Business makes the most of high $A – The Fin; Abbott faces internal IR push – The Aus; New tax avoidance laws a ‘barristers picnic’ – The Fin; Push on APRA to back softer rules – The Fin; NSL gets past first base in India – The West
Business makes the most of high $A
Businesses, farmers and consumers are taking advantage of the high Australian dollar to embark on a spending binge that has driven imports to a record and reignited concern about the nation’s widening trade deficit. The Fin
Abbott faces internal IR push
Tony Abbott is being urged by his allies to commit to major workplace reform and encourage the use of individual agreements, as the Coalition’s internal debate on the key election issue escalates despite fears of a political backlash. The Aus
New tax avoidance laws a ‘barristers picnic’
Corporate tax advisors have slammed proposed federal tax changes that would force boards to ignore tax in structuring deals, changes they say would create a lawyers’ picnic. The Fin
Push on APRA to back softer rules
Former Commonwealth Bank of Australia and Future Fund chief David Murray has urged the country’s regulators to back global plans to wind back over-rigid banking safety rules, warning that the changes are important to support economic growth. The Fin
NSL gets past first base in India
Perth based iron-ore player NSL Consolidated has managed to weave its way through the complicated web of Indian mining bureaucracy, receiving a rare mining lease approval for its third iron ore mine. The West
THE WEST AUSTRALIAN:
Page 2: Business woman Marylyn New plans to turn her attention to the environment and a more simple life after yesterday settling the sale of the $88.5 million Esplanade Hotel in Fremantle.
Page 13: Powers to investigate organised crime could be effectively added to the Corruption and Crime Commission’s operations, according to the new parliamentary inspector who will oversee the watchdog.
A panel of three judges will be appointed to hear the appeal against Lloyd Rayney’s acquittal over the alleged murder of his estranged wife and former Supreme Court registrar Corryn.
Page 18: Former parliamentary speaker Peter Slipper allegedly used taxpayer-funded taxi vouchers to tour top wineries and restaurants, court documents reveal.
Page 35: Fortescue Metals Group has tapped one of Robert Friedlands’s key lieutenants to run its Pilbara iron ore operations in the latest management shake-up at the Perth miner.
From cutting his teeth in Kalgoorlie’s Super Pit in the 1990s to running one of the world’s biggest gold producers, Mark Cutifani’s ascension to the upper echelons of global mining is complete with his appointment as Anglo American’s chief executive.
Ian Trahar has put his a 3720sqm beachfront property in one of the South West’s top dress circles on the market in the hope of snaring as much as $10 million.
Page 36: Perth based iron-ore player NSL Consolidated has managed to weave its way through the complicated web of Indian mining bureaucracy, receiving a rare mining lease approval for its third iron ore mine.
Two months after shelving its $1.6 billion Mt Ida magnetite project, Jupiter Mines has jumped on the resurgent iron ore price, indicating its crunching numbers to discover whether the project is “financially attractive”.
Page 85: Perdamam Chemicals has widened its $3.4 billion legal battle over its collapsed coal-based fertiliser project in Collie, launching a Federal Court damages claim against India’s second biggest banking group.
Mermaid Marine Australia has won a contract worth more than $50 million providing offshore support to BHP Billiton Petroleum’s floating operations off the North West Coast.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Businesses, farmers and consumers are taking advantage of the high Australian dollar to embark on a spending binge that has driven imports to a record and reignited concern about the nation’s widening trade deficit.
The Australian Securities Exchange will not cancel trades in Whitehaven Coal made on the basis of a hoax press release issued on Monday, leaving legal action against a 24-year-old environmental activist as the only practical recourse for burnt investors.
Margin lending in Australia fell to its lowest point in almost a decade last year, but lenders are gearing up for a jump in borrower numbers in 2013 if the sharemarket rally continues.
Page 2: NBN Co has been accused of illegally using rival infrastructure to connect new housing estates, as it struggles to meet demand for fibre-optic cable.
Page 3: Corporate tax advisors have slammed proposed federal tax changes that would force boards to ignore tax in structuring deals, changes they say would create a lawyers’ picnic.
Page 7: The four big banks have been lending billions of dollars in new exposure to the resources and energy sectors, despite showing wariness of the potential environmental and reputational risks involved.
Page 8: Pacific Brands chief John Pollaers has urged manufacturers to embrace a broader definition that included making very little in Australia.
Heavy buying of iron ore helped push the Australian dollar back over the $US1.05 mark yesterday.
Page 10: Former tax commissioner Michael D’Ascenzou used his final missive to accountants to champion his achievements and talk up the Australian Tax Office as a world leader.
A record $2 billion will be spent on income support for students this year as changes to eligibility criteria and enrolment growth heap pressure on the system at the same time as government revenue declines.
Page 13: Former Commonwealth Bank of Australia and Future Fund chief David Murray has urged the country’s regulators to back global plans to wind back over-rigid banking safety rules, warning that the changes are important to support economic growth.
Page 15: Embattled mining services company Macmahon Holdings is facing a legal challenge from Singapore-based Sembawang Engineers and Constructors to stop the sale of its construction arm to Leighton Holdings.
The federal government’s $3 billion floor price for key digital spectrum licences could strengthen Telstra and stifle competition in mobile broadband services, Coalition MP and former Optus executive Paul Fletcher has claimed.
Page 17: Australian financial analyst Trent Martin, who will be extradited to the United States to face allegations of insider trading, has resigned from his post at Nomura Holdings.
A sharp and sustained rally in credit markets amid a global search for yield is set to boost demand for residential mortgage-backed bonds, aiding the competitiveness of the non-major banks in Australia that rely on securitisation funding.
THE AUSTRALIAN:
Page 1: The nation’s media giants have slammed Labor’s plans to make it unlawful to offend or insult people under the proposed overhaul of discrimination law, warning it could encourage audiences to be unnecessarily thin-skinned and outlets to restrict contentious or complex material.
Tony Abbott is being urged by his allies to commit to major workplace reform and encourage the use of individual agreements, as the Coalition’s internal debate on the key election issue escalates despite fears of a political backlash.
Page 2: The biggest trade deficit in almost five years failed to sour economic optimism yesterday, as markets pared back the chance the Reserve Bank will cut interest rates again next month.
Page 3: All students from age 10 will be taught business and economics subjects for the first time under the proposed national curriculum.
Page 5: A right-wing union has warned that the push by politicians to relax standards on when electricity infrastructure needed to be built would put undue pressure on the network during future heatwaves.
Page 15: Nine Entertainment has received a preliminary BB credit rating with a stable outlook from ratings agency Standard & Poor’s as it looks to raise new debt of $700 million in the US.
The Australian dollar’s moves yesterday reflected the differing pressures on the currency as a major international bank, HSBC, expressed concern about its long-term strength.
Page 17: Global regulators and lawmakers must strike the right balance on banking regulation to ensure economies have access to sufficient levels of credit, according to the head of Royal Bank of Scotland’s Australian operations.
Page 21: China’s currency will continue to rise this year with its internationalisation developing at a rapid pace, HSBC’s currency analysts say in a report released yesterday.
THE SYDNEY MORNING HERALD
Page 1: More than 140 fires were ablaze across the state, up to 40 of them uncontained.
Page 2: Former speaker Peter Slipper could be jailed if found guilty of a taxpayer-funded tour of top wineries, legal experts say.
Page 3: Greens leader Senator Christine Milne has endorsed a controversial hoax by an anti-coal activist.
World: A court in Bahrain has upheld prison sentences for 13 of the country's most prominent dissidents.
Business: Governments need to step up efforts to limit losses to prevent spiralling insurance costs.
Sport: Bernard Tomic and Johnathan Millman have experienced victory at the Sydney International.
THE DAILY TELEGRAPH
Page 1: Three youths were taken into police custody on Tuesday afternoon after a suspicious fire in Shalvey in Sydney's west.
Page 2: One home lost and dozens more under threat as bushfires set ablaze parts of NSW.
Page 3: Beaconsfield survivor has marshalled his firefighting troops at a blaze in Tasmania.
World: A lottery winner was fatally poisoned with cyanide in America just a day after being given the prize money, a coroner has ruled.
Business: Whitehaven Coal chief Tony Haggarty said it would be "ideal" if Nathan Tinkler sold his stake to institutional investors.
Sport: As temperatures hit 50c on court, Bernard Tomic had a victory at the Sydney International.
THE AGE
Page 1: Fire breaks out near Ballarat as a nation burns. Teachers' industrial action could mean the end to school fetes, parent information nights, inter-school sport and excursions. The Victorian government slammed providing millions of dollars to private hospitals while public hospitals close beds and plan to sack hundreds of staff due to budget cuts.
Page 2: Former Speaker Peter Slipper could be jailed if found guilty of touring ACT wineries using taxpayer-funded Cabcharge card. The mother of a man who shot himself after attacking a protective services officer criticises police for not doing anything. Port of Melbourne objects to Kuwaiti royal plan to build a massive apartment tower development near Station Pier. Iodine deficiency may partly explain Australian schoolchildren's poor performances against their Asian peers, says expert. Greens leader Christine Milne backs the anti-coal activist who pulled off a hoax which temporarily wiped $314 million off the value of miner Whitehaven Coal.
World: Bahraini court upholds prison sentences for 13 of the country's most prominent dissidents arrested during the Arab Spring protests.
Business: Insurer says governments should step to prevent big losses as Australia's exposure to natural disasters grows.
Sport: AFL investigators zero in on the last three minutes of Melbourne's after-the-siren loss to Richmond in 2009 in their probe into tanking allegations.
THE HERALD SUN:
Page 1: Homes destroyed in country Victoria yesterday while scores of large blazes burned across the nation.
Page 2: Fair Work Australia gives green light to triple-O workers to stage a 24-hour strike. Shane Warne picks up a tennis racquet at the Kooyong Fan Day.
Page 3: Healesville Sanctuary visitors will get the chance to paddle with a platypus. A $2.7 million campaign to recruit more PSOs to staff Melbourne's train stations.
Business: Hopes that China's economy will bounce back this year and help narrow Australia's trade deficit which has blown out to its highest level since the global financial crisis .
Sport: Lleyton Hewitt tells a struggling Sam Stosur to embrace mounting Australian Open and enjoy the occasion.
