SYDNEY, Oct 13 (Reuters) - 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)
-- The Federal Government yesterday moved to restore confidence in the face of the global financial crisis, guaranteeing all savings deposits. Saying the crisis had 'entered a new and dangerous phase,' Prime Minister Kevin Rudd also guaranteed the loans used by local banks to raise capital on wholesale markets and increased by A$4 billion an initiative announced last week to help smaller mortgage lenders better compete with the major banks. The latest measures were welcomed by industry executives. Page 1.
Stockbroking analysts are cutting their profit forecasts for Australian companies as commodity prices slide and the domestic economy slows. The Reuters/Jefferies CRB Index of 19 commodities fell 6.6 percent on Friday, its biggest one-day decline, leading a Macquarie Capital Securities analyst to predict 'negative earnings growth for most sectors for next year.' Goldman Sachs JBWere on the weekend forecast zero growth in the resources sector in 2009 and downgraded its forecast for industrial stocks to negative 5 percent. Page 1.
Proposals by Federal Superannuation and Corporate Law Minister Nick Sherry that employers gauge performance when selecting default superannuation funds have been rejected by employer groups. In submissions to the latest draft proposals of the Australian Industrial Relations Commission (AIRC), some employer groups have even called for recommended default funds to be abolished. The AIRC last week rebuffed Senator Sherry's suggestion that it appraise the performance of particular retirement funds. Page 3.
The controversial Birdsville amendment to the Trade Practices Act, which was retained by Parliament last month, could have the unintended consequence of small businesses being prosecuted for predatory pricing, the competition regulator warned on Friday. The amendment, introduced by the previous Howard government, judges predatory pricing on the basis of 'substantial market share' rather than 'substantial market power.' Page 3.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
-- Federal Labor will today urge the Australian Industrial Relations Commission to abandon a draft proposal to extend compulsory redundancy pay to businesses with fewer than 15 employees. The Government's move is expected to offend unions, which claim that exempting small businesses would disadvantage millions of workers. But Workplace Relations Minister Julia Gillard said yesterday the Government was concerned the proposal would place a 'significant' financial burden on employers. Page 1.
The Federal Government has flagged using its multibillion-dollar surpluses to bolster the economy in response to the global financial crisis. Prime Minister Kevin Rudd said the Government was considering in a 'calm, methodical and rational way' how best to use its anticipated surpluses. Recalling his previous statements that 'it is good to have a surplusas a buffer for the future,' Mr Rudd said 'the future is here.' The Government has already signalled using its A$20 billion infrastructure fund to bankroll some of its plans. P1.
The Commonwealth Director of Public Prosecutions has called for tougher penalties for corporate crime. Chris Craigie, SC, told the International Criminal Law Congress in Sydney yesterday that judges should pay less attention to factors such as personal humiliation, a wrecked career and loss of social status when sentencing and focus instead on the damaging consequences of a corporate criminal's actions. 'The nature of modern business requires a proper appreciation of the enhanced capacity for lasting harm,' Mr Craigie said. Page 3.
The executive director of welfare organisation Anglicare Australia, Kasy Chambers, has warned that retirees face 'enormous and immediate stress' because of the steep falls in markets. She predicted yesterday that the Australian middle class would encounter 'if not poverty, then hardshiphaving to count pennies.' Having already seen signs of economic insecurity six months ago, Anglicare had doubled its budget for financial counselling, Ms Chambers said. Anglicare will release its seventh annual state of the family report today. Page 3.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
-- Abu Bakar Bashir, the former spiritual leader of radical Indonesian organisation Jemaah Islamiah, said on the weekend that the Bali bombers 'will die as martyrs.' He said bombers Imam Samudra, Mukhlas and Amrozi, who appeared completely unrepentant when they met the press recently, 'will get special treatment in the afterlife' after their execution. The sixth anniversary of the bombings, which killed 202 people, including 88 Australians, was marked by poignant ceremonies in Bali and Sydney yesterday. Page 1.
A shortage of land is coinciding with religious and ethnic biases in some parts of Sydney to create tensions over proposed places of worship or learning, according to researchers. A report by BIS Shrapnel found last week that the number of residential plots released annually in Sydney has declined to 3000 each year since 2004, down from 9000 in 2000. Western Sydney academic Gabrielle Gwyther says this has combined with 'cultural protectionism' to create tensions when immigrants buy bigger homes in areas such as south-western Sydney. Page 1.
New South Wales has wasted A$60 million of taxpayers' money on its Greenhouse Abatement Credits scheme, the state's Opposition claimed yesterday. While the Government claimed 80 percent of the energy-efficient lightbulbs it gave away were installed by households, later surveys found only 40 percent had been used, said the Liberal Party's Michael Richardson. He also alleged many of the greenhouse gas abatement certificates had gone to the highly polluting Hazelwood power station in Victoria. Page 2.
The Australian Federal Police (AFP) assisted in overseas investigations in which charges were already laid that could result in capital punishment, the New South Wales Council of Civil Liberties has alleged. Documents obtained under freedom-of-information laws show the assistance was in recent years given to police in Malaysia, Indonesia and Tonga with the approval of the Attorney-General's office. Michael Walton from the Council said yesterday the investigations were authorised 'in violation of Australia's international obligations.' Page 2.
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THE AGE (www.theage.com.au)
-- A national education advisory group has proposed that the history curriculum for all students from preparatory school to year 10 have a greater emphasis on world history than Australian history. The advisory group, led by Melbourne University academic Stuart Macintyre, says 'the restriction of the national curriculum to Australian history is inappropriate,' but backs an 'important place' for Australian history within the context of world history. The Federal Opposition yesterday accused Professor Macintyre of having 'ideological' views about history. Page 1.
The Victorian Liberal Party has backed a sweeping reform package designed to eradicate factionalism and branch stacking. After an address by state Liberal Party leader Ted Baillieu, a special meeting of the party yesterday voted in favour of a plan devised by state president David Kemp to allow all members to have a direct say in policies and preselections. 'The welcome mat is out and all Victorians are invited in,' Mr Baillieu said after the vote. Page 2.
The devastated father of Australian backpacker Britt Lapthorne, whose body was found in a highly decomposed state in the Croatian coastal resort of Dubrovnik last week, has angrily questioned suggestions she jumped off a cliff. 'I don't want to speculate, but there's foul play at least,' Dale Lapthorne said yesterday. He said it was inconceivable that her body could decompose into an unrecognisable state in just 18 days. Police in Croatia are conducting an autopsy, with detailed results expected today. Page 3.
The Medical Board of Queensland has released figures showing a big increase in the number of Victorian doctors moving to Queensland. In the last financial year, recruitment efforts by Queensland Health caused a 20 percent rise in the number of Victorian doctors that registered in Queensland to 217. Paediatrician Dr Chris Wood, who will move to Mackay Base Hospital in January, cited a better work-life balance for his decision. Another doctor wrote on a blog that he was happy to have 'resigned from Victoria's appalling conditions.' Page 3. . ng COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
-- The Federal Government yesterday moved to restore confidence in the face of the global financial crisis, guaranteeing all savings deposits. Saying the crisis had 'entered a new and dangerous phase,' Prime Minister Kevin Rudd also guaranteed the loans used by local banks to raise capital on wholesale markets and increased by A$4 billion an initiative announced last week to help smaller mortgage lenders better compete with the major banks. The latest measures were welcomed by industry executives. Page 1.
Stockbroking analysts are cutting their profit forecasts for Australian companies as commodity prices slide and the domestic economy slows. The Reuters/Jefferies CRB Index of 19 commodities fell 6.6 percent on Friday, its biggest one-day decline, leading a Macquarie Capital Securities analyst to predict 'negative earnings growth for most sectors for next year.' Goldman Sachs JBWere on the weekend forecast zero growth in the resources sector in 2009 and downgraded its forecast for industrial stocks to negative 5 percent. Page 1.
Proposals by Federal Superannuation and Corporate Law Minister Nick Sherry that employers gauge performance when selecting default superannuation funds have been rejected by employer groups. In submissions to the latest draft proposals of the Australian Industrial Relations Commission (AIRC), some employer groups have even called for recommended default funds to be abolished. The AIRC last week rebuffed Senator Sherry's suggestion that it appraise the performance of particular retirement funds. Page 3.
The controversial Birdsville amendment to the Trade Practices Act, which was retained by Parliament last month, could have the unintended consequence of small businesses being prosecuted for predatory pricing, the competition regulator warned on Friday. The amendment, introduced by the previous Howard government, judges predatory pricing on the basis of 'substantial market share' rather than 'substantial market power.' Page 3.
- -
THE AUSTRALIAN (www.theaustralian.news.com.au)
-- Federal Labor will today urge the Australian Industrial Relations Commission to abandon a draft proposal to extend compulsory redundancy pay to businesses with fewer than 15 employees. The Government's move is expected to offend unions, which claim that exempting small businesses would disadvantage millions of workers. But Workplace Relations Minister Julia Gillard said yesterday the Government was concerned the proposal would place a 'significant' financial burden on employers. Page 1.
The Federal Government has flagged using its multibillion-dollar surpluses to bolster the economy in response to the global financial crisis. Prime Minister Kevin Rudd said the Government was considering in a 'calm, methodical and rational way' how best to use its anticipated surpluses. Recalling his previous statements that 'it is good to have a surplusas a buffer for the future,' Mr Rudd said 'the future is here.' The Government has already signalled using its A$20 billion infrastructure fund to bankroll some of its plans. P1.
The Commonwealth Director of Public Prosecutions has called for tougher penalties for corporate crime. Chris Craigie, SC, told the International Criminal Law Congress in Sydney yesterday that judges should pay less attention to factors such as personal humiliation, a wrecked career and loss of social status when sentencing and focus instead on the damaging consequences of a corporate criminal's actions. 'The nature of modern business requires a proper appreciation of the enhanced capacity for lasting harm,' Mr Craigie said. Page 3.
The executive director of welfare organisation Anglicare Australia, Kasy Chambers, has warned that retirees face 'enormous and immediate stress' because of the steep falls in markets. She predicted yesterday that the Australian middle class would encounter 'if not poverty, then hardshiphaving to count pennies.' Having already seen signs of economic insecurity six months ago, Anglicare had doubled its budget for financial counselling, Ms Chambers said. Anglicare will release its seventh annual state of the family report today. Page 3.
- -
THE SYDNEY MORNING HERALD (www.smh.com.au)
-- Abu Bakar Bashir, the former spiritual leader of radical Indonesian organisation Jemaah Islamiah, said on the weekend that the Bali bombers 'will die as martyrs.' He said bombers Imam Samudra, Mukhlas and Amrozi, who appeared completely unrepentant when they met the press recently, 'will get special treatment in the afterlife' after their execution. The sixth anniversary of the bombings, which killed 202 people, including 88 Australians, was marked by poignant ceremonies in Bali and Sydney yesterday. Page 1.
A shortage of land is coinciding with religious and ethnic biases in some parts of Sydney to create tensions over proposed places of worship or learning, according to researchers. A report by BIS Shrapnel found last week that the number of residential plots released annually in Sydney has declined to 3000 each year since 2004, down from 9000 in 2000. Western Sydney academic Gabrielle Gwyther says this has combined with 'cultural protectionism' to create tensions when immigrants buy bigger homes in areas such as south-western Sydney. Page 1.
New South Wales has wasted A$60 million of taxpayers' money on its Greenhouse Abatement Credits scheme, the state's Opposition claimed yesterday. While the Government claimed 80 percent of the energy-efficient lightbulbs it gave away were installed by households, later surveys found only 40 percent had been used, said the Liberal Party's Michael Richardson. He also alleged many of the greenhouse gas abatement certificates had gone to the highly polluting Hazelwood power station in Victoria. Page 2.
The Australian Federal Police (AFP) assisted in overseas investigations in which charges were already laid that could result in capital punishment, the New South Wales Council of Civil Liberties has alleged. Documents obtained under freedom-of-information laws show the assistance was in recent years given to police in Malaysia, Indonesia and Tonga with the approval of the Attorney-General's office. Michael Walton from the Council said yesterday the investigations were authorised 'in violation of Australia's international obligations.' Page 2.
- -
THE AGE (www.theage.com.au)
-- A national education advisory group has proposed that the history curriculum for all students from preparatory school to year 10 have a greater emphasis on world history than Australian history. The advisory group, led by Melbourne University academic Stuart Macintyre, says 'the restriction of the national curriculum to Australian history is inappropriate,' but backs an 'important place' for Australian history within the context of world history. The Federal Opposition yesterday accused Professor Macintyre of having 'ideological' views about history. Page 1.
The Victorian Liberal Party has backed a sweeping reform package designed to eradicate factionalism and branch stacking. After an address by state Liberal Party leader Ted Baillieu, a special meeting of the party yesterday voted in favour of a plan devised by state president David Kemp to allow all members to have a direct say in policies and preselections. 'The welcome mat is out and all Victorians are invited in,' Mr Baillieu said after the vote. Page 2.
The devastated father of Australian backpacker Britt Lapthorne, whose body was found in a highly decomposed state in the Croatian coastal resort of Dubrovnik last week, has angrily questioned suggestions she jumped off a cliff. 'I don't want to speculate, but there's foul play at least,' Dale Lapthorne said yesterday. He said it was inconceivable that her body could decompose into an unrecognisable state in just 18 days. Police in Croatia are conducting an autopsy, with detailed results expected today. Page 3.
The Medical Board of Queensland has released figures showing a big increase in the number of Victorian doctors moving to Queensland. In the last financial year, recruitment efforts by Queensland Health caused a 20 percent rise in the number of Victorian doctors that registered in Queensland to 217. Paediatrician Dr Chris Wood, who will move to Mackay Base Hospital in January, cited a better work-life balance for his decision. Another doctor wrote on a blog that he was happy to have 'resigned from Victoria's appalling conditions.' Page 3. . ng COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.