Fortescue close on $2bn iron ore project
Fortescue close on $2bn iron ore project
Andrew Forrest’s Fortescue Metals could push the button on a new $US1.5 billion-plus ($2bn) West Australian iron ore project this year, with chief executive Elizabeth Gaines saying the Iron Bridge magnetite project it owns with China’s Baosteel and Taiwan’s Formosa is economic at today’s prices. The Aus
NAB to refund $67m of automatic financial adviser fees
National Australia Bank has been forced to refund $67 million to more than 300,000 customers who were charged hundreds of dollars in fees for the opportunity to access a financial adviser — even if they didn’t use the adviser’s services. The Aus
ACCC likely to clear Nine merger
Competition lawyers said the Australian Competition and Consumer Commission would look favourably on the proposed merger between Nine and Fairfax. The Fin
Spookfish target of $122m bid
US aerial imagery company EagleView Technologies is set to take over Spookfish in a deal valuing the WA technology company at about $122 million. The West
Dick Smith blames Aldi for closure
Businessman Dick Smith is shutting down his eponymous food brand and has blamed the rapid rise of Aldi supermarkets in Australia. The Fin
Dairy fears from export ban
WAFarmers president Tony York has warned dairy farmers they will not escape the fallout from a live export ban or crippling over-regulation. The West
MinRes defends disclosure as ASX demands answers
Chris Ellison’s Mineral Resources has been forced to defend its public disclosure record after being hauled over the coals by the Australian Securities Exchange following a private briefing to institutional investors. The Fin
Facebook shares dive on slow growth fears
After touching record highs on Wednesday night, Facebook shares dropped as much as 23 per cent in after-hours trading, a plunge that represented roughly $US130 billion ($175bn) of the company’s value. The Aus
The Australian Financial Review
Page 1: Nine Entertainment will acquire Fairfax Media in a cash and scrip $4.2 billion takeover that the companies say will allow them to challenge Facebook and Google and potentially trigger a further wave of mergers and acquisitions in the local media sector.
Page 3: Australian Securities and Investments Commission chairman James Shipton has warned of a ‘‘wholesale review of conflicts of interests’’ in the $2.6 trillion superannuation industry.
Businessman Dick Smith is shutting down his eponymous food brand and has blamed the rapid rise of Aldi supermarkets in Australia.
Page 4: Treasury has delivered a strong critique of financial services companies, saying profits have been propped up by a lack of effective competition that has led to a collective dulling of the senses for board members.
Page 7: Competition lawyers said the Australian Competition and Consumer Commission would look favourably on the proposed merger between Nine and Fairfax.
Page 14: Lenders’ attempts to attract cashed-up borrowers with honeymoon rates could turn sour for banks and borrowers as yield compression and high reversionary rates squeeze profits and discounts, analysis reveals.
Page 17: The head of Dow Chemical has urged the country to give up on ‘‘stop-gap’’ answers to the east coast gas crisis such as LNG imports and invest in a ‘‘true’’, long-term solution such as a gas pipeline from the west coast to return gas to prices low enough to sustain a manufacturing industry.
Page 19: Fortescue Metals Group has refused to rule out an improved bid for Atlas Iron and declined to forecast the size of the price discounts that will be applied to its products in fiscal 2019.
Chris Ellison’s Mineral Resources has been forced to defend its public disclosure record after being hauled over the coals by the Australian Securities Exchange following a private briefing to institutional investors.
Page 27: Food franchisor Retail Food Group has tendered its entire distribution business, which is worth between $100 million and $200 million a year, as part of a strategy to cut costs and simplify business for struggling franchisees.
The Australian
Page 1: Former High Court judge Ian Callinan will conduct a sweeping review of the Administrative Appeals Tribunal amid threats by the government of a radical shake-up for the court over a string of controversial decisions to allow serious offenders to enter or remain in Australia.
Page 2: The corporate regulator’s criminal conviction rate has plummeted to less than a third of its success rate two decades ago while its cost to taxpayers has almost trebled.
Page 19: After touching record highs on Wednesday night, Facebook shares dropped as much as 23 per cent in after-hours trading, a plunge that represented roughly $US130 billion ($175bn) of the company’s value.
Page 20: Latitude Financial Services is looking for an overseas cornerstone investor to take a major stake in the company as it heads towards a public float.
Page 21: National Australia Bank has been forced to refund $67 million to more than 300,000 customers who were charged hundreds of dollars in fees for the opportunity to access a financial adviser — even if they didn’t use the adviser’s services.
Page 25: Andrew Forrest’s Fortescue Metals could push the button on a new $US1.5 billion-plus ($2bn) West Australian iron ore project this year, with chief executive Elizabeth Gaines saying the Iron Bridge magnetite project it owns with China’s Baosteel and Taiwan’s Formosa is economic at today’s prices.
Page 27: The government is examining an industry report that warns the shortage of qualified pilots and maintenance engineers is a “major issue” for Australia’s aviation system.
Page 28: Female barristers pocketed just 15 per cent of the $270 million in fees paid by clients who reported to the Law Council under its equitable briefing policy, despite making up almost 25 per cent of the nation’s barristers.
The West Australian
Page 3: WA Police say they will talk to the major banks about imposing lower limits on tap-and-go bank cards as more crooks use them in crime sprees.
Business: US aerial imagery company EagleView Technologies is set to take over Spookfish in a deal valuing the WA technology company at about $122 million.
Infinite Energy’s Aidan Jenkins, engineering outfit Engenium’s Wayne Peel and communications systems firm AVI’s Tony Routledge have taken out top WA honours in this year’s EY Entrepreneur of the Year awards.
Newcrest Mining’s marginal Telfer gold mine in the East Pilbara returned to profitability in the June quarter on the back of higher production rates.
WAFarmers president Tony York has warned dairy farmers they will not escape the fallout from a live export ban or crippling over-regulation.
Polar X is expected to emerge from a trading halt today to announce a $3.6 million capital raising.
