Today's business headlines - updated

THE WEST AUSTRALIAN (BUSINESS NEWS HEADLINES)

New PMA team take stock on vanadium

Precious Metals Australia is facing significant copst increases and delays in its bid to revive the Windimurra vanadium mine near Mount Magnet, prompting a strategic review of the entire venture.

Primewest pays $57m for Amcor HQ

John Bond's Primewest Management has paid a record $57 million for Amcor's Bibra Lake headquarters in one of the biggest industrial property deals in WA.

Repcol flags $60m loss as rescue talks continue

Troubled debt collector Repcol is expected to announce a half-year loss of about $60 million as it continues to try to negotiate a rescue deal with bigger Sydney rival Credit Corp Group.

THE WEST AUSTRALIAN (GENERAL NEWS HEADLINES)

WA set for record surplus as tax soars

Treasurer Eric Ripper has been accused by the Opposition of cooking the books to conceal the true extent of his tax grab after fresh Treasury figures showed the State Government was on track to smash last year's record budget surplus.

Sugar mill rescue hope fades as State draws line

Hopes of rescuing the Ord River sugar industry were fading last night after the State Government revealed it would not increase an offer of $4 million to help local growers buy the struggling Kununurra sugar mill.

Edwardes 'next Lib president'

The State's first female attorney-general, Cheryl Edwardes has emerged as the hot favourite to replace Danielle Blain as WA Liberal Party president later this year.

THE AUSTRALIAN FINANCIAL REVIEW

Pages 1: Retail superannuation funds are slashing fees for wealthy investors in the battle for a share of frowing inflows into super before the federal government's retirement system reforms take effect on July 1. The insurance industry is outraged over a federal government plan to levy the top marginal tax rate on payouts made under group insurance plans, which key executives claim will in effect amount to a tax on death benefits.The Prime Minister's chief scientific advisory panel has warned that Australia's adaptation to climate change requires sweeping measures to protect infrastructure, including the extension of airport runways and flood mitigation for road and rail networks.

Page 2-3: Western Australian Premier Alan Carpenter predicts Chinese investment and trade will continue to smash records and fill government coffers, citing fresh interest in the infrastructure, property and hotel sectors and continuing strong demand for commodities.

Page 5: The federal government has agreed to a Family First push for better redundancy protection under its new fairness test, but faces increasing pressure to rule out police being employed on Australian workplace agreements.

World: China's stock investors weighed back into the market yesterday, pushing the benchmark index up by almost 3 per cent, relieved that the government did not move to raise interest rates over the weekend.

Markets: Stock investors around the world have recovered their aplomb at warp-speed after an early-month drubbing caused by a violent surge in bond yields.