China dip lifts rate cut hopes – The Aus; Korea's $1bn steel rescue bid – The Fin; Lanco to cut Griffin Coal stake – The West; Tugboat operator, BHP sue MUA over strike – The Fin; High Court ruling crucial to Fortescue chairman's future – The Aus
China dip lifts rate cut hopes
The Reserve Bank is under escalating pressure to cut interest rates in the face of shrinking world trade and a downturn in Australia’s two biggest export markets, China and Japan. The Aus
Korea's $1bn steel rescue bid
Korean and Singaporean investors have urged the Australian steel maker and miner formerly known as OneSteel to accept a takeover that would deliver a $1 billion plus financial and technological lifeline to the struggling industry. The Fin
Lanco to cut Griffin Coal stake
India's biggest private power producer plans to sell a stake in Griffin Coal in a bid to slash its mounting debt load – a move which could pave the way for an expansion of its Collie coal mine. The West
Tugboat operator, BHP sue MUA over strike
Tugboat operator Teekay Shipping is suing the Maritime Union of Australia over claims it used a sexual harassment allegation against an employee to engage in an illegal strike at Western Australia's critical iron ore export hub, Port Hedland. The Fin
High Court ruling crucial to Fortescue chairman's future
The High Court will deliver a landmark judgement today that will clarify Australia’s continuous disclosure laws and could force Fortescue Metals Group’s billionaire chairman, Andrew Forrest, to resign for allegedly misleading investors eight years ago. The Aus
THE WEST AUSTRALIAN:
Page 1: Police Commissioner Karl O'Callaghan believes a big rise in the number of cars monitored by speed cameras is changing driver behaviour, with new figures showing a significant fall in the percentage of motorists caught speeding.
Page 3: New signs of economic problems confronting China will give the Reserve Bank impetus to cut interest rates when it meets today.
Page 6: The state government will be under more pressure to implement a key report that aims to cut water and sewerage fees after another big increase in the number of people unable to pay their bills.
Page 10: If the Liberal Party opposes the abolition of Wheat Exports Australia, it will be proof that Nationals maverick Barnaby Joyce is writing the Coalition's economic policy, Labor frontbencher Anthony Albanese says.
Page 11: A long-awaited review of WA sentencing laws is unlikely to result in legislation in this term of government, Attorney-General Michael Mischin has conceded.
A fisherman who encountered a great white shark in Cockburn Sound at the weekend has described the creature as “playful and curious”
Page 12: By 2050, Perth could have a major indigenous cultural centre, bilingual signs at major sites and compulsory Aboriginal studies in the school curriculum under plans to make the city more friendly, inclusive and vibrant.
Page 13: Senior Gillard government ministers yesterday tried to drag Tony Abbott into the row over offensive remarks made by his friend Alan Jones about the Prime Minister.
Page 14: Suburban hotels are fighting to maintain their traditional role in the Perth market, according to a veteran publican.
The number of new residential lots coming on to the WA market has almost halved in five years, sparking debate over whether the state government or a depressed property sector is to blame.
Business: India's biggest private power producer plans to sell a stake in Griffin Coal in a bid to slash its mounting debt load – a move which could pave the way for an expansion of its Collie coal mine.
A proxy adviser is telling clients not to overthrow the boards of companies suffering second strike votes against executive pay even if they oppose the packages.
Australian businesses will be able to tell the Reserve Bank directly what is happening in the real world through a creative initiative from CommSec, which is developing its own version of the US Federal Reserve's Beige Book.
Andrew Forrest's six-year battle with the Australian Securities and Investments Commission was set to come to an end this morning, with a ruling by the High Court in Canberra.
Central Petroleum is set to end months of speculation about the future of its extensive acreage in central Australia by this morning a $150 million farm-in deal with Santos.
Arrium, the iron ore and steel producer formerly known as OneSteel, has rejected a $1 billion takeover bid from a consortium led by commodities trading giant Noble Group and South Korean Steel mill Posco, saying the offer was too low and conditional.
Former Coal of Africa finance director Blair Sergeant has been accused of seeking almost $6.5 million in personal benefit from the purchase of coal assets by shuffling debts in the target company and raising invoices for work never conducted.
Struggling property developer Port Bouvard has slashed the value of its flagship residential project in Mandurah by another $12 million.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1:Korean and Singaporean investors have urged the Australian steel maker and miner formerly known as OneSteel to accept a takeover that would deliver a $1 billion plus financial and technological lifeline to the struggling industry.
Prominent Labor government adviser and noted economist Ross Garnaut has warned of a long and tough China-induced downturn in Australia that will require restraint in government spending and wages growth for the rest of the decade.
GM Holden is considering plans to assemble a batch of 126 electric Holdens at its Adelaide factory in a coup which could lead to mass production and the export of local technology.
Page 5: Two state governments, industry, unions and the opposition have all backed possible foreign ownership in the struggling local steel industry but the decision lies with Treasurer Wayne Swan, who declined to comment yesterday.
Page 7: Tugboat operator Teekay Shipping is suing the Maritime Union of Australia over claims it used a sexual harassment allegation against an employee to engage in an illegal strike at Western Australia's critical iron ore export hub, Port Hedland.
Page 8: An influential group of former Reserve Bank of Australia board members, academics and market economists has urged the central bank to shun calls for an interest rate cut today.
Online retail sales have grown at double-digit pace over the past 12 months, putting further pressure on bricks and mortar retailers in the approach to the key Christmas period.
Page 11: Today marks the end of the road in Andrew Forrest's battle to stop the Australian Securities and Investments Commission disqualifying him from acting as a company director and to fine his iron ore company, Fortescue Metals Group, for breaching its market disclosure obligations.
Page 12: Deputy Liberal leader Julie Bishop has hit back at accusations she is being disloyal to Western Australia by supporting the delay of full deregulation of the nation's $6 billion wheat export industry.
Page 13: East Timor is seeking up to $3 billion in disputed tax payments from Woodside, ConocoPhillips and other resource companies over activities in the Timor Sea.
Page 17: Australian mining companies are stepping up investment in Africa at the expense of this country as local investment “takes a pause”, the head of engineering group Coffey International, John Douglas, has warned.
A senior executive from the world's largest bond fund has warned that the pressure on Australia's economy from the high Australian dollar will intensify as central banks to battle in a currency war, forcing local interest rates lower.
Page 19: Private exploration group Gold and Copper Resources has challenged Newcrest Mining's claim that it had all the relevant regulatory and government approvals for its Cadia East expansion in NSW.
Xstrata will give shareholders the option of offering generous retention payments to its key executives after agreeing to a revised bid from commodities trader Glencore that would see current chief executive Mick Davis depart after just six months at the helm of the combined company.
THE AUSTRALIAN:
Page 1: The Reserve Bank is under escalating pressure to cut interest rates in the face of shrinking world trade and a downturn in Australia’s two biggest export markets, China and Japan.
Senior Liberals have rallied to Tony Abbott’s defence after Labor’s attempts to smear the Opposition Leader over Alan Jones’s incendiary comments about Julia Gillard’s father.
Page 2: Low-income Australians living in city fringe mortgage belts and country towns are rushing to buy solar electricity panels and hot water systems at a much faster rate than their wealthier urban cousins.
The government’s chief tactician Anthony Albanese has confirmed Labor intends to risk its unblemished legislative record and force a vote on wheat exports to exploit tensions in the Coalition.
Page 3: This wet season will be the most significant yet in the fight against the movement of cane toads across the Kimberley.
Page 6: Senior union leaders have demanded the Reserve Bank move to cut interest rates today, accusing board members of ‘‘sitting on their hands’’ while jobs are lost and industries suffer further declines.
Page 8: Students at disadvantaged schools are six times more likely than their counterparts in wealthy schools to rate getting a job as one of the things they value most.
Business: The consortium behind a $1 billion play for steelmaker and iron ore miner Arrium will pitch its ability to deliver a brighter future for the company’s loss-making Whyalla steelworks as a key part of its proposal.
The High Court will deliver a landmark judgement today that will clarify Australia’s continuous disclosure laws and could force Fortescue Metals Group’s billionaire chairman, Andrew Forrest, to resign for allegedly misleading investors eight years ago.
Australian mining companies and the federal Treasury face fresh pressure as China’s already sluggish economy heads for a further slowdown.
Asia-Pacific airlines are tipped to make more money than earlier forecasts after the International Air Transport Association yesterday upgraded its 2012 profit guidance for the region by $US300 million ($289m) to $US2.3 billion.
Key Australian oil and gas company Santos is poised to dramatically expand its footprint in the Northern Territory, with the firm set to announce a $150 million joint venture deal with the Richard Cottee-led exploration company Central Petroleum.
Asian banks have become bigger lenders in this country than their European counterparts during the past year.
Transfield Services chairman Tony Shepherd has warned of further job losses at the construction contracting company under new interim chief executive Graeme Hunt as management looks to cut costs and improve productivity.
Online retailers are continuing to grow more than 10 times faster than their bricks-and-mortar competitors, underlining the urgency for merchants to ramp up their internet presence.
Selling prices are forecast to fall to their lowest point in more than 20 years as Australian businesses again resort to heavy discounting to drive sales into Christmas.
THE SYDNEY MORNING HERALD:
Page 1: Changes to the way the NSW government will build the North West Rail Link could result in chaos for commuters in the northern suburbs of Sydney. Comments by Alan Jones about Julia Gillard's father have proven disastrous for the controversial broadcaster.
Page 2: The High Court will rule on Tuesday whether Qantas can keep GST revenue it made from customers who did not show up. An Australian woman who was kidnapped in Ecuador says she was close to being killed.
Page 3: A horse is being walked from the NSW South Coast to Melbourne to raise money for the Black Dog Institute. Half of the Great Barrier Reef's coral has disappeared in the last 27 years.
World: The Assad regime in Syria gave the French key intelligence that led to the death of Libyan strongman Muammar Gaddafi.
Business: Banks are going to be under a lot of pressure to pass on an interest rate cut if the RBA moves on rates this week.
Sport: James Graham is likely to face a lengthy ban from the NRL if he's found guilty of biting Billy Slater.
THE DAILY TELEGRAPH:
Page 1: Planning chief Nick Greiner is set to defy NSW Premier Barry O'Farrell by recommending that a second airport be built at Badgerys Creek. Alleged NRL grand final biter James Graham has tried to put on a brave face following the incident.
Page 4: Infrastructure NSW will announce that the WestConnex road should be distance-tolled and capped at $7 when it's built.
Page 5: The Administrative Appeals Tribunal has ruled that a grandmother can receive the aged pension as a "single" even though she shares a home with her husband.
World: A gunbattle between NATO troops and their supposed Afghan allies has left five people dead in Afghanistan.
Business: Some economists are predicting that the RBA will cut rates before Melbourne Cup day.
Sport: There are calls for James Graham to be banned from the NRL for 10 to 12 weeks if he's found guilty of biting.
