Lithium past its peak as price slides
Prices for lithium sold into China have fallen for the second consecutive quarter, challenging claims that a price slide in the early months of 2018 was solely caused by ‘‘seasonal factors’’. The Fin
Consumer confidence on the up
Consumer confidence in WA has climbed to its highest level in four years as a report suggests the State’s economy will reclaim its spot as the strongest in the nation. The West
Second sheep exporter exits
Harmony Agriculture and Food Company’s entity Phoenix Exports confirmed yesterday it had cancelled plans for a small shipment of fewer than 15,000 sheep to the Middle East, which was due to leave Fremantle later this month. The West
RBA flags risk of record household debt
Any rise in unemployment could have an out-sized impact on consumer spending as households wrestle with record mortgage debts, a paper presented to the Reserve Bank board meeting argues. The Aus
Putin backlash hits Trump
Malcolm Turnbull has broken ranks with Donald Trump over his appeasement of Russian strongman Vladimir Putin, as Australian intelligence officials privately warn that the US President’s “erratic” foreign policy pronouncements are raising serious concerns in the defence establishment. The Aus
Coxon Group believed to be $11.5m Welshpool fire site buyer
The Welshpool site of the former Bunnings office and warehouse — the subject of a high-profile arson and attempted insurance fraud case involving one-time high-flying Perth property developer Hossean Pourzand — has sold for $11.5 million. The West
Panoramic gives Savannah a tick
Panoramic Resources is targeting first concentrate shipments from the restart of its Savannah nickel-copper-cobalt project early next year after locking in a $40 million loan with Macquarie Bank. The West
Rio’s $1bn refinery asset sales delayed
Investors may have to wait a little longer to discover what Rio Tinto plans to do with the proceeds from its flurry of asset sales after delays in the settlement of two aluminium refinery deals worth a combined $US845 million ($1.14 billion). The Aus
The Australian Financial Review
Page 1: Donald Trump has stunned America by embracing a longtime US enemy, openly questioning his own intelligence agencies’ firm finding that Russia meddled in the 2016 US election to his benefit and seeming to accept Russian President Vladimir Putin’s insistence that Moscow’s hands were clean.
The government’s prospects of getting its National Energy Guarantee approved by the party room and the Parliament have been bolstered by two reports in the past week that give comfort to those in the Coalition advocating a greater reliance on coal.
Page 2: Australians scientists have developed what could be the world’s first blood test to detect early-stage melanoma. They have proof of concept for the test, which, if confirmed by further research, could be ready for use in three years.
Page 3: A landmark report on Australia’s engagement with India, which suggests China is a bully trying to buy friends in the region, has been buried by the federal government despite Prime Minister Malcolm Turnbull commissioning it with great fanfare last year.
Page 5: The federal government is proposing sweeping new powers that would give the Department of Defence unprecedented control over international research partnerships.
Page 7: The major accounting firms have revealed partners can invest in consulting clients in certain circumstances, raising concerns about conflict of interest.
Cosmetics retailer Lush will pay up to $2 million in underpaid wages to 5000 employees, after it discovered it had been underpaying staff for the past eight years due to a systemic payroll error.
Page 8: ANZ and Bendigo Bank have rejected allegations of misconduct in submissions to the Hayne royal commission, choosing to back the processes and staff involved in controversial post-GFC takeovers instead.
Page 9: Law firm Squire Patton Boggs should pay part of damages to GetSwift investors because it falsely claimed the logistics company was facing a $300 million claim when it was only about $75 million, GetSwift says.
Page 13: Toilet tissue and hygiene products supplier Asaleo Care is considering selling assets and cutting costs after becoming the latest casualty of the battle for market share between Woolworths and Coles.
Page 15: Incidents of vandalism in the tense Papua New Guinea Highlands have marred an otherwise positive recovery in Oil Search’s operations after a devastating earthquake knocked out production earlier this year.
Page 16: Prices for lithium sold into China have fallen for the second consecutive quarter, challenging claims that a price slide in the early months of 2018 was solely caused by ‘‘seasonal factors’’.
The Australian
Page 1: Malcolm Turnbull has broken ranks with Donald Trump over his appeasement of Russian strongman Vladimir Putin, as Australian intelligence officials privately warn that the US President’s “erratic” foreign policy pronouncements are raising serious concerns in the defence establishment.
Page 2: Australia’s education sector is ripe for overhaul after increasingly failing to land students in jobs, says Productivity Commission deputy chairwoman Karen Chester, who has urged the government to ensure workers enjoy “a sense of equality” in the benefits of the technological revolution.
Any rise in unemployment could have an out-sized impact on consumer spending as households wrestle with record mortgage debts, a paper presented to the Reserve Bank board meeting argues.
The $18 million trial of a cashless debit card system designed to reduce social harm had monitoring and evaluation systems so inadequate it was unable to conclude whether it had achieved its aims, an audit has found.
Page 3: SBS managing director Michael Ebeid has surprised the industry by announcing his departure from the multicultural broadcaster after more than seven years.
Page 17: New powers to reach deep into big banks and financial advisers and ban individual managers will help clean up an industry that has “again and again” made promises to consumers it hasn’t kept, a deputy chairman of the corporate regulator says.
A newly demerged Coles, no longer nurtured and funded by Perth-based conglomerate Wesfarmers, will need to spend almost $1 billion on a hugely accelerated store refurbishment program and new fully automated distribution centres to ensure it does not fall further behind arch rival Woolworths in the supermarket wars.
Page 18: Quadrant Energy and its junior partner Carnarvon Petroleum are believed to have struck oil in their Dorado-1 well in the Roebuck Basin off northwestern Western Australia. Page 19: Investors may have to wait a little longer to discover what Rio Tinto plans to do with the proceeds from its flurry of asset sales after delays in the settlement of two aluminium refinery deals worth a combined $US845 million ($1.14 billion).
The West Australian
Page 1: Consumer confidence in WA has climbed to its highest level in four years as a report suggests the State’s economy will reclaim its spot as the strongest in the nation.
Page 16: Backers of a divisive wave park on the Swan River at Tompkins Park hope to begin building the $25 million complex next year after opponents failed in a Supreme Court bid to force a judicial review of the project.
Page 18: Australians are unlikely to use their tax refunds for retail therapy, with a survey showing cash-strapped workers will use the money to pay debt or put it away for a rainy day.
Business: Harmony Agriculture and Food Company’s entity Phoenix Exports confirmed yesterday it had cancelled plans for a small shipment of fewer than 15,000 sheep to the Middle East, which was due to leave Fremantle later this month.
Australia’s corporate cop has urged the financial sector to get its house in order ahead of regulators gaining new powers to ban potentially harmful products.
Panoramic Resources is targeting first concentrate shipments from the restart of its Savannah nickel-copper-cobalt project early next year after locking in a $40 million loan with Macquarie Bank.
Property: The Welshpool site of the former Bunnings office and warehouse — the subject of a high-profile arson and attempted insurance fraud case involving one-time high-flying Perth property developer Hossean Pourzand — has sold for $11.5 million.
AMP Capital’s decision to join Primewest in selling its 50 per cent stake in Perth’s premium grade Exchange Plaza office tower, most likely for $350 million-plus, is the highest-value offering in WA’s recovering CBD office market.
The National Archives of Australia’s East Victoria Park home on a 11,033sqm site has sold for $7 million and is primed to become a “missing middle” townhouse project.
A second, significant near-city land amalgamation has successfully transacted with a 15-lot strata showroom and retail property selling for $21 million.
