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Published on: Tuesday, September 06, 2016

  • An agreement was made at the G20 Leaders’ Summit in Hangzhou, China to establish a global forum to monitor excess steel production in Beijing. According to the Australian Financial Review, Prime Minister Malcolm Turnbull called for a cautious approach to putting China on notice, so to not create political and economic upheaval. “China, it’s leadership, have got to manage this transition in a way that does not put millions of people out of work and create all of the social problems and injustices that that would entail,” he said.
  • Oil and gas producer Woodside Petroleum will buy half of BHP Billiton’s stake in the Scarborough oil and gas fields for around $US400m to expand its portfolio. The company will pay $US250m when the deal is complete, and an additional $US150m if a final investment decision to develop the Scarborough gas field is taken. It will receive a 25% and 50% stake in two offshore permits which make up the Scarborough gas field along with a 50% stake in two other offshore permits containing the Jupiter and Thebe gas fields.  
  • ASX-listed aged care operators have been hit after new guidelines on fee charging were issued by the federal government. Shares in stocks like Estia Health, Japara Healthcare and Regis Healthcare slid more than 10% yesterday on the back of analyst downgrades. Australia’s Department of Health said several payments would not be permissible under aged care legislation in the future, including fees that do not directly benefit the aged care customer or where the services were of the normal operation of an aged care home.  
  • JB Hi-Fi has watered down media speculation regarding a potential takeover of The Good Guys. In a statement made to the ASX, the company said they “remain in the sale process and continues discussions with The Good Guys in regard to a potential acquisition.” The company notes it has made no decision and has not entered any agreement regarding an acquisition with The Good Guys. The Australian previously reported that JB Hi-Fi was planning to make $850m to $900m offer for The Good Guys next week.  
  • At 0645 AEST on Tuesday, the share price index was down 19 points at 5,399.


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