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)
-- Aquila Resources will wait for 'some clarity in the market' before it spins off its Queensland coalmines and West Australian iron ore assets, chief executive Tony Poli has decided. 'In this environment...it's probably not wise for either a buyer or a seller to be negotiating,' Mr Poli said. Aquila shares have been caught up in the equity sell-down of recent weeks, closing at A$3.57 on Friday - down from a peak of A$16.25 in August. Citigroup and Macquarie are advising the company on its best course of action. Page 16.
United States regulators were considering CSL's proposed takeover of Talecris Biotherapeutics over the weekend, with the Australian suitor to update the market on the US$3.1 billion (A$4.8 billion) deal today. CSL says the merger would improve patients' access to blood plasma products through better supply, and UBS analysts have reported a favourable response from Talecris stakeholders. The depreciation of the Australian dollar is expected to lift CSL's 2009 earnings due to better exporting conditions. Page 18.
Queensland Gas Company (QGC) has won approval from the Australian Competition and Consumer Commission for its acquisition of Sunshine Gas, and secured 51.8 percent in acceptances. QGC managing director Richard Cottee said on Friday that two-thirds of acceptances preferred the all-scrip offer to a mix of cash and scrip. This reflected the quality of his company's stock, Mr Cottee said. QGC has now declared the offer unconditional. Page 18.
The Triple M building services arm of BSA has won A$70 million in new work, as the company tries to recover from a 76 percent decline in its shareprice this year. The business has secured three heating, ventilation and air conditioning contracts in Perth, boosting its order book to A$104 million. In July, BSA lowered its 2009 profit forecast to A$8 million from A$12 million after losing lucrative work from Telstra. The results of a strategic review will be announced this month. Page 19.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
-- Gerry Harvey says the Harvey Norman retail chain will use its own resources to fund its promotional campaigns if troubled American conglomerate GE scales back its finance business as expected. 'We've got money,' said Mr Norman, adding that Harvey Norman was lowly geared at 26 percent. He said the chain's 'middle-to-upper' class customers put it ahead of other retailers, most of which were 'geared up to the hilt.' Page 23.
Macquarie Leisure Trust's Dreamworld theme park in Queensland has not suffered any negative effects from the global financial crisis, says the trust's chief executive, Greg Shaw. 'Visitor figures...have been steady,' Mr Shaw said yesterday. Elsewhere, pharmaceutical company Clinuvel's managing director Philippe Wolgen said while the declining Australian dollar had driven up costs for its European clinical trials by 30 percent, the company had adequate hedging to cope. Page 23.
Australian Chamber of Commerce and Industry president Tony Howarth will call on the Australian and Japanese governments to continue reforms of monetary policy, trade and labour markets in the face of global financial turmoil. Mr Howarth will push the negotiation of an Australia-Japan free trade agreement in a speech today at the 46th Australia-Japan Joint Business Conference. Mr Howarth believes Australia and Japan should work together to combat protectionist policies in other countries. Page 23.
Australia's biggest housing developer, Stockland, may expand its local retirement operations following a A$300 million equity raising last week. Chief executive Matthew Quinn said yesterday the company was 'very keen to grow' in its home market, although he was more cautious about Stockland's British operations, where falling property values have led to a series of asset write-downs. Stockland cut its earnings forecast for the British business earlier this month in response to recession fears. Page 28.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
-- The Federal Government's move to guarantee bank deposits for the next three years will not influence the Australian stock market today, according to AMP Investments economist Shane Oliver. 'Our market is hostage to whatever is going on internationally,' said Mr Oliver. The local market slid more than 8 percent last Friday, as the International Monetary Fund warned that the global economy was on 'the brink of a systemic meltdown.' Page 19.
Russian billionaire Oleg Deripaska has sold his 10 percent stake in Leighton Holdings' German shareholder, Hochtief <HOTG.DE>, after being hit by a margin call. Leighton is planning a construction venture with Mr Deripaska in Siberia and Mongolia; on Friday, his holding company, Basic Element, assured the market that 'joint infrastructure construction projects in Russia will continue as planned.' Basic Element last week relinquished a 20 percent stake in Canada's Magna International after BNP Paribas called in a separate loan. Page 19.
A 10 percent downgrade to Ten Network's earnings guidance in June could be realised when the free-to-air broadcaster reports its annual result this week. Australia's A$13 billion advertising market was already weakening before the global financial turmoil of the past few months, and big advertisers such as Harvey Norman are expected to curb their spending in the months ahead. Independent analyst Peter Cox said a decline in Ten's audience ratings would also affect the network's earnings. Page 20.
The receivers of Melbourne-based Opes Prime are seeking to recover millions of dollars from two of the directors partly responsible for the broker's collapse. The talks with Julian Smith and Laurie Emini come as creditors decide whether to put the failed margin lender into liquidation, as recommended by administrators Ferrier Hodgson. That would involve a claim to overturn a secured charge over Opes Prime assets by Merrill Lynch and ANZ Bank. This could yield A$270 million from ANZ alone. Page 21.
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THE AGE (www.theage.com.au)
-- The local bourse could rebound this morning if the futures market proves accurate, although National Australia Bank economist Jeff Oughton is reluctant to make predictions. 'Everybody is...waiting to see when the financial cycle will stabilise,' he says. The Australian sharemarket has lost 42 percent of its value since peaking last November, and Mr Oughton notes that globally, 'markets are continuing to behave very, very bearishly.' Page B1.
The Master Builders Association of Victoria (MBAV) has reported increasing pessimism among its 7,000 members, who are finding it hard to source capital from a strapped financial market. 'Others are concerned that their client base may come in for a bit of a knock,' the association's director, Brian Welch, said yesterday. The shift in sentiment follows a bumper year for the industry in 2007-08 and a burgeoning membership for the MBAV. Page B3.
A new technology centre in southeast Melbourne will give local manufacturers 'second-to-none' business capabilities, the Federal Minister for Innovation, Industry, Science and Research, Kim Carr, said yesterday. The A$32 million Victorian enterprise connect manufacturing centre, in Dandenong, is part of a federal initiative to foster innovation in local industry. Senator Carr said the scheme would directly benefit up to 400 Victorian businesses a year. Page B3.
Newly appointed Ford Australia president Marin Burela has flagged job cuts at the struggling carmaker, which is looking to capture the small-car segment of the market with a 'whole new rainbow of products.' Attending the Sydney Motor Show over the weekend, Mr Burela said Ford needed to make Australian consumers aware of its small-car range, including the new Fiesta, Focus and Mondeo models. In the United States, Ford's shares have plummeted along with General Motors' in recent weeks. Page B3
- - . 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)
-- Aquila Resources will wait for 'some clarity in the market' before it spins off its Queensland coalmines and West Australian iron ore assets, chief executive Tony Poli has decided. 'In this environment...it's probably not wise for either a buyer or a seller to be negotiating,' Mr Poli said. Aquila shares have been caught up in the equity sell-down of recent weeks, closing at A$3.57 on Friday - down from a peak of A$16.25 in August. Citigroup and Macquarie are advising the company on its best course of action. Page 16.
United States regulators were considering CSL's proposed takeover of Talecris Biotherapeutics over the weekend, with the Australian suitor to update the market on the US$3.1 billion (A$4.8 billion) deal today. CSL says the merger would improve patients' access to blood plasma products through better supply, and UBS analysts have reported a favourable response from Talecris stakeholders. The depreciation of the Australian dollar is expected to lift CSL's 2009 earnings due to better exporting conditions. Page 18.
Queensland Gas Company (QGC) has won approval from the Australian Competition and Consumer Commission for its acquisition of Sunshine Gas, and secured 51.8 percent in acceptances. QGC managing director Richard Cottee said on Friday that two-thirds of acceptances preferred the all-scrip offer to a mix of cash and scrip. This reflected the quality of his company's stock, Mr Cottee said. QGC has now declared the offer unconditional. Page 18.
The Triple M building services arm of BSA has won A$70 million in new work, as the company tries to recover from a 76 percent decline in its shareprice this year. The business has secured three heating, ventilation and air conditioning contracts in Perth, boosting its order book to A$104 million. In July, BSA lowered its 2009 profit forecast to A$8 million from A$12 million after losing lucrative work from Telstra. The results of a strategic review will be announced this month. Page 19.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
-- Gerry Harvey says the Harvey Norman retail chain will use its own resources to fund its promotional campaigns if troubled American conglomerate GE scales back its finance business as expected. 'We've got money,' said Mr Norman, adding that Harvey Norman was lowly geared at 26 percent. He said the chain's 'middle-to-upper' class customers put it ahead of other retailers, most of which were 'geared up to the hilt.' Page 23.
Macquarie Leisure Trust's Dreamworld theme park in Queensland has not suffered any negative effects from the global financial crisis, says the trust's chief executive, Greg Shaw. 'Visitor figures...have been steady,' Mr Shaw said yesterday. Elsewhere, pharmaceutical company Clinuvel's managing director Philippe Wolgen said while the declining Australian dollar had driven up costs for its European clinical trials by 30 percent, the company had adequate hedging to cope. Page 23.
Australian Chamber of Commerce and Industry president Tony Howarth will call on the Australian and Japanese governments to continue reforms of monetary policy, trade and labour markets in the face of global financial turmoil. Mr Howarth will push the negotiation of an Australia-Japan free trade agreement in a speech today at the 46th Australia-Japan Joint Business Conference. Mr Howarth believes Australia and Japan should work together to combat protectionist policies in other countries. Page 23.
Australia's biggest housing developer, Stockland, may expand its local retirement operations following a A$300 million equity raising last week. Chief executive Matthew Quinn said yesterday the company was 'very keen to grow' in its home market, although he was more cautious about Stockland's British operations, where falling property values have led to a series of asset write-downs. Stockland cut its earnings forecast for the British business earlier this month in response to recession fears. Page 28.
- -
THE SYDNEY MORNING HERALD (www.smh.com.au)
-- The Federal Government's move to guarantee bank deposits for the next three years will not influence the Australian stock market today, according to AMP Investments economist Shane Oliver. 'Our market is hostage to whatever is going on internationally,' said Mr Oliver. The local market slid more than 8 percent last Friday, as the International Monetary Fund warned that the global economy was on 'the brink of a systemic meltdown.' Page 19.
Russian billionaire Oleg Deripaska has sold his 10 percent stake in Leighton Holdings' German shareholder, Hochtief <HOTG.DE>, after being hit by a margin call. Leighton is planning a construction venture with Mr Deripaska in Siberia and Mongolia; on Friday, his holding company, Basic Element, assured the market that 'joint infrastructure construction projects in Russia will continue as planned.' Basic Element last week relinquished a 20 percent stake in Canada's Magna International after BNP Paribas called in a separate loan. Page 19.
A 10 percent downgrade to Ten Network's earnings guidance in June could be realised when the free-to-air broadcaster reports its annual result this week. Australia's A$13 billion advertising market was already weakening before the global financial turmoil of the past few months, and big advertisers such as Harvey Norman are expected to curb their spending in the months ahead. Independent analyst Peter Cox said a decline in Ten's audience ratings would also affect the network's earnings. Page 20.
The receivers of Melbourne-based Opes Prime are seeking to recover millions of dollars from two of the directors partly responsible for the broker's collapse. The talks with Julian Smith and Laurie Emini come as creditors decide whether to put the failed margin lender into liquidation, as recommended by administrators Ferrier Hodgson. That would involve a claim to overturn a secured charge over Opes Prime assets by Merrill Lynch and ANZ Bank. This could yield A$270 million from ANZ alone. Page 21.
- -
THE AGE (www.theage.com.au)
-- The local bourse could rebound this morning if the futures market proves accurate, although National Australia Bank economist Jeff Oughton is reluctant to make predictions. 'Everybody is...waiting to see when the financial cycle will stabilise,' he says. The Australian sharemarket has lost 42 percent of its value since peaking last November, and Mr Oughton notes that globally, 'markets are continuing to behave very, very bearishly.' Page B1.
The Master Builders Association of Victoria (MBAV) has reported increasing pessimism among its 7,000 members, who are finding it hard to source capital from a strapped financial market. 'Others are concerned that their client base may come in for a bit of a knock,' the association's director, Brian Welch, said yesterday. The shift in sentiment follows a bumper year for the industry in 2007-08 and a burgeoning membership for the MBAV. Page B3.
A new technology centre in southeast Melbourne will give local manufacturers 'second-to-none' business capabilities, the Federal Minister for Innovation, Industry, Science and Research, Kim Carr, said yesterday. The A$32 million Victorian enterprise connect manufacturing centre, in Dandenong, is part of a federal initiative to foster innovation in local industry. Senator Carr said the scheme would directly benefit up to 400 Victorian businesses a year. Page B3.
Newly appointed Ford Australia president Marin Burela has flagged job cuts at the struggling carmaker, which is looking to capture the small-car segment of the market with a 'whole new rainbow of products.' Attending the Sydney Motor Show over the weekend, Mr Burela said Ford needed to make Australian consumers aware of its small-car range, including the new Fiesta, Focus and Mondeo models. In the United States, Ford's shares have plummeted along with General Motors' in recent weeks. Page B3
- - . 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.