Union cash lost if Labor dumps PM – The Aus; Fairfax bends to Rinehart camp – The Aus; GDI open to offers for high-rises – The West; Woodside's carbon cost 1pc of revenue – The Fin; Palmer ends Central Petroleum bid – The West
Union cash lost if Labor dumps PM
Influential union leader Tony Sheldon has threatened to withdraw $200,000 in political donations to the Labor Party if MPs dump Julia Gillard in favour of Kevin Rudd, as he joined fellow union bosses to reaffirm the labour movement’s support for the Prime Minister. The Aus
Fairfax bends to Rinehart camp
The appointment of Gina Rinehart ally, fast-food franchise millionaire Jack Cowin, to the board of Fairfax Media has moved the nation’s richest person a step closer to the boardroom of the newspaper publisher. The Aus
GDI open to offers for high-rises
GDI Property Group yesterday said it would consider selling one of Perth's landmark high-rise office blocks, the Governor Stirling Tower and two adjoining buildings for $350 million, a 130 per cent increase on last year's purchase price. The West
Woodside's carbon cost 1pc of revenue
Woodside Petroleum has for the first time estimated the costs it will bear as a result of the government's carbon tax, putting the figure at up to $US40 million this financial year, less than 1 per cent of expected revenues. The Fin
Palmer ends Central Petroleum bid
Billionaire Clive Palmer appears to have quit his long-running attempt to secure control of Central Petroleum, withdrawing his preferred appointees for the board of the Perth company just minutes before a shareholder vote. The West
THE WEST AUSTRALIAN:
Page 5: The Water Corporation has urged people to use less of Perth's dwindling water supply after a dry start to winter has left the city's dams on track to record their lowest ever inflows.
Margaret River will use a two-week national television advertising campaign to lure visitors back to the region after bushfires and a spate of shark attacks.
Page 6: A long-time ally of mining billionaire Gina Rinehart has been appointed to the board of Fairfax Media.
Page 10: Perth's eastern suburbs are missing out on the state's latest job boom amid signs consumers are increasing their spending.
WA will be short of 21,000 highly skilled workers by 2025, research on future needs suggests.
Page 18: WA's top welfare body wants the next state election to be a referendum on energy policies, urging the major parties to do more to help the poor and disadvantaged.
Business: Woodside Petroleum is banking on more than $US200 million ($192 million) in extra oil and gas revenue this year because the ramp-up of its flagship $15 billion Pluto LING project has exceeded all expectations.
Seven West Media shares traded well above the $1.32 strike price for the group's $440 million equity raising but could not avoid a 20-year low yesterday.
Construction firm John Holland looks set to be split up as part of efforts by its parent Leighton Holdings to reduce debt and strengthen its balance sheet following a spate of corporate disasters.
The deep pockets of investors backing Brian Gilbertson's Jupiter Resources will have their 85 per cent stake in the iron ore and manganese hopeful diluted after bringing a Dutch superannuation fund on to the register in a $40 million private placement.
GDI Property Group yesterday said it would consider selling one of Perth's landmark high-rise office blocks, the Governor Stirling Tower and two adjoining buildings for $350 million, a 130 per cent increase on last year's purchase price.
Chinese investment in Australian agriculture should not be seen as a threat but as an opportunity, according to the WA head of Australia's leading China business chamber.
Billionaire Clive Palmer appears to have quit his long-running attempt to secure control of Central Petroleum, withdrawing his preferred appointees for the board of the Perth company just minutes before a shareholder vote.
Speculation is mounting Radhika Oswal is moving to close the last of her Otarian chain of vegetarian restaurants – a store just south of Central Park in Manhattan.
Freehills' WA chief Jason Ricketts has been tapped to lead the Australian practice of the soon-to-be Herbert Smith Freehills.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: One of the world's biggest private equity groups, TPG, has emerged as a potential suitor for the debt-laden Nine Entertainment Co after teaming up with Hollywood mogul Harry Sloan for what could be a $3 billion buyout.
Fast-food king Jack Cowin believes there will be a resolution between mining billionaire Gina Rinehart and Fairfax Media that will allow her to join the media group's board.
A key independent MP has for the first time indicated that a change of leadership in the Labor Party would not bring down the minority Labor government.
Page 5: Union bosses' discussions about a possible Labor leadership change have opened a line of attack for the Coalition as it accuses the government of being managed by the “sinister” machinations of “faceless men”.
Business has urged federal opposition leader Tony Abbott to issue a clear industrial relations policy before the next election to seek a mandate for change, as Labor and the unions gear up to fight the Coalition on workplace reform.
Page 7: Woodside Petroleum has for the first time estimated the costs it will bear as a result of the government's carbon tax, putting the figure at up to $US40 million this financial year, less than 1 per cent of expected revenues.
Page 9: Australia cannot afford to sit back and wait for China's emerging middle class to create the next economic boom, according to the opposition spokesman for communications and broadband, Malcolm Turnbull.
Page 11: Businesses that rely on contractors face intensified scrutiny by the Australian Taxation Office, which has pledged to audit 20,000 this year to stop sham contracting.
Page 15: Robust early production from the $15 billion Pluto liquefied natural gas project has driven an upgrade for Woodside Petroleum's output guidance but chief executive Peter Coleman remains under pressure to deliver enough gas for an expansion.
Page 17: The Australian government has cleared the way for Etihad Airways to double its stake in Virgin Australia, despite Qantas's lobbying efforts to stem the Middle Eastern carrier's advance.
Page 18: Australia's fourth-largest iron ore miner, Atlas Iron, will stagger growth to meet market demand as investor scrutiny around capital spending intensifies.
Jupiter Mines executive chairman Brian Gilbertson says market turmoil will throw open more acquisition opportunities in resources.
Page 22: Rio Tinto will cut jobs at its Clermont mine in Queensland as it seeks to improve the economics of the operation amid low thermal coal prices and a high Australian dollar.
THE AUSTRALIAN:
Page 1: Influential union leader Tony Sheldon has threatened to withdraw $200,000 in political donations to the Labor Party if MPs dump Julia Gillard in favour of Kevin Rudd, as he joined fellow union bosses to reaffirm the labour movement’s support for the Prime Minister.
Commonwealth prosecutors are assessing whether to proceed with charges against stood aside Speaker Peter Slipper over Cabcharge fraud allegations after the Australian Federal Police referred the case to them.
Etihad Airways chief executive James Hogan has blasted Qantas for being un-Australian in its campaign to undermine his airline’s investment in Virgin Australia and has pledged that the Abu Dhabi-based carrier will never seek to control Virgin.
Page 2: The Royal Australian Navy has taken a major step towards ‘‘greening’’ its warships and aircraft with a new agreement that will give it access to technology being developed in the US to enable the massive American fleets to run on biofuels by 2020.
Page 4: Julia Gillard is preparing to rally union leaders at a special dinner at The Lodge in Canberra tonight, outlining key government initiatives in industry policy and job creation, as supporters of Kevin Rudd declare the Prime Minister must lift the party’s primary vote to 38 per cent in the next few weeks if she is to placate her critics.
Mining giant Rio Tinto is preparing to sack people from one of its newest and most modern mines in Queensland, as the coal industry faces an unhappy coincidence of rising domestic costs and lower global prices.
Page 6: Electricity retailers have slammed the Queensland government’s push to ban exit fees on power contracts as anticompetitive and an increase to the state’s sovereign risk.
The Greens were scrambling last night to resolve a damaging by-election feud with Victoria’s Catholic hierarchy over the minor party’s published policy to peg federal funding for private schools at 2003-04 levels.
Business: The appointment of Gina Rinehart ally, fast-food franchise millionaire Jack Cowin, to the board of Fairfax Media has moved the nation’s richest person a step closer to the boardroom of the newspaper publisher.
Woodside Petroleum shares had their biggest jump in nearly three years as chief executive Peter Coleman reported a seamless start to exports from the $US15 billion ($14.4bn) Pluto liquefied natural gas plant, leading to strong second-quarter output and a rare increase in full-year production guidance.
The competition watchdog has set the stage for a potential bidding war for Westpac-managed gas pipeline owner Hastings Diversified Utilities Fund and forced a complex decision on one of its potential acquirers, APA Group.
Page 20: Former BHP Billiton boss Brian Gilbertson has warned that emerging iron ore mines in Western Australia’s Yilgarn region will stall if plans to expand the port of Esperance become ‘‘exceedingly bureaucratic’’.
BHP Billiton’s battered share price has lifted off its three-year lows in response to a glimmer of hope on the US economic front and a raft of bullish broker reports on its June-quarter production effort.
A stronger than expected second quarter has pulled Santos shares from a 41/ 2- year low as the company booked $739 million of revenue and logged its highest crude oil production since 2008.
The cost to the economy of tighter bank regulation will be insignificant and will deliver insurance against massive financial failure, the banking regulator claims.
Companies increasingly tapping shareholders for capital to pay down debt have ignited concerns the banks may suffer a spike in bad debt charges as businesses across the nation fold under the mounting pressure.
THE SYDNEY MORNING HERALD:
Page 1: Kieran Loveridge faces Burwood Court after being charged with the murder of Thomas Kelly.
Page 2: Laws designed to protect accused person's rights to a fair trial need to be reformed in the wake of social media, a journalism lecturer says.
Page 3: A study of prostate cancer surgery has found it does not appear to save lives of men in the early stages of the disease.
World: As the battle for Damascus intensifies, people are wondering if the 16-month-long conflict in Syria has reached a tipping point.
Business: The sharemarket has surged $24 billion and has closed on a two-month high.
Sport: Stephen Kearney is set to announce his departure from Parramatta following a poor session.
THE DAILY TELEGRAPH:
Page 1: A teenager has allegedly attacked a television cameraman outside a Sydney court where a man appeared over the alleged king-hit killing of Thomas Kelly.
Page 2 and 3: Teen accused of killing Thomas Kelly fights back tears in court.
World: Israel has vowed to strike back at Iran after a bus bomb killed at least seven people.
Business: Gina Rinehart's ally - Hungry Jack's founder Jack Cowin - has joined the board of Fairfax Media.
Sport: Parramatta has announced the end of Steve Kearney as coach.
THE AGE:
Page 1: Federal Sports Minister Kate Lundy has hit out at the discrimination that resulted in Australia's women Olympic basketballers flying to London in economy class, while the men travelled in business class. A landmark study of prostate cancer surgery has found it does not appear to save the lives of men with low-risk disease and causes high rates of incontinence and erectile dysfunction.
Page 3: An ally of Gina Rinehart has been appointed to the board of Fairfax Media. Adults who want to complete their VCE face soaring fees. Food ministers will consider softening curbs on misleading health claims on food labels at a time Australians face an epidemic in diet-related disease and obesity, health leaders have warned.
World: With the growing conviction that the Assad family's 42-year grip on power in Syria is coming to an end, Obama administration officials are working on contingency plans for a collapse of the Syrian government.
Business: The sharemarket has roared back to life, surging by $24 billion and closing at a two-month high as investors shrugged off fears about the global economy and piled into beaten-down resource stocks.
Sport: Essendon's injury crisis has deepened, with Kyle Reimers becoming the 21st soft-tissue victim since high-performance fitness guru Dean The Weapon Robinson took over the clubs training program in the pre-season.
THE HERALD SUN:
Page 1: Principals and dietitians have slammed the end of a free fruit program that helped thousands of school kids live healthier.
Page 2: DNA tests could reveal if bodies found in an underworld graveyard are those of hitman Christopher Dale Flannery and missing heiress Juanita Neilsen.
Page 3: Demand for a life-sustaining blood product used to treat several serious illnesses is so high that Australia is spending $31 million a year to import it. Myer will send beauties of all backgrounds down its summer runways this season with a promise to boost ethnic diversity.
World: One of Britain's richest women may have lain dead for up to two months under a pile of bin bags, clothes and bed linen at least a metre deep, a court has heard.
Business: Consumers are being misled by the term funeral plan and buying insurance, bonds and pre-paid funerals without understanding important differences.
Sport: Hobbled Magpies Andrew Krakouer and Brent Macaffer have been cleared to resume full contact training in a massive boost to their hopes of September action.
