15/03/2013 - 06:51

Today's Business Headlines

15/03/2013 - 06:51

Bookmark

Save articles for future reference.

Business lashes out at Labor – The Fin; GST share to fall below 50 per cent – The West; Farmers, graziers seek urgent Barnett talks – The West; Myer turns corner with sales run – The Aus; Tax culture to change – The West

Today's Business Headlines

Business lashes out at Labor

Corporate Australia has declared the Gillard government's past fortnight of new regulations on media, temporary foreign workers, coal seam gas and industrial relations has junked the policy reform approach and will hurt the economy. The Fin

GST share to fall below 50 per cent

WA's share of GST will fall to a record low with the Barnett government to get less than 50c for every dollar of the tax raised in the state. The West

Farmers, graziers seek urgent Barnett talks

WA's two leading farm groups are seeking urgent meetings with Premier Colin Barnett in the wake of his emotional comments about the state's rural crisis. The West

Myer turns corner with sales run

Myer is on track to achieve its longest run of sales growth in more than six years, fuelling hopes that the tough trading environment and poor consumer sentiment that has pummelled the retail sector in recent times might finally be over. The Aus

Tax culture to change

Australia's new tax commissioner says cultural shortcomings at the nation's tax agency, including a reluctance to embrace face-to-face meetings, are partly to blame for the drawn out decision making that frustrates many tax payers. The West

 

THE WEST AUSTRALIAN

Page 1: WA's share of GST will fall to a record low with the Barnett government to get less than 50c for every dollar of the tax raised in the state.

Page 3: Some of WA's top business leaders fear an unhealthy obsession with Facebook and mobile phones among today's youth will create an underclass poorly equipped for the workforce and society.

Page 4: Australia has enjoyed its biggest spike in jobs in more than a decade in a further sign the economy is gaining speed.

Tony Abbott's refusal to accept the “tainted vote” of former Labor MP Craig Thomson could allow Julia Gillard's contentious media Bill to sneak through Parliament.

Page 10: Rob Johnson's colleagues do not want him to become Speaker, with many Liberal MPs yesterday saying the Hillarys MP should not be rewarded for criticising the Premier and stymieing government legislation.

Bells which have been silent for more than 20 years are ready to peal across Perth again as part ofa 30th anniversary restoration project for Carrillon City shopping centre.

Tensions have emerged in the Liberal-Nationals alliance with the Nationals' Kalgoorlie branch president panning Colin Barnett over planned changes to the $1 billion Royalties for Regions scheme.

Page 11: Gina Rinehart's daughter Hope Welker could be forced to give up two thirds of a multi-million dollar payout from her mother under a secret pact with two siblings at the height of the family's feud.

Page 14: The Gillard government is facing a groundswell of opposition from business groups after a bid to enshrine in law penalty rates for workers.

Business: Australia's new tax commissioner says cultural shortcomings at the nation's tax agency, including a reluctance to embrace face-to-face meetings, are partly to blame for the drawn out decision making that frustrates many tax payers.

Cape Lambert Resources has put one of its key assets on the market amid heightened industry talk that the company's boss and biggest shareholder, Tony Sage, is winding back his business commitments.

WA's two leading farm groups are seeking urgent meetings with Premier Colin Barnett in the wake of his emotional comments about the state's rural crisis.

A veterinarian who spent more than a decade working on live export ships has accused her former employers of putting profits ahead of animal health in the latest damaging blow for the industry.

Alacer Gold has put a positive face on the future of its Australian gold operations, despite writing more than million from their value in yesterday's full-year results.

Myer chief executive Bernie Brookes' warning about a tough second half did nothing to dampen investor enthusiasm about a sustained improvement in sales.

Chinese-owned Norton Gold Fields is the latest company to be linked to the acquisition of Norilsk Nickel's Australian assets as the Russian miner nears a deadline for the sale or closure of its Lake Johnston nickel mine.

One-time billionaire miner Nathan Tinkler told a Sydney court that commodity trader Noble Group was to blame for the collapse of his planned share investment last year in Blackwood Corp.

 

THE AUSTRALIAN FINANCIAL REVIEW

Page 1: Corporate Australia has declared the Gillard government's past fortnight of new regulations on media, temporary foreign workers, coal seam gas and industrial relations has junked the policy reform approach and will hurt the economy.

The Reserve Bank of Australia may be forced to start raising interest rates before the federal election if surging employment growth maintains the strongest start to any year since 1995.

Page 3: Grocery retailers and suppliers are furious with the federal government following revelations it has been quietly planning to draft its own mandatory code of conduct that threatens to undermine more than six months' work on a voluntary industry code.

New Northern Territory Chief Minister Adam Giles has promised political stability after overthrowing his predecessor Terry Mills and his first task will be to reassure Japanese investors shocked by Mr Mills' fate while he was negotiating an oil and gas deal in Tokyo.

Page 4: The hospitality and retail sectors have led criticism of the Gillard government's decision to enshrine in law penalty rates for casual workers but the opposition may yet support the move.

Page 5: The Gillard governments plan to enshrine penalty rates is set to lock in the notion of the “Aussie weekend” rather than force any immediate changes on employers.

Page 7: Leading figures from the technology and start-up community have blasted Prime Minister Julia Gillard's stance on 457 visas, saying the sector is suffering a shortage of vital skills and will be hampered by tightened rules.

Page 9: The federal government is losing critical crossbench support for its planned media changes and there is confusion about the timing for and make-up of a committee that will look at rules to reshape the television landscape.

Page 13: Myer Holdings chief executive officer Bernie Brookes is chasing top line sales growth ahead of margin gains as the retailer looks poised to notch up its first yearly sales growth since the financial crisis and signs of life return to discretionary spending.

Page 15: A former KKR Australia and Blackstone Group consultant who worked on a failed private equity bid for Spotless Group has avoided 12 months in jail by pleading guilty to insider trading.

A joint offer between private equity heavyweight KKR and sandalwood producer Santanol for Elders' forestry assets has been al but approved by growers, putting to bed a counter offer from distressed debt firm Hamilton Securities.

 

THE AUSTRALIAN

Page 1: Labor is losing ground in its fight to overhaul the media as independent MPs turn against the plans and critics warn of growing confusion over changes meant to be rammed through parliament in a week.

Tony Abbott will today promise an incoming Coalition government will put forward for consultation, within 12 months of winning office, a draft constitutional amendment recognising Aboriginal people.

The strongest jobs growth in more than a decade has contradicted Reserve Bank forecasts of rising unemployment and a softening economy.

Page 2: The peak Aboriginal body wants to be made a member of the Council of Australian Governments, giving it the same official status as the states and territories.

Australia's first indigenous head of government Adam Giles has abolished the Northern Territory Department of Indigenous Advancement, declaring he wants his entire administration to focus on indigenous affairs.

Page 4: Media bosses yesterday stepped up their opposition to the government’s media reforms as executives prepared to descend on Canberra to lobby against the proposals.

Page 6: Julia Gillard has moved to make it harder for companies to abolish the penalty rates of employees, under proposed changes to the federal workplace laws that employers denounced as a ‘‘kick in the guts’’ to the small-business sector.

Page 8: The US-backed Trans-Pacific Partnership free-trade bloc is poised to get a major boost, with Japan set to announce tonight it wants to join the negotiations alongside Australia and the 10 other participants.

Business: Myer is on track to achieve its longest run of sales growth in more than six years, fuelling hopes that the tough trading environment and poor consumer sentiment that has pummelled the retail sector in recent times might finally be over.

Qantas Domestic chief executive Lyell Strambi has thrown down the gauntlet to competitor Virgin Australia, warning that he will add two planes for each one the smaller airline adds to protect the flying kangaroo’s patch.

Ten Network Holdings has accused Southern Cross Media of failing to meet its continuous disclosure obligations as a listed entity, amid claims a proposal document has been circulated that depicts its corporate structure under a merger with Nine Entertainment.

Listed resource companies Whitehaven Coal and Blackwood continue to be punished by investors on the back of ongoing market speculation about Nathan Tinkler’s financial stability, with the first hints of his struggles revealed in the NSW Supreme Court yesterday.

Aurizon has extended its stranglehold over the coalfields in its home state of Queensland by picking up extra tonnage forecast to come from Xstrata’s Rolleston mine to be shipped out through Gladstone.

The head of port operator Qube Logistics has accused Victoria of lacking visionaries and champions of infrastructure, which is set to struggle as the number of containers forecast to move through Melbourne doubles.

Westpac chairman Lindsay Maxsted has called for greater debate to develop a strong corporate bond market, warning that stricter regulation on the banks may restrict their ability to fund the economy’s growth when companies eventually switch into expansion mode.

Investors are unlikely to give National Australia Bank chief executive Cameron Clyne and his newly installed senior management team the benefit of the doubt to execute on the firm’s technology-focused strategy, with the benefits expected to take time to flow through.

 

THE SYDNEY MORNING HERALD

Page 1: Eddie Obeid's claims that he played no part in his family's financial affairs appear to be contradicted by private diaries. Labor MPs are querying Prime Minister Julia Gillard's judgment over proposed changes to media laws.

Page 2: Julia Gillard has promised to enshrine penalty rates for work outside of normal hours in law.

Page 3: Mining magnate Nathan Tinkler has been questioned for more than three hours in court by counsel for the liquidator of his private entity Mulsanne Resources.

World: A US Senate inquiry has heard of a culture of sexual harassment in the country's military.

Business: Nathan Tinkler has in court blamed his backers for his deteriorating financial position.

Sport: Phone taps may be tabled as evidence when Cronulla players start meeting with ASADA authorities.

 

THE DAILY TELEGRAPH

Page 1: Pope Francis is expected to bring the common touch to the papacy to help unite the world's more than one billion Catholics.

Page 2: Hundreds of pages of documents related to a corruption inquiry into former Labor minister Ian Macdonald were not produced to parliament in 2009. NSW Opposition Leader John Robertson only urged Labor to expel Eddie Obeid and Ian Macdonald from the party after the threat of an internal revolt.

Page 3: Fiji's military ruler Frank Bainimarama has backed the federal government's proposed new media laws.

World: China has announced a new leader in Xi Jinping, four months after he took charge of the Communist Party.

Business: Prime Minister Julia Gillard has been criticised for a plan to enshrine penalty rates in law.

Sport: Clubs are circling Josh Dugan after the troubled star was axed by Canberra.

 

THE HERALD SUN

Page 1: Another senior government adviser has been sacked after the Herald Sun questioned the premier's office about his knowledge of police phone taps.

Page 2: Media bosses urge the federal government to step away from its plans for a government-appointed media advocate.

Page 3: Thieves have infiltrated Crown Casino to steal $32 million. Stolen thunder, being blamed for other people's mistakes, verbal abuse and unjustified criticism are the biggest complaints by Australian workers, research shows. Melbourne's record heat wave took its toll on the city's water supply. A report suggests young Australians are overfed, oversexed and underemployed.

World: New Zealand's gay marriage laws look set to pass the nation's parliament.

Finance: Victoria has surged ahead of the rest of the country in terms of jobs growth.

Sport: Carlton will try to adopt the game style that won Collingwood the 2010 premiership in the NAB Cup final.

 

THE AGE

Page 1: Beijing's attempts to hack and jam radio broadcasts could inhibit the ABC's attempts to win the right to broadcast to China.

Page 2: Federal police have charged a ninth former Reserve Bank of Australia banknote executive with foreign bribery offences. A portrait of Tara Moss has won the Archibald packers' prize.

Page 3: The lawyer appointed by the federal government to lead an inquiry into abuse in the military has questioned Defence Minister Stephen Smith's commitment to bringing justice to victims.

World: Three people have told a US Senate committee of their ordeal of being raped by superior officers while serving in the military.

Business: Nathan Tinkler says his financial backers left him holding the can of the soon-to-be-wound-up Mulsanne Resources.

Sport: North Melbourne football chief Donald McDonald will leave the club to clear the way for the potential recruitment of his son as a player.

 

THE ADELAIDE ADVERTISER

Page 1: Premier Jay Weatherill faces a challenge of historic proportions if he is to avert a crushing electoral defeat on March 15 next year, as an Advertiser poll shows Labor support crashing to near-State Bank levels.

Page 3: Students and parents nationwide will be asked to rate how well their school has performed in preventing bullying on a new Federal Government website.

World: Ieng Sary, who co-founded Cambodia's brutal Khmer Rouge movement in the 1970s, was its public face abroad and decades later became one of its few leaders to be put on trial for the deaths of an estimated 1.7 million people, died yesterday morning.

Business: Myer is "stealing back" sales from its online rivals by lowering prices to compete.

Sport: Taylor Walker is destined to become Adelaide's first player with a super long-term deal - simply to stop the key forward being lost as a free agent.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options