Centro Retail puts core assets on the block. Amid the court case over its financial accounts and disclosure, Centro Retail Australia has put up for sale a half share in three of its core assets as part of its strategy to repay debt and streamline the business. These three assets have a combined value of $1.33 billion and represent about 30 per cent of Centro's asset base. The potential assets sales were flagged in February by the new chief executive Steven Sewell and will include a 50 per cent stake in the Galleria in Perth, The Glen in Melbourne and Colonnades in Adelaide. These shopping centres, which are being sold by Simon Rooney, the Australian Head of Retail Investments for Jones Lang LaSalle, have long been identified as the jewels in the Centro crown.
The sales are tipped to draw interest from overseas and local investors. Advertisement In a statement today, Mr Sewell said the asset divestments "heralds an important step in the evolution of the group, as it takes its place as a major A-REIT sector participant". Brown resigns as Greens leader. Retiring Greens leader Bob Brown, right, with his partner Paul Thomas, left: “I am sad to leave but happy to go.” Photo: Geoff King Sophie Morris and Melanie Beeby Christine Milne, who was elected leader of the Greens on Friday. Photo: Peter Mathew Greens Senator Bob Brown and ACT Senate Candidate Lin Hatfield Dodds lead a match on Parliament to protest government inaction on climate change.
Photo: Andrew Johnston MP Adam Bandt has been elected Greens deputy leader. Bob Brown has resigned as leader of the Australian Greens and will leave the Senate in June. Senator Brown, who had served 16 years in federal parliament and who backed Labor to form government after the 2010 election, has been replaced by his deputy, fellow Tasmanian Christine Milne. Mr Brown said he had been considering the timing of his resignation in the months since the last election and had finally made the decision with his partner Paul Thomas during a global Greens conference in Senegal a fortnight ago. with AAP. Labor’s loss is Katter Party’s gain. Bob Katter’s Australian Party could command a majority with the Coalition in the Senate if the results of the Queensland election were repeated federally.
Photo: AAP Laura Tingle Political editor Bob Katter’s Australian Party could command a majority with the Coalition in the Senate if the results of the catastrophic Queensland state election were repeated federally. An analysis of the Queensland poll based on electoral demographicsby former Labor senator John Black argues that 46 of Labor’s current 72 members of the House of Representatives would also lose their seats at the next election, including Bill Shorten, Greg Combet, Stephen Smith, Wayne Swan and Simon Crean. This result would wipe away Labor’s next generation of leadership contenders. Julia Gillard, Kevin Rudd and Chris Bowen would be among the few senior Labor figures to survive, thanks to the safe seats they hold and the demographics of those seats, Mr Black says in an analysis in today’s Australian Financial Review.
COAG business outcomes ‘big leap forward’: BCA. Crackdown on regulation costs . . . Prime Minister Julia Gillard and Finance Minister Penny Wong hosted corporate and state leaders at a forum in Canberra on Thursday, including Telstra’s David Thodey, left, and Gail Kelly of Westpac, far right. Photo: Andrew Meares Louise Dodson and Sophie Morris From left: Origin Energy’s Grant King, ACCI’s Peter Anderson, BHP Billiton’s Marius Kloppers and SA Premier Jay Weatherill at Thursday’s meeting.
Photo: Andrew Meares Prime Minister Julia Gillard has struck a historic agreement with business leaders to speed up approvals for big projects and cut regulation. But she ran into immediate flak over a promise to maintain tough environmental protections as she prepares to face, for the first time, a majority of conservative premiers at today’s meeting of the Council of Australian Governments.
The new plan, described as a “national productivity compact” between the governments and business, aims to streamline state and federal environmental approvals. The 'Green Tape' Furphy. Business strikes deal with Gillard. Crackdown on regulation costs . . . Prime Minister Julia Gillard and Finance Minister Penny Wong hosted corporate and state leaders at a forum in Canberra on Thursday, including Telstra’s David Thodey, left, and Gail Kelly of Westpac, far right.
Photo: Andrew Meares Louise Dodson and Sophie Morris From left: Origin Energy’s Grant King, ACCI’s Peter Anderson, BHP Billiton’s Marius Kloppers and SA Premier Jay Weatherill at Thursday’s meeting. Prime Minister Julia Gillard has struck a historic agreement with business leaders to speed up approvals for big projects and cut regulation.
But she ran into immediate flak over a promise to maintain tough environmental protections as she prepares to face, for the first time, a majority of conservative premiers at today’s meeting of the Council of Australian Governments. The new plan, described as a “national productivity compact” between the governments and business, aims to streamline state and federal environmental approvals. Dollar dictates focus on monetary policy. Senator Penny Wong, left, and Prime Minister Julia Gillard greet Westpac chief Gail Kelly and Telstra chief David Thodey at a COAG forum in Canberra on Thursday. Photo: Andrew Meares Laura Tingle Something weird has happened to the economic debate in this country.
For countless years, the business community has beaten up the government for not showing enough spending restraint, and the unions have argued for industry-specific assistance. Now business is urging government to give up its long-held goal of returning the budget to surplus in the coming financial year, and the unions (while never saying no to a bit of industry help) are criticising the Reserve Bank of Australia for keeping interest rates too high. Even weirder, the government and the opposition actually agree (in a spectacularly disagreeing way) on the need for fiscal restraint in the present economic circumstances. The reasons being proffered for this volte-face are many and varied. What are our current problems? Good News For The Other Economy.
Centro sells up to 50pc stakes in three shopping centres. Qld Bowen Basin mine closes: 1,400 jobs at risk. Updated Fri 13 Apr 2012, 7:00am AEST The closure of a BHP mine in Queensland's Bowen Basin has put 1400 jobs at risk. The BHP Billiton-Mitsubishi Mining Alliance says cost increases and last year's floods are to blame for the closure of the Norwich Park mine. But it also says recent industrial action has affected production. Liz Hobday Source: AM | Duration: 2min 46sec Topics: industrial-relations, industry, mining-industry, unions, rural, mining-rural, coal, dysart-4745, australia, qld, mackay-4740, rockhampton-4700 Transcript.
Mine closure to cost QLD millions. Vic farmers want veto on CSG. Mining companies muscle up for another stoush over new taxes in budget. BHP Billiton boss Marius Kloppers ... among more than two dozen business and industry executives who met Julia Gillard and the premiers before COAG today to demand the slashing of red tape. Photo: Rob Homer THE minerals giants are threatening to relaunch the advertising campaign that almost tore down Labor in 2010 if they are hit with more tax increases in the budget next month. In a warning shot, the Minerals Council of Australia has run full-page advertisements in today's papers arguing that they are not prepared to accept another tax increase. They already face the carbon tax, the mining tax and a cut of 6.2¢ a litre in the diesel excise rebate, all due to start on July 1. It has been widely speculated that the budget will cut the diesel rebate further and the miners will lose tax perks such as accelerated depreciation to help the government achieve a surplus and fund its promises.
Advertisement. Row over 16pc power rise. Marcus Priest The NSW and federal governments have blamed each other for a proposed 16 per cent rise in power costs in the state that the pricing regulator said was due to the carbon tax and spiralling network costs. The rise, which will add $380 a year to an average household bill, will hit low-income households and regional areas hardest. The increase proposed by the Independent Pricing and Regulatory Tribunal (IPART) is higher than elsewhere in Australia and brings the average rise in NSW power prices to around 70 per cent over the past six years.
It follows a recommendation by the Queensland Competition Authority for an average price rise of 11.2 per cent in that state and a proposed 15.8 per cent increase in Western Australia. NSW Energy Minister Chris Hartcher blamed the Gillard government’s carbon tax and its 20 per cent renewable energy target (RET) for the high price rises. “NSW consumers just can’t afford to be hit with a double whammy.” with Katie Walsh. Final airport call needed. Clash of ambitions: 25,000 homes or a new Sydney airport. Second airport ... a report commissioned by the federal Transport Minister, Anthony Albanese, identified Wilton as a preferred location.
MORE than 25,000 housing blocks are being considered for the Wilton area, potentially torpedoing it as the location for a second Sydney airport and ratcheting up tension between the state and federal governments. Confirmation of state government plans for rezoning 2000 hectares for housing came a day after the Herald revealed Canberra had begun the process of establishing a second airport south-west of Sydney. The Premier, Barry O'Farrell, opposes a second airport in Sydney, preferring a second facility in Canberra with a high-speed rail link to Sydney. A report commissioned by the federal Transport Minister, Anthony Albanese, identified Wilton as a preferred location and the federal Transport Department has written to Sydney Airport Corporation asking for talks to initiate the process of approval for a second airport. Advertisement. Labour market stronger than expected. ASX ends up 0.8pc on jobs data. The Australian share market has closed higher following good leads from US markets and encouraging jobs data locally.
At the close, the benchmark S&P/ASX200 index was up 34.4 points, or 0.81 per cent, at 4280.5, while the broader All Ordinaries index was up 34.3 points, or 0.79 per cent, at 4,361.6. On the ASX 24, the June share price index futures contract was 40 points higher at 4,295 points, with 25,078 contracts traded. Figures released by the Australian Bureau of Statistics on Thursday showed that the unemployment rate was steady at 5.2 per cent in March from February, which was better than expected. On the local market, Ten Network Holdings lifted 2¢ to 78 cents despite reporting a sharp plunge in first half net profit that came in below market expectations.
In the resources sector, minerals sands miner Iluka was steady at $17.27 after its production and revenue fell in the first quarter of 2012. Union boss calls on RBA to save jobs. Reserve Bank wrong on rates all year, says AWU boss Paul Howes. Reserve Bank not likely to turn protectionist. There is a case for a cut and, as the RBA has already signalled, it is likely to be announced at the next rate-setting meeting, on May 1.
Photo: Rob Homer THIS week's calls from Australian Workers Union boss Paul Howes and Australian Chamber of Commerce and Industry chief executive Peter Anderson for the Reserve Bank to prop up the non-resources states with cash rate cuts raise two questions. The first is whether there is a case for a cash rate cut now. That can be answered easily. There is a case for a cut and, as the RBA has already signalled, it is likely to be announced at the next rate-setting meeting, on May 1. The central bank overestimated the strength of the economy last year, something governor Glenn Stevens acknowledged in March in Hong Kong, when he said growth had come in below trend, at 2.5 per cent.
The RBA board elaborated on the theme on Tuesday of last week when it left the cash rate unchanged at 4.25 per cent. Advertisement Taking a Toll. ABC. Reserve Bank Governor greets Clarke and Dawe Australian Broadcasting Corporation Broadcast: 12/04/2012 Reporter: John Clarke and Bryan Dawe Glenn Stevens, Governor of the Reserve Bank of Australia, meets Clarke and Dawe and responds to criticism from union leader Paul Howes. Transcript 7.3012 April 2012Story 5 CHRIS UHLMANN, PRESENTER: Now John Clarke and Bryan Dawe on the sudden interests in rates. BRYAN DAWE: Glenn Stevens, thank you for your time. JOHN CLARKE: Well, waves of unallied pleasure course freely about my person, Brian, as you well know, at the very prospect of further discourse with you.
BRYAN DAWE: I am similarly gripped. JOHN CLARKE: This augers well, Brian. BRYAN DAWE: It does. JOHN CLARKE: Yes, Brian, I make no secret of the fact that I live a life crowded with incident. BRYAN DAWE: Mr Howes says the Reserve Bank has the wrong interest rate policy and fears for job in industry. JOHN CLARKE: Does he? BRYAN DAWE: He says the cost of Australian goods are too high. BRYAN DAWE: Yes. 230 jobs go as ANZ cuts wealth business.
Sitting on cash risky: NAB. ME Bank shrugged off call to pursue sale. Banks get stricter on personal loans. NAB offers card for travellers. Yellow Brick Road offers alternative route. CommSec sees positive movement. IAG gets nod for Malaysian buy. Michael Wilkins . . . "another important step in IAG's strategy to boost its Asian footprint". Photo: Peter Braig Insurance Australia Group has further boosted its exposure to the fast growing Asian insurance market after its Malaysian joint venture was given regulatory approval to acquire a rival insurer. The deal will see IAG emerge as one of the biggest general insurance players in Malaysia, including dominating the country's motor insurance market. IAG's Malaysian venture AmG Insurance has entered into an agreement to acquire smaller rival Kurnia Insurans.
The purchase price for the venture is about $480 million, which means IAG will contribute 49 per cent or $235 million, in line with its ownership of AmG. Advertisement In Malaysia, AmG trades under the AmAssurance brand and the remaining stake is owned by Malaysia's AmBank Group. Kurnia ranks as a top four general insurer in Malaysia and ranks as the largest motor insurer. Ejohnston@fairfaxmedia.com.au.
IAG takes $100m first step into China. IMB shapes as target after restructure. Negative equity rate skyrockets in Spain. China GDP ASX. Bo loses top posts, wife held. Rich irony in French election farce. Emma-Kate Symons France remains one of the world’s grandest and wealthiest countries, yet the French love to indulge in bouts of reverse snobbery regarding money. Hatred of filthy lucre is at the centre of the farcical French presidential campaign. With only 10 days to go until the first-round-vote election, “debate” is so removed from the nation’s pressing economic reality that commentators have invoked Freudian analysis to explain an emerging citizenry of so-called “self-hating losers”.
When candidates are not distracting voters with mindless polemics about halal food, they are following demagogue Jean-Luc Mélenchon to the Bastille in calling for the heads of the rich and repossession of their “stinking” cash. “The France of revolutions is coming back,” Mélenchon declares, knowing well that as a former Socialist Party grandee and ex-senator with intellectual pretensions, a Paris apartment and a country house, he is the incarnation of the French republican elite. North Korea long-range rocket launch fails after one minute. This internet provider pledges to always put your privacy first - Internet & Networking.
Apple to Top Spain, Greece, Portugal: Chart of the Day. Apple founder fears patent war fallout. Why Facebook Bought Instagram: IPO Buyers And Apple. BlackBerry Messenger comes to Twitter, Facebook. Apple’s Massive Numbers And Some Context. Apple’s share price: iRational? Cnntech: At $400 billion, Apple is... Cate Blanchett awarded French cultural honour. STC shines in Paris with Blanchett. Home. Change, work and learning: aligning continuing education and training.