12/03/2013 - 06:57

Today's Business Headlines

12/03/2013 - 06:57

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Glimmer of hope for Labor MPs – The Aus; News gets worse for Labor in late count – The West; Gillard lost votes in WA – The Fin; Gray floats Browse boat – The West; Abbott the last hope on IR, say miners – The Aus

Today's Business Headlines

Glimmer of hope for Labor MPs

Julia Gillard has regained her lead over Tony Abbott as the nation’s preferred leader and Labor’s primary vote has risen after the Prime Minister used her week-long campaign in western Sydney to pledge action on traffic congestion and foreign worker schemes. The Aus

News gets worse for Labor in late count

The Liberal Party was set to win two and perhaps three further seats from Labor last night, putting an emphatic exclamation mark on its crushing election victory. The West

Gillard lost votes in WA

The West Australian Labor Party was warned to avoid its federal counterpart in the last week of the state election campaign after internal polling showed disenchantment with the Gillard government could cost it one in five undecided voters. The Fin

Gray floats Browse boat

Influential Federal Labor Minister Gary Gray has made an explosive intervention into the debate over Woodside's $40 billion Browse gas project, arguing that floating LNG processing would put Australia at the cutting edge of technology for generations. The West

Abbott the last hope on IR, say miners

Resource employers have declared the Coalition the business community’s ‘‘last hope’’ on workplace relations, urging Tony Abbott to commit to changes to the Fair Work Act that would allow companies to reach four-year non-union agreements with employees that ban strikes. The Aus

 

THE WEST AUSTRALIAN

Page 1: Labor has started tearing itself apart over its state election defeat as debate rages over whether Julia Gillard's unpopularity was to blame for its poor showing.

Page 3: Bread and butter recreational fishing species such as herring may become harder to catch off Perth and abalone stocks could be liable to mass deaths if ocean temperatures continue to rise.

Page 5: The Liberal Party was set to win two and perhaps three further seats from Labor last night, putting an emphatic exclamation mark on its crushing election victory.

WA's share of the GST was in the spotlight yesterday as federal Finance Minister Penny Wong told Tasmanians they would be worse off under an Abbott government.

Page 6: Julia Gillard's loyalists say the Prime Minister is “no Ted Bailliue” and will not surrender to Kevin Rudd's “narcissism” or the treachery of the former prime minister's supporters.

Page 7: Colin Barnett has signalled a change in priorities for WA's $1 billion Royalties for Regions scheme.

Page 9: Education experts are split over proposed tougher standards for trainee teachers with WA universities saying students already have to meet “rigorous” requirements.

Page 11: WA's health bureaucracy will be light on for the next couple of days after the director-general steps down on Friday from his $615,000-a-year job without a successor in sight.

Page 15: Frustrated passengers forced their way out of carriages and on to a railway line after they were stuck for almost half an hour on a hot and humid train just outside East Perth station yesterday.

Page 16: Brian Burke is continuing to cast a shadow over Labor's Senate pre-selection process amid concerns the party will fare so badly in the federal election it will have just one of the six WA Senate spots.

Business: Influential Federal Labor Minister Gary Gray has made an explosive intervention into the debate over Woodside's $40 billion Browse gas project, arguing that floating LNG processing would put Australia at the cutting edge of technology for generations.

The Chinese backers of Kagara are preparing a financing package to rescue the company for the second time in four years, floating proposals that could see the collapsed base metals miner return to the Australian Securities Exchange.

Barring a sharp market reversal, Wesfarmers should become WA's first $50 billion company by the end of the week.

Former Consolidated Minerals boss Michael Kiernan will end his self-imposed exile from the Australian share market today, selling his family stake in Indonesian manganese miner Asia Minerals Corporation into listed tiddler Gulf Mines.

GVK Group, the Indian developer of a $10 billion coal mine part-owned by Gina Rinehart, has signed a pact with Aurizon to jointly develop a rail line and port in Queensland.

An insider trading trial was told yesterday there were no takeover rumours in the media and no details on chat site HotCopper about a potential bid for diagnostics company Vision Systems.

Chevron's Gorgon has added another $212 million to the billions of dollars it is paying Leighton Holdings for work on the costly LNG project.

The WA uranium industry has welcomed the re-election of Colin Barnett's Liberal Party, saying the results ended months of nervousness over Mark McGowan and Labor's commitment to stop any new uranium mines in the state.

Prominent venture capitalist Charles Morgan has quit Alcyone Resources as the Perth silver miner placed its shares in a trading halt yesterday pending a review of its operations and financial position.

 

THE AUSTRALIAN FINANCIAL REVIEW

Page 1: The West Australian Labor Party was warned to avoid its federal counterpart in the last week of the state election campaign after internal polling showed disenchantment with the Gillard government could cost it one in five undecided voters.

Taxation commissioner Chris Jordan will overhaul the way the Australian Taxation Office deals with taxpayer disputes by creating an independent appeals division, a major change to the operation of the agency long sought by business.

Page 3: Federal Immigration Minister Brendan O'Connor has left open the prospect of legislating changes to 457 immigration visas, meaning a possible parliamentary showdown on the issue.

Page 4: Internal Labor polling in the last weeks of the West Australian election campaign showed voters thought the party was not ready to govern and the Liberal-Nationals were taking the state in the right direction.

Page 8: The Reserve Bank of Australia has confirmed hackers penetrated its computers but said they failed to steal sensitive data or corrupt networks, amid growing alarm that sophisticated cyber attacks may leave companies unaware that they have been compromised.

Page 11: John Hancock has written to Barnaby Joyce on the eve of his sister formally withdrawing from their case against their mother, asking if the Nationals senator wanted to apologise.

Page 15: Australia's strict visa rules are keeping highly skilled financial services professionals out of the country and forcing millions of dollars in funds management mandates offshore, Morgan Stanley chief executive and Future Fund board member Steve Harker has warned.

Queensland's faltering coal industry has received a boost after rail operator Aurizon and India's GVK Hancock Coal signed a $6 billion ports and rail deal to open up the frontier Galilee Basin.

Page 17: From a mere $9 million eight months ago, the market value of boom exploration stock Sirius Resources has broken through the $1 billion mark and analysts say it could yet double in price.

Coles has warned the Australian Competition and Consumer Commission's investigation into supermarkets will allow multinational food companies to boost profit margins and force up food prices for consumers.

Page 22: CSR managing director Rob Sindel is refusing to let the dour construction market at strong Australian dollar dictate the group's performance, despite announcing further restructuring of its beleaguered glass division, which is expected to cost 150 jobs.

 

THE AUSTRALIAN

Page 1: Julia Gillard has regained her lead over Tony Abbott as the nation’s preferred leader and Labor’s primary vote has risen after the Prime Minister used her week-long campaign in western Sydney to pledge action on traffic congestion and foreign worker schemes.

Independents Tony Windsor and Rob Oakeshott will meet Julia Gillard tomorrow and demand to know whether a $1 billion regional infrastructure program is being to used to pork-barrel in western Sydney.

Labor is seeking to scale back its media reforms to secure parliamentary support amid growing objections to a crucial change that would clear the way for sweeping consolidation between city and regional TV networks.

Page 2: Resource employers have declared the Coalition the business community’s ‘‘last hope’’ on workplace relations, urging Tony Abbott to commit to changes to the Fair Work Act that would allow companies to reach four-year non-union agreements with employees that ban strikes.

Employers have warned that business confidence in the Fair Work Commission has been ‘‘shaken to its core’’ by the Gillard government’s proposed appointment of two new vice-presidents to the tribunal.

Page 4: Julia Gillard faces a ‘‘volatile caucus environment’’ amid heightened nervousness among government MPs after Labor’s disastrous West Australian election result.

Julia Gillard still lags Kevin Rudd as the preferred leader of the Australian Labor Party despite winning back a narrow lead over Tony Abbott as the nation’s preferred prime minister.

Calls from within Labor for reform and less union influence intensified in the wake of Saturday’s West Australian election rout as the party’s Left faction prepared to install union official Sue Lines into the casual Senate vacancy left by retiring WA senator Chris Evans.

Page 5: Business has urged Labor to dial down its rhetoric on 457 visa holders to preserve Australia’s international standing, as the peak union body unveils a new hotline allowing people to dob in employers engaged in foreign worker rorts.

The Greens and Labor are both confident of victory in the northern West Australian seat of Kimberley, which will boil down to postal and absentee votes in a tight four-way contest with the Liberals and Nationals.

The Greens risk losing a Senate seat from Western Australia if their weekend result is repeated on September 14.

Page 6: The federal government’s expert scientific panel has raised the alarm about the cumulative impact of Queensland’s $40 billion coal-seam gas developments on underground water supplies.

Page 7: British Conservative Party-style reforms, in which local communities pool welfare funds sent from Canberra and decide how to spend them, would be pursued by an Abbott government.

Business: Indian company GVK is in the box seat to control the $6 billion worth of infrastructure needed for the development of the Galilee Basin in central Queensland for the next 30 years after joining forces with railway carrier Aurizon to work on the rail and port infrastructure for the emerging coal precinct.

Manufacturing suffered another blow yesterday after CSR cut 150 jobs as part of the restructure of its loss-making Viridian glass business and signalled its full-year earnings were likely to be less than expected.

Rio Tinto has run into further headwinds at the billion ($11.7bn) Oyu Tolgoi copper and gold mine in Mongolia after the US raised questions about environmental and social issues, providing more ammunition for the project’s opponents.

The Mark Creasy-backed Sirius Resources has become Australia’s newest billion-dollar company — albeit only temporarily — with shares in the explorer surging again yesterday after more promising drilling results from its Fraser Range nickel-copper project.

BHP Billiton’s push to sell non-core assets will probably attract wide interest from international buyers, with its oil and gas holdings likely to attract the most attention.

Offshore equity fund managers are confident Australia can continue its more than 20-year economic expansion despite lingering concerns over the higher dollar, housing affordability and China’s outlook.

Growing the Inghams Enterprise business will be the key priority for US private equity group TPG, which plans to back management’s business strategy for the chicken company.

A company pursuing the sandalwood assets of agribusiness Elders has likened a rival acquisition proposal to be put to growers to a ‘‘shotgun wedding’’.

The Reserve Bank has denied reports that its computer systems or networks have been compromised by hackers, saying that at no point has any data or information been lost or its systems corrupted.

National Australia Bank continues to scale back its British operations at the cost of a further 130 jobs, ahead of an unrelated update on its strategy and technology widely speculated to include management changes.

China's economy showed signs of weakness in the first two months of the year, falling short of expectations it would resume the kind of strong growth with low inflation that has helped drive a global economic recovery.

 

THE SYDNEY MORNING HERALD

Page 1: A fresh discovery of potentially deadly asbestos has been made at Sydney's Premier development site at Barangaroo.

Page 2: Opening up the Australian online gambling market to more legal betting avenues will not occur until Australia has uniform harm minimisation and consumer protection guidelines, the federal government says.

Page 3: Facebook "likes" reveals your politics, sexuality and drug use.

World: The ringleader in the gang rape and fatal beating of a woman on a New Delhi bus has been found hanged in jail.

Business: Former Qantas boss James Strong was farewelled at a funeral on Monday.

Sport: He may be stood down but suspended Cronulla coach Shane Flanagan will continue his duties as a coach in an unofficial capacity.

 

THE DAILY TELEGRAPH

Page 1: NRL CEO Dave Smith has demanded the Gillard government dedicate more resources to the drug investigation threatening to tear up rugby league - offering financial support to speed up the inquiry.

Page 2: Bill Shorten has ruled out taking over from Julia Gillard as Labor MPs meet on Tuesday morning desperate to find a circuit breaker to the crisis around the party leadership.

Page 3: A teenage girl is fighting for her life and another five teens have been hospitalised as police reveal young people are buying a deadly form of LSD for $1.50 a tablet online.

World: The main suspect in the gang rape and fatal beating of a woman on a New Delhi bus has committed suicide in jail.

Business: Hundreds of job losses are looming at NAB as CEO Cameron Clyne moves to slash up to $1 billion on costs out of the bank's bottom line.

Sport: Australian cricket was plunged into crisis as Shane Watson, Mitchell Johnson, Usman Khawaja and James Pattinson were stood down for the third Test against India.

THE AGE

Page 1: Shane Watson may quit Test cricket after being dropped in India for disciplinary reasons and then heading home. Victoria's regional cities are suffering growing pains and want $4.4 billion from the state government to help with their growth over the next 20 years.

Page 2: A V/Line train went 800 metres down the wrong track in a safety breach incident at Southern Cross in December 2011. Community group fights to protect a seven-storey car park from being demolished in Chinatown.

Page 3: Victoria's DPP to go harder against the organisers of large-scale, syndicate-based marijuana crop houses.

World: South Korean and US troops begin a joint military exercise that has been condemned by North Korea, which threatened to respond with a nuclear attack.

Business: The high Australian dollar is forcing companies to get leaner and meaner resulting in job losses, say economists.

Sport: Australian vice-captain Shane Watson and fast bowler James Pattinson are among four players sensationally dumped for disciplinary reasons for the team to play India.

 

THE HERALD SUN

Page 1: Australian cricket in turmoil as four players, including vice-captain Shane Watson, axed for disciplinary reasons for third Test against India.

Page 2: Plan to ease traffic congestion by staggering school starting times. Accused killer of Jill Meagher to face a committal hearing on Tuesday.

Page 3: Vision shows for the first time a learner driver smashing through a human roadblock set up by police last year on the Hume Highway to stop the rogue hoon.

World: UN condemns an online video that appears to show two Fijian men being tortured by officials.

Business: Hundreds of jobs at risk as NAB boss moves to cut up to $1 billion in costs from the bank's bottom line.

Sport: Hawthorn would get nothing if their star player Buddy Franklin left the club under proposed changes to the AFL's free agency rules.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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