06/02/2013 - 06:53

Today's Business Headlines

06/02/2013 - 06:53

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Labor's own warn against super attack – The Fin; Chorus grows on using Rudd in ALP campaign – The Aus; Fortescue rejects Fuel-Sys claims – The West; Atlas sees hope in shared rail bid – The West; Department says block supply adequate to meet growth – The West

Today's Business Headlines

Labor's own warn against super attack

Two important Labor figures in the development of the superannuation system have warned the Gillard government against increasing super taxes and suggested other changes, including cuts to generous public service super, as better ways to raise revenue. The Fin

Chorus grows on using Rudd in ALP campaign

Pressure is growing on Julia Gillard to exploit Kevin Rudd’s popularity with the electorate and elevate his role in the election campaign, with four members of her cabinet now publicly declaring that the former prime minister is an asset for the party. The Aus

Fortescue rejects Fuel-Sys claims

Fortescue Metals Group's bid to cut costs and stave off its collapse when iron ore prices slumped last year appears to have hit the small end of town, with one of its suppliers owed about $10 million being placed in the hands of liquidators. The West

Atlas sees hope in shared rail bid

Atlas Iron managing director Ken Brinsden has given the clearest indication yet that the long-standing battle over shared infrastructure between it and other Pilbara iron ore miners is opening up, saying companies are now taking a more “pragmatic” approach to the scenario. The West

Department says block supply adequate to meet growth

Perth, Peel and Bunbury have enough land zoned for development to last 26 years if they continue on their path of low-density housing and up to 50 years if they meet the higher density levels set out in WA's long-term planning strategy. The West

 

THE WEST AUSTRALIAN

Page 1: Disgraced whistleblower Ashton Foley has fled her rural Victorian home after telling a WA newspaper she was bound for the US to confront her fraudulent past.

Page 3: More Australians are ditching summer tans and embracing the slip, slop, slap message, according to a study of changing attitudes to skin cancer prevention.

The Governor of Bali has warned tourists to be careful of what they drink after the death of 19-year-old Perth man Liam Davies.

Page 6: The Federal Opposition has leapt on rekindled Labor leadership tension to present Tony Abbott as the prime minister-in-waiting and renew its campaign of questioning the Gillard government's legitimacy.

Single parents warn almost one in five children face entrenched poverty because the Gillard government has cut their welfare payments.

The opposition has threatened to sink a proposed revamp of maritime laws amid fears the changes could stop a future Abbott government turning back asylum seeker boats.

Page 7: The Reserve Bank has signalled it stands ready for more interest rate cuts if the economy slumps as signs grow that its previous rate reductions are boosting house prices.

Page 10: WA's entire road safety strategy should be reviewed after the death of 26 people in traffic crashed in just over a month, says former police superintendent Dave Parkinson.

Page 12: Labor yesterday made the first bid in the law and order auction started by the WA Police Union by promising 500 more officers if it won the election – 300 short of what the union wants.

Page 16: Farmers are gearing up for a legal battle with the Department of Environment and Conservation over what they claim is an overzealous crackdown on land clearing based on aerial surveys of their properties.

Page 23: One of Broome's biggest tourism operators believes it will have to quit the town after being threatened with a fine over where it moors its boat for shelter during cyclone season.

Business: Fortescue Metals Group's bid to cut costs and stave off its collapse when iron ore prices slumped last year appears to have hit the small end of town, with one of its suppliers owed about $10 million being placed in the hands of liquidators.

Atlas Iron managing director Ken Brinsden has given the clearest indication yet that the long-standing battle over shared infrastructure between it and other Pilbara iron ore miners is opening up, saying companies are now taking a more “pragmatic” approach to the scenario.

The Pastoralists and Graziers Association has backed a ban on live exports to Indonesia and other key markets from Kimberley properties with cattle at risk of carrying bovine Johne's disease.

China's push for control of mineral resources will almost certainly lead to heightened geopolitical tensions in South East Asia, according to contrarian Swiss investment guru Marc Faber.

Rio Tinto has talked up the economic benefits to Guinea of its Simandou iron ore project in its presentation to Indaba Mining, after senior Guinean officials confirmed a review of its granted mining contracts would include the project.

WA's mining boom is reshaping the eceonomy, with a surge in resource-related deals helping Perth's finance sector close the gap on traditional banking powerhouses Melbourne and Sydney.

Perth, Peel and Bunbury have enough land zoned for development to last 26 years if they continue on their path of low-density housing and up to 50 years if they meet the higher density levels set out in WA's long-term planning strategy.

 

THE AUSTRALIAN FINANCIAL REVIEW

Page 1: Two important Labor figures in the development of the superannuation system have warned the Gillard government against increasing super taxes and suggested other changes, including cuts to generous public service super, as better ways to raise revenue.

Interest rate cuts by the Reserve Bank of Australia may be close to an end.

The federal government has refused to reveal how much money it is providing to keep each of the local car manufacturers afloat, after GM Holden and Toyota confirmed they might need more financial assistance this year.

Page 5: The Gillard government's $10 billion clean energy fund has rejected an opposition call to hold off investing before the September federal election, with the fund saying it has been in talks with banks interested in projects and is set to start investing from July 2.

Page 9: Prime Minister Julia Gillard has defended her government's breaking its promise to return the budget to surplus this financial year, saying that to keep pursuing the goal amid plunging revenue would cost jobs and slow the economy.

Page 10: Opposition Leader Tony Abbott faces a push in the federal election campaign to “keep the Aussie weekend sacred” as unions target almost 300,000 voters in key marginal seats.

Page 15: US coal companies are preparing to challenge Australia's dominance in the lucrative Asian market, telling buyers they will deliver cheaper coal to meet the region's strong demand.

Future Fund chief Mark Burgess has defended its controversial $2 billion deal to buy airports from Australia Infrastructure Fund, saying he was confident it would not damage relationships with other infrastructure investors.

Page 18: Rio Tinto's head of diamonds and minerals, Alan Davies, has told the 2013 Investing in Africa Mining Indaba that it remains committed to the African continent despite difficulties surrounding operations such as at its Mozambique coal project.

Perseus Mining's new chief executive Jeff Quartermaine has added his voice to the growing chorus of goldminers calling for the adoption of a standard method of reporting costs that provides a better reflection of the industry's profitability.

 

THE AUSTRALIAN

Page 1: Julia Gillard will today declare that ‘‘rivers of grog’’ are returning to indigenous communities and commit her government to take action against the Northern Territory and Queensland governments over ‘‘any irresponsible policy changes’’ to overturn alcohol bans.

One of the architects of the superannuation regime has warned against a tax hike on workers’ savings, amid industry predictions that Labor’s proposed changes could deliver a ‘‘retrospective’’ hit to concessions worth $32 billion a year.

Pressure is growing on Julia Gillard to exploit Kevin Rudd’s popularity with the electorate and elevate his role in the election campaign, with four members of her cabinet now publicly declaring that the former prime minister is an asset for the party.

Page 2: Workplace Relations Minister Bill Shorten has intervened in a dispute between Pacific National Coal and rail drivers that escalated yesterday when their union called a second 24-hour strike, threatening to delay delivery of 600,000 tonnes of domestic and export coal.

The Reserve Bank expects jobless numbers to rise and economic growth to remain below par throughout this year, but would need to see conditions getting a lot worse before it cuts rates again.

BHP Billiton will today announce another round of job cuts at its Olympic Dam copper-uranium-gold mine in South Australia’s outback.

Page 4: ACTU secretary Dave Oliver will today unveil plans to mobilise hundreds of thousands of union members in the nation’s marginal seats in the lead up to the September poll, calling on Julia Gillard and Tony Abbott to support job security proposals that include enshrining penalty rates in law.

Page 5: A coalition government would greatly enhance the intelligence-sharing arrangements with Sri Lanka, providing Colombo with more information on the backgrounds of arriving asylum-seekers.

Page 6: The Coalition will vote against Labor’s native title reforms, arguing Labor’s legislation will allow claimants to ‘‘game’’ a system that is not broken.

Australia's ability to become a food bowl feeding a fast-expanding Asia is being undermined by continued funding cuts to agricultural research.

Business: Macquarie Group chief executive Nicholas Moore has affirmed the bank’s commitment to its loss-making investment banking unit despite continued weakness in capital markets and takeovers activity, but has flagged a 10 per cent profit lift in the year ahead.

Online retail darling The Iconic has been forced to clarify its sales forecasts after an email appearing to show its revenue would plummet this year after 12 months of rapid growth was distributed.

The $82 billion Future Fund yesterday warned there was still ‘‘considerable uncertainty’’ in international markets, despite the upturn in sentiment that helped it deliver one of its strongest returns of 12.8 per cent last year.

Progress towards achieving gender parity in the top ranks of Australian businesses has been ‘‘glacial’’ with no improvement in the past decade, according to a report released today.

The million ($671m) merger of PMI Gold Corp and Canada’s Keegan Resources could become a template for the long-awaited consolidation of West Africa’s gold sector, Gryphon Minerals managing director Steve Parsons says.

Toll road operator Transurban expects to maintain its record of rising distributions despite a lower interim profit and a disappointing debut for one of its US projects.

Navitas expects foreign student numbers to rebound next year, as the global education sector overcomes a disastrous slump caused by a crackdown on sham arrangements and violence against Indian students.

Qantas and British Airways have dismissed claims they are at war over codeshare arrangements and that passengers using their combined services to Europe through Asian hubs may not earn frequent-flyer points.

 

THE SYDNEY MORNING HERALD

Page 1: Three senior Labor figures have been dragged into a corruption probe after comments made by Eddie Obeid at the ICAC inquiry into the opening up of coal mining in NSW's Hunter. Businessman Graham Tuckwell has set up a $50 million scholarship scheme at ANU.

Page 2: The skeleton of Richard III, the one-time king of England, has been found in a car park in Leicester. Laws governing the financial interests of MPs are likely to come under renewed scrutiny following the revelations at ICAC involving Eddie Obeid.

Page 3: Many influential and well known people have turned out for a memorial service to remember Sydney financier David Coe. Infrastructure NSW chairman Nick Greiner has criticised the state government over its plans for transport, including the lack of proposals to improve roads in west Sydney.

World: A five-year-old boy has been rescued from a bunker in an FBI raid in the US while his kidnapper was killed.

Business: Interest rates were kept on hold by the RBA on Tuesday, but are likely to be cut again later this year.

Sport: Manly officials say they have never been concerned about the use of supplements by players after a former employee was linked to a controversial sports program at AFL club Essendon.

 

THE DAILY TELEGRAPH

Page 1: Two senior federal government ministers have been dragged into the corruption probe involving the Obeid family and their role in tainted coal deals in the Upper Hunter.

Page 2: Strict hygiene rules are being brought in at child care centres that will mean kids can't blow out candles on birthday cakes.

Page 3: A court's been told that the man accused of murdering Daniel Morcombe killed the schoolboy before he had a chance to molest him.

World: King Richard III's remains have been found in a car park in Leicester, England.

Business: The RBA's future moves on interest rates will depend on what happens with the jobless rate and commodity prices, economists say.

Sport: A sports scientist at the centre of the AFL's drug scandal has links to the NRL.

 

THE CANBERRA TIMES

Page 1: Zed Seselja's bid for top spot on Liberal ACT senate ticket stirs disquiet among party members.

Page 2: Leadership vote for the Canberra Liberals party shapes as three horse race.

Page 3: The 11.5km Majura Parkway north-east of Canberra is a key link in a grand plan to increase the use of B-triple trucks.

World: A facial construction from the skull of Richard III shows a handsome monarch.

Business: The Reserve Bank stays steady but is on standby to cut the cash rate if the economy weakens.

Sport: Cricket Australia boss issues challenge to Canberrans to prove demand for the sport is genuine at the first international match in the city.

 

THE ADELAIDE ADVERTISER

Page 1: Essendon players were taken away from the club and injected with unknown substances by the Bombers' sports science staff.

Page 3: Kids will be banned from blowing out candles on shared birthday cakes under strict hygiene rules at childcare centres.

World: President Mahmoud Ahmadinejad says he's ready to "be the first man in space" under Iran's ambitious program that aims to send a human into orbit by 2020.

Business: Tough trading conditions dragged South Australia's merchandise exports down to $10.657 billion in 2012, a fall of nearly 11 per cent on the record achieved the year before.

Sport: If several Essendon players are found to have used a substance that breaches the anti-doping code, they will face the prospect of at least one and possibly two years out of the game.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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