04/04/2013 - 06:55

Today's Business Headlines

04/04/2013 - 06:55

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Super pain, little gain for Labor – The Aus; Rio to sell struggling coalmines as prices dip – The Fin; Wave of hotel plans to change face of city – The West; Treasury unsure on mining tax outlook – The Fin; Hardship against grain for top cockie – The West

Today's Business Headlines

Super pain, little gain for Labor

Wayne Swan says Labor’s proposed changes to the superannuation system, which have engulfed the government in a rolling political brawl, will not make a ‘‘significant contribution’’ to the search for savings in next month’s budget. The Aus

Rio to sell struggling coalmines as prices dip

Rio Tinto has placed its struggling Australian thermal coalmines up for sale, a decision that shows new chief executive Sam Walsh is acting quickly to improve returns to shareholders. The Fin

Wave of hotel plans to change face of city

Perth's overheated hotel market is set to be transformed by a new wave of developments as investors look to cash in on Australia's most lucrative accommodation destination. The West

Treasury unsure on mining tax outlook

Treasury secretary Martin Parkinson admits it could be until well after the end of the current financial year before his department is able to confidently forecast expected revenue from the troubled minerals resource rent tax. The Fin

Hardship against grain for top cockie

WA's biggest grain grower John Nicoletti says he's $40 million in debt and can't afford to plant this year's crop after a run of bad harvests and falling land values. The West

 

Top Resources Headlines

Rio to sell struggling coalmines as prices dip

Rio Tinto has placed its struggling Australian thermal coalmines up for sale, a decision that shows new chief executive Sam Walsh is acting quickly to improve returns to shareholders. The Fin

Problems hit Shell drill rig

Royal Dutch Shell says the development schedule for the industry-leading Prelude floating LNG venture in the Browse Basin has not been affected by technical problems that have beset its drilling rig. The West

Treasury unsure on mining tax outlook

Treasury secretary Martin Parkinson admits it could be until well after the end of the current financial year before his department is able to confidently forecast expected revenue from the troubled minerals resource rent tax. The Fin

Santos, Origin resist equity raising route

Oil and gas producers Santos and Origin Energy are adamant they can navigate their current periods of high capital expenditure without fresh equity raisings, despite a new interpretation from Standard & Poor’s that puts extra pressure on their balance sheets. The Aus

 

Top Politics Headlines

Super pain, little gain for Labor

Wayne Swan says Labor’s proposed changes to the superannuation system, which have engulfed the government in a rolling political brawl, will not make a ‘‘significant contribution’’ to the search for savings in next month’s budget. The Aus

States go their own way on Fair Work

State government say the federal government is ceding too much ground to unions through changes to the Fair Work Act and has reneged on a promise to consult in the process. The Fin

Walking the walk on the Asian century

Julia Gillard will embark on the next stage of her Asia policy today, naming top industry executives to a new strategy group and outlining actions to be taken this year to implement the plans. The Aus

We used 457 workers too: MUA

A second major union has admitted employing overseas workers on 457 visas, with the Maritime Union of Australia revealing last night that foreign workers had been engaged from ‘‘time to time’’ by the union. The Aus

McGowan ally Travers heads to backbench

Opposition Leader Mark McGowan will be looking for a new shadow transport and finance minister as he shuffles the deck on his shadow cabinet, after key lieutenant Ken Travers told colleagues he intended to step down from Labor's front bench team. The West

 

 

Top Property Headlines

Wave of hotel plans to change face of city

Perth's overheated hotel market is set to be transformed by a new wave of developments as investors look to cash in on Australia's most lucrative accommodation destination. The West

Builders battle to stop thieves

Builders are installing tracking devices on whitegoods, hiring security guards and setting up surveillance cameras on building sites as the industry battles a multi million-dollar stealing racket where thieves strip homes under construction of everything from entire kitchens to water meters. The West

 

 

The West Australian

Page 1: Perth's overheated hotel market is set to be transformed by a new wave of developments as investors look to cash in on Australia's most lucrative accommodation destination.

WA's biggest grain grower John Nicoletti says he's $40 million in debt and can't afford to plant this year's crop after a run of bad harvests and falling land values.

Page 3: Builders are installing tracking devices on whitegoods, hiring security guards and setting up surveillance cameras on building sites as the industry battles a multi million-dollar stealing racket where thieves strip homes under construction of everything from entire kitchens to water meters.

Page 4: A deep rift among WA Labor's left-wing unions is threatening to end the parliamentary career of Senator Louise Pratt.

Opposition Leader Mark McGowan will be looking for a new shadow transport and finance minister as he shuffles the deck on his shadow cabinet, after key lieutenant Ken Travers told colleagues he intended to step down from Labor's front bench team.

Page 5: Julia Gillard will pay more tax on her multi millon-dollar superannuation nest egg as the federal government tries to stem the political fallout from its plans to overhaul retirement incomes for high income earners.

Page 6: Conservationists have stepped up opposition against plans for WA's first uranium mine, vowing to use civil disobedience to stop the contentious project going ahead.

Page 7: Premier Colin Barnett is facing pressure from within his own party to curb the legal supply of alcohol to minors by committing to so-called secondary supply laws.

Business: Royal Dutch Shell says the development schedule for the industry-leading Prelude floating LNG venture in the Browse Basin has not been affected by technical problems that have beset its drilling rig.

Another retail chain has bitten the dust, with the last of the Beds Plus stores in Perth closing their doors.

Australian Securities Exchange boss Elmer Funke Kupper has all but conceded the failure of a renewed call for tax incentives to boost resources exploration and trading in small explorers.

The state government's financing arm WA Treasury Corp believes falling iron ore prices could force the Reserve Bank to cut interest rates twice more by the end of the year, as export income dwindles.

Wesfarmers has tapped the Business Council of Australia for the group's latest board addition as chief executive Richard Goyder beefed up his business team for Australia's presidency of the Group of 20 next year.

Mining services veteran Peter Hutchinson is embarking on a fresh venture through the proposed takeover of an ASX-listed company that collapsed last year.

 

The Australian Financial Review

Page 1: Treasurer Wayne Swan boosted the government's push to target high-income earner's superannuation by saying those at the very top enjoyed “excessive” and “very,very generous concessions”.

ANZ Banking Group chief executive Mike Smith has moved to end confusion over its Asia growth strategy, saying the bank remains firmly committed to earning at least 25 per cent of profit from the region by 2017.

Rio Tinto placed its struggling Australian thermal coalmines up for sale, a decision that shows new chief executive Sam Walsh is acting quickly to improve returns to shareholders.

Page 3: Attempts to speed up the national broadband network's rollout and meet targets have been hit by repairs to Telstra's ageing infrastructure.

Western Australia's largest independent retailer of Penfolds Grange has refused to buy this year's release of the coveted red wine after the Barossa winemaker jacked up prices to a record $785 a bottle.

Page 4: Any move to change the capital gains tax treatment of properties held inside self-managed superannuation funds is likely to meet fierce resistance from small business owners.

Page 5: State treasurers have abandoned any hope of a decision before the federal election on applying the goods and services tax to imports valued lower than $1,000.

Page 6: Treasury secretary Martin Parkinson admits it could be until well after the end of the current financial year before his department is able to confidently forecast expected revenue from the troubled minerals resource rent tax.

State government say the federal government is ceding too much ground to unions through changes to the Fair Work Act and has reneged on a promise to consult in the process.

Page 7: Shadow treasurer Joe Hockey refused to expressly endorse the reappointment of Reserve Bank of Australia governor Glenn Stevens, creating potential for a frosty relationship if the Coalition wins government.

Page 10: The competition regulator should consider requiring big retailers to have separate management staff for dealing with competing branded and private-label products to protect manufacturers and distributors from possible anti-competitive behaviour, industry representatives say.

Global dairy prices have continued to climb, rising 14.2 per cent on average in the past fortnight and more than doubling since last May.

Page 20: Santos has hit back at claims aired on ABC TV's Four Corners program on Monday that the environmental approvals process for a liquefied natural gas project in Queensland failed to consider the impact on water resources.

 

The Australian

Page 1: Wayne Swan says Labor’s proposed changes to the superannuation system, which have engulfed the government in a rolling political brawl, will not make a ‘‘significant contribution’’ to the search for savings in next month’s budget.

Julia Gillard will embark on the next stage of her Asia policy today, naming top industry executives to a new strategy group and outlining actions to be taken this year to implement the plans.

Former human services minister Kim Carr has declared Labor’s controversial cuts forcing single mothers on to the dole a mistake, saying efforts to save $700 million had triggered a debate about the inadequacy of Newstart that could potentially cost the budget billions.

Page 2: Australia's defence focus is swinging to the Asia-Pacific and closer military co-operation with Indonesia.

Landholders are signing access agreements on Queensland’s largest liquefied natural gas project at a rate of more than one a day as the burgeoning industry enters its final phase of construction and gears up for production within the next year.

Page 3: A Coalition government would dismantle the climate change bureaucracy and put commissioners including Tim Flannery out of a job, Tony Abbott predicted yesterday as a report painted a gloomy picture of the future.

Page 4: A second major union has admitted employing overseas workers on 457 visas, with the Maritime Union of Australia revealing last night that foreign workers had been engaged from ‘‘time to time’’ by the union.

Treasury has not yet had any discussions with the major mining companies about why the mining tax is raising no significant revenue, and its secretary Martin Parkinson says he will not have an accurate answer until after they have submitted their annual tax returns, which could take until June 2014.

Wayne Swan has moved to head off concern about the stability of financial regulation in the lead-up to the election by reappointing Reserve Bank governor Glenn Stevens for another three years and setting up the succession at the banking regulator, the Australian Prudential Regulation Authority.

Business: Rio Tinto’s new chief executive Sam Walsh has hit the ground running with his clean-up and fixup plans for the debt-heavy miner by putting the ‘‘for sale’’ sign out on parts of its $16 billion Queensland and NSW coal operations.

Oil and gas producers Santos and Origin Energy are adamant they can navigate their current periods of high capital expenditure without fresh equity raisings, despite a new interpretation from Standard & Poor’s that puts extra pressure on their balance sheets.

Wayne Byres was there at the formation of Australia’s banking regulator, and from next year he will be heading the organisation as part of a generational change in leadership.

Expectations are growing that the Santos-led Gladstone LNG project will need more third-party gas, with a Cooper Basin purchase from Beach Energy, a coal-seam gas buy from Origin Energy or a joint venture with Shell and PetroChina seen as the most likely options.

Sundance Resources’ board is on the verge of officially terminating the troubled $1.3 billion deal with China’s Hanlong after the suitor missed another deadline.

Citi Australia is confident it can further challenge the big four banks’ dominance in credit cards and is planning greater investment in superannuation fund services, after its retail bank grew fullyear earnings on improved topline growth.

Ericsson will soon cut about 100 jobs from its local operations as the network equipment maker reorganises to meet slowing market demands.

China has entered a ‘‘fast growth’’ phase that will change the face of the global diamond jewellery market and Rio Tinto’s West Australian Argyle mine is positioning itself to capture the new demand.

Investors fear that Billabong International’s shares are headed for a significant markdown, unless the beleaguered company can salvage a takeover deal from protracted negotiations with prospective buyers.

 

The Sydney Morning Herald

Page 1: The royal commission into child sex abuse is now operating and it expects more than 5000 people to share their experiences, making it unlikely it will complete its task by the end of 2015 as requested.

Page 2: Workers in national parks being opened to amateur shooters by the NSW government are demanding bright orange bulletproof vests for "self defence".

Page 3: Grief is set to be confused with depressive illness in new guidelines for mental disorders.

World: North Korea has prevented South Korean workers from entering a jointly run industrial park, adding to tensions after threatening to attack its southern neighbour.

Business: Reserve Bank governor Glenn Stevens' term has been extended for a further three years in a key sign the central bank is preparing an internal candidate to take charge.

Sport: A substance marked "for equine use only" that was allegedly provided to Cronulla players by sports scientist Stephen Dank is the same product regularly used by bodybuilders and other athletes.

 

The Daily Telegraph

Page 1: The long-suffering victims of child sex abuse will finally be given a voice after decades of suffering in silence.

Page 2: A corruption inquiry has heard when disgraced minister Ian Macdonald granted a controversial mining licence to his union mate, he celebrated the deal over champagne and suckling pig.

Page 3: The last 15 minutes of a young woman's life have been chillingly captured on CCTV, with a court on Wednesday playing the final confrontation between her and her flatmate now accused of her murder.

World: Michael Jackson's mother and children have begun a legal battle for a staggering billion in a case that could shed new light on his death.

Business: Treasurer Wayne Swan has come under fire for filing two top financial posts with terms starting after the election, without consulting the opposition.

Sport: Adam Reynolds will make his senior representative debut, a bench spot for the City Origin team, but it won't land the Rabbitoh a NSW jumper.

 

The Age

Page 1: The company entrusted as the primary provider of emergency medical care for Victoria's professional bushfire fighters has no office, only one full-time employee and a small fleet of vehicles parked in a Werribee paddock.

Page 2: The suicide of two prisoners in the space of 12 days has renewed calls for hanging points to be removed from cells and for a boost to prisoner safety and surveillance.

Page 3: A Greek political party with links to neo-Nazis say they have established themselves in Melbourne, but have no interest in Australian politics.

World: North Korea has prevented South Korean workers from entering a jointly-run industrial park, adding to tensions after saying that it would restart a mothballed nuclear plant and threatening to attack its southern neighbour.

Business: Reserve Bank governor Glenn Stevens' term has been extended for a further three years in a key sign the central bank is preparing an internal candidate to take charge.

Sport: Melbourne supporters can take solace in one thing after their team's pummelling last weekend, and that is that Saturday's opponents are Essendon.

The Herald Sun

Page 1: The brick wall that collapsed, killing three people, was riddled with cracks, photographs taken just four months before the tragedy reveal.

Page 2: A cashed-up Tony Abbott plans to launch a marathon 79-day election campaign from mid-year with the coalition aiming for 43 Labor-held seats it hopes will secure a crushing victory.

Page 3: A militant union is demanding the right to control the running of one of the state's major power stations.

World: Mick Philpott remained shameless to the last when the drug-taking layabout kept smiling after being convicted of killing six of his children.

Business: Glenn Stevens' reappointment as Reserve Bank governor will ease mounting anxieties over Europe's endless debt woes and the threat of a slowdown in China, economists say.

Sport: Melbourne coach Mark Neeld says he will ignore widespread criticism and supporter backlash as he continues to rebuild his ailing football club.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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