Politics hits funds growth
The corporate adviser who wrote the blueprint to transform Australia into Asia’s funds-management capital says the industry has been a victim of the instability that has racked politics for years and business is desperate to avoid another hung Parliament. The Fin
Brexit may prompt RBA to lean towards cash-rate cut
The Reserve Bank of Australia is expected to signal after a board meeting next week that its most likely next step could be another cut in official interest rates. The Fin
Incoming government must revive tax debate: investors
Leading investors have called for the incoming federal government to resume broad tax discussions within six months of Saturday’s election in an effort to boost the competitiveness of the local system and lift economic growth. The Fin
BHP has high hopes for Trinidad oil prospects
BHP Billiton’s oil and gas exploration team in Houston is filled with an ‘‘almost palpable’’ sense of excitement as drilling tests a large oil prospect in Trinidad that may have the potential to anchor a new petroleum heartland for the mining major, according to head of geoscience Laura Tyler. The Fin
Packer’s $2b casino gets the green light
James Packer’s Crown Resorts has won approval for his $2 billion Sydney casino at Barangaroo after the NSW independent Planning Assessment Commission sanctioned the controversial resort, which is expected to open in early 2021. The Fin
Hockey tells US: trade deal locked in
Australia’s ambassador in Washington, Joe Hockey, has pushed back against US calls for other countries to make further concessions in the hope of persuading congress to support a domestically unpopular Asia-Pacific trade pact. The Aus
Satterley raps Premier over ‘threats to MPs’
Property mogul Nigel Satterley has levelled extraordinary allegations at Colin Barnett, saying the Premier threatened MPs with corruption proceedings for dealing with the developer. The West
No pay joy for subcontractors
The State Government has cited an aversion to red tape as the reason it has failed to introduce a measure it promised three years ago to guarantee payments to subcontractors when a building firm goes bust. The West
Premier rejects TAB sale option
Deep divisions have been exposed within the State Government over the sale of the TAB after Colin Barnett ruled out suggestions made by Racing Minister Colin Holt. The West
McFarlane feels heat to resign
ASX-listed Northern Manganese has called on former chairman Bruce McFarlane to resign as a director after he traded shares in the gold explorer worth $439,597 without the permission of the board. The West
The Australian Financial Review
Page 1: The corporate adviser who wrote the blueprint to transform Australia into Asia’s funds-management capital says the industry has been a victim of the instability that has racked politics for years and business is desperate to avoid another hung Parliament.
The Reserve Bank of Australia is expected to signal after a board meeting next week that its most likely next step could be another cut in official interest rates.
Page 5: Labor’s medium-term budget forecasts have been undermined by revelations that the Parliamentary Budget Office believes the impact of negative gearing and capital gains tax changes are uncertain enough to make revenue forecasts of low reliability.
Page 7: Labor’s agriculture spokesman, Joel Fitzgibbon, has called for farmers to start getting involved in collective action to claw back more dollars from dairy processors such as Murray Goulburn after yet another price cut was announced on Tuesday.
Page 8: Rising energy prices fuelled by South Australia’s ambitious renewable energy target have helped send stricken Whyalla steelmaker Arrium cap in hand to governments seeking $150 million-plus in taxpayer aid.
West Australian premier Colin Barnett has warned Liberal members not to accept large donations from donors after the state’s largest property developer, Nigel Satterley, said he would bypass the party in favour of lining the campaign pockets of individual candidates.
Page 9: Worried that they have too many critical issues to fret about, too little time to think about them and less than four years on average to enjoy the perks of office anyway, Australia’s chief executives are yet more confident about the future of their businesses than their global peers.
Leading investors have called for the incoming federal government to resume broad tax discussions within six months of Saturday’s election in an effort to boost the competitiveness of the local system and lift economic growth.
Page 11: Of the myriad issues that must be resolved in a renegotiation of Britain’s relationship with the European Union, few are as important as prized pass-porting rights enjoyed by financial services companies.
Page 15: BHP Billiton’s oil and gas exploration team in Houston is filled with an ‘‘almost palpable’’ sense of excitement as drilling tests a large oil prospect in Trinidad that may have the potential to anchor a new petroleum heartland for the mining major, according to head of geoscience Laura Tyler.
Page 17: Evolution Mining executive chairman Jake Klein says the company is determined to remain a mid-tier producer to avoid the value destruction that has plagued the gold industry’s growth-focused majors, as the miner announced it would double its dividend payout after a strong 2016 financial year.
Rio Tinto has reduced its exposure to tax havens over the past year but its Singapore marketing hub continues to be investigated by the Australian Taxation Office.
Page 18: Upmarket New Zealand wine producer Cloudy Bay generates about 65 per cent of its Australian sales from on premise outlets such as restaurants and bars and the company’s boss says it’s an important factor in a concentrated market where Woolworths and Coles dominate liquor retailing.
Drinks and dairy business Lion is coming under increasing pressure to reinvigorate growth in its mainstream beer operations and grow faster in boutique beer brands, as parent company, Japan’s Kirin Corporation, heads towards its 20th anniversary of having a big stake in the Australian beer industry.
Page 21: James Packer’s Crown Resorts has won approval for his $2 billion Sydney casino at Barangaroo after the NSW independent Planning Assessment Commission sanctioned the controversial resort, which is expected to open in early 2021.
Page 28: Morgan Stanley raised its iron ore outlook for this year and 2017 after prices rallied in the first six months, saying that the top suppliers in Australia are managing the addition of new supply and steel demand in China will remain supported.
The Australian
Page 1: Relations between the EU and Britain took a further nosedive in the European Parliament last night as European Commission chief Jean-Claude Juncker asked British MEPs why they had bothered turning up.
Page 4: Australia’s ambassador in Washington, Joe Hockey, has pushed back against US calls for other countries to make further concessions in the hope of persuading congress to support a domestically unpopular Asia-Pacific trade pact.
Page 6: Labor’s plan to shelve its own superannuation policy while booking savings from the Coalition’s proposal would face difficulties with Treasury if it were elected, and might also be rejected by the Parliamentary Budget Office.
Page 10: British Home Secretary Theresa May emerged as a top contender for prime minister yesterday after Chancellor George Osborne ruled himself out and a poll showed she was far more popular than Boris Johnson.
Page 19: Roger Corbett, who led Woolworths through its golden age when it outmanoeuvred Coles and ruled the supermarket sector, has labelled the retailer’s disastrous foray into hardware through Masters a “massive strategic mistake”.
The Roger Corbett-chaired Mayne Pharma will transform into a key player in the US generics drug market after sealing a “company-making” $US652 million ($880m) deal with Israel’s Teva Pharmaceuticals.
Page 22: Deloitte will pursue further acquisitions in the cloud computing and design sectors to further beef up its technology capacity after reporting a 15 per cent increase in revenue to a record $1.53 billion.
Stricken music-streaming service Guvera hopes to raise between $15 million and $20m from local and overseas investors over the next fortnight in a last-ditch bid to keep the group alive after it put two subsidiaries into administration.
KPMG Australia chairman Peter Nash has lashed the institutional investor community for putting pressure on companies to be more short-term focused after a survey revealed the nation’s corporate leaders were not getting the time to think strategically about disruption and innovation.
Page 26: The listed National Storage REIT has transformed its business with the acquisition of the Southern Cross portfolio and four standalone assets, backed by a $260 million equity raising yesterday, with the play making it the second-largest operator in the specialist asset class.
The West Australian
Page 3: Hip Swedish fashion retailer H&M has selected Perth retail centre the General Post Office for its flagship WA store.
Page 4: Property mogul Nigel Satterley has levelled extraordinary allegations at Colin Barnett, saying the Premier threatened MPs with corruption proceedings for dealing with the developer.
Page 12: Celebrity chef Jamie Oliver’s Italian restaurant in Perth is on the market after the sudden collapse of the company behind the chain in Australia.
Page 14: The State Government has cited an aversion to red tape as the reason it has failed to introduce a measure it promised three years ago to guarantee payments to subcontractors when a building firm goes bust.
Page 19: Kidnappers who targeted a WA mining company in Nigeria were members of a local criminal gang and were not members of a terrorist group.
Page 22: Deep divisions have been exposed within the State Government over the sale of the TAB after Colin Barnett ruled out suggestions made by Racing Minister Colin Holt.
BUS1: ASX-listed Northern Manganese has called on former chairman Bruce McFarlane to resign as a director after he traded shares in the gold explorer worth $439,597 without the permission of the board.
BUS2: Pilbara Minerals is set to appoint resources veteran Tony Kiernan as its new chairman and Chris Ellison’s Mineral Resources is moving into the region, in the latest moves shaking up the emerging Pilbara lithium sector.
BUS3: The company that gobbled up Perth’s Amcom is continuing on its acquisition streak with reports Vocus is raising $650 million to buy communications company NextGen.
BUS5: Independence Group has mined the first development ore at its $443 million Nova mine, insisting progress on the nickel-copper project on the edge of the Nullarbor remains on schedule and budget.
