SYDNEY, Oct 20 (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)
--News Corp plans acquisitions in the subscription-based digital media sector and will expand its business in India, Asia and Eastern Europe. Chairman and chief executive Rupert Murdoch told investors at the media group's annual meeting in New York on Friday that despite the global economic downturn, News Corp had capital reserves that gave it stability[and] the flexibility to take advantage of opportunities all around the globe. News Corp will report its first quarter results early next month. Page 18.
--Leading pay television (pay-TV) operators Foxtel and Austar <AUN.AX> maintain their performance remains robust despite recent claims by Telstra chief financial officer John Stanhope that pay-TV demand is declining. Kim Williams, the chief executive of Foxtel -- which is 50 percent owned by Telstra -- said yesterday 'we have seen continuing growth in subscribers.' Austar chief executive John Porter dismissed Mr Stanhope's comments as irrelevant to the regional pay-TV company. 'We are pleased with our growth,' Mr Porter asserted. Page 18.
--Iron ore miner Fortescue Metals Group has rejected suggestions that demand is slackening from key importer China. Chief executive Andrew Forrest yesterday dismissed as irrelevant reports that the company had been forced by buyers to renegotiate the freight component of shipping contracts. 'What you never saw is any talk about renegotiatinganything to do with where we make our money,' Mr Forrest said. He said Chinese demand had increased for Fortescue's 'rocket fines' product, which contains 59 percent iron. Page 18.
--New South Wales coal producer Donaldson Coal has shelved its planned A$1 billion stockmarket float. Chief executive Brendan McPherson yesterday cited volatility in the financial markets for the decision, saying 'we'll wait for some stability.' Donaldson Coal, which is 68 percent owned by Hong Kong-based Noble Group and 23 percent by Mr McPherson and his brother, Leigh, through their private company, Ellemby, produces 2 million tonnes of thermal coal a year. Page 19.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--Prime Minister Kevin Rudd's call for reductions in excessively high levels of executive pay has been backed by executive remuneration consultant Greg Brogan. Mr Brogan, who runs the consultancy Executive Pay Systems, says few listed stocks have performed in line with senior executive pay rises. Qantas Airways, for example, had an 84 percent return on capital employed growth rate from 2002 to 2008 while its top five executives gained a 200 percent-plus pay rise, Mr Brogan says. Page 21.
--National Australia Bank (NAB) remains interested in acquiring Suncorp's banking operations, observers said yesterday. Australia and New Zealand Banking Group (ANZ) <ANZ.AX> is the other main contender for the banking and insurance group but NAB, unlike ANZ, has not placed a bid as yet. NAB said last week it was reporting its full-year profit earlier than expected and revealed a proposal to 'strengthen' its capital position through a A$2.5 billion dividend reinvestment program. Page 21.
--Small gas and oil companies may find it harder to borrow in order to fund projects in the tougher credit environment but bigger players should be able to weather the storm, the 79,000-member Society of Petroleum Engineers (SPE) said yesterday. SPE president Dr Leo Roodhart said a downturn would result in less money being invested, with a resulting short-term effect, especially on smaller companies, and 'for a couple of small companies that might be fatal.' Page 23.
--A survey by global credit and debt management firm Dun & Bradstreet shows Australian companies are taking longer to pay their bills due to the credit crunch. Chief executive Christine Christian said yesterday 'the larger the company, the slower the payment,' with publicly-listed firms often slower to settle accounts, taking an average 59 days to pay their bills compared to private companies at 55 days. Retailers Association executive director Scott Driscoll said retailers were increasingly asking for more time to pay accounts. Page 23.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--The chief executive of AAPT has rejected suggestions that the telecommunications company is up for sale. Telecom New Zealand's Australian subsidiary has in recent weeks been described by one of its executives as 'a noose that Telecom put around their own neck' and has embarrassingly pulled out of the Optus-led Terria consortium that is bidding for the A$15 billion national broadband network. Page 21.
--West Australian conglomerate Wesfarmers, which acquired retailer Coles last year, is set to launch a discount supermarket chain to replace Coles' Bi-Lo discount stores. While more than 70 Bi-Lo stores are still trading, the brand was seriously damaged by a bungled rebranding exercise by the previous owners of Coles. Coles managing director Ian McLeod said last week that initially pilot stores would be introduced nationally to determine customer preferences, with a final format expected to be established by the end of this financial year. Page 23.
--Coalminer Whitehaven Coal has made significant management changes and will relocate its headquarters to Sydney from Brisbane. The company is the new venture of former Excel Coal managing director Tony Haggarty, who will move into the same position at Whitehaven, replacing incumbent Rob Stewart. Other senior Excel Coal executives will also take key positions at the Narrabri coalminer, which is targeting production of 11 million tonnes by 2012. Page 23.
--Broker Citigroup has warned that media group PBL Media will suffer losses indefinitely because of its large debt burden. Citigroup media analyst Digby Gilmour said last week that declining advertising sales at PBL Media's Channel Nine and ACP Magazines would cause a 31 percent drop in earnings before tax, depreciation and interest costs in 2008-09. PBL Media, 75 percent owned by private equity firm CVC Asia Pacific and 25 percent owned by James Packer's Consolidated Media Holdings <CMJ.AX>, carries A$4.2 billion of debt. Page 23.
THE AGE (www.theage.com.au)
--BHP Billiton<BLT.AX> chief executive Marius Kloppers is unlikely to act on calls by a Canadian coking coal producer last week to cut coking coal production and curtail expansion plans, observers said yesterday. The expectation of smaller producers is understood to be that a cut in output by BHP, which accounts for 18 percent of the global seaborne trade in coking coal, would put a floor under prices of the commodity. However, such a move would have antitrust implications for BHP, which has made a takeover bid for Rio Tinto<RIO.AX>. Page B1.
--China's bureau of statistics is today expected to reveal slower gross domestic product (GDP) growth, with implications for Australia's commodity exports sector. Standard & Chartered analysts said yesterday the figures will show China's annual GDP growth dropped from 10 percent in June to 9.5 percent in the September quarter. Page B2.
--A Charles Sturt University researcher has proposed farm forestry plantations as a way of combating climate change in Australia. Barney Foran, a research fellow at the university's Institute of Land, Water and Society, said yesterday that 40-60 million hectares of farm forestry plantations by 2050 would take up a maximum of 30 percent of farmland, providing wood for producing biofuels for transport. Page B3.
--United States (US) aluminium group Alcoa has told the US market that it expects its 9 percent stake in Rio Tinto, acquired jointly with China's state-owned Chinalco for US$14 billion (A$20 billion) in February, to be transferred soon from a custodial account with failed investment bank Lehman Brothers in London to another nominee account. 'These shares are held in custody. They are notsubject to the claims of Lehman's general creditors,' Alcoa said. 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)
--News Corp plans acquisitions in the subscription-based digital media sector and will expand its business in India, Asia and Eastern Europe. Chairman and chief executive Rupert Murdoch told investors at the media group's annual meeting in New York on Friday that despite the global economic downturn, News Corp had capital reserves that gave it stability[and] the flexibility to take advantage of opportunities all around the globe. News Corp will report its first quarter results early next month. Page 18.
--Leading pay television (pay-TV) operators Foxtel and Austar <AUN.AX> maintain their performance remains robust despite recent claims by Telstra chief financial officer John Stanhope that pay-TV demand is declining. Kim Williams, the chief executive of Foxtel -- which is 50 percent owned by Telstra -- said yesterday 'we have seen continuing growth in subscribers.' Austar chief executive John Porter dismissed Mr Stanhope's comments as irrelevant to the regional pay-TV company. 'We are pleased with our growth,' Mr Porter asserted. Page 18.
--Iron ore miner Fortescue Metals Group has rejected suggestions that demand is slackening from key importer China. Chief executive Andrew Forrest yesterday dismissed as irrelevant reports that the company had been forced by buyers to renegotiate the freight component of shipping contracts. 'What you never saw is any talk about renegotiatinganything to do with where we make our money,' Mr Forrest said. He said Chinese demand had increased for Fortescue's 'rocket fines' product, which contains 59 percent iron. Page 18.
--New South Wales coal producer Donaldson Coal has shelved its planned A$1 billion stockmarket float. Chief executive Brendan McPherson yesterday cited volatility in the financial markets for the decision, saying 'we'll wait for some stability.' Donaldson Coal, which is 68 percent owned by Hong Kong-based Noble Group and 23 percent by Mr McPherson and his brother, Leigh, through their private company, Ellemby, produces 2 million tonnes of thermal coal a year. Page 19.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--Prime Minister Kevin Rudd's call for reductions in excessively high levels of executive pay has been backed by executive remuneration consultant Greg Brogan. Mr Brogan, who runs the consultancy Executive Pay Systems, says few listed stocks have performed in line with senior executive pay rises. Qantas Airways, for example, had an 84 percent return on capital employed growth rate from 2002 to 2008 while its top five executives gained a 200 percent-plus pay rise, Mr Brogan says. Page 21.
--National Australia Bank (NAB) remains interested in acquiring Suncorp's banking operations, observers said yesterday. Australia and New Zealand Banking Group (ANZ) <ANZ.AX> is the other main contender for the banking and insurance group but NAB, unlike ANZ, has not placed a bid as yet. NAB said last week it was reporting its full-year profit earlier than expected and revealed a proposal to 'strengthen' its capital position through a A$2.5 billion dividend reinvestment program. Page 21.
--Small gas and oil companies may find it harder to borrow in order to fund projects in the tougher credit environment but bigger players should be able to weather the storm, the 79,000-member Society of Petroleum Engineers (SPE) said yesterday. SPE president Dr Leo Roodhart said a downturn would result in less money being invested, with a resulting short-term effect, especially on smaller companies, and 'for a couple of small companies that might be fatal.' Page 23.
--A survey by global credit and debt management firm Dun & Bradstreet shows Australian companies are taking longer to pay their bills due to the credit crunch. Chief executive Christine Christian said yesterday 'the larger the company, the slower the payment,' with publicly-listed firms often slower to settle accounts, taking an average 59 days to pay their bills compared to private companies at 55 days. Retailers Association executive director Scott Driscoll said retailers were increasingly asking for more time to pay accounts. Page 23.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--The chief executive of AAPT has rejected suggestions that the telecommunications company is up for sale. Telecom New Zealand's Australian subsidiary has in recent weeks been described by one of its executives as 'a noose that Telecom put around their own neck' and has embarrassingly pulled out of the Optus-led Terria consortium that is bidding for the A$15 billion national broadband network. Page 21.
--West Australian conglomerate Wesfarmers, which acquired retailer Coles last year, is set to launch a discount supermarket chain to replace Coles' Bi-Lo discount stores. While more than 70 Bi-Lo stores are still trading, the brand was seriously damaged by a bungled rebranding exercise by the previous owners of Coles. Coles managing director Ian McLeod said last week that initially pilot stores would be introduced nationally to determine customer preferences, with a final format expected to be established by the end of this financial year. Page 23.
--Coalminer Whitehaven Coal has made significant management changes and will relocate its headquarters to Sydney from Brisbane. The company is the new venture of former Excel Coal managing director Tony Haggarty, who will move into the same position at Whitehaven, replacing incumbent Rob Stewart. Other senior Excel Coal executives will also take key positions at the Narrabri coalminer, which is targeting production of 11 million tonnes by 2012. Page 23.
--Broker Citigroup has warned that media group PBL Media will suffer losses indefinitely because of its large debt burden. Citigroup media analyst Digby Gilmour said last week that declining advertising sales at PBL Media's Channel Nine and ACP Magazines would cause a 31 percent drop in earnings before tax, depreciation and interest costs in 2008-09. PBL Media, 75 percent owned by private equity firm CVC Asia Pacific and 25 percent owned by James Packer's Consolidated Media Holdings <CMJ.AX>, carries A$4.2 billion of debt. Page 23.
THE AGE (www.theage.com.au)
--BHP Billiton<BLT.AX> chief executive Marius Kloppers is unlikely to act on calls by a Canadian coking coal producer last week to cut coking coal production and curtail expansion plans, observers said yesterday. The expectation of smaller producers is understood to be that a cut in output by BHP, which accounts for 18 percent of the global seaborne trade in coking coal, would put a floor under prices of the commodity. However, such a move would have antitrust implications for BHP, which has made a takeover bid for Rio Tinto<RIO.AX>. Page B1.
--China's bureau of statistics is today expected to reveal slower gross domestic product (GDP) growth, with implications for Australia's commodity exports sector. Standard & Chartered analysts said yesterday the figures will show China's annual GDP growth dropped from 10 percent in June to 9.5 percent in the September quarter. Page B2.
--A Charles Sturt University researcher has proposed farm forestry plantations as a way of combating climate change in Australia. Barney Foran, a research fellow at the university's Institute of Land, Water and Society, said yesterday that 40-60 million hectares of farm forestry plantations by 2050 would take up a maximum of 30 percent of farmland, providing wood for producing biofuels for transport. Page B3.
--United States (US) aluminium group Alcoa has told the US market that it expects its 9 percent stake in Rio Tinto, acquired jointly with China's state-owned Chinalco for US$14 billion (A$20 billion) in February, to be transferred soon from a custodial account with failed investment bank Lehman Brothers in London to another nominee account. 'These shares are held in custody. They are notsubject to the claims of Lehman's general creditors,' Alcoa said. 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.