Today's Top Stories
6 February 2012
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Rinehart threat to children over kidnap insurance
Australian Financial Review, Peter Kerr
Gina Rinehart has allegedly warned her children that she will stop paying ransom insurance unless they suppress details of the court case they are pursuing against the mining magnate. The threat was part of a letter sent by Ms Rinehart’s lawyers last week. “Given your clients’ continued opposition to … the suppression of information from the media … we can only presume that your clients’ previously stated concerns for the personal safety of their families and themselves have now completely and entirely disappeared,” the letter said. © Media Monitors 2012
Solar deals face crunch
Australian Financial Review, Marcus Priest, Angela Macdonald-Smith
Two of the Federal Government’s major renewable energy ventures could lose more than $750 million in taxpayer support after they failed to secure a financial backer by December. Federal Resources and Energy Minister Martin Ferguson will decide over the next few weeks whether to extend the deadline for Queensland’s Solar Dawn project and the Moree Solar Farm in New South Wales, or to re-open the tender process under the $1.5 billion Solar Flagships venture. © Media Monitors 2012
Brown tells Labor to fix leadership
Australian Financial Review, Gemma Daley, Marcus Priest
Bob Brown, leader of the Australian Greens, yesterday urged the Federal Government to quash continued leadership speculation, saying “it’s destabilising and it means the government can’t get on and do what it needs to”. Senator Brown said Prime Minister Julia Gillard needed to “assert her authority with her supporters and secondly get the backers of potential challengers to agree to stop destabilising”. © Media Monitors 2012
Right admits wrong on Rudd, but says return won’t help
Australian, Matthew Franklin, James Massola, Lanai Vasek, Lauren Wilson
A key factional powerbroker involved in the removal of Kevin Rudd from the prime ministership yesterday admitted that the Labor Party’s Right faction was wrong to oust him, but said removing Julia Gillard as Prime Minister would be an even graver mistake. “I can’t see where he gets the numbers to win the leadership … on top of that, there are a lot of senior ministers who don’t want to work with him,” the source said. © Media Monitors 2012
Class actions in wings as dam expert sidelined
Australian, Natasha Bita
Law firm Slater & Gordon yesterday announced that it would file a class action against the operators of Wivenhoe Dam in Queensland, SEQWater, after an inquiry into the state’s devastating floods heard that SEQWater had not operated the dam in accordance to its own procedures. The announcement came as Phillip Cummins, a deputy commissioner on the inquiry, stepped down from the hearings to avoid an alleged conflict of interest. © Media Monitors 2012
Financial services jobs tipped to ‘change, not go’
Australian, David Uren
Rice Warner Actuaries has revealed in a new study that claims by the financial services sector that a substantial amount of jobs will be lost due to the Government’s proposed reforms are unfounded. The Association of Financial Advisers lobby group has claimed that 35,000 jobs will be shed as a result of the changes, but the report found that demand for advice would more than double. © Media Monitors 2012
Swimmers by the thousand
Sydney Morning Herald, None
More than 4500 people turned out yesterday to take part in the 29th Cole Classic swimming race in New South Wales, despite rough conditions which forced the event to start and end at Shelley Beach despite its traditional location of Manly Beach. Swimmers of all shapes and sizes took part, including pregnant mother Cressida Beale, who said her baby helped her performance. “It worked a bit like a keel, it kept me afloat,” she said. © Media Monitors 2012
Employment agency rorts investigated
Sydney Morning Herald, Linton Besser
A federal inquiry has been launched into 14 employment agencies amid allegations that the Government’s multibillion-dollar job assistance program is being abused. The review was sparked by an investigation that discovered the employment arm of the Catholic Church had methodically defrauded the venture by wrongly claiming it had discovered positions for workers that the job seekers discovered on their own. © Media Monitors 2012
Filmmakers die in helicopter crash
Age, Karl Quinn
The Australian writer-producer of the 3D film Sanctum, Andrew Wight, has died in a helicopter crash on Saturday. The Australian Transport Safety Bureau has dispatched four investigators to inspect the accident, although the cause of the accident is not yet known. Filmmaker Mike deGruy also died in the crash. Producer James Cameron yesterday honoured the pair in a statement, saying their passing was “a tremendous loss for the world of underwater exploration, conservation and filmmaking”. © Media Monitors 2012
Business
Boost for PaperlinX coup leader
Australian Financial Review, Carrie LaFrenz
Orbis Investment Management, the largest shareholder in PaperlinX, is pondering whether to support fellow shareholder Andrew Price in the latter’s attempt to become the paper manufacturer’s executive chairman. Simon Mawhinney, portfolio manager of Orbis, which owns 18.2 percent of PaperlinX, said “when a seemingly talented entrepreneur buys a large amount of shares and wants board representation, it would be foolish to not entertain the idea”. © Media Monitors 2012
Palmer mulls Exxon deal
Australian Financial Review, Nassim Khadem
Clive Palmer has revealed that he is mulling over an offer from global oil producer ExxonMobil for the rights to explore his gas deposits in Papua New Guinea. Chinampa Exploration, a subsidiary of Mr Palmer’s Mineralogy firm, holds offshore exploration licences in the Gulf of Papua covering more than 43,000 square kilometres. “This project could be bigger than the North West Shelf – it’s the most significant thing we’re doing at the moment,” Mr Palmer said. © Media Monitors 2012
ACCC’s Asahi call under fire
Australian Financial Review, Sue Mitchell
The Australian Competition and Consumer Commission’s decision to allow Japanese brewer Asahi to acquire Mountain H2O, the only national supplier of private-label bottled water in Australia, has been labelled “inconsistent” by the beverage sector. “I thought it was amazing that this acquisition went through without any request for comment from the industry,” Peter Gadsen, general manager of the Australian Beverage Enterprises Cooperative Society lobby group, said. © Media Monitors 2012
Aussie dollar tipped to hit $US1.20 as speculative investment soars
Australian, David Uren
Todd Elmer, foreign exchange strategist at global financial conglomerate Citigroup, yesterday predicted that the Australian dollar’s value would not climb beyond $US1.20 because “markets are far too complacent on risks”. Some observers have predicted the local currency to soar beyond $US1.20 if central banks around the world follow recent moves by speculators to invest in the A$. © Media Monitors 2012
Fields of gold for farmers who sell
Sydney Morning Herald, Angus Whitley, Bloomberg
The combination of giant crops, a 20 percent drop in land prices across Australia and recent rains has led investment funds to purchase local agricultural assets. According to real estate group Colliers International, at least four funds are looking to acquire $1.6 billion of property in Australia. “I am bullish on all agriculture, everything from sugar to rice, to wheat to corn,” Jim Rogers, advisor to the Laguna Bay Pastoral fund, said yesterday. © Media Monitors 2012
Sport
Wade the blade has form on the board
Australian, AAP
Matthew Wade continued his push to replace Brad Haddin as first-choice keeper after scoring 67 in Australia’s 65 run victory over India in the first match of the one-day international triangular series. Australia finished on 5-216 after the match was reduced to 32 overs due to rain, with David and Mike Hussey scoring 61 and 45 runs respectively. Vinay Kumar was the pick of the bowlers for India, finishing with figures of 3-21. © Media Monitors 2012