'Brace for falling living standards' – The Fin; Indonesia fires new shots in live-cattle trade war – The Aus; Shake-up call on gas pricing threatens LNG – The Aus; Canadian firm to gobble up local miner – The West; BHP shelves third billion-dollar plan – The Aus
'Brace for falling living standards'
Ross Garnaut, the Hawke government economist who predicted the rise of China, has warned Australians to prepare for a living standards bust as the resources boom gives way to falling export prices and a slump in mines development. The Fin
Indonesia fires new shots in live-cattle trade war
Another serious dispute has flared in the Australia-Indonesia live-cattle trade, with Jakarta officials rejecting more than 11,000 breeding cows shipped since May and exports halted since the middle of last month. The Aus
Shake-up call on gas pricing threatens LNG
Japan has revealed it wants to kill off the oil-linked pricing system for natural gas — which has underpinned the viability of Australian liquefied natural gas projects — in a bid to contain its soaring energy bills. The Aus
Canadian firm to gobble up local miner
Low-profile Perth gold producer CGA Mining, which counts most of its shareholder base in North America, is set to be gobbled up by bigger Canadian peer B2Gold in a $C1.1 billion ($1.08 billion) deal. The West
BHP shelves third billion-dollar plan
BHP Billiton has shelved multi billion-dollar plans to build one of the nation’s biggest underground coalmines as it reviews its coking coal development plans amid sliding commodities prices and lower growth expectations in China. The Aus
THE WEST AUSTRALIAN:
Page 3: WA drivers, already recognised nationally for their inability to merge, have a new dubious badge of distinction – they hit things that are not moving.
Page 6: Farmers say they face devastation over delays in exports after 10,000 cattle have been blocked – in addition to 200,000 sheep – amid animal health concerns.
Page 10: Independent MP John Bowler was flown from Kalgoorlie to Perth on a government jet yesterday to spare the government the embarrassment of losing a close vote in Parliament on parking fees at public hospitals.
Page 16: Premier Colin Barnett said yesterday he would shelve laws to have the Corruption and Crime Commission to investigate organised crime jointly with WA Police.
Page 18: Australian basketballer Andrew Vlahov has revealed plans involving one of the sport's tallest players to fuel a relationship between WA and China beyond trade links.
Business: Macmahon Holdings is blaming a failure to keep pace with the rapid growth of its WA construction business for another troubled rail project and the demise of Nick Bowen as managing director.
The resources industry has hailed a state government determination on Toro Energy's uranium project as another positive step towards approval of WA's first uranium mine.
Low-profile Perth gold producer CGA Mining, which counts most of its shareholder base in North America, is set to be gobbled up by bigger Canadian peer B2Gold in a $C1.1 billion ($1.08 billion) deal.
Potential developers are lining up for David Jones' marquee stores in Sydney and Melbourne, but the retailer says Perth is off its rebuilding agenda because it does not own its WA premises.
Sundance Resources has given the clearest signal yet it is in talks with rival bidders to unpredictable takeover suitor Hanlong Mining.
Fortescue Metals Group shares continued their recovery yesterday, as analysts issued a cautious welcome to the company's landmark $US4.5 billion debt deal on Tuesday.
Decmil Group founder Denis Criddle hs taken advantage of a high share price for the construction and engineering company by cashing in $10.1 million of stock.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Ross Garnaut, the Hawke government economist who predicted the rise of China, has warned Australians to prepare for a living standards bust as the resources boom gives way to falling export prices and a slump in mines development.
One of Australia's top bureaucrats has rebuffed some of the country's most powerful businessmen in their criticism of the government's balance of China policy and security arrangements with the US, accusing them of putting commercial interests ahead of their country's.
The Australian Securities Exchange is on a collision course with the country's biggest investment banks over a plan to conduct book-builds of allocations for company floats and capital ratinigs openly on the market itself.
Page 3: Immigrant and self-made billionaire Frank Lowy has called on newcomers to live by the standards and values of Australian society, highlighting that children should be educated “untainted by the ideology of hate”.
Page 6: An influential Chinese adviser says Australia must prepare for falling demand for coal and iron ore as the world's second-biggest economy undergoes structural changes.
International energy majors ConocoPhillips and Total have added their voices to warnings that soaring costs for liquefied natural gas projects put at risk the next wave of investment in the sector as customers turn to cheaper supplies.
Page 7: BHP Billiton, the world's largest mining company, admits the first phase of major economic growth in China is ending and is reflected in a slowdown in demand for iron ore.
Australia is xenophobic and has five years to make a dramatic shift to capitalise on Chinese investment that is critical for the resources boom to continue, former Queensland premier Peter Beattie says.
Page 8: The finance secretary of the Philippines has confirmed his central bank is buying Australian dollars, despite Reserve Bank of Australia documents released this week which said the island nation was not a buyer.
Page 14: The federal government is sending conflicting signals on its plan to subsidise childcare workers' pay, in effect to the tune of $1.4 billion, amid rising anger in the ALP caucus over a series of unfunded promises.
Small business has dismissed complex tax concessions as a waste of time and demanded lower tax rates instead.
Scrapping inefficient state taxes and increasing the goods and services tax take would improve productivity as well as states' finances, tax experts say.
Page 25: After 12 years in charge of contracting group Macmahon Holdings, Nick Bowen was in Africa, far from the West Australian mining fields where the company made its name, when he realised his position was no longer tenable.
Nine Entertainment Co chairman Peter Bush and chief executive David Gyngell are expected to spell out the dangers of a receivership to lenders as they battle over a $3.8 billion restructure.
David Jones has enjoyed sales growth for the first time in almost two years as new brands and improved service lured customers into stores in the first seven weeks of 2013.
Page 28: Fortescue Metals Group has bought itself more time and its new $US4.5 billion debt package has been cheered by bondholders, but it may need to sell more assets to bolster its credit rating.
Karoon Gas Australia has sealed a deal worth up to $US250 million to bring specialist South American explorer and producer Pacific Rubiales Energy into its keenly awaited drilling program off the coast of Brazil, easing concerns about how the wells will be funded.
THE AUSTRALIAN:
Page 1: Tony Abbott has moved to reassert discipline in Coalition ranks — after forcing the resignation of his controversial parliamentary secretary Cory Bernardi for linking the gay marriage debate to bestiality — by declaring frontbenchers who want to ‘‘freelance’’ can do so from the backbench.
The referendum to acknowledge indigenous Australians has been shelved for at least three years amid fears the failure to build community support before the deadline of the next election would see it defeated.
Another serious dispute has flared in the Australia-Indonesia live-cattle trade, with Jakarta officials rejecting more than 11,000 breeding cows shipped since May and exports halted since the middle of last month.
BHP Billiton has shelved multi billion-dollar plans to build one of the nation’s biggest underground coalmines as it reviews its coking coal development plans amid sliding commodities prices and lower growth expectations in China.
Page 4: The Gillard government has refused to commit to a union push that would have seen more than two-thirds of the nation’s childcare workers receive pay rises of between 53 and 70 per cent by 2014.
Julia Gillard has reaffirmed the government’s commitment to delivering a surplus as the opposition seized on recent big spending policy commitments to claim Labor had billions of dollars of unfunded election commitments.
Page 8: Multi-billion-dollar subsidies for solar rooftop panels would be dumped under a plan by some of Australia’s biggest industrial power users, who warn they face an explosion in costs for a federal renewable scheme favouring intermittent wind and solar electricity technologies that only provide part-time electricity supplies.
The super-trawler Abel Tasman is expected to be banned from Australian waters as early as today following the passage of federal legislation.
Business: Japan has revealed it wants to kill off the oil-linked pricing system for natural gas — which has underpinned the viability of Australian liquefied natural gas projects — in a bid to contain its soaring energy bills.
BHP Billiton has shelved multi billion-dollar plans to build two of the nation’s biggest coalmines as it reviews its Queensland coking coal development plans amid sliding commodities prices and lower growth expectations in China.
Department store chain David Jones has confirmed the dire state of the consumer sector, reporting a 40 per cent dive in annual profit and warning that shoppers are still nervous about the economy.
Macmahon Holdings chief Nick Bowen has left the company after it slashed its profit guidance by more than half following issues with a Rio Tinto project and the loss of new mining works, as the impact of the resources slowdown spreads.
Australia's mining contractors are bracing themselves for a margin squeeze from clients taking advantage of the rapidly changing industry dynamics.
Fortescue Metals Group shares jumped another 5 per cent yesterday as the market backed the company’s $US4.5 billion debt restructuring and the iron ore price continued its spectacular recovery.
Cheap debt sourced from China will protect Gindalbie Metals’ Karara iron ore project in Western Australia from the headaches suffered in recent days by Fortescue Metals Group, chairman George Jones says.
The Australian Securities Exchange has mounted a challenge to the dominance of investment banks in major capital raisings, with world-first plans to offer its own on-market system promising to lower the costs of capital for companies and a better chance for shareholders to secure shares.
THE SYDNEY MORNING HERALD:
Page 1: Opposition leader Tony Abbott has warned his frontbenchers, including the Nationals, that they face the sack if they "freelance" between now and the next election. NSW premier Barry O'Farrell will today issue an apology to the thousands of victims of forced adoption.
Page 2: The family of renowned heart surgeon Victor Chang are "absolutely devastated" that the man who shot him will be released from prison within three weeks unless the state government finds a basis to appeal his parole.
Page 3: Losing bidders in the competition to run Sydney's privately operated north west rail link will each be compensated by up to $10 million of taxpayers' money.
World: Analysts are trying to work out whether Mitt Romney's latest gaffe has cost him the US presidential election.
Business: Troubled upmarket retailer David Jones's turnaround plan has failed to excite investors after the company posted a 40 per cent full year profit drop and scrapped guidance for next year.
Sport: Manly's Anthony Watmough has dropped a bombshell by revealing he took the controversial drug Stilnox during his first State of Origin series, saying it led to his exile for four years.
THE DAILY TELEGRAPH:
Page 1: Police trying to stamp out cyber trolls will be able to deal directly with Twitter, avoiding the hassle of going through the US courts.
Page 2: A motorway dubbed the West Connex - from Auburn to Glebe and then out to Sydney Airport, Port Botany and Beverly Hills - would be built in the next five years under an Infrastructure NSW plan for Sydney's future.
Page 3: A greyhound was rescued from a burning factory in Sydney's inner west and worked on by paramedics for almost an hour to save her life.
World: A recently uncovered fragment of ancient papyrus suggests Jesus and Mary Magdalene may have been man and wife.
Business: Troubled retailer David Jones has declared it has no intention of selling its four premium properties in Sydney and Melbourne - despite having them valued.
Sport: Manly's Anthony Watmough last night admitted to using the controversial sleeping drug Stilnox, claiming it was the reason he was dropped from the NSW State of Origin team in 2005.
THE AGE:
Page 1: Methodist Ladies College board claims sacked principal Rosa Storelli misled them over her pay. Businessman and former Carlton and Liberal Party president John Elliott teams up with pollster Gary Morgan to run for the Lord Mayor's office. Monash University puts the finishing touches to its sprawling campus in Suzhou, China. Tony Abbott ditches his hand-picked parliamentary secretary Cory Bernardi for linking gay marriage and bestiality.
Page 2: Gillard government shies away from a referendum proposing a unique and special place for indigenous Australians after conceding it could fail if it is put at or before next year's election. Racing hearing told that jockey Danny Nikolic was a blight on the sport. The Age loses FoI request against a state government body that claimed it would take 24 years and cost nearly $1 million to process two requests. Karachi issues warrant for arrest of the Pakistani importer of more than 20,000 Australian sheep whose fate is all at sea.
Page 3: The Victorian government spending thousands of dollars to track down whistleblowers behind leaks about the abuse of disabled people in state care. Harvey Norman customer finds photos of a naked bucks night photos and a woman giving birth on an an external hard drive she bought. TAC Cup grand final a just reward for Gippsland Power recruit Anthony Tipungwuti who's had to move halfway across Australia to play football and learn English. Cardigan-wearing Michelle Obama gives new life to the daggy piece of clothing.
World: Mitt Romney's gaffe about the 47 per cent of Americans who don't pay tax could cost him dearly in the November election.
Business: Retailer David Jones posts a 40 per cent full year profit drop and scraps guidance for next year.
Sport: Former player Paul Dimattina could challenge David Smorgon for the presidency of the Western Bulldogs.
THE HERALD SUN:
Page 1: Uniting Church supports sacked MLC principal Risa Storelli who says she will fight to get her job back. Shane Warne's ex Simone Callahan and their three children are the first family ambassadors for the Spring Racing Carnival.
Page 2: Victorian households stung by insurance companies who are making them double up on their fire levy contributions. Former Hey Dad star Robert Hughes appears in a London court to answer sexual assault charges. Gay marriage advocates urge supporters to keep fighting after federal parliament rejects proposed changes to the law.
Page 3: Taxi industry writes to major carmakers asking them to design a super safe cab. Two more sleeps until the Royal Melbourne Show.
World: Drug cartel suspected to have masterminded the mass tunnel escape of more than 130 inmates from a northern Mexican border prison.
Business: David Jones' leading suppliers agree to massive price cuts as the retailer suffers an alarming profit slump.
Sport: Alan Didak looks certain to miss Collingwood's preliminary final showdown against Sydney.
