Growers fear rail chaos repeat in port sell-off
Giant farming co-operative CBH fears the State Government selloff of Fremantle Port could have disastrous implications for its 4200 grain-growing members in WA and their multibillion-dollar a year export industry. The West
RBA still worried on housing
The Reserve Bank of Australia believes restrictions on bank lending to stop a property boom are only having a small effect and it remains concerned about banks’ and investors’ exposure to the nation’s property market. The Fin
Toll plans to deliver the goods
The Japan Post-owned Toll Holdings is in advanced negotiations with two major e-tailers, including one from offshore, to deliver their products direct to the homes of Australian consumers as Toll chief executive Brian Kruger ramps up his plans to take on Australia Post in parcel deliveries. The Aus
Culture of banking needs to shift: ASIC
The boards of several investment banks have been issued with reports on potential deficiencies in their corporate culture, as scrutiny of remuneration and possible conflicts of interest in the industry gather pace. The Fin
Charter tipped for WA asset tilt
The sale process for more than $800 million in real estate assets owned by the Western Australian government continues to gather pace, with the Insurance Commission of Western Australia already fielding interest from major Australian and international property funds for its holdings. The Aus
Vivien a goer as Ramelius secures mine debt
Ramelius Resources is opening a third operational front after securing a $10 million loan from the Commonwealth Bank to finance its Vivien underground gold mine near Leinster. The West
The Australian Financial Review
Page 1: The Reserve Bank of Australia believes restrictions on bank lending to stop a property boom are only having a small effect and it remains concerned about banks’ and investors’ exposure to the nation’s property market.
Andrew Forrest says he has no interest in selling down his 33 per cent share in Fortescue Metals Group and Fortescue will not issue new shares unless the price reflects the company’s high underlying asset value.
Page 3: Tony Abbott has indicated he will allow the Liberal Party a conscience vote on gay marriage and that the legislation to be voted on – most likely in August – should be cosponsored rather than put forward by any particular party.
Page 7: Drug makers will bear the brunt of around $6.6 billion in savings to be channelled into new drugs and higher returns for pharmacists – who will not face any full-scale assault on their competitive position – under a pharmaceuticals deal struck by the government.
Page 9: Regis Healthcare co-founders Bryan Dorman and Ian Roberts will debut on the BRW Rich List this year with wealth of $550 million each, thanks to the surging share price of their aged care provider that listed on the Australian Securities Exchange last October.
Page 10: Australia’s global competitiveness has slumped to the worst ranking in at least 18 years, slipping behind New Zealand, as business criticised the Abbott government’s failure to kick-start a fresh wave of infrastructure spending.
Page 17: The boards of several investment banks have been issued with reports on potential deficiencies in their corporate culture, as scrutiny of remuneration and possible conflicts of interest in the industry gather pace.
Fortescue will need Chinese cash to bail it out when steel demand slackens this decade, according to an influential Chinese government official.
Page 19: Woolworths and Coles need to target Aldi’s weaknesses – its limited range, lack of service and absence of value-added meals – rather than try to compete with the fast-growing discounter on price or private-label products, says a British retail expert.
Page 20: Insurer spends $75m on tech upgrade Suncorp Group is pouring $75 million into a technology program that aims to reap $170 million in benefits by 2018, as the insurance giant prepares to usher in its new chief executive, Michael Cameron.
Page 23: Programmed managing director Chris Sutherland says he wants to see a speedy outcome, one way or the other, on the renewed merger talks with rival Skilled Group, as the mining sector slowdown pulled profits sharply lower at his own company.
The Australian
Page 4: Fortescue Metals Group has shot down claims it has set up a “secret” Singapore trading hub, pointing out it can never claim tax savings from such an arrangement in the same way its bitter rivals BHP Billiton and Rio Tinto have done.
The China-Australia free-trade agreement is to be signed in Canberra on June 15, setting the scene for a public examination of the details of the deal.
Page 5: Asian schools are shunning rote learning, homework and exams to reduce student stress and produce “emotionally intelligent’’ workers, a new study has found.
Page 6: The Abbott cabinet is still split over stripping terrorists and their supporters of citizenship, including second-generation Australians, as public discussion of the proposals begins.
Page 7: ABC managing director Mark Scott will order a review of issues covered on Q&A, after facing accusations the program has a left-leaning bias.
Page 19: The Japan Post-owned Toll Holdings is in advanced negotiations with two major e-tailers, including one from offshore, to deliver their products direct to the homes of Australian consumers as Toll chief executive Brian Kruger ramps up his plans to take on Australia Post in parcel deliveries.
Page 21: The company building the government’s National Broadband Network is on track to pass one million premises and crack $150 million in revenue by the end of the financial year, despite continuing to rack up huge losses on the mammoth infrastructure project.
A recent rebound in iron ore prices has done nothing to sway the downbeat outlook from forecasters, with Atlas Iron declaring lower price assumptions will see it write $130 million to $160 million off the value of development assets, and Citi slashing its long-term forecast to $US55 a tonne.
Page 27: The sale process for more than $800 million in real estate assets owned by the Western Australian government continues to gather pace, with the Insurance Commission of Western Australia already fielding interest from major Australian and international property funds for its holdings.
The West Australian
Page 1: World soccer is in crisis after Swiss investigators seized data from governing body FIFA’s headquarters for a criminal probe into the controversial 2010 vote that delivered World Cup finals to Russia and Qatar, emphatically rejecting an Australian bid.
Page 3: The number of WA children whose parents refuse to have them vaccinated is at its lowest rate in two years and experts hope it shows the immunisation message is gaining traction.
Page 4: Senior Liberal Arthur Sinodinos says the scope of the GST should be broadened, not reduced, such as through Treasurer Joe Hockey’s preference to remove the impost off tampons.
Business: Atlas Iron says it will again write down the value of its assets by as much as $160 million but believes the impairment will not put it at risk of breaching key debt covenants.
Giant farming co-operative CBH fears the State Government selloff of Fremantle Port could have disastrous implications for its 4200 grain-growing members in WA and their multibillion-dollar a year export industry.
Ramelius Resources is opening a third operational front after securing a $10 million loan from the Commonwealth Bank to finance its Vivien underground gold mine near Leinster.
The WA Government has started the formal process of acquiring land for the Anketell port project in the Pilbara despite the depressed iron ore market.
Tiger Resources suffered a big investor backlash at its annual meeting yesterday as shareholders voted down the company’s pay report.
