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 corporate regulator is investigating advice Storm Financial gave investors following claims 300 clients of the Queensland-based financial advisory firm owe their margin lenders a total of A$20 million. Following significant falls in the Australian sharemarket, the firm in October advised clients to switch to cash from predominantly Storm-branded index funds or risk 'permanent, irrecoverable losses.' The Australian Securities and Investments Commission said it was working closely with Storm as it probed the matter. Page 16.
--Liquefied natural gas developer LNG Ltd has selected Norway-listed shipping company Golar as its preferred gas buyer, according to the latter. Golar chief executive Gary King indicated yesterday that his company was close to sealing a deal 'to secure LNG offtake from the Gladstone LNG project,' although LNG Ltd declined to name its preferred buyer. If the deal proceeds, Golar is expected to acquire a 40 percent stake in the project, with LNG Ltd having an equal stake and Arrow Energy 20 percent. Page 16.
--Telstra's Sensis division has shrugged off dire predictions about the future of the print version of its Yellow Pages, posting robust revenue growth from its print directories business. Sensis recorded 5.4 percent growth in print revenue last financial year, with Yellow Pages earnings growing 3.7 percent and White Pages 10.8 percent. Charles Laughlin at research firm Kelsey Group said the result showed 'Sensis is bucking the trend' of a global shift from print directories to online. Page 16.
-- The bankers of OZ Minerals are today expected to reject the troubled miner's attempts to refinance about A$1.1 billion of debt, putting the company's future in doubt.
According to a source linked to the talks, one of the members of the lenders' group, HBOS, 'are playing really hardball on this.'
Observers said the bankers' reluctance could force OZ Minerals to sell assets. The company's shares plummeted to A55 cents from A$1.70 over the past year before they were suspended from trading on the stock exchange in early December. Page 18.
THE SYDNEY MORNING HERALD (www.smh.com.au)
- The recent plunge in the share price of Australia's biggest listed hedge fund investment group, HFA Holdings, was triggered by negative media coverage, according to founder Spencer Young. Mr Young said HFA's current share price did not reflect 'the true value of the company's global capabilitiesÂ…or our more than 12-year successful investment track record.' HFA's share price closed at A4.9 cents last week, steeply down from its listing price of A$1.10 in April 2006. Page 10.
--Qantas Airways has received its third A380 superjumbo aircraft from the world's largest maker of commercial planes, European manufacturer Airbus. Qantas will fly the new aircraft between Sydney and London, while the first two operate between Melbourne and Los Angeles. Airbus is expected to meet its target of 12 A380 deliveries this year when it hands over another superjumbo to Emirates by Wednesday. Page 10.
--Sales at discount department stores rose 7.3 percent in the three months to September 30, and similar growth figures are expected for the last quarter, according to retail property landlord Westfield. The figures showed growth at discount department stores including JB Hi-Fi, Target, Priceline, Big W, Dick Smith and Kmart outstripped that of the two big traditional department stores, Myer and David Jones, which saw a 2.4 percent drop in sales. Economists have forecast a healthy performance by discount stores in the coming months. Page 11.
--Sydney's Goddard family is resisting efforts by retail property group Westfield to acquire its four-storey Emporio building on the city's Pitt Street Mall. 'We have no intention of selling the property to Westfield, or to anyone else, at this point in time,' said Robert Goddard, who represents the family. The Emporio site sits in the middle of Westfield's A$500 million redevelopment of the retail precinct, which will be called Westfield Sydney City on completion. Page 11.
THE AGE (www.theage.com.au)
-- The move by United States-based Delta Air Lines to begin daily flights between Sydney and Los Angeles from July will create strong competition for Qantas Airways and V Australia on the trans-Pacific route, observers have said. Macquarie Equities said the entry of Delta on the route, on which United Airlines also operates, will make it particularly hard for Virgin Blue's long-haul carrier V Australia, which has already pushed back its launch by three months and now faces the prospect of further delay and higher start-up costs. Page 10.
--Japanese beer maker Asahi Breweries is confident about the chances of success of its A$1.2 billion bid for soft-drinks maker Schweppes Australia, which has until March to decide whether it will seek better offers. Despite Asahi's confidence, observers believe the United States-based Coca-Cola Company may yet come up with a rival offer.
Meanwhile, Asahi is understood to be considering entering the Australian alcoholic drinks sector through a possible partnership with Foster's Group, which already distributes Asahi beer. Page 10.
--The Federal Court has ruled that Brisbane-based developer FKP Property Group was afflicted with severe cashflow problems by the end of December 2007, despite stating at its half-year results in February that it had a 'sound' balance sheet. 'An internal FKP deadline of an injection of A$5 million by 31 December, 2007, had passed without being met,' said Justice Michelle Gordon in a judgment made last week. The case was brought against FKP by supermarket group Coles, alleging breach of contract and misleading information. Page 11.
--Melbourne-based retail bakery company Bakers Delight plans to add 150 new franchisees to its network in Australia, New Zealand and Canada. Chief executive Roger Gillespie said Bakers Delight, which has a 14.6 percent share of the local A$2.7 billion fresh-bread market, would capitalise on the resilience of its target market, which 'continues to grow in line with the trend towards healthy eating at home.' Bakers Delight will also hire 500 apprentices, Mr Gillespie said. Page 11. --
Keywords: DIGEST AUSTRALIA BUSINESS (Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2008. 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)
- The corporate regulator is investigating advice Storm Financial gave investors following claims 300 clients of the Queensland-based financial advisory firm owe their margin lenders a total of A$20 million. Following significant falls in the Australian sharemarket, the firm in October advised clients to switch to cash from predominantly Storm-branded index funds or risk 'permanent, irrecoverable losses.' The Australian Securities and Investments Commission said it was working closely with Storm as it probed the matter. Page 16.
--Liquefied natural gas developer LNG Ltd has selected Norway-listed shipping company Golar as its preferred gas buyer, according to the latter. Golar chief executive Gary King indicated yesterday that his company was close to sealing a deal 'to secure LNG offtake from the Gladstone LNG project,' although LNG Ltd declined to name its preferred buyer. If the deal proceeds, Golar is expected to acquire a 40 percent stake in the project, with LNG Ltd having an equal stake and Arrow Energy 20 percent. Page 16.
--Telstra's Sensis division has shrugged off dire predictions about the future of the print version of its Yellow Pages, posting robust revenue growth from its print directories business. Sensis recorded 5.4 percent growth in print revenue last financial year, with Yellow Pages earnings growing 3.7 percent and White Pages 10.8 percent. Charles Laughlin at research firm Kelsey Group said the result showed 'Sensis is bucking the trend' of a global shift from print directories to online. Page 16.
-- The bankers of OZ Minerals are today expected to reject the troubled miner's attempts to refinance about A$1.1 billion of debt, putting the company's future in doubt.
According to a source linked to the talks, one of the members of the lenders' group, HBOS, 'are playing really hardball on this.'
Observers said the bankers' reluctance could force OZ Minerals to sell assets. The company's shares plummeted to A55 cents from A$1.70 over the past year before they were suspended from trading on the stock exchange in early December. Page 18.
THE SYDNEY MORNING HERALD (www.smh.com.au)
- The recent plunge in the share price of Australia's biggest listed hedge fund investment group, HFA Holdings, was triggered by negative media coverage, according to founder Spencer Young. Mr Young said HFA's current share price did not reflect 'the true value of the company's global capabilitiesÂ…or our more than 12-year successful investment track record.' HFA's share price closed at A4.9 cents last week, steeply down from its listing price of A$1.10 in April 2006. Page 10.
--Qantas Airways has received its third A380 superjumbo aircraft from the world's largest maker of commercial planes, European manufacturer Airbus. Qantas will fly the new aircraft between Sydney and London, while the first two operate between Melbourne and Los Angeles. Airbus is expected to meet its target of 12 A380 deliveries this year when it hands over another superjumbo to Emirates by Wednesday. Page 10.
--Sales at discount department stores rose 7.3 percent in the three months to September 30, and similar growth figures are expected for the last quarter, according to retail property landlord Westfield. The figures showed growth at discount department stores including JB Hi-Fi, Target, Priceline, Big W, Dick Smith and Kmart outstripped that of the two big traditional department stores, Myer and David Jones, which saw a 2.4 percent drop in sales. Economists have forecast a healthy performance by discount stores in the coming months. Page 11.
--Sydney's Goddard family is resisting efforts by retail property group Westfield to acquire its four-storey Emporio building on the city's Pitt Street Mall. 'We have no intention of selling the property to Westfield, or to anyone else, at this point in time,' said Robert Goddard, who represents the family. The Emporio site sits in the middle of Westfield's A$500 million redevelopment of the retail precinct, which will be called Westfield Sydney City on completion. Page 11.
THE AGE (www.theage.com.au)
-- The move by United States-based Delta Air Lines to begin daily flights between Sydney and Los Angeles from July will create strong competition for Qantas Airways and V Australia on the trans-Pacific route, observers have said. Macquarie Equities said the entry of Delta on the route, on which United Airlines also operates, will make it particularly hard for Virgin Blue's long-haul carrier V Australia, which has already pushed back its launch by three months and now faces the prospect of further delay and higher start-up costs. Page 10.
--Japanese beer maker Asahi Breweries is confident about the chances of success of its A$1.2 billion bid for soft-drinks maker Schweppes Australia, which has until March to decide whether it will seek better offers. Despite Asahi's confidence, observers believe the United States-based Coca-Cola Company may yet come up with a rival offer.
Meanwhile, Asahi is understood to be considering entering the Australian alcoholic drinks sector through a possible partnership with Foster's Group, which already distributes Asahi beer. Page 10.
--The Federal Court has ruled that Brisbane-based developer FKP Property Group was afflicted with severe cashflow problems by the end of December 2007, despite stating at its half-year results in February that it had a 'sound' balance sheet. 'An internal FKP deadline of an injection of A$5 million by 31 December, 2007, had passed without being met,' said Justice Michelle Gordon in a judgment made last week. The case was brought against FKP by supermarket group Coles, alleging breach of contract and misleading information. Page 11.
--Melbourne-based retail bakery company Bakers Delight plans to add 150 new franchisees to its network in Australia, New Zealand and Canada. Chief executive Roger Gillespie said Bakers Delight, which has a 14.6 percent share of the local A$2.7 billion fresh-bread market, would capitalise on the resilience of its target market, which 'continues to grow in line with the trend towards healthy eating at home.' Bakers Delight will also hire 500 apprentices, Mr Gillespie said. Page 11. --
Keywords: DIGEST AUSTRALIA BUSINESS (Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2008. 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.