Fortescue downgraded amid iron ore price war
Credit rating agency Moodys last night downgraded Fortescue Metals’ investment rating from Ba1 to Ba2 citing ‘‘weak iron ore fundamentals’’ and an expectation that the iron ore price will remain weak throughout 2016. The Fin
States gang up on west over GST
Every state and territory — bar Western Australia — last night took the unprecedented step of signing a joint letter opposing a compromise on the distribution of GST revenue, forcing the issue back on the Abbott government. The Aus
Labor backs WA bail-out over Abbott
Tony Abbott has been given the green light by the Labor Opposition to bail out Western Australia with a special one-off payment but has no intention of doing so, meaning Premier Colin Barnett is set to leave Friday’s meeting of premiers and the Prime Minister empty-handed. The Fin
Rio vows no mercy in supply increase
Rio Tinto remains unapologetic about continued iron ore expansions that are forcing down prices, declaring that the company is in a strong position as higher-cost, late entrants are in distress and that Chinese steel production will continue to increase, despite the growing market view it has peaked. The Aus
Iluka price slides on slow start to year
Iluka Resources’ decision to restart its largest synthetic rutile kiln in response to improving mineral sands demand was not enough to satisfy investors after the miner revealed a soft start to the year. The Fin
Netflix chief hits out at local caps
Netflix chief executive Reed Hastings has hit out against data caps used by Australian internet service providers and said the US-based company regrets the unmetered usage deals it signed with Optus and iiNet, and will avoid them in the future. The Fin
The Australian Financial Review
Page 1: Tony Abbott has been given the green light by the Labor Opposition to bail out Western Australia with a special one-off payment but has no intention of doing so, meaning Premier Colin Barnett is set to leave Friday’s meeting of premiers and the Prime Minister empty-handed.
Credit rating agency Moodys last night downgraded Fortescue Metals’ investment rating from Ba1 to Ba2 citing ‘‘weak iron ore fundamentals’’ and an expectation that the iron ore price will remain weak throughout 2016.
Page 3: Prime Minister Tony Abbott has put an end to speculation over the future of negative gearing by promising there will be no changes. When asked on Thursday whether he could rule out changes to negative gearing, Mr Abbott gave a blunt answer: ‘‘Yes.’’
Page 4: The plunge in iron ore prices is hurting Aboriginal communities that negotiated lucrative royalty agreements with mining companies when prices were much higher.
Fortescue Metals Group chief executive Nev Power has urged the federal and Western Australian governments to intervene to ensure they get the best value from iron ore sales.
Page 11: Netflix chief executive Reed Hastings has hit out against data caps used by Australian internet service providers and said the US-based company regrets the unmetered usage deals it signed with Optus and iiNet, and will avoid them in the future.
Page 13: Qantas risks significant fines and losing a valuable landing slot at London’s heavily congested Heathrow Airport because too many of its flagship A380 super-jumbos have been arriving late, according to internal memos.
Page 15: Woodside Petroleum is planning for ‘‘several years’’ of rock-bottom oil prices, with chief executive Peter Coleman determined to keep cutting costs to protect margins.
Page 16: New AGL Energy chief executive Andy Vesey has shaken up the organisational structure of the country’s largest electricity and gas retailer, leading to the departure of two senior executives.
Page 18: Fortescue Metals Group chief executive Nev Power says executive salaries are not safe from the organisational review sweeping the iron ore miner.
Page 19: Iluka Resources’ decision to restart its largest synthetic rutile kiln in response to improving mineral sands demand was not enough to satisfy investors after the miner revealed a soft start to the year.
The Australian
Page 1: The economy appears to be shrugging off the collapse in iron ore prices and has posted the best run of jobs growth for more than four years, raising hopes that unemployment may have passed its peak and further interest rate cuts may not be necessary.
Every state and territory — bar Western Australia — last night took the unprecedented step of signing a joint letter opposing a compromise on the distribution of GST revenue, forcing the issue back on the Abbott government.
Page 4: Tony Abbott has sidestepped changes to media ownership and concentration laws in a private meeting with TV network bosses, avoiding picking a fight with powerful media proprietors as he rebuilds his leadership.
Page 19: Rio Tinto remains unapologetic about continued iron ore expansions that are forcing down prices, declaring that the company is in a strong position as higher-cost, late entrants are in distress and that Chinese steel production will continue to increase, despite the growing market view it has peaked.
A jump in Australia’s March employment is “unambiguously good” news for the economy, which is now “very far” from recession, said John Edwards, a board member of the Reserve Bank.
Page 20: Oil major Royal Dutch Shell is still willing to back the multibillion-dollar Browse LNG project despite its proposed $91 billion takeover of BG Group and the likelihood of a prolonged downturn in oil prices, Woodside Petroleum chief executive Peter Coleman says.
Page 22: The Australian arm of Brazilian food giant JBS, the nation’s largest beef exporter and the world’s biggest processor of protein, has slashed two-thirds of its brands as it works to improve its relations with the big supermarket chains and improve the profitability of its local business.
Page 29: Growth in the Australian helicopter industry appears to have stalled as it is caught in a crossfire of factors, including the fall in the dollar and the end of the mining boom.
The West Australian
Page 1: Colin Barnett has asked Tony Abbott to give WA two years relief from cripplingly low GST payments, warning that the State may have to become more “selfish” in helping east coast States in times of crisis.
Page 3: Perth Glory will not play finals this season after they accepted Football Federation Australia’s sanction for a salary cap fiasco.
Page 10: ANZ is paying back $30 million to financial planning customers who failed to get the service they paid for.
Page 18: Netball WA’s plan to make volunteers pay has surprised Basketball WA administrators, who say the game owes volunteers — not the other way around.
Business: Mines Minister Bill Marmion has moved to insulate the State Government’s subsidies for mineral exploration from budget cuts, releasing a report arguing the scheme delivers far more than it costs.
Rio Tinto boss Sam Walsh has signalled the company will continue to pile the pressure onto smaller iron ore producers, telling investors in London overnight Rio will push ahead with plans to expand its Pilbara mines.
Woodside Petroleum says key operating costs, such as buying supplies, service provision and drill rig hire, have fallen 25 per cent and in some cases halved as the industry adjusts to a low oil price environment that the Perth giant warns could last for years.
Perth biotech Proteomics International Laboratories has finished its first day of trade in positive territory, closing up 2.5¢ from its 20¢-a-share listing place.