Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
Two investors in listed investment fund Macquarie Airports are expected to go to court today to seek an injunction against a shareholder meeting next week and an order allowing inspection of the fund's books.
The meeting next week has been called to approve MAp's A$345 million deal to buy-out the fund's management rights from investment bank Macquarie Group.
One of the investors, Kjeld Binger, is linked to rival management team Global Airports, which has offered to take over the fund's management rights. Page 14.
Grain export company AWB yesterday announced that it will undertake a A$459 million capital raising, with the funds to to be used to reduce debt.
The proceeds will reduce AWB's debt from A$646 million to A$490 million, and reduce gearing to between 25 percent and 30 percent.
Chief executive Gordon Davis also confirmed that the company is in talks with a possible joint-venture partner, as the company seeks expertise outside its core business of wheat and access to new markets. Page 14.
James Packer's media company, Consolidated Media Holdings , yesterday released its annual report for 2008-09. The report said the company's two newest directors, representing Kerry Stokes' investment company Seven Network, will not be paid director's fees.
Mr Packer and other directors are also not paid director's fees.
The two new directors were appointed this month when Mr Packer and Mr Stokes reached an agreement after Seven Network spent A$263.7 million purchasing Consolidated Media shares in July. Page 14.
Softdrink company Coca-Cola Amatil yesterday signed a 10-year agreement with telecommunications company Telstra which will see the companies work together on the introduction of new technology.
Telstra will provide the company with all of its current telecommunications services, and will also work on technological improvements to CC Amatil's supply chain, vending and merchandising systems through the introduction of technology applications such as cashless vending machines. Page 15.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Major shareholders in newspaper publisher Fairfax Media are pushing for the company to seek an external candidate for chairman.
Current chairman Ron Walker yesterday said he would step down at November's general meeting if requested to by shareholders.
Mr Walker suggested that current deputy chairman Roger Corbett would be his successor, however, a number of substantial shareholders, including John B Fairfax's Marinya Holdings and investment fund 452 Capital, say an external candidate is needed for board renewal. Page 19.
Major institutional investors in telecommunications company Telstra are preparing to send a letter to the company's chairwoman, Catherine Livingstone, requesting a meeting to discuss the threat to the company's value from the Federal Government's proposed regulatory reforms.
Representatives from the eight funds met with Telstra's former head of public affairs, Phil Burgess, earlier this week. The funds have not requested a meeting with Communications Minister Stephen Conroy. Page 19.
Iron ore and gold exploration company Cazaly Resources yesterday reported a loss of A$5.29 million for the 12 months to the end of June, compared to a net profit of A$1.53 million in 2007-08.
The result included write-downs in the value of shares in other listed resources companies of A$3.05 million, and A$1.34 million in exploration costs.
Despite the result, the company says it has sufficient funds to continue exploration, and hopes to start production at its Parker Range project in Western Australia in 2011. Page 20.
Magazine distribution business NDD, owned by the Hannan family which founded the business in 1987, is looking to reduce its investment in the company via a tender process which is expected to be completed next month.
A spokesperson for the company said that although a joint venture partner is being sought, offers to purchase the entire business will also be considered.
The sale process for NDD, which has around 20 percent of the distribution market, is thought to have attracted almost 20 expressions of interest. Page 20.
-- Keywords: DIGEST AUSTRALIA BUSINESS
THE SYDNEY MORNING HERALD (www.smh.com.au)
Australian banks are benefitting from the improved outlook for New Zealand's economy, which yesterday recorded a gross domestic product increase of 0.1 percent for the June quarter, after contracting 0.8 percent in the March quarter.
Australian banks control almost 90 percent of the New Zealand market, and Australia's four major banks hold around 20 percent of their total assets in the country.
Australia and New Zealand Banking Group has the largest exposure to the nation after purchasing the National Bank of New Zealand in 2003. Page 4.
Mining company Rio Tinto will support Ivanhoe Mines selling up to 9.9 percent of its shares to 'strategic investors' who want exposure to Ivanhoe's A$5 billion Oyu Tolgoi copper and gold project in Mongolia.
Rio has an agreement with Ivanhoe which gives it a 43.1 percent stake in Ivanhoe for A$2.4 billion, although the deal is yet to be finalised.
The agreement has recently been changed to allow the introduction of other investors, which is thought to be directed at attracting Chinese sovereign wealth funds. Page 5.
Australian-born lawyer Jane Diplock is the chairwoman of the International Organisation of Securities Commissions' executive committee, heads New Zealand's Securities Commission and is on the Financial Stability Board.
Ms Diplock also sits on the Financial Crisis Advisory Board, and her work on reforming the financial industry is expected to guide talks at this week's Group of 20 meeting in Pittsburgh.
Ms Diplock has called for leadership, saying 'there is an opportunity for political leaders to make sure we don't have this appalling loss of value repeated.' Page 6.
Following the takeover of brewing company Lion Nathan by Japan's Kirin, there is increasing market speculation that rival beer and wine company Foster's Group will separate its beer and wine businesses.
Financial services group Credit Suisse yesterday said Foster's is likely to split the business within the next 12 months, and the beer division will be an attractive takeover target.
Although United States brewer Molson Coors already has a 5 percent stake in Foster's, rival SABMiller is seen as the leading contender to move on the beer division. Page 9.
THE AGE (www.theage.com.au)
A proposal by Wugang Australia Resources, a subsidiary of Chinese state-owned company Wuhan Iron and Steel, to help fund a magnetite project within the Woomera Prohibited Area has been rejected by the Federal Government.
The Defence Department has said it will oppose a joint venture between the companies at the site, which is 180 kilometres from the Woomera weapons testing range, citing 'safety, operational and national security grounds. Page B1.
Mining company BHP Billiton yesterday released its annual sustainability report, which admits that the company is 'behind schedule' in its efforts to meet its 2012 greenhouse gas emission reduction targets.
BHP says it intends to reduce its emissions by 6 percent from 2006 levels by 2012, but is currently 3 percent above 2006 levels. The company also intends to reduce energy use by 13 percent and increase its use of recycled water by 10 percent.
Despite the setback, the report says the 2012 targets are still achievable. Page B2.
Power and gas company Origin Energy yesterday released its annual report, showing that chief executive Grant King was paid more than A$6 million for the year to June 30, compared to last year's remuneration of A$4.89 million.
Mr Grant's pay increase, which includes a bonus of A$2.68 million, comes after the company increased earnings by 20 percent to A$530 million, and Mr Grant orchestrated a tie-up between Origin and United States company ConocoPhillips. Page B2.
Nationals senator John Williams, part of the parliamentary committee which is examining the financial planning sector and the collapse of planner network Storm Financial, yesterday said the insolvency sector also requires examination.
Senator Williams said he received complaints about 'the activities of liquidators, whether some of their fees are exorbitant and whether creditors are being served in the right manner.'
The Insolvency Practitioners Association yesterday rejected the call for an inquiry, saying the profession is 'highly regulated.' Page B3.
-- Keywords: DIGEST AUSTRALIA BUSINESS=2 (Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
Two investors in listed investment fund Macquarie Airports are expected to go to court today to seek an injunction against a shareholder meeting next week and an order allowing inspection of the fund's books.
The meeting next week has been called to approve MAp's A$345 million deal to buy-out the fund's management rights from investment bank Macquarie Group.
One of the investors, Kjeld Binger, is linked to rival management team Global Airports, which has offered to take over the fund's management rights. Page 14.
Grain export company AWB yesterday announced that it will undertake a A$459 million capital raising, with the funds to to be used to reduce debt.
The proceeds will reduce AWB's debt from A$646 million to A$490 million, and reduce gearing to between 25 percent and 30 percent.
Chief executive Gordon Davis also confirmed that the company is in talks with a possible joint-venture partner, as the company seeks expertise outside its core business of wheat and access to new markets. Page 14.
James Packer's media company, Consolidated Media Holdings , yesterday released its annual report for 2008-09. The report said the company's two newest directors, representing Kerry Stokes' investment company Seven Network, will not be paid director's fees.
Mr Packer and other directors are also not paid director's fees.
The two new directors were appointed this month when Mr Packer and Mr Stokes reached an agreement after Seven Network spent A$263.7 million purchasing Consolidated Media shares in July. Page 14.
Softdrink company Coca-Cola Amatil yesterday signed a 10-year agreement with telecommunications company Telstra which will see the companies work together on the introduction of new technology.
Telstra will provide the company with all of its current telecommunications services, and will also work on technological improvements to CC Amatil's supply chain, vending and merchandising systems through the introduction of technology applications such as cashless vending machines. Page 15.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Major shareholders in newspaper publisher Fairfax Media are pushing for the company to seek an external candidate for chairman.
Current chairman Ron Walker yesterday said he would step down at November's general meeting if requested to by shareholders.
Mr Walker suggested that current deputy chairman Roger Corbett would be his successor, however, a number of substantial shareholders, including John B Fairfax's Marinya Holdings and investment fund 452 Capital, say an external candidate is needed for board renewal. Page 19.
Major institutional investors in telecommunications company Telstra are preparing to send a letter to the company's chairwoman, Catherine Livingstone, requesting a meeting to discuss the threat to the company's value from the Federal Government's proposed regulatory reforms.
Representatives from the eight funds met with Telstra's former head of public affairs, Phil Burgess, earlier this week. The funds have not requested a meeting with Communications Minister Stephen Conroy. Page 19.
Iron ore and gold exploration company Cazaly Resources yesterday reported a loss of A$5.29 million for the 12 months to the end of June, compared to a net profit of A$1.53 million in 2007-08.
The result included write-downs in the value of shares in other listed resources companies of A$3.05 million, and A$1.34 million in exploration costs.
Despite the result, the company says it has sufficient funds to continue exploration, and hopes to start production at its Parker Range project in Western Australia in 2011. Page 20.
Magazine distribution business NDD, owned by the Hannan family which founded the business in 1987, is looking to reduce its investment in the company via a tender process which is expected to be completed next month.
A spokesperson for the company said that although a joint venture partner is being sought, offers to purchase the entire business will also be considered.
The sale process for NDD, which has around 20 percent of the distribution market, is thought to have attracted almost 20 expressions of interest. Page 20.
-- Keywords: DIGEST AUSTRALIA BUSINESS
THE SYDNEY MORNING HERALD (www.smh.com.au)
Australian banks are benefitting from the improved outlook for New Zealand's economy, which yesterday recorded a gross domestic product increase of 0.1 percent for the June quarter, after contracting 0.8 percent in the March quarter.
Australian banks control almost 90 percent of the New Zealand market, and Australia's four major banks hold around 20 percent of their total assets in the country.
Australia and New Zealand Banking Group has the largest exposure to the nation after purchasing the National Bank of New Zealand in 2003. Page 4.
Mining company Rio Tinto will support Ivanhoe Mines selling up to 9.9 percent of its shares to 'strategic investors' who want exposure to Ivanhoe's A$5 billion Oyu Tolgoi copper and gold project in Mongolia.
Rio has an agreement with Ivanhoe which gives it a 43.1 percent stake in Ivanhoe for A$2.4 billion, although the deal is yet to be finalised.
The agreement has recently been changed to allow the introduction of other investors, which is thought to be directed at attracting Chinese sovereign wealth funds. Page 5.
Australian-born lawyer Jane Diplock is the chairwoman of the International Organisation of Securities Commissions' executive committee, heads New Zealand's Securities Commission and is on the Financial Stability Board.
Ms Diplock also sits on the Financial Crisis Advisory Board, and her work on reforming the financial industry is expected to guide talks at this week's Group of 20 meeting in Pittsburgh.
Ms Diplock has called for leadership, saying 'there is an opportunity for political leaders to make sure we don't have this appalling loss of value repeated.' Page 6.
Following the takeover of brewing company Lion Nathan by Japan's Kirin, there is increasing market speculation that rival beer and wine company Foster's Group will separate its beer and wine businesses.
Financial services group Credit Suisse yesterday said Foster's is likely to split the business within the next 12 months, and the beer division will be an attractive takeover target.
Although United States brewer Molson Coors already has a 5 percent stake in Foster's, rival SABMiller is seen as the leading contender to move on the beer division. Page 9.
THE AGE (www.theage.com.au)
A proposal by Wugang Australia Resources, a subsidiary of Chinese state-owned company Wuhan Iron and Steel, to help fund a magnetite project within the Woomera Prohibited Area has been rejected by the Federal Government.
The Defence Department has said it will oppose a joint venture between the companies at the site, which is 180 kilometres from the Woomera weapons testing range, citing 'safety, operational and national security grounds. Page B1.
Mining company BHP Billiton yesterday released its annual sustainability report, which admits that the company is 'behind schedule' in its efforts to meet its 2012 greenhouse gas emission reduction targets.
BHP says it intends to reduce its emissions by 6 percent from 2006 levels by 2012, but is currently 3 percent above 2006 levels. The company also intends to reduce energy use by 13 percent and increase its use of recycled water by 10 percent.
Despite the setback, the report says the 2012 targets are still achievable. Page B2.
Power and gas company Origin Energy yesterday released its annual report, showing that chief executive Grant King was paid more than A$6 million for the year to June 30, compared to last year's remuneration of A$4.89 million.
Mr Grant's pay increase, which includes a bonus of A$2.68 million, comes after the company increased earnings by 20 percent to A$530 million, and Mr Grant orchestrated a tie-up between Origin and United States company ConocoPhillips. Page B2.
Nationals senator John Williams, part of the parliamentary committee which is examining the financial planning sector and the collapse of planner network Storm Financial, yesterday said the insolvency sector also requires examination.
Senator Williams said he received complaints about 'the activities of liquidators, whether some of their fees are exorbitant and whether creditors are being served in the right manner.'
The Insolvency Practitioners Association yesterday rejected the call for an inquiry, saying the profession is 'highly regulated.' Page B3.
-- Keywords: DIGEST AUSTRALIA BUSINESS=2 (Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
