Clive fraud claim
Clive Palmer has been accused of “dishonest and fraudulent” involvement in the misappropriation of more than $12 million as his estranged business partner moves to tighten the noose on the mining magnate turned politician. The West
Treasury warns of low rate risks
Australia’s top Treasury and regulatory chiefs are concerned record-low interest rates could destabilise the financial sector amid predictions many Australians will struggle to service their share of the nation’s $1.4 trillion in mortgages when interest rates start to rise. The Fin
Woodside chief urges investors to support Shell buyback
Woodside Petroleum chief executive Peter Coleman is drumming up investor support for the contested buyback of part of the Royal Dutch Shell shareholding in the company in a bid to head off a potential shareholder revolt. The Fin
Major bitcoin ATM roll-out on the way
Perth, Adelaide and Brisbane may soon boast their own bitcoin ATM machines in shopping centres as popularity of the world’s most high-profile digital currency soars across Australia. The Fin
Rent relief in tough beef times
The State Government has slashed rents on the 87 million hectares of WA covered by pastoral leases in a sign of the tough times in the industry. The West
Newcrest chief under siege
Newcrest’s new chief executive, Sandeep Biswas, has had a baptism of fire in his first public outing, with shares in Australia’s biggest gold producer plunging by 6.2 per cent in response to yet another write-down on the value of the Lihir mine in Papua New Guinea and gold’s price retreat to below $US1300 an ounce. The Aus
Cash in bag, Sirius heads to the bank
Sirius Resources has guaranteed itself increased bargaining power with banks wanting to help fund the Nova nickel-copper mine development on the Nullarbor after investors swamped its $189 million equity raising. The West
The Australian Financial Review
Page 1: Australia’s top Treasury and regulatory chiefs are concerned record-low interest rates could destabilise the financial sector amid predictions many Australians will struggle to service their share of the nation’s $1.4 trillion in mortgages when interest rates start to rise.
Page 3: Australia’s top infrastructure adviser has called on the Senate to stop bickering and pass the Abbott government’s $5 billion asset recycling plan.
Page 5: Defence department staff will be asked to give up two days of leave in return for below-inflation pay rises, a sign of the heavy savings pressure the Abbott government is putting on the public service.
Page 7: The risk that record-low interest rates from major banks will fuel excessive borrowing and undermine financial system stability is being closely watched by the Australian Prudential Regulation Authority.
Page 8: Clive Palmer has brushed off the latest legal stoush with the Chinese government-owned CITIC Pacific, which is suing him personally over the alleged misuse of $12 million.
Western Australian Premier Colin Barnett has admitted he follows polls “avidly”, revealing he is disappointed that his standing in the community has slumped.
Page 9: Business groups are trying to build political momentum against the Renewable Energy Target, releasing modelling showing it would raise electricity prices for consumers by up to $65 a year from 2015 if left unchanged.
Page 13: The man in charge of Australia’s biggest gold miner has declared “cash is king”, and indicated he will not consider asset sales, equity raisings or expensive new developments until his existing mines are performing at their full potential.
Woodside Petroleum chief executive Peter Coleman is drumming up investor support for the contested buyback of part of the Royal Dutch Shell shareholding in the company in a bid to head off a potential shareholder revolt.
Macquarie Group has singled out its securities unit as a likely dark spot in the company’s full-year earnings, warning of continued subdued equity trading volumes but vowing to retain the volatile business.
Page 15: Atlas Iron was forced to sell its iron ore at close to a loss in the June quarter amid huge pressure on margins created by an explosion in supply from the Pilbara majors.
Healthscope will list on the sharemarket at a 9 per cent discount to Ramsay Health Care on a price-to-earnings multiple basis, but chief executive Robert Cooke says he welcomes comparisons to the market leader because it illustrates the company’s growth potential.
Page 16: Perth, Adelaide and Brisbane may soon boast their own bitcoin ATM machines in shopping centres as popularity of the world’s most high-profile digital currency soars across Australia.
Page 18: Australia’s largest gold producer Newcrest Mining has added to a flood of warnings on the potential impacts of a Western Australian mining royalties rate hike, saying the gold industry could “ill afford” additional costs as it battles a high Australian dollar.
The Australian
Page 1: Treasury has called for structural savings in areas such as health and education with a warning that “complacency can be disastrous”, amid a deepening political row over the government’s attempts to sell an unpopular budget.
Clive Palmer faces pressure to allow changes to the Renewable Energy Target after business groups released modelling showing the existing scheme will drive up power prices by $49 a year per household over the next decade and cost the economy $28 billion.
Page 5: Fifty thousand Australian children were in foster care at some time in the past year, including 11,341 children removed from neglectful and violent families.
Page 6: Clive Palmer ensured that several top employees would lose control over a bank account holding more than $12 million in Chinese funds, just weeks before he allegedly wrote two cheques to “dishonestly” procure the cash, court documents say.
Page 7: Three Australian officials have arrived on the scene of the downed Malaysia Airlines plane to attempt to establish what occurred just before Flight MH17 crashed in rebel held east Ukraine.
Page 17: Newcrest’s new chief executive, Sandeep Biswas, has had a baptism of fire in his first public outing, with shares in Australia’s biggest gold producer plunging by 6.2 per cent in response to yet another write-down on the value of the Lihir mine in Papua New Guinea and gold’s price retreat to below $US1300 an ounce.
Page 18: Mining giants BHP Billiton and Anglo American are said to be in talks to divest their jointly owned South African and Australian manganese assets, with cashed-up investment funds mooted as potential suitors.
Page 19: A Calmer than expected run of natural weather events has prompted Insurance Australia Group to upgrade its full-year profit-margin guidance to levels not seen since the insurance giant listed on the Australian Securities Exchange 14 years ago.
Page 26: Analysts have warned that Tigerair Australia may lose up to $S50 million ($42.8m) in fiscal 2015 as it copes with heavy competition and continuing yield pressure.
The West Australian
Page 1: Clive Palmer has been accused of “dishonest and fraudulent” involvement in the misappropriation of more than $12 million as his estranged business partner moves to tighten the noose on the mining magnate turned politician.
Page 9: Former Federal Labor resources minister Martin Ferguson is set to blast the powerful Maritime Union of Australia for putting political power plays ahead of its members and jeopardising the nation’s economic growth.
Page 10: WA houses are not overvalued, an independent report has found, but prices are almost 10 per cent higher because of negative gearing.
Page 14: Fremantle’s bid to become WA’s first plastic bag-free council is back in the hands of the State Government after the council endorsed a ban on non-degradable, single-use plastic bags for the second time in 18 months.
Page 17: The future operations of one of WA’s biggest live export companies were under a cloud last night after Federal authorities found it again breached animal welfare rules.
Page 30: A leading expert on bushfire architecture is alarmed over WA’s proposed bushfire planning policy, warning it could put lives at risk.
Business: The State Government has slashed rents on the 87 million hectares of WA covered by pastoral leases in a sign of the tough times in the industry.
Sirius Resources has guaranteed itself increased bargaining power with banks wanting to help fund the Nova nickel-copper mine development on the Nullarbor after investors swamped its $189 million equity raising.