CBH takes axe to 60 jobs
WA’s biggest co-operative has taken the axe to its management ranks as part of a cost-cutting exercise designed to save $25 million and ensure it can compete with overseas grain-growing rivals, some of whom are already operating in WA. The West
Corrigan swoops on Asciano
Qube, the logistics group chaired by waterfront warrior Chris Corrigan, is trying to bust up Brookfield Infrastructure’s $8.9 billion takeover bid for Asciano after buying 19.9 percent of the ports and rail group last night. The Fin
Packer buys into De Niro’s Nobu
Billionaire James Packer has bought himself a $US100 million ($141m) seat at the table of Robert De Niro’s restaurant and hotel company, Nobu. Aus
Albanese tips price weakness to continue
Former Rio Tinto boss Tom Albanese expects iron ore prices to keep falling from about $US50 a tonne, tipping ‘‘downside’’ risk as new low-cost supply continues to come online. The Fin
Blackmores in spat over pot
Herbal remedy maker Blackmores has defended its move into the medicinal cannabis market after the NSW government excluded it from a lucrative clinical trial and implied that it was producing low-quality ‘‘street marijuana’’. The FIn
Woolies hit on poor sales
Investors have savaged Woolworths after a poor sales performance and shock profit downgrade reinforced market sentiment that the nation’s biggest retailer is losing its way. The Fin
The Australian Financial Review
Page 1: Qube, the logistics group chaired by waterfront warrior Chris Corrigan, is trying to bust up Brookfield Infrastructure’s $8.9 billion takeover bid for Asciano after buying 19.9 percent of the ports and rail group last night.
Page 4: The Business Council of Australia warns that unless the health system is fundamentally redesigned, it will become financially unsustainable, help drive combined state and federal budget deficits to $80 billion in today’s money, and eventually collapse under the sheer weight of cost.
The superannuation industry agrees loopholes in the tax system have been rorted for wealth creation, but worries the system will become too inflexible if transition to retirement arrangements are scrapped altogether.
Page 10: Herbal remedy maker Blackmores has defended its move into the medicinal cannabis market after the NSW government excluded it from a lucrative clinical trial and implied that it was producing low-quality ‘‘street marijuana’’.
Page 11: Resources Minister Josh Frydenberg has refused to back his Nationals colleagues’ calls for farmers to be allowed to veto coal seam gas on their land, but said he will meet with state leaders to discuss a way forward.
Page 12: Some of the funds the self-declared ‘‘infrastructure prime minister’’ Tony Abbott allocated for major roads will contribute to a predicted construction rebound next financial year.
Page 15: Former Rio Tinto boss Tom Albanese expects iron ore prices to keep falling from about $US50 a tonne, tipping ‘‘downside’’ risk as new low-cost supply continues to come online.
Rio Tinto has beaten BHP Billiton as Citi’s preferred pick among the big miners, retaining its ‘‘buy’’ rating despite a heavy reliance on iron ore.
Page 16: Australia’s largest bookmaker, Tabcorp, has called for less gambling advertising, which it argues is harmful to the community, and delivered its annual attack on international betting operators for paying minimal tax.
Page 18: JB Hi-Fi’s low cost of business will safeguard it from the outbreak of a pre-Christmas electronics price war, says chief executive Richard Murray.
The Australian
Page 1: Private training colleges have profiteered at public expense, tripling tuition fees in three years and lumping taxpayers with a ballooning $3 billion bill for student loans.
Page 2: A new round of media deals will be given the all-clear from Canberra as the Turnbull government tries to dump old laws that block big mergers, drawing praise from industry amid fears that Labor will block one of the changes.
Page 4: Low economic growth and its constraint on government revenue will force cuts to Australia’s health system unless it is reformed to tackle unsustainable spending increases.
Page 5: Billionaire James Packer has bought himself a $US100 million ($141m) seat at the table of Robert De Niro’s restaurant and hotel company, Nobu.
Page 7: Despite tensions over artificial islands in the South China Sea, the Royal Australian Navy is stepping up its regional ship visits in a program of military diplomacy which will be a key part of the coming defence white paper.
Page 8: China’s ruling Communist Party announced last night that it will abolish the country’s decades-old one-child policy and allow all couples to have two children.
Page 20: Newcrest Mining managing director Sandeep Biswas says it is too early to tell if a mill outage at its Cadia-Ridgeway goldmine near Orange that sent shares sliding yesterday will have a significant impact on production and costs.
Page 22: David Jones chairman Ian Moir said the up-market department store owner was experiencing accelerating sales growth, led by well-heeled shoppers, with consumer sentiment definitely improving since the switch to Malcolm Turnbull as PM.
Page 24: Nintendo said yesterday that its first mobile application would be called Miitomo, clearing up a mystery that has gripped the videogame industry since the company earlier this year said it would make the leap to smartphones.
The West Australian
Page 3: Facebook pictures and images from State driver’s licences and passports could be collected in a Federal database to help police and spies find their targets.
Page 5: Long-serving HBF managing director Rob Bransby wants Belmont Park to become the home of night-time racing when he takes up the reins at Perth Racing mid next year.
Page 9: Perth researchers will use a unique “gene mine” based on mice to work out the best diet to protect from type 2 diabetes.
Page 24: The union for metalworkers has demanded the State Government guarantee that the $54 million pedestrian bridge between the new Perth Stadium and East Perth be made in WA.
Page 28: Fremantle mayor Brad Pettitt wants to stop Perth’s urban sprawl by defining its boundary and refusing development beyond it.
Business: Investors have savaged Woolworths after a poor sales performance and shock profit downgrade reinforced market sentiment that the nation’s biggest retailer is losing its way.
WA’s biggest co-operative has taken the axe to its management ranks as part of a cost-cutting exercise designed to save $25 million and ensure it can compete with overseas grain-growing rivals, some of whom are already operating in WA.
Apache is set to cut all ties with WA after striking a $US391 million ($551 million) deal to sell out of the Pilbara ammonia empire controlled by Norwegian fertiliser giant Yara International.
