded to banks' failure to pass on all of its official interest rate cuts by reducing the rate more than it otherwise would have done.

Page 21: Gina Rinehart's Hancock Prospecting remains confident that it will be able to attract $7 billion in debt funding to build the Roy Hill iron ore project despite weaker credit market conditions.

Perth-based engineering services firm Calibre Global has laid claim to the biggest float of 2012 after securing $75 million from investors.

Page 24: Chinese steel mills have started to curtail their output in the third quarter, with the move expected to put downward pressure on iron ore prices.

Coles has upped the ante in the grocery price war with Woolworths and Metcash, announcing another round of price reductions under its “Down Down” campaign.

Page 25: Market confidence in Energy Resources of Australia's ability to meet its full-year production target has grown after the uranium miner reported second-quarter figures in line with expectations.

MIG Resources, a company with links to defunct offshore diamond explorer Cambridge Gulf Exploration, has launched legal action over a government decision to refuse its application for exploration licences in an area to be crossed by the Ichthys gas pipeline.

Page 37: New office towers in Melbourne's central business district will cast a shadow on the city's leasing market, with vacancies tipped to surge towards 10 per cent in coming years if weak market conditions continue.

Page 39: Weak home loan figures have dampened the prospect of a housing market recovery, sullying a relatively upbeat picture from construction and house price data released earlier this month.

Page 41: Syndicator GDI Property Group has snapped up the central Perth building that was formerly the headquarters of Woodside Petroleum for just over $100 million.

Page 43: A rapid fall in the number of residential properties on the market in Perth has sparked fears that the resources boom town will once again experience rapid price rises and shortages.

The protracted $90 million sale of Fremantle's Esplanade Hotel to Singapore-based investor Ascendas Group has fallen through after the sales contract lapsed.

THE AUSTRALIAN:

Page 1: Former ALP president Warren Mundine has called on the Gillard government to bypass the Greens and convene an emergency meeting with Tony Abbott’s Coalition to develop reforms promoting indigenous economic development.

Corporate veterans including Business Council of Australia president Tony Shepherd have lined up to deplore political complacency, backing warnings by Don Argus that the legacy for future generations is in peril if sloganeering is not replaced by a relentless focus on productivity.

Labor must make an enemy of the Greens to win broad electoral support outside inner-city seats, with the minor party particularly vulnerable to attack over its asylum-seeker policy.

Page 2: Former Greens leader Bob Brown has hit back at Labor’s war on the Greens, saying the ALP is ‘‘losing it’s way’’ and would be committing political ‘‘hara-kiri’’ by moving further to the Right.

West Australian Labor leader Mark McGowan has ruled out inviting Julia Gillard to help him campaign ahead of the March state election, as he dramatically stepped up moves to distance himself from the unpopular federal ALP brand.

Page 3: Fairfax Media has begun initiating its redundancy program, inviting staff to apply for voluntary retrenchment and outlining the details of the severance packages.

Page 4: The top executives of companies hit by the carbon tax have to pass criminal checks before being allowed to deal in emissions permits.

Page 6: Tony Abbott has pledged to revamp flexibility arrangements in the Fair Work Act if he wins office, telling employers the workplace laws are making it harder for them to operate at weekends and on public holidays.

Business: Australian banks have been warned to avoid high-risk strategies to satisfy shareholders and offset growing earnings pressures, amid forecasts from the banking regulator that the sector will have to raise more capital to meet new global regulations.

Australia's takeover laws could be changed to force investors who buy more than 30 per cent of a company to make a full bid under new proposals to be recommended by Australian Securities & Investments Commission chairman Greg Medcraft.

Wayne Swan will today accelerate his push to convince China that the Australian dollar should become only the third currency to be directly convertible into Chinese yuan.

Optus has revealed new estimates that its deal with NBN Co could deliver benefits worth as much as $1 billion, just as the transaction faces a new regulatory challenge from a wellknown economist urging the competition watchdog to block the deal on the grounds that consumers and taxpayers would benefit if the deal did not proceed.

A third proposal is firming as a frontrunner to break the deadlock on the development of the troubled Oakajee port and rail infrastructure in Western Australia’s Mid-West region, with a junior explorer finalising its plan to build the project.

Atlas Iron is confident the West Australian government will compromise and allow spare capacity at the proposed South West Creek port to be used by major players, despite being designated for junior miners.

Uranium production at Energy Resources of Australia’s Ranger mine in the Northern Territory has returned to higher levels in the absence of the extreme rain that dogged the operation last year, raising expectations that annual output for this year will be at the higher end of company forecasts.

Australia's government resources forecaster says there is unlikely to be a shortage of east coast gas and that expected higher domestic prices as $60 billion of Gladstone LNG projects start exporting should be short-lived.

National Australia Bank is confident it can build its credit card market share as it targets rival bank customers by going beyond government reforms introduced this month.

Chocolate manufacturer Darrell Lea may not have enough cash to pay its 700 staff after this week, jeopardising any hopes of selling the business as a going concern following its financial collapse on Tuesday.

A survey of tourism industry workers has delivered a damning appraisal of Australia’s efforts to push itself as a destination, ranking Australia below New Zealand, Singapore and other countries.

Corporate travellers have been warned to get used to squeezing into low-cost carriers as their employers look for more ways to cut travel expenditure.

THE SYDNEY MORNING HERALD:

Page 1: Sydney lord mayors past and present are leading a call for action to curb violence in Kings Cross after 18-year-old Thomas Kelly was fatally wounded in an unprovoked attack.

Page 2: Customer service in the telco sector may improve over the next two years, thanks to a new code governing advertising, account management and complaint handling in a sector notorious for high complaint levels.

Page 3: The Australian Competition and Consumer Commission said it has received only 630 complaints and enquiries about the carbon tax during its first 10 days, with most concerning electricity and gas bills.

World: The Taliban have again rejected overtures for peace from the Afghan government, vowing to continue their violent insurgency across the country.

Business: Consumer confidence has finally rebounded in response to the deluge of good things being showered on households: cash handouts from the federal government, interest rate cuts from the Reserve Bank, and cheaper petrol from global oil markets.

Sport: After South Sydney's round-one loss to Sydney Roosters, the Rabbitohs players were shattered, and supporters must have considered returning their memberships to sender. Same old story; a Souths team high on potential but low on the competition ladder.

THE DAILY TELEGRAPH:

Page 1: Police begged for a security camera 15m from where teen Thomas Kelly was bashed and killed in Kings Cross.

Page 2: Taxpayers fork out up to $1 million to rescue people smuggling boats that issue distress calls off Indonesia.

Page 3: The Hells Angel arrested yesterday for a drive-by attack was out on bail for a previous drive-by shooting - so he could attend high school.

World: The captain of the shipwrecked Costa Concordia has claimed in a television interview that he was distracted by a phone conversation shortly before his ship crashed into a reef off the Italian coast, killing 32 people.

Business: The Reserve Bank cut interest rates aggressively to counter high funding costs for money lenders, ensuring mortgage rates are at the right level, a leading central banker says.

Sport: Rival NRL coaches were last night united in their desire to scrap golden point, arguing that field goals and inconsistent refereeing should no longer be allowed to dictate results.

THE AGE:

Page 1: Department of Human Services using extreme obesity to support child protection applications in the Childrens Court. Commercial featuring Australian track cycling champion Anna Meares and BHP Billiton pulled off the air after the AOC ruled it was in breach of advertising guidelines. Tony Abbott's turn back the boats pledge will depend on the compliance of navy commanders. Our spies want access to every Australian's telephone and internet data as well as social media sites such as Facebook and Twitter.

Page 2: ALP says the Baillieu government's new planning rules will protect the backyards of the well-to-do suburbs.

Page 3: Telcos agree to a new code of conduct that aims to protect consumers from misleading marketing and bill shock. Fels says Victorian taxi industry scaremongering and says his plan to slash the value of taxi licences will kill off a speculative market that was inflating fares. Overcharged Melbourne Water customers could get their money back sooner than expected.

World: Russia sends warships to its naval base in Syria in an apparent show of support for President Bashar al-Assad.

Business: Consumer confidence rebounds as government cash handouts, interest rate cuts and cheaper petrol all make their mark.

Sport: North Melbourne legend Glenn Archer says West Coast has broken the player's code by accusing Roos forward Lindsay Thomas of staging.

THE HERALD SUN:

Page 1: CFA inquiry into Fiskville training grounds finds more than 20 lives lost to toxic chemicals and another 250 firefighters will need medical checks.

Page 2: Road rager plants himself on the bonnet of a family's car in terrifying incident. Missing scuba diver may have been taken by a shark. Carbon price watchdog ready to fine businesses blaming new tax for higher prices.

Page 3: The Voice stars sing to help save Jim Stynes youth charity Reach which is in dire straits financially since the former AFL star's death. New chemical could make teeth cavity-proof.

World: The US pilot who ran amok on a flight and had to be restrained has been ruled insane by a court.

Business: Reserve Bank Deputy Governor Philip Lowe says interest rates were cut to counter high funding costs for lenders.

Sport: Chris Judd's Visy deal expected to be extended next season as AFL cracks down on deals outside the salary cap.