Liberal insiders waged a bitter war against CBA
Former attorney-general Philip Ruddock played a central but hidden role in a campaign orchestrated by three Liberal Party branch presidents in his Sydney electorate against the Commonwealth Bank of Australia on behalf of angry Bankwest creditors. The FIn
ACCC warns on coal haulage competition in GRail fight
Rail giants Aurizon and Pacific National remain in the hunt for Glencore’s GRail coal haulage network in the Hunter Valley, but competition watchdog Rod Sims has warned allowing one of them to win the auction could stifle competition in the sector in the future. The Fin
Australia ‘falls short’ on mine lives
Australian gold miners need to spend more time and money exploring and extending mine lives if they want to attract serious investors from overseas, according to Evolution Mining executive chairman Jake Klein. The Fin
Mining boss backs Grylls’ levy plan
Ken Brinsden, the former boss of iron ore junior Atlas Iron, has broken from the mining industry’s united front against potential changes to BHP Billiton and Rio Tinto’s state rental agreements, arguing the ageing deals have created an uneven playing field for other miners. The Fin
Builders hit back at union push for pay rise
National builders have slammed the construction union for pursuing a 12.5 per cent, four-year pay deal in Western Australia, claiming the “productivity-free” offer was “out of touch” with conditions across the struggling state construction industry. The Aus
Bass gas boost as demand explodes
BHP Billiton has given the strongest signal yet that more near-term Bass Strait gas development is on the way as east coast markets tighten, declaring there are “multiple investment opportunities” that will keep the nation’s most prolific petroleum fields going strong well into the next decade. The Aus
$20m swap to help move into Canada
Emeco Holdings has done a trans-Pacific swap of mining equipment which bolsters its east coast fleet and helps Thiess set up in Canada. The West
The Australian Financial Review
Page 1: Treasurer Scott Morrison has championed the importance of strong bank profitability to American investors, advocating that their ‘‘critical’’ contribution to the economy was a shock absorber to international financial turmoil and their prudence helped offset risks posed by the country’s inflated house prices and foreign debt.
The parliamentary committee probing bank conduct could propose a new law to make managers more accountable for the actions of their staff, after National Australia Bank revealed 43 financial planners were sacked but none of their managers had lost their jobs.
Former attorney-general Philip Ruddock played a central but hidden role in a campaign orchestrated by three Liberal Party branch presidents in his Sydney electorate against the Commonwealth Bank of Australia on behalf of angry Bankwest creditors.
Page 3: The chief executive of collapsed electronics retailer Dick Smith has denied any involvement in buyers’ practice of negotiating inflated prices with suppliers and buying unnecessary stocks in order to maximise rebates.
The new version of Penfolds Grange will go on sale on October 20 and in the United States it is priced at $US850 a bottle, which equates to about $1117. It is 31 per cent higher than what it will sell for in Australia.
Page 4: Westpac chief executive Brian Hartzer has suggested this week’s grilling of bank bosses by a parliamentary committee was established to help the government ward off calls for a royal commission.
Page 5: Westpac chief executive Brian Hartzer has warned against the introduction of socalled tracker mortgages, which he said posed a big risk for banks in bad economic times.
Page 6: Australia and the US have reached agreement on cost-sharing, which will now enable a full contingent of 2500 US Marines to be rotated through Darwin under the regional pivot put in place by outgoing President Barack Obama.
Page 10: Australian Energy Market Commission chairman John Pierce said the country’s energy rules need to be overhauled to deal with the rapid influx of renewable energy, but stopped short of backing a formal review of the National Electricity Market.
Page 13: As many as 311,000 Australian mortgage holders – 6.8 per cent of the country’s total – have negative or little equity in their homes, the latest figures from Roy Morgan Research show.
Page 14: The $14 billion Chinese conglomerate New Hope Group has bought 28-year-old vitamin and supplements company Australian Natural Care from its collapsed parent group, a move that will result in the company supplying these products to China.
Page 15: Brazil’s Congress voted on Thursday to open up its deep-water oilfields to foreign investors by scrapping Petroleo Brasileiro’s obligation to be the area’s sole operator.
Page 16: International Monetary Fund officials have played down the risk of an imminent crisis over Deutsche Bank, and expressed confidence that German and European authorities are working to ensure stability.
Page 17: Bank of Queensland chief Jon Sutton says the weakness afflicting foreign banks should serve as a timely warning of the need to maintain a strong banking sector, as his institution braces for the adverse effect of a period of ultralow interest rates.
Rail giants Aurizon and Pacific National remain in the hunt for Glencore’s GRail coal haulage network in the Hunter Valley, but competition watchdog Rod Sims has warned allowing one of them to win the auction could stifle competition in the sector in the future.
Analysts are set to make further downgrades to aged care operator Estia Health after the company slashed the earnings guidance given to the market just over a month ago by another 20 per cent.
Page 19: Australian gold miners need to spend more time and money exploring and extending mine lives if they want to attract serious investors from overseas, according to Evolution Mining executive chairman Jake Klein.
Australian Pharmaceutical chief executive Stephen Roche will depart the Priceline wholesaler, leaving behind a profit upgrade on the back of an enlarged chemist network that is less reliant on prescription drugs and saddled with less debt.
The national broadband network is forcing Australian telcos to dump the ‘‘dumb pipe’’ and focus on digital services such as media and technology, which a new Citi report suggests is the key strategy that will drive strong growth.
Page 20: Ken Brinsden, the former boss of iron ore junior Atlas Iron, has broken from the mining industry’s united front against potential changes to BHP Billiton and Rio Tinto’s state rental agreements, arguing the ageing deals have created an uneven playing field for other miners.
Page 21: Australia’s bank bosses fronting the parliamentary inquiry have sought to play down the returns they earn by drawing a parallel with banks in Canada, another commodity economy that are similar in structure.
Page 22: A former chief executive of oil and gas giant Santos says Australia needs a national vision and strategy to ensure a clean and reliable supply of electricity which is currently among the most expensive and ‘‘dirtiest’’ in the world.
Cashed-up grey nomads shelling out $160,000 for a top-of-the-range Winnebago are helping to fuel longer-term growth for Apollo Tourism and Leisure, which is raising $50 million as it heads onto the ASX.
The Australian
Page 1: Households are exposed to a $41 billion capital cost for state government promises to embrace renewable energy, according to new federal analysis that raises the stakes in a political clash over energy security at a meeting of ministers today.
John Howard has declared it “astonishing” that there could have even been consideration given to holding a royal commission into Australia’s banks.
Page 3: A woman has been awarded $300,000 after suffering permanent damage to her lower back when a Kmart garden chair collapsed as she used it in-store.
Page 4: The major banks have come under fire for setting targets that force their tellers to refer customers to sales teams that try to pitch products such as insurance and financial advice, in another test of the industry amid pressure for a royal commission into the sector.
The big banks’ decision to stop making political donations will punch a much bigger hole in the Coalition’s election funds than Labor’s, with the loss to both sides in the millions.
Federal Liberal Party president Richard Alston rejects criticism of Australia’s foreign donation laws, saying a ban would limit political expression while allowing the ALP to continue to “reap millions from unions”.
The International Monetary Fund has cautioned that the Reserve Bank’s low interest rates are fuelling the housing market and could be jeopardising financial stability.
Page 5: National builders have slammed the construction union for pursuing a 12.5 per cent, four-year pay deal in Western Australia, claiming the “productivity-free” offer was “out of touch” with conditions across the struggling state construction industry.
Page 19: In the never-ending debate over whether active fund managers actually deliver value, one thing seems clear — only an elite few can consistently beat the market.
Page 21: Competition watchdog chairman Rod Sims says diversity of voices will be a key issue when ruling on APN News & Media’s proposed sale of its regional newspapers.
Southern Cross Austereo’s Triple M radio network has signed a ground-breaking two-year deal with Cricket Australia to broadcast selected Australian Test matches.
Victorian fresh herb farmer Jan Vydra, 34, has won Australia’s top up-and-coming agribusiness accolade, the Rabobank Emerging Leader Award, after building up his booming hydroponic herb business from scratch in just nine years.
Page 22: BHP Billiton has given the strongest signal yet that more near-term Bass Strait gas development is on the way as east coast markets tighten, declaring there are “multiple investment opportunities” that will keep the nation’s most prolific petroleum fields going strong well into the next decade.
Pilbara Minerals chief executive Ken Brinsden says the company can still start construction of its big Pilgangoora lithium mine by December, despite an increasingly hostile legal dispute with rival Mineral Resources continuing to drag on.
Newcrest Mining chief executive Sandeep Biswas says he is energised by the progress of his change agenda at the country’s No 1 gold producer.
Page 23: Ernst & Young has recorded $US29.6 billion in global revenues in its latest fiscal year, up 3.4 per cent from the previous year in US dollar terms, the Big Four accounting firm says.
Page 24: China’s two biggest state-owned shipping companies plan to merge 11 shipbuilding yards into a single entity, in one of the industry’s biggest consolidation moves yet as ship orders hit record lows.
Page 26: The number of homes coming on to the market for sale in the nation’s capital cities has fallen sharply over the past year, renewing concerns over a potential supply problem.
Page 27: The Turnbull government wants to make Australia’s defence industry strong enough to export major warships to allied nations.
The West Australian
Page 6: Customers ripped off by their banks are likely to have a tribunal to deal with their claims after a three-day parliamentary hearing into the sector found no opposition to the plan.
Parts of WA hit by the mining construction downturn or rising unemployment are becoming no-go zones for the nation’s big banks, fearful of making losses on crumbling property markets.
Page 47: WA Labor has pledged to ban fracking in Perth and the South West if it wins next year’s State election.
Emeco Holdings has done a trans-Pacific swap of mining equipment which bolsters its east coast fleet and helps Thiess set up in Canada.
Lithium Australia has announced plans to raise $12.5 million in a discounted share purchase plan.
Page 48: TPG and Vocus Communications, the thirsty acquisition hunters who engulfed WA’s iiNet and Amcom, have had the type of run investors dream of.
