Investors blame Rio board for Alcan debacle – The Aus; WA risks ‘best State’ tag – The West; Gas crisis looms for manufacturing, says Brickworks – The Fin; Rinehart urges Rio to move HQ to Perth – The West; QBE joins cost-cutters – The Fin
Investors blame Rio board for Alcan debacle
Mining giant Rio Tinto is under pressure to broaden the blame for billion of writedowns since the disastrous Alcan acquisition beyond former chief executive Tom Albanese and strategy chief Doug Ritchie. The Aus
WA risks 'best State' tag
WA is at risk of being overtaken by the Northern Territory as the nation's best performing economy, a new report claims. The West
Gas crisis looms for manufacturing, says Brickworks
Australian manufacturers are facing a gas crisis, including absolute shortages, because of Canberra’s export-first policies, says Lindsay Partridge, managing director of Brickworks, the country’s largest brick manufacturer. The Fin
Rinehart urges Rio to move HQ to Perth
Billionaire mining magnate Gina Rinehart has called on new Rio Tinto boss Sam Walsh to shift the Anglo-Australia’s global headquarters from London to Perth, a move that would effectively transform WA into the mining capital of the world. The West
QBE joins cost-cutters: 700 jobs face the axe
QBE Insurance Group is the latest financial services company planning significant job cuts as new chief executive John Neal pushes ahead with a million annual operating cost savings drive across the group. The Fin
THE WEST AUSTRALIAN:
Page 1: WA is at risk of being overtaken by the Northern Territory as the nation’s best performing economy, a new report claims.
Page 3: Billionaire mining magnate Gina Rinehart has called on new Rio Tinto boss Sam Walsh to shift the Anglo-Australia’s global headquarters from London to Perth, a move that would effectively transform WA into the mining capital of the world.
Page 5: Concern over the provision of life-saving equipment and training in schools became an election issue yesterday when the Barnett government was accused of putting lives at risk by cutting funding for the management of children with severe food allergies.
The WA Greens launched their 2013 election campaign yesterday with a promise to deliver free public transport before 7am.
A year-old Labor promise to introduce electronic monitoring of domestic violence offenders is now a re-election commitment of the Liberal-Nationals Government.
Page 6: A police officer dragged an unconscious man from his submerged car after it plunged off the Barrack Street jetty into the murky Swan River yesterday.
Page 7: A search for a prospector who went missing in the northern Goldfields will continue this week.
Researchers claim to have further evidence that attention deficit hyperactivity disorder medication can delay growth in teenage boys.
Page 8: Fremantle mayor Brad Pettitt hopes a new policy preserving graffiti considered to have artistic or cultural merit will give the port city a “diverse artistic edge” after research revealed broad community support for the plan.
A national registry to track all women who have received breast implants still does not exist despite the global health scare 12 months ago over potentially faulty implants.
Page 9: A 160-room hotel will be built near Perth’s domestic airport to capitalise on the fly-in, fly-out market and provide a fast, cheap solution to the city’s hotel room shortage.
Page 12: Health Minister Kim Hames wants mobile hospitals with operating theatres to travel to remote parts of the Kimberley where they would be used to tackle widespread hearing problems affecting hundreds of indigenous children.
Page 13: A prospector has launched legal action against a Pilbara Aboriginal group, claiming it has racially discriminated against her by imposing a $25,000 fee to allow her access to reserve land.
Page 15: Labor has accused the State Government of playing politics with the sport of mixed martial arts and endangering the safety of competitors.
Page 23: Albany’s long wait for connection to the State’s main gas supply appears over, with a coalition of energy giants firming as the backers of the $135 million, 350km pipeline to the former whaling town.
Gina Rinehart has weighed into the conversation surrounding Rio Timto’s decision to axe chief Tom Albanese, saying his strong leadership was counted by some “very poor” investment decisions by the board and senior management.
Page 24: A $150 million Port Hedland accommodation project put into receivership by BHP Billiton may have another chance, with another mining company potentially becoming an anchor tenant.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Australian manufacturers are facing a gas crisis, including absolute shortages, because of Canberra’s export-first policies, says Lindsay Partridge, managing director of Brickworks, the country’s largest brick manufacturer.
QBE Insurance Group is the latest financial services company planning significant job cuts as new chief executive John Neal pushes ahead with a million annual operating cost savings drive across the group.
A row between the $80 billion Future Fund and some of the nation’s biggest superannuation funds over the value of Perth airport is threatening to erupt amid claims of “gaming” in the sales process for assets owned by Australian Infrastructure Fund.
Rio Tinto chairman Jan du Plessis has told investors the Anglo-Australian mining giant will not diverge from its strategy of investing in frontier regions despite expectations that new chief executive Sam Walsh will adopt a more cautious approach to approving new projects.
A regional arms race is threatening Australia’s traditional weapons edge over its near neighbours as countries buy more sophisticated fighters, warships and missiles, and China continues its military build-up.
Page 3: The federal government is examining ways to recoup higher education loan program (HELP) repayments from Australian graduates who work overseas, following a new estimate that $6.2 billion of debt in the scheme is unlikely to be repaid.
Page 4: Independent MP Tony Windsor has labelled the Greens’ support for anti-coal activists as “stupid” and a backwards step for a party that wants its economic policies taken seriously.
Page 5: There’s good reason if it’s been a while since you last saw a $100 bill – cash is becoming a less important part of the economy.
An understaffed Treasury is struggling to work through a backlog of tax changes that experts say it is unlikely to clear before the federal election this year, leaving business in an extended state of uncertainty.
Page 7: Hastie Group administrator PPB Advisory has called for a public examination of former directors after outlining, in a second creditors’ report due on Monday , several possible breaches of directors’ duties, which could carry fines or imprisonment if those involved are found guilty.
The Coalition has hit out at NBN Co after it released figures showing it spent two times more than other government departments and four times more than Telstra on educational expenses per employee in the last financial year.
Controversial web entrepreneur Kim Dotcom has brushed off ongoing lawsuits and the protests of copyright holders to relaunch his file-sharing business with plans to base part of it in Australia.
Page 8: The impact of social media at the Australian Open is growing, and no more so than with Tennis Australia’s big digital push into China.
The Australian Open is on track to deliver a better financial result than last year, despite sluggish corporate hospitality sales and a $4 million increase in player prizemoney, Tennis Australia chief executive Steve Wood says.
Page 9: An adversary could attempt to use cyber attacks on Australia’s defence networks to bring down systems crucial to deploying troops to war, a new draft defence white paper warns.
Construction work and investment associated with the mining boom has consolidated Western Australia’s position as the strongest state economy despite lacklustre job figures, a report on the state economies has found.
Page 10: Sharemarkets in the United States ended Barack Obama’s first term as President on a high note as Wall Street banks continued to beat earnings expectations and Congressional Republicans beat a tactical retreat in the debt ceiling fight.
Page 11: Australian investment banking employees have so far suffered an average 15 per cent cut in their annual bonus payments, reflecting another rough year in the industry after the Wall Street giants reported mixed fourth-quarter earnings and axed jobs.
Page 13: Nine Entertainment chairman Peter Bush will convene a meeting on Monday morning at which creditors are expected to approve a $3.4 billion recapitalisation of the media company, paving the way for its new ownership by US-based hedge funds Oaktree Capital and Apollo Global Management.
Industry Funds Management, the asset manager backed by the country’s biggest industry super funds, has continued its international infrastructure expansion, taking a 35.5 per cent strategic stake in Manchester Airports Group.
Page 15: Financial services companies will remain under pressure to slash employment costs in 2013, but job opportunities will exist in niche areas such as risk and compliance.
Page 16: West Australian mining magnate Gina Rinehart has urged the new chief executive of Rio Tinto, Sam Walsh, to move the Anglo-Australian miner’s global headquarters from London to Perth.
Rio Tinto chief executive Sam Walsh has said that he is reviewing his position on the boards of several West Australia-based entities, including at Kerry Stokes’s Seven West Media.
Independent directors of Macmahon Holdings have unanimously endorsed a sale of the company’s construction assets to Leighton Holdings, with a shareholder vote scheduled for February 26.
THE AUSTRALIAN:
Page 1: Julia Gillard will this week identify the rise of China and a massive escalation in cyber attacks against government and industry as two of the key security issues facing the nation in a major address designed to strengthen Labor’s defence credentials.
The amount of student debt that will never be repaid to government has ballooned by close to $1 billion in the past 12 months, to $6.2bn, as increasing numbers enter universities under the new ‘‘demand-driven’’ system of uncapped places.
Legal experts have questioned whether Labor’s draft anti-discrimination laws are constitutional, arguing that the ‘‘radical’’ expansion of commonwealth powers is a a step too far into community life that will snare students, parents, employees and even sporting spectators in its net.
Page 2: The Northern Territory is poised to overtake Western Australia as the nation’s best performing state economy, according to a new report.
Taxpayers are footing the bill for a $5.5 million advertising campaign to promote the Schoolkids Bonus because research reveals the 1.5 million parents who receive it have ‘‘very low levels of awareness’’ of the payment worth up to $820 a child.
Welfare cuts and savings on health and pension costs are the first line of attack for governments seeking to close their budget deficits.
Page 3: Health activists are seeking public funds to lay the groundwork for bans on alcohol advertising, minimum pricing of alcoholic drinks, restrictions on certain foods and to push the case that alcohol causes cancer.
Page 4: A second-term Barnett government would introduce laws forcing some serial arsonists to wear GPS tracking devices, which it says would prevent more bushfires.
The NSW corruption watchdog will resume hearings today in which it will test new claims by former state Labor minister Eddie Obeid about how his family got in on the ground floor of a $100 million coal deal.
Page 6: The number of Australians to have had their passports cancelled on national security grounds has plummeted, possibly because the security agencies have successfully targeted many of the potential threats.
Page 7: The Algerian government last night said it feared the death toll from the gas plant siege would rise from 23, as David Cameron confirmed three of the dead were Britons, with grave fears held for three more.
Page 23: Mining giant Rio Tinto is under pressure to broaden the blame for billion of writedowns since the disastrous Alcan acquisition beyond former chief executive Tom Albanese and strategy chief Doug Ritchie.
The Nine Network’s lenders will today return to the scene of October’s do-or-die meetings, which saved the company from administration, to approve its $3.4 billion recapitalisation.
National Australia Bank may soon have the chance to end its disastrous 25-year foray into British banking by offloading the division to Spanish giant Santander, which is reportedly considering a £2 billion ($3bn) offer.
Page 24: Steelmakers will need to ensure they have the right capital structure to survive, with thin margins and volatile pricing creating a ‘‘new world’’ for the struggling sector.
Page 25: The true cost of producing gold is more than 50 per cent higher than the cash costs goldminers report to their shareholders, new research shows.
Australian Pharmaceutical Industries is facing the prospect of a boardroom spill following this week’s annual meeting, with investors, including retail mogul Solomon Lew, contemplating whether to give the company a so-called second strike over its remuneration report.
Thousands of Australian companies are failing to take advantage of key tax changes implemented by the federal government to enhance foreign investment in innovation because the application process has become shrouded in red tape.
Page 26: Federal Reserve officials in 2007 appeared to underestimate the sickly condition of US financial markets before shifting to a state of growing alarm, according to 1566 pages of newly released transcripts from the central bank’s meetings that year.
THE AGE:
Page 1: Ned Kelly granted his final wish as he is buried in a dusty cemetery next to his mother. Desert siege ends in bloodbath as Algeria's special forces, known as the Ninjas, go in blasting. Water Minister Peter Walsh has vowed never to order water from Victoria's multibillion-dollar desalination plant.
Page 2: Opposition wants official probe of Liberal meddling in local government in Melbourne's southeast. Cultural differences arise in joint Australia-Chinese production of Madame Butterfly in Shanghai. A modern beach house in the southeastern coastal town of Inverloch beats property market slump to fetch $1.95 million.
Page 3: Insurance researcher says Australia spends too much money trying to prevent fires. Premier Ted Baillieu warns that Victoria is about to enter its most dangerous month historically for bushfires. 78-year-old farmer Dick Chester stayed and fought the fire near Glenmaggie with his wife Betty. As conditions ease, NSW gets on top of its bushfires. Subway says its foot-long super sandwich is not intended to be a measurement of length as it fights off critics.
World: Manhunt under way to track down one-eyed Islamist leader Mokhtar Belmokhtar who masterminded the Algerian hostage-taking.
Finance: Gina Rinehart urges new Rio Tinto boss to fast-track several more iron ore projects in the Pilbara to reinforce her family's long-standing relationship with the mining company.
Sport: David Warner faces sanction for umpire abuse after his controversial dismissal aided by Australia's poor use of the review system.
THE SYDNEY MORNING HERALD:
Page 1: The life of a solo round-the-world sailor was balancing on a knife edge late on Sunday. There has been backstage drama over staging of Cho Cho. Australia spends too much money trying to prevent fires and, if it outlaid less, could save more lives, according to a controversial new study.
Page 2: Some single mums hit by recent welfare cuts to single parent payments have turned to prostitution and strip clubs to bolster their income.
Page 3: Orica argued against a proposal to measure mercury levels near its Port Botany chemical plant.
World: Seven more hostages have died as firefight crisis ends in Algeria.
Business: Gina Rinehart has urged the new boss of Rio Tinto to fast-track several iron ore projects in the Pilbara to reinforce her family's long-standing relationship with the company.
Sport: Australia's use of the DRS is under the microscope after a wasted referral prevented Michael Clarke from questioning the dubious dismissals of David Warner and Moises Henriques in the ODI at the SCG.
THE DAILY TELEGRAPH:
Page 1: Greenslips will rise to new highs next month under insurance company proposals to be accepted by the state government. Edie Hull's boyfriend has spoken about her fatal balcony fall.
Page 2: Police commands will be amalgamated and cut from 80 around the state to 50 under the far-reaching reforms of the force to be put to cabinet today.
Page 3: Internet addiction is likely to be classified as a mental illness, as Australian psychiatrists warn teenagers and single men are getting hooked on online gaming.
World: A dramatic four-day hostage crisis at an Algerian gas plant ended in a bloodbath when Islamists executed the seven remaining foreign captives.
Sport: Umpiring howlers leave Aussie batsmen fuming.
ADELAIDE ADVERTISER:
Page 1: Rural South Australians are waiting up to four years to see a dentist - and even Adelaide patients must wait almost nine months for an appointment.
Page 3: South Australians are the fattest and have the nation's highest cholesterol - ranking their risk of cardiovascular disease as equal highest in Australia.
World: Governments are scrambling to track down missing nationals after a bloody end to a gas plant siege in the Algerian Sahara where Islamists killed at least 21 foreign and Algerian hostages.
Finance: Australia's richest person, Gina Rinehart, has rued the ousting of Rio Tinto's former chief Tom Albanese, saying the board should share the blame for its failed African expansion.
Sport: The Santos Tour Down Under's star attraction Andy Schleck cruised through last night's opening criterium as German Andre Greipel proved to be the king of the East End.
