gxy speculation, page-20

The West Australian
$50m Raising!

Today's Business Headlines
1-October-10 by AAP


Big four, RBA face rate duel
Profits of the major Australian banks have covered the higher funding costs created by the global financial crisis, despite the growing expectation the top four institutions will increase their lending rates independently of moves by the Reserve Bank. The Aus

Asian, US bidders lead the race in Griffin carve-up
The coal and energy empire of fallen tycoon Ric Stowe is set to end in foreign hands as Asian and US companies move to the final round of bidding at the expense of local entities. The Aus

Miners unload on IMF
Miners have politely told the International Monetary Fund to butt out of the mining tax debate in Australia. The Fin

Hospital staff lift work bans
Industrial action by thousands of cleaners, orderlies and catering staff has been put on hold after their union agreed to lift work bans until a new wages and conditions package could be put to meetings of workers next week. The West

Bartlett's $4m gifts under fire
West Australian businessman Peter Bartlett made $4 million of gifts to friends after the sale of his mining services company Barminco, in a transaction that has drawn interest from tax investigators. The Fin

THE WEST AUSTRALIAN:

Page 3: Former David Jones chief Mark McInnes sent begging text messages to the company's publicity co-ordinator on the day she complained to the board about his alleged sexual harrassment.

Radar detectors will finally be banned in WA after 20 years of debate under new legislation being drafted by the State Government which has the support of the Opposition.

Page 4: The Gillard government is refusing to release the key economic data underpinning its planned mining tax.

Page 5: Shops in Perth will be allowed to open until 9pm on weekdays from November 1, but confusion around Sunday shopping appears to be deepening with the State Government still struggling to decide which retailers will be allowed to trade.

Page 10: The Perth property market has suffered a winter of discontent after a price drop of almost 5 per cent in the three months to August and predictions of further reductions.

Page 11: Almost 1,500 public housing rorters have been identified by a government audit but only one in seven has been asked to leave their taxpayer funded house.

Page 16: Industrial action by thousands of cleaners, orderlies and catering staff has been put on hold after their union agreed to lift work bans until a new wages and conditions package could be put to meetings of workers next week.

Millionaire prospector Mark Creasy is planning to subdivide and sell parts of his big Peppermint Grove property in a move which could potentially save historic homestead The Cliffe from the wrecker's ball.

A free-range egg farm in the Perth hills has closed because of financial woes, forcing its struggling owner to feed more than 2,000 chickens on stale bread donated by bakeries.

Page 19: Telstra says it has not confirmed how many jobs will be cut under its plan to simplify its business, as unions demand more information from the Telco giant.

Business: The chairman of the Australian Competition and Consumer Commission, Graeme Samuel, has hit out at suggestions the competition watchdog is adopting a tougher stance on merger deals, contributing to a sharp fall in merger activity.

Telstra shares hit a record low yesterday as investors continued to dump the telco, despite its promises to become more competitive and responsive to customers.

Cape Lambert Resources boss Tony Sage has been rewarded handsomely for buying and then on-selling the Lady Annie copper project in Queensland.

Despite improving economic conditions, challenges arising from issues such as onerous development approval processes would remain for the housing industry in 2011, Peet managing director Brendan Gore warned yesterday.

Galaxy Resources is planning to raise about $50 million to complete the ramp-up of its Mt Cattlin lithium project near Ravensthorpe.

Lawyers for Barminco founder Peter Bartlett are fighting a summons for the businessman to be examined by the Australian Crime Commission.

The Australian dollar slipped back below US97c yesterday after weak home building data added further weight to calls for the Reserve Bank of Australia to hold fire on interest rates at its board meeting next week.



THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The housing market is cooling, allaying fears that households are taking on too much debt and easing concerns that homes are overpriced.

Money due to investors in the 1986 film Crocodile Dundee was diverted into a Netherlands Antilles company that was secretly controlled by the film's producers, Paul Hogan and John Cornell, the Australian Crime Commission claims in a case before the Federal Court.

Australia's minerals boom is driving profits for some of the world's largest businesses, with the influential chief executive of the General Electric Company predicting local revenue growth of 20 per cent a year.

Page 3: The competition regulator has defended the merit and timeliness of its merger decisions and rejected claims by market observers that it has taken a tougher approach after it knocked back a series of recent deals.

Page 5: West Australian businessman Peter Bartlett made $4 million of gifts to friends after the sale of his mining services company Barminco, in a transaction that has drawn interest from tax investigators.

Page 8: The Gillard government's commitment to increased transparency in the new Parliament has come under fire after it refused to provide more information on the mining tax demanded by the Senate.

Page 11: The Gillard government has tweaked its research and development tax bill again and received a mixed response from business representatives awaiting the final design.

Miners have politely told the International Monetary Fund to butt out of the mining tax debate in Australia.

Page 12: Communications Minister Stephen Conroy will release more details about the cost and design of the $43 billion National Broadband Network as the federal government comes under increasing pressure in Parliament to justify the project.

Telstra's secret plan to slash 6,000 jobs over three years has generated an angry response from unions and some politicians, but most staff who leave can expect generous compensation of up to 80 weeks' pay.

Page 16: The head of the Commonwealth Business Council predicts the gathering of Comonwealth leaders in Perth next year will generate at least $10 billion in investment deals on the sidelines of the major conference.

Page 44: Telstra's $1 billion turnaround strategy fell flat with investors yesterday as the shares tumbled 6c to a new low of $2.62 and analysts warned the company's market share push could damage its world-leading margins.

BHP Billiton is expected to lodge a motion soon to have a lawsuit brought by its takeover target, Potash Corporation of Saskatchewan, thrown out of a United States Federal Court.

New Forests has emerged as the favoured bidder for the Great Southern timber assets being sold by receiver McGrathNicol, winning a four-week exclusivity period to make a formal offer.