Today's Business Headlines

Advisers on MRRT wary of changes

Labor's hand-picked mining tax advisers have warned against increasing the levy on iron ore and coal companies, as Wayne Swan risks an election-year fight with the resources sector by reconsidering details thought to have been settled in 2010. The Aus

Rayney appeal

Lloyd Rayney faces the possibility of a murder retrial after prosecutors yesterday lodged an appeal against his acquittal hours before the deadline, potentially exposing WA taxpayers to another multi-million dollar court bill. The West

Chinese escape scrutiny on Ord

The $700 million plan for a Chinese company to develop an Ord River irrigation scheme has drawn attention to a regulatory loophole under which Foreign Investment Review Board scrutiny will be avoided because of approval from the West Australian government. The Fin

St Barbara's Allied hangover intensifies

St Barbara's shareholders' hangover from premature celebration of its $560 million Allied Gold takeover has worsened, with the WA miner waving goodbye to almost $60 million of gold sales this year because of operational problems at its newly acquired mines. The West

$100m debt pile finally sinks Stowe empire

The final remnants of Ric Stowe's coal and agricultural empire have collapsed with debts of more than $100 million, after liquidators and receivers were appointed to his Devereaux group of companies. The West

THE WEST AUSTRALIAN:

Page 1: Lloyd Rayney faces the possibility of a murder retrial after prosecutors yesterday lodged an appeal against his acquittal hours before the deadline, potentially exposing WA taxpayers to another multi-million dollar court bill.

A Peppermint Grove couple have had their assets frozen after being slapped with a bill for about $50 million for allegedly failing to pay tax for the past 24 years.

Page 4: Tony Abbott will raise the stakes in the battle over border protection by demanding that asylum seekers released into the community are put to work.

Hopes the WA and national economies will rebound in coming months have been raised by figures showing a sharp turnaround in China.

Page 7: Dozens of new nurses cannot get jobs in WA hospitals after applications for graduate programs far outstripped spots.

Page 9: The state government will spend $14 million improving traffic flow at the intersection of Beechboro and Gnangara Roads.

Page 10: Gina Rinehart has accused state and federal governments of neglecting the country's north and for bad policies that have put Australia on course to become “another Greece, Spain or Portugal”.

Page 11: A state Labor government would let universities become more “entrepreneurial” by allowing commercial retail and residential activities on campus to fund research and innovation, Opposition Leader Mark McGowan has promised.

Page 12: Perth Airport has assured the state government that it is working towards having a third runway operational by late 2017 to future proof the state's economic development.

Page 17: Julia Gillard has dismissed suggestions by a former work colleague that she knew of the purchase of a house with misappropriated money years earlier than she first said.

The federal government is set to target multinational giants such as Google and Apple to pay more company tax and prevent them from shipping their profits to overseas tax havens.

Business: Austal has conducted a deeply discounted emergency capital raising at the behest of the shipbuilder's banks because the alternative was “unthinkable”.

The final remnants of Ric Stowe's coal and agricultural empire have collapsed with debts of more than $100 million, after liquidators and receivers were appointed to his Devereaux group of companies.

The head of Mermaid Marine Australia has cast doubt on the timing of state government plans for a marine precinct in Port Hedland, suggesting it might come too late to service the construction boom on oil and gas projects.

St Barbara's shareholders' hangover from premature celebration of its $560 million Allied Gold takeover has worsened, with the WA miner waving goodbye to almost $60 million of gold sales this year because of operational problems at its newly acquired mines.

Rio Tinto will splurge $1.8 billion on an upgrade of its Yandicoogina mine in the east Pilbara.

The board of Bayswater honey producer Wescobee is expected to meet today to consider a merger with bigger peer Capilano.

Mineral Resources plans a spin-out of its iron ore assets within the next two years, according to managing director Chris Ellison.

Paladin Energy chief executive John Borshoff has implored his shareholders to stick with the company, saying the impending supply gap facing the uranium market will ensure its share price recovers from seven-year lows.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The federal government plans a tax crackdown on multinationals and has taken the extraordinary step of identifying two companies it believes are using complex structures to shift profits to lower tax countries, US technology giants Google and Apple.

Treasurer Wayne Swan is making clear his objections to the states seeking to bolster budgets with higher mining royalties, which in net terms can further reduce the federal government's already disappointing income from the new minerals resource rent tax.

Prime Minister Julia Gillard misled senior partners at Slater & Gordon over her involvement in a loan used to buy a house in Melbourne, a former legal colleague has claimed.

Page 2: Mining billionaire Gina Rinehart has made a plea to get behind the mining industry, arguing the country risks following in the footsteps of indebted euro-zone countries due to high business costs and new taxes and should earn what it spends.

Page 3: The $700 million plan for a Chinese company to develop an Ord River irrigation scheme has drawn attention to a regulatory loophole under which Foreign Investment Review Board scrutiny will be avoided because of approval from the West Australian government.

Page 10: Chinese company CITIC Pacific has averted a threat from billionaire Clive Palmer to terminate its mining rights and cancel leases in the Pilbara over a royalties dispute.

Page 12: Electricity charges varied by time of use will be introduced in all states by July 2014 along with a national rollout of smart meters under a federal government plan to be put to the state today.

Page 13: Woolworths shareholders have put profits before ethical concerns about pokies by overwhelmingly rejecting a proposal aimed at restricting the retailer's gaming operations, which are estimated to generate earnings of $140 million a year.

Page 15: Santos chief David Knox's confidence about output and funding has failed to overcome doubts about the company's $US18.5 billion liquefied natural gas project in Gladstone.

Former Woodside Petroleum boss Don Voelte has applauded the federal government's rejection of domestic gas reservation in his first annual shareholder meeting as chairman of Nexus Energy.

THE AUSTRALIAN:

Page 1: Illegal immigrants from Sri Lanka who are not claiming to be refugees but are overwhelming the detention system are being targeted for forced returns, some within 48 hours of arrival.

Environment Minister Tony Burke has achieved a historic compromise to save the Murray-Darling river system, moving to end one of the nation’s most intractable conflicts by putting forward a blueprint to return water to the river without killing off farming communities in the nation’s food bowl.

Page 2: Police from the West Australian fraud squad have contacted a confessed union fraudster and are considering reopening their 1996 investigation into the Australian Workers Union fraud.

Page 3: Prosecutors criticised for a ‘‘complete absence of evidence’’ in their case against Lloyd Rayney will argue judge Brian Martin erred this month in finding the Perth barrister not guilty of killing his estranged wife Corryn.

Page 4: State governments have rounded on Labor’s plan to release thousands of asylum-seekers into the community on long-term bridging visas with no work rights, predicting the policy will lead to a ‘‘social catastrophe’’.

Page 6: Labor's hand-picked mining tax advisers have warned against increasing the levy on iron ore and coal companies, as Wayne Swan risks an election-year fight with the resources sector by reconsidering details thought to have been settled in 2010.

The president of the private Chinese company poised to pour $700 million into Australia’s remote east Kimberley to grow sugar has hit back at critics worried that he does not have deep enough pockets.

Page 8: The nation’s top 100 companies have employed 2000 Aborigines and taken on 700 trainees in the past 12 months.

Business: ANZ chief executive Mike Smith has warned Australia risks losing out on a $3 trillion economic opportunity in the Asian century if it does not urgently address productivity concerns, and has launched a stinging critique of what he says are wrong messages for the region, such as the Gillard government’s ban on live cattle exports to Indonesia.

Woolworths chief Grant O’Brien has affirmed forecasts for modest profit growth this financial year as shareholders voted to reject $1 bet limits on poker machines owned by the company’s pubs joint venture.

The Chinese economy is showing renewed signs of life, with the manufacturing sector expanding for the first time in more than a year to put the nation on track to meet its ambitious growth targets.

Santos chief executive David Knox says the oil and gas industry needs to collaborate more, along with improving costs and the regulatory process, if a substantial number of the $150 billion worth of planned LNG projects are to go ahead.

Telecom New Zealand is leading an 11th-hour bid to spare embattled online movie rental company Quickflix from administration.

Despite labelling Tuesday’s Click Frenzy online sale a ‘‘runaway success’’, Myer chief Bernie Brookes says technical issues that emerged during the inaugural online shopping event showed how far Australian retailers have to go to perfect their internet offering.

Multinational companies such as Google are exploiting different tax jurisdictions in countries such as Ireland and The Netherlands to pay minimal tax on the revenue they earn in Australia, federal assistant treasurer David Bradbury says.

Clive Palmer has lost the opening round of his court battle against Citic Pacific, the businessman’s partner in the Sino Iron joint venture in Western Australia.

THE SYDNEY MORNING HERALD:

Page 1: Tony Abbott is promising to make thousands of asylum seekers to be released into the community work for welfare. Liquidators for Nathan Tinkler's Patinack Farm are threatening to sack staff. There's no guarantee that Michael Clarke's gush of runs will continue.

Page 2: Video shows three prison guards assaulting and intimidating a young man.

Page 3: The NSW government has pledged $1 billion for community service worker pay rises.

World: US President Barack Obama has praised Israeli PM Benjamin Netanyahu for agreeing to the Egyptian ceasefire plan.

Business: Rio Tinto has warned the government its tax minimisation strategies will come back to bite Australia. Australia's corporate watchdog needs more money to supervise financial advisers and markets.

Sport: Canterbury fans will have to wait until round 15 to see Sonny Bill Williams return to his former club.

THE ADELAIDE ADVERTISER:

Page 1: It took just four days for a petty dispute between two of the state's most feared outlaw bikie gangs to escalate into cold-blooded murder.

Page 3: The struggle for parents to find suitable childcare is growing with new figures showing record demand for places.

World: A ceasefire has taken hold in and around Gaza after a week of cross-border violence between Israel and Palestinian militants that killed at least 160 people.

Business: Beach Energy will employ about 50 new staff this financial year to bolster a large jump in explorations and development spending.

Sport: Michael Clarke is on course for his second triple-century this year but has laughed off comparisons to Don Bradman after an extraordinary day of history and slaughter at Adelaide Oval yesterday.