19/04/2013 - 06:47

Today's Headlines

19/04/2013 - 06:47

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Today's Headlines

China trade deal scaled back

The Gillard government has abandoned a comprehensive freetrade agreement with China to focus on a ‘‘trimmed-down’’ agriculture deal, prompting Beijing to ask for its state-owned enterprises to be allowed to invest up to $1 billion in Australia without requiring Foreign Investment Review Board approval. The Aus

Miners slam plan for buy local staff

Mining giants have accused the government of a return to the failed protectionist policies the Hawke and Keating governments scrapped, after it emerged they would be directed to hire employees to qualify for tariff concessions under the government’s controversial ‘‘Buy Australian Made’’ plan for resources and infrastructure projects. The Aus

Billions wiped off mining stocks

The WA economy was shaken to its core yesterday when the mining sector had its worst day in 18 months. The West

Sims fears economic waste from court ruling

Australian Competition and Consumer Commission chairman Rod Sims has criticised a High Court decision to allow BHP Billiton and Rio Tinto to stop competitors from using their Pilbara railway lines if others can make profitable duplicates, saying it could hurt competition in other markets. The Fin

Priority 'is jobs over surplus'

Wayne Swan has flagged that creating jobs rather than returning the budget to surplus will be the top priority in next month’s federal budget. The Aus

 

Top Resources Headlines

Miners slam plan for buy local staff

Mining giants have accused the government of a return to the failed protectionist policies the Hawke and Keating governments scrapped, after it emerged they would be directed to hire employees to qualify for tariff concessions under the government’s controversial ‘‘Buy Australian Made’’ plan for resources and infrastructure projects. The Aus

Billions wiped off mining stocks

The WA economy was shaken to its core yesterday when the mining sector had its worst day in 18 months. The West

Sims fears economic waste from court ruling

Australian Competition and Consumer Commission chairman Rod Sims has criticised a High Court decision to allow BHP Billiton and Rio Tinto to stop competitors from using their Pilbara railway lines if others can make profitable duplicates, saying it could hurt competition in other markets. The Fin

Woodside ends Pluto gas expansion talks

Woodside Petroleum has suffered a double blow on two of its key growth projects, potentially setting back both the expansion of the Pluto liquefied natural gas project in Western Australia and its Sunrise venture in the Timor Sea. The Fin

All that glisters proves painful as bourse blisters

The global commodities rout has not deterred Barrick Gold from starting the process of selling the jewels of its WA assets, with corporate advisers appointed to manage the sale of its South Yilgarn operations. The West

 

Top Politics Headlines

China trade deal scaled back

The Gillard government has abandoned a comprehensive freetrade agreement with China to focus on a ‘‘trimmed-down’’ agriculture deal, prompting Beijing to ask for its state-owned enterprises to be allowed to invest up to $1 billion in Australia without requiring Foreign Investment Review Board approval. The Aus

Abbott's parental tax to hit big 3200

Australia's 3200 largest companies face the prospect of a higher company tax rate under a Coalition government. The Fin

Priority 'is jobs over surplus'

Wayne Swan has flagged that creating jobs rather than returning the budget to surplus will be the top priority in next month’s federal budget. The Aus

Labor states join Gonski backlash

Labor states have joined their Liberal counterparts in citing budget constraints as a reason for baulking at Julia Gillard's $14.5 billion education reforms, leaving the Prime Minister battling to secure the support of a single state at Friday's Council of Australian Governments meeting. The Fin

Whitely quits over rise of union chief

Former Bassendean MLA Martin Whitely has quit the Labor Party in protest over union boss Joe Bullock's rise to the top of the WA Senate ticket as recriminations from the bitter preselection reverberate. The West

 

Top Property Headlines

Liquidators KPMG check-in to Pilbara, The Landing project

A Pilbara accommodation development which collapsed last year owing BHP Billiton and other creditors an estimated $125 million has been placed into liquidation. The West

 

The West Australian

Page 1: The WA economy was shaken to its core yesterday when the mining sector had its worst day in 18 months.

Page 3: The AFL is seeking an urgent explanation after the Melbourne Football Club was dragged into football's performance-enhancing drugs scandal.

Ousted Fremantle MP Adele Carles told the Supreme Court yesterday her defamation battle with former lover and Treasurer Troy Buswell was driving her to bankruptcy.

Page 6: Wayne Swan has broken a promise to release a key long-term economic paper, avoiding potential embarrassment about the state of the books ahead of next month's federal budget.

Julia Gillard has ruled out offering any last-minute sweeteners to premiers to get them to sign up to her school funding reforms at today's crucial Council of Australian Governments meeting in Canberra.

Page 7: Universities are battling to keep ahead of students cheating on coursework, partly because of internet sites that offer to ghost-write assignments for a fee.

Page 9: Malcolm McCusker has become the subject of a rare public challenge after deputy Labor leader Roger Cook yesterday contradicted the WA Governor's assertion that Austrlaian govenrment was achieved without bloodshed.

Page 14: The prestigious University of WA has been dragged into a racial row over comments in the student guild's satirical Prosh newspaper.

Page 18: Former Bassendean MLA Martin Whitely has quit the Labor Party in protest over union boss Joe Bullock's rise to the top of the WA Senate ticket as recriminations from the bitter preselection reverberate.

A West Perth water pipe that has burst three times in a week – closing roads and causing traffic chaos – is to be replaced 50 years ahead of schedule at a cost of $1 million.

Business: The global commodities rout has not deterred Barrick Gold from starting the process of selling the jewels of its WA assets, with corporate advisers appointed to manage the sale of its South Yilgarn operations.

The world risks a chronic new phase in the financial crisis, because of excessive risk-taking and lack of action to repair broken bank balance sheets, according to the International Monetary Fund.

A Pilbara accommodation development which collapsed last year owing BHP Billiton and other creditors an estimated $125 million has been placed into liquidation.

Incoming BHP Billiton boss Andrew Mackenzie has indicated he is prepared to spend at least some of the company's cost cutting through to executive ranks, flattening the company's senior management structure and agreeing to a lower pay packet than predecessor Marius Kloppers.

Wesfarmers boss Richard Goyder has hit out at inefficient suppliers to Coles, warning they may not have a future with Coles' supermarkets if they do not smarten up.

WA's peak rural bodies are again banging heads – this time over the future of CBH and the best use of the multi billion-dollar asset.

Fortescue Metals shares yesterday plunged to levels not seen since its debt crisis last year as global commodity fears outweighed the positive news in the miner's latest quarterly report.

 

The Australian Financial Review

Page 1: BHP Billiton's incoming chief executive, Andrew Mackenzie, has moved swiftly to install a new management team focused on driving low-cost production rather than expansion as the world's largest mining company prepares for leaner times.

Wesfarmers chief executive Richard Goyder has threatened to squeeze out inefficient producers who under-invest in their businesses, escalating tensions between supermarkets and suppliers that have split the industry.

Page 3: Australia's 3200 largest companies face the prospect of a higher company tax rate under a Coalition government.

Page 4: Australian Competition and Consumer Commission chairman Rod Sims has criticised a High Court decision to allow BHP Billiton and Rio Tinto to stop competitors from using their Pilbara railway lines if others can make profitable duplicates, saying it could hurt competition in other markets.

Page 5: Labor states have joined their Liberal counterparts in citing budget constraints as a reason for baulking at Julia Gillard's $14.5 billion education reforms, leaving the Prime Minister battling to secure the support of a single state at Friday's Council of Australian Governments meeting.

Page 7: Shadow treasurer Joe Hockey has given his strongest hint yet that a Coaliton government would not rush to return the budget to surplus and signalled he was counting on the Reserve Bank of Australia to keep official rates low.

Page 9: Trade Minister Craig Emerson has admitted talks on a free-trade deal with China have stalled because of a dispute over restrictions on investment in Australia by Chinese state-owned enterprises.

Page 10: The collapse in the European carbon price will likely trigger a sharp rise in coal-generated electricity when Australian companies gain access to cheap carbon credits in 2015, according to experts.

Page 13: Woodside Petroleum has suffered a double blow on two of its key growth projects, potentially setting back both the expansion of the Pluto liquefied natural gas project in Western Australia and its Sunrise venture in the Timor Sea.

BHP Billiton's surprise shake-up in the leadership of its petroleum business has raised questions over whether incoming boss Tim Cutt will fully carry through with his predecessor's heavy capex spending plans in US shale, where he oversaw $US20 billion of acquisitions.

Nine Entertainment Co could return to the listed market before the end of 2013, with the company and its US hedge fund owners weighing up pitches from investment banks for a float that would value the group at close to $3 billion.

Page 15: Wesfarmers has flagged further grocery price reductions at Coles and more direct deals with suppliers to underpin a new phase of growth as the retailer completes the first five years of a 10-year turnaround plan.

Page 16: Fortescue Metals Group chief executive Nev Power says he has seen no evidence that iron ore markets will soon be oversupplied or that Chinese demand is cooling despite signs of downward pressure on the price.

Rio Tinto chairman Jan du Plessis affirmed the mining company's commitment to lowering costs and maintaining a strong balance sheet amid expectations of ongoing volatility in the global economy.

 

The Australian

Page 1: The Gillard government has abandoned a comprehensive freetrade agreement with China to focus on a ‘‘trimmed-down’’ agriculture deal, prompting Beijing to ask for its state-owned enterprises to be allowed to invest up to $1 billion in Australia without requiring Foreign Investment Review Board approval.

Sceptical premiers will today frustrate Julia Gillard’s Gonski education reforms and a push for a national crackdown on gang violence, amid lingering tensions over the carve-up of the GST.

Page 2: Wayne Swan has flagged that creating jobs rather than returning the budget to surplus will be the top priority in next month’s federal budget.

Independent Rob Oakeshott has seized on the collapse of the European carbon price, renewing calls to fast-track the transition in Australia to a floating price.

Western Australia and Queensland are at loggerheads with the commonwealth over the management and funding of the national disability insurance scheme — now rebadged Disability-Care Australia — with Colin Barnett arguing for more local control of the program.

Page 3: Nathan Tinkler is set to face a claim of trading while insolvent after liquidators from his company Mulsanne Resources said they would start proceedings as a result of his attempt to take over miner Blackwood Corp.

Page 4: Australia faces the prospect of huge extra insurance costs after the Boston Marathon bombings because of a budget raid on funds in the terrorism insurance pool.

Tony Abbott last night likened the gay marriage debate to the unsuccessful campaign to make Australia a republic.

An unprecedented statistical error will force the nation’s next long-range economic report to be delayed until next year, despite an earlier government plan to release a fourth Intergenerational Report before the federal election.

Page 6: Major parties are neglecting the $2 trillion opportunity of exporting agricultural produce to Asia, instead miring themselves in the ‘‘140 character’’ world of political bickering and failing to provide the vision and leadership required to take the nation forward, says the head of Australia’s largest beef producer.

Kevin Rudd is urging businesses to diversify beyond mining and take advantage of the ‘‘explosion’’ in demand for high quality foods, tourism and services from China and Asia’s middle class.

Red tape, cost overruns, low productivity of local workers and public resentment are putting Chinese investment in Australia at risk.

Business: Two of the nation’s biggest food processors have urged governments to act urgently to drive more innovation in the food manufacturing sector by improving engagement with industry to boost exports and to help farmers capture a bigger share of profits.

BHP Billiton has ushered in a new era of austerity in response to investor demands and the waning mining boom by declaring that remuneration for incoming chief executive Andrew Mackenzie will be 25 per cent less than what the departing chief executive of six years, Marius Kloppers, enjoyed.

Woodside's near-term development options have continued to shrink, with the latest victim being plans for an expansion of the $15 billion Pluto LNG project at Karratha in Western Australia because additional gas resources cannot be secured.

Wesfarmers chief Richard Goyder has warned he will drop suppliers who refuse to cut their prices as its Coles supermarket chain continues to pursue market share through aggressive discounting.

Fortescue Metals Group remains confident of demand from China and the price of iron ore, despite investor concerns about weaker data and the sell-off of resources stocks.

Rio Tinto’s new boss Sam Walsh has told investors he will focus on costs savings and disciplined investments as he aims to build a more focused and accountable business.

Australian Competition & Consumer Commission chairman Rod Sims says concerns about the right levels of funding for the nation’s key infrastructure should not be blamed on regulation that governs access to assets.

 

The Daily Telegraph

Page 1: Seventy people are feared dead in an explosion at a fertiliser plant in Texas.

Page 2: The death toll is mounting after the blast at the fertiliser plant in the small town of West, near Waco.

Page 3: Fertiliser blast story continues.

World: North Korea has set tough conditions for any talks with Seoul or Washington.

Business: The outgoing boss of mining giant BHP Billiton is in line to pocket up to $45.4 million.

Sport: The success of the Western Sydney Wanderers is putting pressure on the state government to upgrade Parramatta stadium.

 

The Sydney Morning Herald

Page 1: NSW Premier Barry O'Farrell has come out in favour of same-sex marriage. The Western Sydney Wanderers have come a long way since July.

Page 2: A NSW MP has labelled Australia's gun laws as "stupid" and urged Americans to fight a proposed toughening up of firearm laws. Aussies hooked up to the NBN are in line to get world-leading internet download speeds.

Page 3: The budget could be in deficit of $17.5 billion after a sharp slump in revenue. Nathan Tinkler is being pursued for allegedly trading while insolvent.

World: US President Barack Obama has lamented a Senate rejection of stricter gun laws.

Business: BHP Billiton executives will work under a more frugal pay regime after its new chief executive redesigned the company's leadership ranks.

Sport: Bulldogs superstar Ben Barba has opened up about the personal demons that kept him sidelined recently.

 

The Herald Sun

Page 1: 70 feared dead, hundreds injured in Texas fertiliser plant explosion.

Page 2: The Boston bomber or bombers may be trapped by their mobile phones. The Napthine Government has been forced to rely on Speaker Ken Smith to win a vote in state parliament after renegade Frankston MP Geoff Shaw voted with the ALP for the first time.

Page 3: Outgoing BHP Billiton boss Marius Kloppers is set to pocket up to $45.4 million, the bulk to be paid after he has left the company.

Busibess: New BHP Billiton chief Andrew Mackenzie has unveiled a major shake-up of the mining giant's senior management team, seeing off his former rivals for the top job.

World: The two-decade deadlock that has gripped efforts to act on gun control continued as a measure to require more gun buyers to go through background checks failed in the US Senate.

Sport: The AFL has decided against a trial of variable ticket pricing at blockbuster games this year.

The Age

Page 1: Still reeling from the Boston bombings, the United States now has to contend with a massive explosion near Waco, Texas, which has injured hundreds and left many dead. It came a day short of the 20th anniversary of the Waco siege, in which 76 died.

Page 2-3: NSW Premier Barry O'Farrell has declared his strong support for legalising same-sex marriage in Australia and challenged federal Opposition Leader Tony Abbott to allow a conscience vote on the issue. The ashes of Melbourne's deadly gangland war have flared back to life with a murder charge dropped and the secret history of another disclosed. Even the most heartfelt wedding proposals might pale compared with the one James Ostroburski arranged for his husband, Leo. Sammy Salma had travelled from Melbourne to Syria with his best friend, Roger Abbas. And this week he died like his friend, thousands of kilometres from his Roxburgh Park home, a victim of a civil war that his family is certain he was not fighting in.

World: Two days after the killing of 20 pupils at a Connecticut school shocked the nation, President Barack Obama climbed a White House stage with an emotional appeal: it was time to fix US gun laws.

Business: BHP Billiton executives will work under a more frugal pay regime, after new chief executive Andrew Mackenzie reshuffled and redesigned the company's leadership ranks.

Sport: AFL chief Andrew Demetriou urged former Essendon boss Peter Jackson to step in and run an uncompromised review of the crisis ridden Melbourne Football Club.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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