Today's Business Headlines

Deficits loom for the next two years

Federal government modelling suggests that the bigger than expected fall in commodity export prices will produce a multi billion dollar budget hole that could keep it in deficit for the next two years. The Fin

Doha sets up $3bn hit for taxpayers

Australia has backed a global climate change deal that offers poor countries financial aid for the ‘‘loss and damage’’ they suffer from extreme weather events, in a new step that could one day leave taxpayers with a $3 billion annual bill. The Aus

MPs' bad blood

Millionaire property developer Nigel Satterley has defended Troy Buswell over a fresh claim of inappropriate behaviour, saying the Treasurer's accuser and former partner – Fremantle MP Adele Carles – is a “jilted lover” out for revenge. The West

Barminco IPO delayed until 2014

Gresham Private Equity has put off making another attempt at floating its Barminco underground contract mining business until 2014 at the earliest as it deals with the $400 million-plus debt load carried by the business. The Fin

Bauxite proposal hits wall

Premier Colin Barnett has told Rio Tinto and Alco that “they're dreaming” about developing a massive bauxite deposit in the remote Kimberley, and flagged the possible return of the resource to taxpayers. The West

THE WEST AUSTRALIAN:

Page 1: Millionaire property developer Nigel Satterley has defended Troy Buswell over a fresh claim of inappropriate behaviour, saying the Treasurer's accuser and former partner – Fremantle MP Adele Carles – is a “jilted lover” out for revenge.

Page 4: Fly-in, fly-out workers believe their employers do not care about their well-being and do not feel valued for their contribution to a lucrative industry, new research suggests.

Some of the nation's highest profile tax experts will form part of a taskforce given the job of finding ways to make multinational corporations pay their fair share of tax.

Page 5: The owners of the Cottesloe Beach Hotel want to lift alcohol restrictions after 10pm as part of the pub's efforts to shake off the pub's reputation for drunken bad behaviour by young drinkers.

Page 6: The chairman of Southern Cross Austereo, owners of 2Day FM, has written to the British hospital targeted by a radio station prank call saying it is reviewing the broadcast and processes involved.

Page 11: An auction company has been forced to close its Welshpool operation and lay off staff after potentially lethal asbestos dust was found throughout the building.

Page 13: Embattled former Westpoint boss Norm Carey has lashed the state government for targeting and closing his real estate business and will pursue WA's consumer Protection Agency for at least $10 million in damages.

Page 14: Restaurants are pushing to be excluded from consumer protection laws which force them to print separate menus which force them to print separate menus for Sundays and public holidays.

Page 16: Australia has done the right thing for industry as well as the planet in re-committing to a second period of the Kyoto Protocol, Trade Minister Craig Emerson said yesterday.

Page 17: Cash bonuses to encourage the unemployed to move for work are set to be scrapped after jobless people took up less than a quarter of places available during a two-year trial.

Business: Premier Colin Barnett has told Rio Tinto and Alcoa that “they're dreaming” about developing a massive bauxite deposit in the remote Kimberley, and flagged the possible return of the resource to taxpayers.

WA's electricity system lags most of the rest of the country and more needs to be done to reflect the cost of producing power, according to a landmark report to be published today.

First assay results at Orinoco Gold's Curral de Pedra gold project in central Brazil are expected within days, with pundits talking up big results for the newly-formed explorer.

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Federal government modelling suggests that the bigger than expected fall in commodity export prices will produce a multi billion dollar budget hole that could keep it in deficit for the next two years.

The board of Southern Cross Austereo was in crisis talks late yesterday amid growing calls to take action over a 2Day FM prank that culminated in the death of a nurse at a London hospital that had treated Prince William's pregnant wife, Kate.

Page 3: Universities have overcome the high Australian dollar and expect international student demand to pick up next year after falling for the past three years.

Page 4: The Organisation for Economic Co-operation and Development is expected to ramp up pressure on Australia to reform its tax system, following the failure to rescue the stagnated GST or adopt key points from the Henry tax review.

As national income heads into reverse due to weak output growth and falling export prices, Western Australia's 'cashed up bogans' spawned by the commodities boom are facing a lifestyle adjustment.

Page 5: West Australian Premier Colin Barnett says the public and media should give controversial Treasurer Troy Buswell a chance, after allegations emerged “dry-humped” a prominent Perth businessmen.

Page 6: Coles and Woolworths will learn today whether their supply chains will be the first to be investigated by a new industrial tribunal charged with setting “safe rates” for truck drivers.

Page 8: Federal minister Simon Crean will use a week-long tour of China to reassure investors that Australia remains receptive to foreign capital.

Page 9: The federal government is increasingly focusing on renewing its economic and diplomatic ties with India and Treasurer Wayne Swan embarks on a two-day visit to country.

Page 10: The federal government's new regulator for the $43 billion not for profit sector has defended claims that it will increase costs and add the the bureaucracy already burdening the more than 56,000 charities.

Page 11: China's fragile economic recovery stumbled last month as the country's new leader embarked on a symbolic southern tour in an effort to revive reforms that will deliver the next phase of growth.

Page 13: National Australia Bank finance director Mark Joiner's bid to be re-elected to the board will face a no vote from major institutional shareholders, who plan to send a strong message to the bank's chairman, Michael Chaney, that they are unhappy with its poor performance.

Page 15: Competition tsar Rod Sims has accused supermarket giant Woolworths of being “ideological” in its fierce battle with the regulator over new stores approvals and so-called creeping acquisitions.

Gresham Private Equity has put off making another attempt at floating its Barminco underground contract mining business until 2014 at the earliest as it deals with the $400 million-plus debt load carried by the business.

Page 17: The mining industry's renewed focus on improving productivity is overtaking growth as the main driver for capital spending, but the sector still offers “great opportunity”, according to Geoff Knox, the head of GE's new global mining business.

Thai resources companies at the front line of a new wave of Asian investment into Australia say the country is an expensive place but they remain committed to the region as they ponder further offshore expansion.

Page 18: Some of Australia's biggest companies have held talks with corporate regulator over concerns that high frequency trades are triggering unexplained movements in share prices.

THE AUSTRALIAN:

Page 1: Australia has backed a global climate change deal that offers poor countries financial aid for the ‘‘loss and damage’’ they suffer from extreme weather events, in a new step that could one day leave taxpayers with a $3 billion annual bill.

The worldwide expansion of gas production may force Australian exporters to settle for lower prices after a Japanese company negotiated a landmark contract pegged to US domestic gas prices.

New electoral laws to automatically enrol up to 1.5 million voters could see the Coalition lose a swag of marginal seats at next year’s election.

The communications watchdog is considering bypassing the complaints procedure that gives broadcasters the right of first response and opening its own investigation into the radio company behind the prank phone call answered by nurse Jacintha Saldanha, who later committed suicide.

Page 2: Queensland and Western Australia have been cited as the worst laggards in completing energy market reforms that started in the early 1990s, with new research blaming years of state government political interference for Australia’s soaring electricity bills.

Page 5: The fallout from the Black Saturday bushfires will today prompt the biggest overhaul of emergency services management in Victoria in decades, with the creation of an overarching body to supervise and manage future large-scale disasters.

Page 6: The Gillard government is to widen its efforts to recoup billions of dollars in tax from global companies amid fears that threats to future revenue go well beyond the mammoth internet businesses named as likely culprits two weeks ago.

Former premiers are stepping up their calls to reshape the ‘‘dysfunctional’’ relationship between Canberra and the states amid a growing financial pressures that might be eased only by an increase in the GST.

Page 7: West Australian Premier Colin Barnett has conceded the private life of Treasurer Troy Buswell is a distraction, following allegations that he jumped on seafood tycoon Nicholas Kailis and simulated sex on top of him in a drunken attempt at humour.

Business: The $83 billion mutual sector has kicked off an aggressive campaign for a new round of reforms to enhance banking competition, including transparency for the big banks’ multi-branding strategies and clarification about claims under the government’s $250,000 deposit guarantee.

Toro Energy is not only on track to develop Western Australia's first uranium mine, but it is also one of the first to appoint women to its top two positions.

The likely involvement of the Chinese Ministry of Commerce could significantly delay Archer Daniels Midland’s takeover of GrainCorp, assuming it gets beyond its current ‘‘non-binding, indicative’’ level.

China's inflation rate is starting to rise as the economy gathers strength, reducing the likelihood that the nation’s new leadership will order a fresh round of fiscal stimulus.

Richard Branson could give up control of Virgin Atlantic, Virgin Australia’s sister company, in just a few days after three-way talks about its future over the weekend.

John Mullen, the chief executive of giant ports and rail company Asciano, is seeing some cheer ahead of Christmas, saying volumes have picked up at the company’s operations in the past month.

Private capital investors are increasingly stepping in to fund mining ventures as traditional sources dry up for the junior end, forcing explorers to find new ways to secure financing.

THE AGE:

Page 1: Court quashes conviction of woman jailed in 2010 for sex offences against two eight-year-old boys 33 years ago. Call for boycott of Sri Lankan cricket tour because of human rights record. Victoria's building industry watchdog in turmoil as three senior officials quit amid allegations of corruption and misuse of public funds.

Page 2: Australian media regulator flooded with complaints over 2Day FM royal prank call tragedy. Lifeline Australia says reach out to those depressed or distressed in the wake of the death of British nurse Jacintha Saldanha. Victorian Police Chief Commissioner Ken Lay to apologise for speech that may have inadvertently compromised a County Court trial.

Page 3: Supermarket giant Woolworths getting better known as one of the biggest pokie owners in the world as it rakes in $200m a year in gaming earnings. Mother tells how a priest, a friend of the family, molested her six children. Police to land on Victorian beaches to stamp out bad behaviour, bad language and smoking at patrolled beaches.

World: Egyptian president Mohammed Morsi backs down in face of violent protests and appeases his opponents with a package of concessions.

Business: Corporations like Starbucks, Google, Apple, eBay that route their business tax havens may soon face an Australian tax from which other corporations will be exempt.

Sport: Former Test batsman Greg Ritchie threatens to sue Cricket Australia and its boss James Sutherland after "kaffir" joke debacle at a luncheon last month.

THE HERALD SUN:

Page 1: Message of love for the British nurse who was duped by Aussie radio pair. Victorians face million dollar a day toll for proposed East West link road.

Page 2: Convicted criminal with bikie gang links was in charge of running security for the big banks' ATMs. Operator hopes to rebuild the Daylesford's lakeside boathouse cafe that was destroyed by fire.

Page 3: Study shows big four banks pocket a profit of $1460 for every man, woman and child in the country. Youth fashion label Kookai turns 20. Interest rate cuts offset the rising energy bills, says analysis.

World: Former Italian prime minister Silvio Berlusconi will again run for the top post at elections early next year.

Business: Australia's big banks are the world's most profitable per capita with the most concentrated ownership.

Sport: AFL drug summit to be told that young recruits are well versed in illegal drugs use.

THE ADELAIDE ADVERTISER:
Page 1: Radio hosts Mel Greig and Michael Christian are sorry for the prank call which led to the death of a London nurse, but are not yet ready to face the public.

Page 3: Biometric facial scans taken for passports, driver's licences or nightclub entry can now be stored in police and spy agency databases, under changes to Australia's privacy laws.

World: Egyptian President Mohamed Morsi has backed down in a dire political crisis marked by weeks of street protests, after the powerful army gave an ultimatum to him and the opposition to sit down for talks.

Business: Australia's big banks are the world's most concentrated in terms of ownership and the most profitable, pocketing a profit of $1460 for every man, woman and child in the country.

Sport: Footy's drug summit will be told some teenage AFL recruits are already schooled in illegal drug use when they join the game's top ranks.