Greens, Labor in corporate tax stand-off. The Australian Greens and Labor are in a stand-off over corporate tax cuts linked to the minerals resource rent tax (MRRT) passed by parliament this week.
Greens take hard line on tax cuts. Laura Tingle Political editor The Greens are threatening to block tax breaks for both small and big business if the Gillard government tries to force the minor party into an “all or nothing” vote on the cuts funded by the mining levy.
Facing opposition to the proposed cuts for big business from the Coalition and the Greens, Prime Minister Julia Gillard said yesterday that Labor would not tolerate a long-term difference in the corporate tax rate based on the size of a company. Treasurer Wayne Swan said the government would fight “tooth and nail” to get a tax cut for small and large businesses through Parliament. Super: retail outshines industry funds. BT Financial Group head of Superannuation Melanie Evans says the integration of superannuation with banking is helping retail superannuation funds claw back market share.
Photo: Michel O’Sullivan Duncan Hughes Retail superannuation funds have overtaken their not-for-profit industry fund rivals in the past three years by offering new, cheaper products as sharemarkets recovered from the financial crisis. Big banks kiss ‘glory days’ goodbye. Andrew Cornell and Patrick Durkin Major banks are unlikely to witness a return to the “glory days” when they could rely on markets and treasury income to deliver almost 15 per cent of group revenue, dashing hopes of a turnaround.
This windfall revenue for the banks, underpinned as companies and investors reacted rapidly to falling interest rates and currency fluctuations during the crisis, peaked at $4.2 billion, or 14.2 per cent of revenue, in the first half of 2009. By the second half of 2011 it had fallen to $2.4 billion, or 7.4 per cent. According to a report by Morgan Stanley and consultants Oliver Wyman, those investors who have been expecting trading income to tick back up as economic conditions stabilise will be disappointed. “Our forecasts do not assume that it gets back to anywhere near those levels,” Morgan Stanley banking analyst Richard Wiles told The Australian Financial Review. “Finally, cost management will have to be an ongoing process . . .” he said. Have big four profits peaked? External disaster tops worries. RBA backs banks on costs. The World Today - RBA backs banks on funding cost claims 21/02/2012. ELEANOR HALL: The Reserve Bank board is backing Australia's commercial banks against analysis from a French bank that accused them of fudging their excuses for raising their mortgage lending rates.
Research by Societe Generale said the recent rate hikes by commercial banks had more to do with them protecting their profit margins than higher funding costs. Historic $A pact seals China ties. RBA governor Glenn Stevens and People’s Bank of China governor Zhou Xiaochuan sign the currency deal in Beijing on Thursday. Old Holdens never die in Canberra. Why Joyce must go back to basics. UPS agrees to buy TNT for $6.2bn. Apple carves up $97bn cash pile. Apple CEO Tim Cook says the world's most valuable technology company will start paying a quarterly dividend of $US2.65 a share later this year and plans to buy back $US10 billion ($9.5 billion) of shares during the next three years.
The stock increased $US15.53, or 2.65 per cent, to close above $US600 for the first time, at $US601.10. Apple is sitting on $US97.6 billion in cash and securities and has for years resisted calls to reward shareholders with some of that money. It now says the dividend will start in its fiscal fourth quarter, which begins on July 1, while the buybacks will begin in its next fiscal year, beginning on September 30. Cook is moving swiftly after taking over from the late Silicon Valley icon Steve Jobs in fulfilling a longstanding desire of investors by initiating the dividend and buyback, which will pay out $US45 billion over three years. Jobs’ former lieutenant has impressed Wall Street since taking the helm. AP, Reuters. Apple set to unlock cash in watershed move. Jonathan Shapiro As Apple’s enormous pile of cash approaches $US100 billion ($94.4 billion), it’s finally decided to something about it.
At midnight AEDT the company is set to hold an analyst briefing to discuss what it intends to do with its mountain of money by revealing “the outcome of the company’s discussion concerning its cash balance”. Everybody knows that Apple story. It is one most successful companies on the planet – its range of sleek user friendly consumer electronic products such as the Mac computer iPod, iPhones and iPad have been nothing short of a revelation. But the growth of Apple’s cash has been a story in itself. That may not happen. The top five companies that hold an incredible $US276 billion – 22 per cent of all cash held by US corporations – are Apple, Microsoft, Cisco, Google and Pfizer.
Technology companies hoard cash for several reasons. Suncorp Bank and Onthehouse team up to extend reach of free online property market information. Onthehouse.com.au has taken a further step in establishing itself as Australia’s leading online and mobile solution for real estate content and property values with the announcement today of a 12 month sponsorship deal with Australia’s leading regional bank, Suncorp Bank.
Suncorp Bank will be the exclusive banking category sponsor of the growing onthehouse.com.au website and related Property Values App in what is onthehouse.com.au’s first major sponsorship deal since the listing of Onthehouse Holdings Limited on the ASX in June 2011. Onthehouse Managing Director and CEO Mr Michael Fredericks said the deal with Suncorp demonstrated Onthehouse’s ability to continue to expand its audience and broaden its reach due to the unique and innovative nature of its content and products. Suncorp Bank Executive Manager Customer Marketing and Strategy Todd Skerman said Suncorp was pleased to partner with Onthehouse and looked forward to leveraging the opportunity for its customers and business.
AXA e-reputation. Senate passes mining tax. Updated Tue 20 Mar 2012, 2:59pm AEDT The Federal Government is celebrating the passage of the mining tax legislation, but the Coalition believes it will ultimately be scuttled by the High Court.
The tax, which passed the Senate last night despite repeated attempts by the Coalition to delay the final vote, will take effect from the middle of the year. But Treasury officials are already working on some technical amendments to the laws. It is a significant milestone for Prime Minister Julia Gillard, who tweeted this morning that: "Finally, all Australians will get a fair share of the mining boom. " Federal Treasurer Wayne Swan tweeted that the legislation was a "huge economic reform of our time". "[It] will help us deliver more super savings for 8.4m ppl (sic), tax breaks for 2.7m small businesses and a company tax cut," he wrote.
BusinessSpectator Xavier Rizos. RBA mishandling mining boom: Lew. Solomon Lew, one of Australia’s largest retailers, called on the RBA to immediately cut interest rates by 50 to 75 basis points to stimulate consumer demand and prevent further job losses.
Photo: James Davies Sue Mitchell Retailer Solomon Lew has urged the federal government to undertake another multi-billion dollar stimulus package to “kick start” the economy and prevent further job losses in retailing. Greens give go-ahead on mining tax. John Kerin and gemma daley Bob Brown has defended the decision of the Greens to block mining tax-linked tax cuts to big business. Mr Brown says tax cuts should be limited to small businesses because the revenue is needed for “much-needed nation-building reforms including schools funding, [universal dental care scheme] Denticare, national disability insurance, high-speed rail and the creation of a sovereign wealth fund’’.
The Australia Institute. Resources tax: what you may not know ... Mining tax sides with the many: Labor RAW VISION: Prime Minister Julia Gillard and Treasurer Wayne Swan announce the passage of the Minerals Resource Rent Tax through the Senate. 20, 2012 Despite all the hullabaloo, all the hand-wringing and the wailing from various sections of the mining industry, the passage of the Mineral Resources Rent Tax overnight confirms Australia as one of the world's most benign destinations for miners.
That's right. When it comes to taxing resource companies, Australia is a soft touch, a virtual tax haven. When it comes to taxing resource companies, Australia is a soft touch, a virtual tax haven. Not that you will read that anywhere else. New mining tax won't stop the trucks. Miners' virtual tax haven. DESPITE all the hullabaloo, all the hand-wringing and the wailing from various sections of the mining industry, the passage of the minerals resource rent tax overnight confirms Australia as one of the world's most benign destinations for miners.
That's right. When it comes to taxing resource companies, Australia is a soft touch, a virtual tax haven. Not that you'll read that anywhere else. More than likely you'll continue to be beaten about the head with dire predictions of impending doom and threats of mass defections from our big mining houses. And you can expect to see Opposition Leader Tony Abbott leaping about in a hard hat in the outback banging on that he will repeal this awful tax when he becomes Australia's next prime minister. Swan defends MRRT revenue forecasts. A Kinder, Gentler Mining Tax. It's a funny thing, the Gillard Government. According to most of the opinion polls, and much of the commentary, this government can't take a trick. You've all heard the criticisms before. Superannuation ... Gottliebsen: short-changed by a super gamble. Narrative Science, robot journalists, customized news, and the danger to civil discourse. AXA e reputation insurance.
Mr Militant makes no apologies. Mark Skulley. Last-minute FoFA deal drops opt-in. ASIC gets tougher on disclosure. Jenny Wiggins. ASIC wins key role in FOFA reforms. FOFA passing causes industry division. FOFA passing causes industry division. Oil production hits 41-year low.