10/01/2013 - 06:23

Today's Business Headlines

10/01/2013 - 06:23

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China Inc revives WA gold – The West; Rate cut fails to spark spending spree – The West; States push for mining approvals – The Fin; Liberals push voting changes – The Aus; Business backs work reform call – The Aus

Today's Business Headlines

China Inc revives WA gold

China Inc has increased its stake in WA gold to 13 million ounces after swooping on St Barbara’s mothballed Southern Cross operations.

 

Rate cuts fail to spark a spend spree

The first of two interest rate cuts late last year failed to inspire consumers to hit the shops in November, with sales going backwards that month. The West

 

States push for mining approvals

Queensland and Western Australia have urged the federal government to resolve its dispute with the states over mining approvals to ensure large projects, such as Rio Tinto’s $1.4 billion South of Embley bauxite mine are not unnecessarily delayed. The Fin

 

Liberals push voting changes

Senior Liberals are pushing for changes to electoral laws that they believe would damage Labor and the Greens at the ballot box. The Aus

 

Business backs work reform call

Business leaders including Qantas chairman Leigh Clifford have backed calls for a stronger Coalition plan for industrial relations reform as senior Liberals warn that keeping the policy under wraps would only fuel a Labor scare campaign. The Aus

 

THE WEST AUSTRALIAN:

Page 5: WA’s biggest union has vowed to target parents directly with a political campaign on the doorsteps of dozens of public schools in marginal Liberal-held electorates as the March State election looms.

Page 7: Ruth Tarvydas’ embattled fashion empire appears set to receive a stay of execution, with the administrator of her business recommending the flamboyant designer be given seven months to try to clear her debts.

Page 9: Fast food has emerged as one of the worst sectors for underpaying staff, with a recent audit showing a young worker was not paid for a three-month trial as a kitchen hand.

Page 13: Plans to install traffic lights on freeway on-ramps as part of a trial to ease peak-hour congestion have become bogged down in a stoush over national transport regulations.

Page 15: The first of two interest rate cuts late last year failed to inspire consumers to hit the shops in November, with sales going backwards that month.

Page 63: WA Treasury has defended a series of dividend raids that the Opposition slammed as Budget trickery designed to prop-up the Governments gossamer-thin $140 million surplus in 2012-13.

China Inc has increased its stake in WA gold to 13 million ounces after swooping on St Barbara’s mothballed Southern Cross operations.

AS the iron ore price jumps to 15-month highs, some analysts have sharpened their warnings that Australian miners have become overvalued on the back of the surge in the steel making commodity’s price.

Page 64: WA’s development industry is awaiting the first glimpses of maps outlining areas for future growth in Perth and Peel when a draft of the long-awaited Swan Coastal Plain strategic assessment is released.

Pankaj Oswal is mounting a rear-guard action against bankruptcy as the Australian Taxation Office opens a new front in a battle to get more than $6 million from the fallen fertiliser mogul.

The Singapore contractor behind a competing bid for Macmahon Holdings’ construction business has released emails it says backs up its claims that Macmahon misled shareholders about the offer.

Alumina shares basked in the glory of joint venture partner Alcoa beating its sales expectations and forecasting a rise in demand this year.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Australians are pouring money into superannuation at near record rates, with self managed funds proving particularly popular as investors look to profit from a sharemarket rally and beat new government restrictions on contributions.

Queensland and Western Australia have urged the federal government to resolve its dispute with the states over mining approvals to ensure large projects, such as Rio Tinto’s $1.4 billion South of Embley bauxite mine are not unnecessarily delayed.

Australia’s largest goldminer, Newcrest Mining, has accused a resources minnow of fighting a running legal battle through the media, likening it to high-profile litigants James Ashby and Kristy Fraser-Kirk.

Treasurer Wayne Swan has written to all ministers seeking savings, saying spending would not be increased as Labor tries to pay for its major election policies of the National Disability Insurance Scheme and an education overhaul.

Billabong chief executive Launa Inman makes no apologies for making tough calls that may have prompted key executive departures from the embattled surfwear maker.

Page 3: Technology start-ups have urged the Australian Securities and Investment Commission to relax the rules on crowdfunding, a hot new way of raising money using the internet.

Page 5: Shoppers have defied retailers’ expectations for increased spending following central bank rate cuts.

Midnight may seem an odd hour to stock up on Christmas goodies but retailers and shopping centres say around the clock trading over the festive period brought higher sales and foot traffic last month.

Page 6: Labour MP Joel Fitzgibbon has called for a review of thresholds under which share trades can be cancelled, and joined Coalition MPs and investors in blasting Greens leaders for endorsing the Whitehaven Coal hoax.

Page 8: Just 16 per cent of the 226 MPs in the current federal parliament have come straight from the business world, with more than 40 per cent drawn from the ranks of lawyers, former unionists and political advisors.

Page 11: US crude oil production is set to rise to its highest level in 25 years next year, driven by shale oil production including from two Texas deposits where BHP Billiton has large positions, Eagle Ford and Permian.

Page 13: The strong dollar is making it difficult for professional services firms to market the skills of local designers and engineers overseas, the new chief executive of Aecom’s Australian and New Zealand business has warned.

Alumina Ltd’s margins improved in the fourth quarter and there have been signs of further improvement in alumina and aluminium prices in the first quarter, the company says.

Page 17: Employees at Goldman Sachs, Commonwealth Bank of Australia and the country’s universities are laughing all the way to retirement after their staff superannuation funds were ranked among the best performers over the past nine years.

Page 32: Australian mortgagers, benefiting from low interest rates and low unemployment are among the least likely to default on their repayments, according to global ratings agency Fitch.

 

THE AUSTRALIAN:

Page 1: Senior Liberals are pushing for changes to electoral laws that they believe would damage Labor and the Greens at the ballot box.

Page 2: Business leaders including Qantas chairman Leigh Clifford have backed calls for a stronger Coalition plan for industrial relations reform as senior Liberals warn that keeping the policy under wraps would only fuel a Labor scare campaign.

Page 5: Oil and gas companies targeting mega-oilfields off Australia’s southern coastline that may hold more than two billion barrels must undertake a full environmental assessment of their work on endangered blue and southern right whales.

Page 15: Incoming Anglo American chief executive Mark Cutifani has flagged major changes to the mining giant’s operations, saying productivity is a key concern and one where the mining industry is decades behind other industries.

The $80 billion Future Fund has stepped up its investment in the US property market with a million ($333m) stake in a fund investing in US residential apartments and a investment in Dallas-based property company The Howard Hughes Corporation.

Page 16: China Investment Corporation is among three large funds vying to take a stake in Australian dairy producer Van Diemen’s Land.

Iron ore prices have continued a seemingly relentless climb higher, with analysts tipping they may run to a tonne because of potential supply disruptions and steel mill restocking.

Page 17: Australian businesses are increasingly settling their Chinese trade with the local currency rather than US dollars, as the world’s second-biggest economy and Australia’s biggest trading partner seeks to boost the yuan’s global clout.

 

THE SYDNEY MORNING HERALD:

Page 1: National job vacancies have slipped eight per cent in the past year, making it the hardest period for job searchers in years.
Page 2: Financial analysts have found Sydney Airport will reach full capacity shortly after 2025, boosting calls for a second airport for the city.
Page 3: Exhibition visitors to Glebe Island's temporary exhibition centre will be barred from walking or riding through the site after opposition from Sydney Ports.
World: Political advertisements are flooding Israel as the country's election campaign enters its final two weeks.
Business: Goldman Sachs and the Commonwealth Bank have topped the official list of the nation's best staff super funds.
Sport: New ARU CEO Bill Pulver says Wallabies coach Robbie Deans will have to reapply for his job when his contract expires at the end of 2013.

 

THE DAILY TELEGRAPH

Page 1: Sydney's George St will be dug up to build two new light rail lines during the next state election campaign.

Page 2: Sydney Airport will reach capacity two decades earlier than expected, according to a Commonwealth Bank study.

Page 3: Doctors are demanding an anti-immunisation book titled Melanie's Marvellous Measles be removed from shelves.

World: A man was killed in Russia after a zorb ball plunged off a cliff.

Business: Australians are starting to buy new homes but retail spending has plunged.

Sport: Star race horse Black Caviar is battling the bulge, reportedly 70kg over her racing weight of 540kg.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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