Acquisitions the only way for South32
The management of BHP’s spin-off of unwanted assets, South32, will have little choice but to chase acquisitions if it wants to pursue growth, Deutsche Bank says. The Fin
Cliffs report shows pressure of price falls
The extreme margin pressure brought on by the collapse in iron ore prices has been underscored in the December quarter production report posted by the US-listed group that owns the Koolyanobbing operation in Western Australia, Cliffs Natural Resources. The Aus
Gina baulks at children’s court costs
A new feud over millions in legal costs owed in the trust dispute between Gina Rinehart and her eldest children has erupted, with Australia’s wealthiest person refusing to pay their legal costs. The Aus
Call to push students harder
Too many WA children are missing out on a chance to go to university because schools are failing to push them into harder academic courses, Murdoch University acting vice-chancellor Andrew Taggart has warned. The West
Uppercut for Navitas as SAE disappoints
A profit reversal at its SAE creative media arm has blighted Navitas’ half-year results, sparking a sell-down which wiped nearly $200 million from its shares. The West
Julie Bishop won’t challenge but keeps options open
Foreign Minister Julie Bishop has ruled out directly challenging Tony Abbott for the Liberal Party leadership but reserves the right to put up her hand if someone else moved to force him to declare the position vacant and hold a ballot. The Fin
Seven ‘too small to take out Beach’
Analysts believe Seven Group Holdings is unlikely to launch a takeover play for Beach Energy but remain divided over the group’s intentions for its rapid acquisition of a 13.8 per cent stake in the oil and gas company. The Fin
Foreign students bring in $16bn
International students contributed a record $16.6 billion to the Australian economy in 2014, up from a high of $16.1bn in 2009, with figures expected to continue growing as the lower Australian dollar and fast-tracked visas drag the sector from the doldrums. The Aus
The Australian Financial Review
Page 1: Treasurer Joe Hockey has put the Reserve Bank of Australia on notice that he expects another official interest rate cut following Tuesday’s reduction to 2.25 per cent, which is designed to fire up an economy reeling from falling commodity prices, a high dollar and chaotic political system.
Foreign Minister Julie Bishop has ruled out directly challenging Tony Abbott for the Liberal Party leadership but reserves the right to put up her hand if someone else moved to force him to declare the position vacant and hold a ballot.
Page 3: A mid-tier accounting firm is challenging the big four firms for corporate advisory work in the best way that it knows how: by joining China’s most prominent accounting firm network.
Page 5: The business community is worried about a repeat of the Henry tax review process, which was said to be impotent because the GST was excluded from consideration.
Page 10: At the age of 35, Tim Cahill will be among the top-five highest paid Australian athletes after agreeing to a lucrative transfer to Chinese club Shanghai Shenhua.
Page 15: Suncorp Group chairman Ziggy Switkowski has revealed chief executive Patrick Snowball will retire from the insurance giant and his successor will be identified by the end of 2015.
Page 17: Navitas maintains earnings forecast Investors have punished education group Navitas for posting a 13 per cent fall in net profit after tax and confirming write-downs caused by the loss of a key contract with Macquarie University.
Logistics giant Brambles’ £320 million ($615 million) acquisition of oil and gas container supplier Ferguson Group will come under scrutiny at its coming result as the plummeting oil price threatens the division’s earnings.
Page 20: Analysts believe Seven Group Holdings is unlikely to launch a takeover play for Beach Energy but remain divided over the group’s intentions for its rapid acquisition of a 13.8 per cent stake in the oil and gas company.
Page 21: The management of BHP’s spin-off of unwanted assets, South32, will have little choice but to chase acquisitions if it wants to pursue growth, Deutsche Bank says.
The Australian
Page 1: The Reserve Bank has lost faith in the economy staging a recovery over the year ahead and is facing pressure from the government to follow up yesterday’s rate cut to a record low 2.25 per cent with further reductions.
Tony Abbott’s critics are escalating public pressure for a leadership spill next week to clear the way for Julie Bishop or Malcolm Turnbull to lead the government.
Page 2: Peter Greste expressed “relief and excitement” yesterday at being freed after more than a year in an Egyptian prison, but said he felt real stress over leaving his two jailed colleagues behind.
Page 3: International students contributed a record $16.6 billion to the Australian economy in 2014, up from a high of $16.1bn in 2009, with figures expected to continue growing as the lower Australian dollar and fast-tracked visas drag the sector from the doldrums.
A new feud over millions in legal costs owed in the trust dispute between Gina Rinehart and her eldest children has erupted, with Australia’s wealthiest person refusing to pay their legal costs.
Page 5: Families will pay up to $60 a day more for childcare when new staffing rules take force next year, undermining Tony Abbott’s pledge to make day-care cheaper.
Page 6: Retirees have warned Tony Abbott not to fund his childcare package through a 1.5 per cent levy on big business as it would strip about $1.6 billion a year from franking credits, cutting their investment income.
Page 8: Good Samaritans rushed to help people who were on fire after a deadly explosion at a shopping centre in Perth’s northeast yesterday morning.
Page 19: The Reserve Bank has joined the worldwide trend to ease monetary policy, cutting official interest rates for the first time in 18 months yesterday in a move that casts doubt on the health of the Australian economy and paves the way for official interest rates below 2 per cent by Christmas.
News Corp’s Australian operations paid corporate ta x totalling $417.3 million over a five-year period, with the media group also paying an additional $900m in Australian goods and services, fringe benefits and payroll taxes over the same period.
British gas giant BG Group has taken one of the biggest write-downs on an Australian resources project, logging $US6.8 billion ($8.87bn) in impairments on the recently started Queensland Curtis LNG plant, largely reflecting sharply reduced profit forecasts.
Page 20: The extreme margin pressure brought on by the collapse in iron ore prices has been underscored in the December quarter production report posted by the US-listed group that owns the Koolyanobbing operation in Western Australia, Cliffs Natural Resources.
The West Australian
Page 1: A WA Liberal MP has broken cover to declare he has lost confidence in Tony Abbott and may trigger a leadership spill next week.
Page 3: Too many WA children are missing out on a chance to go to university because schools are failing to push them into harder academic courses, Murdoch University acting vice-chancellor Andrew Taggart has warned.
Page 6: Australian homeowners and businesses are being urged to go out and spend after the Reserve Bank cut official interest rates to their lowest level since 1959.
Page 13: Australia’s aviation regulator has put Indonesia AirAsia under increased surveillance after the crash of Flight QZ8501 on December 28, when all 162 people aboard died.
Page 16: The State Government still does not know whether it will be able to host Friday night football at the new Burswood stadium because of public transport constraints.
Business: A profit reversal at its SAE creative media arm has blighted Navitas’ half-year results, sparking a sell-down which wiped nearly $200 million from its shares.
Mines and Petroleum Minister Bill Marmion says prospectors have overreacted to proposed changes to environmental administration fees, despite a partial back-down on their planned expansion.
Mining billionaire Andrew Forrest is planning a major upgrade of Harvey Beef as he targets new markets for WA agriculture, including a big boost in exports to Malaysia.