ASX float mooted for Huawei – The Fin; Chevron to develop fourth train for Gorgon – The Aus; Watchdog recommends 10pc cut to water bills – The West; Ensco in major safety breach – The Fin; Muja still on track, says Verve – The West
ASX float mooted for Huawei
The Chinese telecommunications giant banned from working on the national broadband network is being pressed to consider a float on the ASX and other measures that could ease concerns that it is too close to the Chinese security apparatus. The Fin
Chevron to develop fourth train for Gorgon
Oil giant Chevron plans to bring forward development of two big offshore West Australian gas fields discovered last decade for what is likely to be a $10 billion-plus expansion of the big Gorgon liquefied natural gas project being built on Barrow Island. The Aus
Watchdog recommends 10pc cut to water bills
WA's economic regulator has recommended average household water bills should fall almost $130 next year in a report that could put a big hole in the state government's finances. The West
Ensco in major safety breach
The Australian arm of multi-national oil and gas company Ensco continued to use deficient equipment capable of sparking an explosion on its manned rig off the West Australian coast after receiving warnings from the offshore regulator. The Fin
Muja still on track, says Verve
A defiant Verve Energy insists that its troubled $100 million revamp of the Muja AB coal-fired power station will be complete by December, despite speculation its boilers are faulty and will need to be replaced for an extra $60 million. The West
THE WEST AUSTRALIAN:
Page 3: WA's economic regulator has recommended average household water bills should fall almost $130 next year in a report that could put a big hole in the state government's finances.
Page 17: WA Federal Liberals are on the verge of a humiliating backdown on wheat industry deregulation after Tony Crook said he would support Gillard government reforms.
A WA farmer is being prosecuted by the Department of Environment and Conservation for clearing native vegetation despite evidence that the land was cleared by the previous owner.
Page 18: The chairman of the WA Planning Commission is being investigated for raking up a $260,000 travel bill in three years.
Page 19: Perth's new major stadium will run at a continuing loss and may need taxpayer subsidies unless WA's two AFL clubs pay a bigger share of its likely running costs.
Business: A defiant Verve Energy insists that its troubled $100 million revamp of the Muja AB coal-fired power station will be complete by December, despite speculation its boilers are faulty and will need to be replaced for an extra $60 million.
Lynas Corp has been forced to renegotiate the covenants for a $US225 million credit line with Sojitz Corp because of its struggle to win approval for a processing plant in Malaysia to treat rare earths from its Mt Weld mine near Laverton.
Chevron has for the first time spelt out which of its myriad gas field discoveries in the Carnarvon Basin are earmarked to feed a fourth Gorgon LNG train.
Apex Minerals will use more than 80 per cent of its $8.9 million rights issue to repay debts, mostly to Andrew Forrest, according to a prospectus released yesterday by the embattled Wiluna gold miner.
Fortescue Metals Group's search for “non-core assets” to divest as part of its cost cutting program has extended all the way down the food chain, with the company launching a program to sell off surplus caravans in Port Hedland.
Japanese trading firm Mitsui & Co says its board has signed off on a $1.5 billion investment to expand iron ore capacity at the Rio Tinto-run Cape Lambert port north-east of Karratha.
The world's biggest maker of construction and mining equipment is lowering its profit forecast for 2015 because of slower than expected growth in the global economy.
Gunns has gone into receivership after the Tasmanian timber company failed to secure funds to stay alive, putting 645 jobs at risk.
Reed Resources has been forced to fend off a query from the Australian Securities Exchange about a price spike that resulted in its shares rising as much as 25 per cent over the past two days.
A number of Perth mining executives have had a drastic change of direction, yesterday calling on investors to back their acquisition of children's chocolate brand Yowie.
BIS chief economist Frank Gelber is forecasting a correction in Perth's commercial property market in 2015 or 2016 but says it is too early to say whether the landing will be hard or soft.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: The Chinese telecommunications giant banned from working on the national broadband network is being pressed to consider a float on the ASX and other measures that could ease concerns that it is too close to the Chinese security apparatus.
A member of the Prime Minister's Manufacturing Taskforce has warned the local arms of Ford, General Motors and Toyota they must shift from making cars for the Australian market and work out how to become parts suppliers to the global automotive industry.
Central banks printing money across the globe are distorting prices and could create asset bubbles in property and currency markets, according to the former president of German's Bundesbank, Axel Weber.
Page 3: The Reserve Bank of Australia has urged Australians to continue to pay off their mortgages ahead of schedule and avoid taking on too much debt to build a financial cushion against any rise in unemployment or falling house prices.
Australian house prices may benefit from the United States Federal Reserve's decision to print more US dollars, property data firm SQM Research says.
Page 4: Prime Minister Julia Gillard is planning an early meeting with Chinese leaders after next month's Communist Party leadership change to personally outline details of the government's Asian Century white paper.
Page 7: The Gillard government yesterday hardened its commitment to protect public service jobs from budget cuts as it searches for billions of dollars worth of savings.
Kevin Rudd's former top bureaucrat has warned of an “accountability black hole” in ministerial offices, intensifying the row over political staffers.
Page 8: Industry Minister Greg Combet yesterday warned jobs and investment would be at risk if documents detailing negotiations with the car industry about government subsidies were released.
Page 12: The Australian arm of multi-national oil and gas company Ensco continued to use deficient equipment capable of sparking an explosion on its manned rig off the West Australian coast after receiving warnings from the offshore regulator.
Page 13: Aggressive price promotion by Coles and Woolworths has had unexpected side effects – the take-up of private label groceries has fallen, consumers are now more aware of the prices they pay at the checkout, and “promiscuity” is on the rise.
Page 17: Australian Stock Exchange chief Elmer Funker Kupper has warned that allowing global players to compete in the clearing of trades would damage Australia's long-term economic interests.
Page 20: Chevron is sticking to its plan for a rapid expansion of Australia's biggest ever resources development despite escalating costs in the sector that have driven a blowout in the $43 billion budget for the initial project.
Mining industry job losses have spread to the gold sector, with US giant Newmont Mining taking steps to reduce its local workforce as it battles to contain costs.
Kerry Stokes' Seven Group Holdings is holding firm on the outlook for its WesTrac mining and construction equipment business despite US giant and partner Caterpillar's warning of slowing growth.
Page 21: Bank funding pressures are easing and the cost of funds has fallen back to levels recorded before the escalation of the European debt crisis, the Reserve Bank of Australia says.
THE AUSTRALIAN:
Page 1: Former finance minister Lindsay Tanner has broken his long silence on Labor politics to condemn the removal of Kevin Rudd in June 2010 and the assault by senior ministers on the former prime minister’s reputation during the leadership contest in February this year.
Higher-risk pre-financial crisis lending practices are flooding back as non-bank lenders scramble for market share in the burgeoning subprime lending market.
Former prime minister Malcolm Fraser believes there is a ‘‘major danger’’ the US may start a war against China.
Page 4: Poorer households in key federal election battleground seats remain vulnerable to higher-than-average levels of mortgage stress, a Reserve Bank report has found, while the cautious are continuing to shun shares in favour of bank deposits to rebuild wealth lost in the global financial crisis.
Page 7: The co-chairman of the National Congress of Australia’s First Peoples has lambasted the Gillard government for failing to consult meaningfully on policy, saying he would push for a declaration of self-determination.
Liberal faction bosses in NSW were locked in crisis talks last night to resolve the legal battle that has paralysed the state party since last week.
Page 8: Labor's shielding of public service jobs from its razor gang means billions must be clawed back in ‘‘blockbuster savings’’, with economists identifying superannuation concessions, business tax breaks, industry handouts and middle-class welfare as likely targets.
Business: Some of the nation’s best regarded investors and a syndicate of banks led by ANZ face losses of hundreds of millions of dollars as they wait to see whether Gunns’ main asset — the permits and approvals to build a pulp mill at Bell Bay in Tasmania — can find a buyer after the collapse of the forestry company.
Leighton Holdings is moving ahead on the sale of its telecommunications infrastructure assets as it looks to generate cash to reduce debt and strengthen its balance sheet.
Fortescue Metals Group is pushing its ‘‘frugality’’ principle to the limit as it squeezes savings out of every nook and cranny of its operations.
Leading company directors say it is the politicians and lack of political leadership — not the bureaucrats — that are harming relations with business, as the Greens this week accused both major parties of making scapegoats of the public service.
Oil giant Chevron plans to bring forward development of two big offshore West Australian gas fields discovered last decade for what is likely to be a $10 billion-plus expansion of the big Gorgon liquefied natural gas project being built on Barrow Island.
Ratings agencies have ignored last week’s production glitches from Newcrest Mining to give the company’s latest $US1 billion ($958.3 million) bond raising in the US a positive assessment on the back of strong margins and growth prospects.
Nine Entertainment’s lenders have approved the $525 million sale of ACP Magazines, but no agreement was reached on refinancing the company’s billion-dollar debt pile at the latest round of talks.
THE SYDNEY MORNING HERALD:
Page 1: Former Finance Minister Lindsay Tanner says the ALP has become purposeless and risks entering a period of bleakness. Sherrin has pulled all football manufacturing from its Indian subcontractors due to child labour concerns.
Page 2: Harvey Norman has scored the worst customer service rating in a Choice survey of Australia's big retailers. Australia's push for a seat on the UN Security Council will step up a notch on Wednesday.
Page 3: Experts are doubtful that Finance Minister Penny Wong can cut $500 million from the public service without slashing jobs. The consumer regulator is warning about 4G smartphone shock, which it says could pose a bigger threat than on 3G.
World: The UN General Assembly is this year exposing a big gap between the West and Islamic world's take on freedom of expression.
Business: There's a chance that directors of Gunns could become the target of a shareholder class action against the collapsed Tasmanian company.
Sport: NRL star Ben Barba opens up about his work under the high ball in 2012.
THE DAILY TELEGRAPH:
Page 1: The state opposition has claimed schools were told to spend their BER cash on "iconic" buildings like schools and halls, not structures like toilets.
Page 2: Students are being taught in libraries and computer rooms at some schools because of a lack of classroom space.
Page 3: Caltex is offering big incentives to lure mums back to work after giving birth - its workforce is 30 per cent female.
World: About 500 Afghans have staged a protest against the US film mocking the prophet Mohammed by holding signs displaying love hearts.
Business: Analysts say its unlikely that Gunns investors will recoup any of the money they invested in the Tasmanian woodchipper that went into voluntary administration on Tuesday.
Sport: Tim Sheens is set to reject an offer by the Wests Tigers to take a second tier job at the club after being dumped as coach.
THE AGE:
Page 1: Police return to the home of missing woman Jill Meagher for a second search. Former cabinet minister Lindsay Tanner warns that future is looking bleak for Labor which he describes as an electoral machine without wider purpose. Uniting Church orders mediation between the MLC school and its sacked principal Rosa Storelli. Carl Williams' family sues the state government for negligence over his fatal 2010 prison bashing.
Page 2: An Australian trade envoy who was seduced by a Vietnamese intelligence officer feared her Hanoi offices were bugged.
Page 3: Bosses elbowing in on sick employees' visits to the doctor. Sherrin pulls its football manufacturing from its Indian subcontractors after admitting some of its balls were being made by children. Australians rush to pay off their home loans thanks to lower interest rates and consumer caution. AFL grand final goal umpire Chelsea Roffey says the focus should stop being about gender. Watchdog warns smart phone users of "shock bill" as they adapt to new, faster 4G networks.
World: Annual UN General Assembly meeting is unwittingly exposing the gulf between Western and Islamic ideas on freedom of expression.
Business: Former Tasmanian premier Robin Gray and other Gunns directors may be targeted in a $75 million shareholder class action against the failed forestry company after it went into administration.
Sport: Swans coach John Longmire is a man you can count on, says his former captain at North Melbourne Wayne Carey.
