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 Australian Securities and Investments Commission (ASIC) is investigating investment banks and fund managers over claims of insider trading related to major capital raisings. The recent surge in capital raisings, with an estimated A$28 billion raised by 20 companies over the last six months, has prompted ASIC to examine concerns that some companies are engaging in a process called 'soft-sounding,? whereby an investment bank involved in a company?s raising approaches potential shareholders prior to the placement to gauge the market appetite. Page 1.
The Rudd government is to spend A$950 million on a jobs program aimed at supporting an expected increase in unemployment over the coming year. Prime Minister Kevin Rudd yesterday pledged a further A$150 million, on top of a previous commitment of A$800 million, to help combat an increase in the jobless rate. Mr Rudd has allocated A$300 million to help retrain newly retrenched workers and A$650 million for community employment projects. Page 4.
There has been recent increase in the number of Australian corporate failures, according to figures released by the Australian Securities and Investments Commission. Figures for February show a 24 percent surge in the number of companies going insolvent and a 13 percent increase in firms going into administration. Colin Nicol, of Advisory firm McGrathNicol, warns of further rises this year, saying 'there are a lot more companies in intensive care.? Page 3.
Westpac Banking Corporation has pledged to extend its loan assistance program to help small-and-medium-sized Australian businesses affected by the economic downturn. Chief executive Gail Kelly yesterday announced that the bank and its subsidiary St George Bank would introduce 'additional capacity and capability to support these customers. The pledge follows the Rudd government?s joint-mortgage relief agreement with the Big Four banks aimed at supporting newly unemployed mortgage holders. Page 4.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Men with alleged links to outlaw bikie gangs may have infiltrated Prime Minister Kevin Rudd?s official residence late last year, according to national broadcaster ABC Television. ABC television program the Insiders said yesterday that four tattooed men dressed like bikies and claiming to be maintenance men gained unsupervised access for about an hour to The Lodge in Canberra. 'It will need to be established very quickly whether they had a legitimate purpose for being there,? said Deputy Opposition Leader, Julie Bishop. Page 2.
Gas and electricity company EnergyAustralia has warned that major buildings in Sydney?s central business district (CBD) may need to use back-up generators today. The warning comes after equipment failures cut power to 70,000 customers in Sydney last Monday and a second blackout on Saturday left 50,000 customers without power, closed the Sydney Harbour Bridge and trapped people in lifts. EnergyAustralia expects repair work to be completed this morning but warns that power supplies in the northern part of the CBD could still be affected today. Page 3.
The Australian Workers Union (AWU) has called for federal intervention to avert what it calls the 'worst-ever crisis? facing the steel industry. The AWU says up to 1000 jobs are in jeopardy at the BlueScope Western Port steelworks in Victoria, which has announced it will shutdown over Easter because of reduced demand. 'This region will be devastated if the local BlueScope Steel plant is forced to shut,? says AWU national secretary Paul Howes, who is urging the Rudd Government to adopt a new plan to save the steel industry. Page 4.
Australia?s federal welfare agency Centrelink has been forced to employ extra staff to deal with a wave of newly-unemployed workers. Centrelink hired 1000 staff in February and will recruit more temporary workers in the coming months. Centrelink general manager Hank Jongen says callers are overloading the agency?s employment services? call centre, and urges people to stop calling the Centrelink hotline with queries over the Federal Government?s bonus payments, which will be paid automatically by April 6. Page 4.
THE SYDNEY MORNING HERALD (www.smh.com.au)
The New South Wales Government?s transport agenda has been criticised by one of the state?s top transport experts. Ron Christie, the former head of State Rail and the Roads and Traffic Authority, has questioned the planned A$9.7 billion extension of Sydney?s M4 freeway and proposed A$4.8 billion inner-city metro. Mr Christie says that the priority for the Rees government should be the CityRail?s suburban train network extension into Sydney?s under serviced north-western and south-western suburbs. Page 1.
A slump in demand for race horses at Sydney?s annual yearling auction have caused horse prices to fall over 30 percent. The auction, held over the weekend at Randwick?s Inglis Stables, recorded average sales of A$226,000 compared with A$330,000 last year.? The market?s pretty subdued, it?s like everything else,? said banking millionaire John Symond. Trainer Kim Waugh conceded that although the horse breeders will lose out, 'the buyers might get a few bargains.? Page 3.
Federal Finance Minister Lindsay Tanner has warned that the national deficit will probably exceed A$100 billion over the next three years, increasing the likelihood of further cuts in spending at the next budget. Mr Tanner signalled yesterday that the Government?s planned push to introduce paid maternity leave and extra funding for tertiary education were now under threat. Mr Tanner also downplayed hopes of an economic recovery next year, saying that it would be 'somewhat jumping the gun.? Page 5.
A planned A$5 million super-clinic aimed at improving healthcare in the Blue Mountains region, west of Sydney, could drive local general practitioners (GPs) away, according to medical experts. An alliance of 35 local GPs lost out on the 'super-clinic? contract which was won by health services provider Balance! Healthcare in February. 'There is a concern that some GPs will say, 'forget it, I?ll move on,? warns Linda McQueen, the GP for the town of Hazelbrook. Page 7.
THE AGE (www.theage.com.au)
A shortfall in the number of beds for intensive care patients at Victoria?s public hospitals caused an increase in the number intervention-related deaths during 2004-06, according to a new study by doctors. Over 6,700 of the state?s 21,000 critically ill patients suffered delays in their treatment due to bedding shortages, resulting in 91 deaths. Patient interventions included being moved to another hospital, being discharged prematurely or having their surgery postponed. Page 2.
Schools in Victoria will today receive their share of the Federal Government funding aimed at improving their facilities. The Rudd government?s A$195 million 'Building the Education Revolution? program is aimed at upgrading playgrounds, improving sporting grounds and installing water tanks across the nation. Victorian Education Minister Bronwyn Pike says that the funding is a 'great opportunity for hundreds of our schools to enrich their school environments.? Page 2.
Charitable organisation the Starlight Children?s Foundation, which assists critically ill Australian children and their families, is to cut its workforce by up to 20 and slash its expenses by 25 percent due to an expected A$2 million fall in revenue this year. 'We?re probably seeing the biggest reductions in corporate giving and high-value donors,? says foundation director and former Olympic Swimmer Kieran Perkins. Starlight?s program of visiting sick children in regional hospitals is to be cut as part of the charity?s cost-cutting agenda. Page 3.
The Brumby government is to continue a suspension of flows from Melbourne?s dams into the Yarra River and Thompson River until mid-2010 in an effort to boost Victoria?s drinking water supplies. The move is estimated to save a further 15 billion litres of water from each river, in addition to the combined 20 billion litres saved in 2008. Yarra Riverkeeper Ian Penrose warns the suspension will increase environmental stress on the Yarra, saying it is 'not the right way to manage the drought.? Page 5.
Keywords: DIGEST AUSTRALIA GENERAL (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 Securities and Investments Commission (ASIC) is investigating investment banks and fund managers over claims of insider trading related to major capital raisings. The recent surge in capital raisings, with an estimated A$28 billion raised by 20 companies over the last six months, has prompted ASIC to examine concerns that some companies are engaging in a process called 'soft-sounding,? whereby an investment bank involved in a company?s raising approaches potential shareholders prior to the placement to gauge the market appetite. Page 1.
The Rudd government is to spend A$950 million on a jobs program aimed at supporting an expected increase in unemployment over the coming year. Prime Minister Kevin Rudd yesterday pledged a further A$150 million, on top of a previous commitment of A$800 million, to help combat an increase in the jobless rate. Mr Rudd has allocated A$300 million to help retrain newly retrenched workers and A$650 million for community employment projects. Page 4.
There has been recent increase in the number of Australian corporate failures, according to figures released by the Australian Securities and Investments Commission. Figures for February show a 24 percent surge in the number of companies going insolvent and a 13 percent increase in firms going into administration. Colin Nicol, of Advisory firm McGrathNicol, warns of further rises this year, saying 'there are a lot more companies in intensive care.? Page 3.
Westpac Banking Corporation has pledged to extend its loan assistance program to help small-and-medium-sized Australian businesses affected by the economic downturn. Chief executive Gail Kelly yesterday announced that the bank and its subsidiary St George Bank would introduce 'additional capacity and capability to support these customers. The pledge follows the Rudd government?s joint-mortgage relief agreement with the Big Four banks aimed at supporting newly unemployed mortgage holders. Page 4.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Men with alleged links to outlaw bikie gangs may have infiltrated Prime Minister Kevin Rudd?s official residence late last year, according to national broadcaster ABC Television. ABC television program the Insiders said yesterday that four tattooed men dressed like bikies and claiming to be maintenance men gained unsupervised access for about an hour to The Lodge in Canberra. 'It will need to be established very quickly whether they had a legitimate purpose for being there,? said Deputy Opposition Leader, Julie Bishop. Page 2.
Gas and electricity company EnergyAustralia has warned that major buildings in Sydney?s central business district (CBD) may need to use back-up generators today. The warning comes after equipment failures cut power to 70,000 customers in Sydney last Monday and a second blackout on Saturday left 50,000 customers without power, closed the Sydney Harbour Bridge and trapped people in lifts. EnergyAustralia expects repair work to be completed this morning but warns that power supplies in the northern part of the CBD could still be affected today. Page 3.
The Australian Workers Union (AWU) has called for federal intervention to avert what it calls the 'worst-ever crisis? facing the steel industry. The AWU says up to 1000 jobs are in jeopardy at the BlueScope Western Port steelworks in Victoria, which has announced it will shutdown over Easter because of reduced demand. 'This region will be devastated if the local BlueScope Steel plant is forced to shut,? says AWU national secretary Paul Howes, who is urging the Rudd Government to adopt a new plan to save the steel industry. Page 4.
Australia?s federal welfare agency Centrelink has been forced to employ extra staff to deal with a wave of newly-unemployed workers. Centrelink hired 1000 staff in February and will recruit more temporary workers in the coming months. Centrelink general manager Hank Jongen says callers are overloading the agency?s employment services? call centre, and urges people to stop calling the Centrelink hotline with queries over the Federal Government?s bonus payments, which will be paid automatically by April 6. Page 4.
THE SYDNEY MORNING HERALD (www.smh.com.au)
The New South Wales Government?s transport agenda has been criticised by one of the state?s top transport experts. Ron Christie, the former head of State Rail and the Roads and Traffic Authority, has questioned the planned A$9.7 billion extension of Sydney?s M4 freeway and proposed A$4.8 billion inner-city metro. Mr Christie says that the priority for the Rees government should be the CityRail?s suburban train network extension into Sydney?s under serviced north-western and south-western suburbs. Page 1.
A slump in demand for race horses at Sydney?s annual yearling auction have caused horse prices to fall over 30 percent. The auction, held over the weekend at Randwick?s Inglis Stables, recorded average sales of A$226,000 compared with A$330,000 last year.? The market?s pretty subdued, it?s like everything else,? said banking millionaire John Symond. Trainer Kim Waugh conceded that although the horse breeders will lose out, 'the buyers might get a few bargains.? Page 3.
Federal Finance Minister Lindsay Tanner has warned that the national deficit will probably exceed A$100 billion over the next three years, increasing the likelihood of further cuts in spending at the next budget. Mr Tanner signalled yesterday that the Government?s planned push to introduce paid maternity leave and extra funding for tertiary education were now under threat. Mr Tanner also downplayed hopes of an economic recovery next year, saying that it would be 'somewhat jumping the gun.? Page 5.
A planned A$5 million super-clinic aimed at improving healthcare in the Blue Mountains region, west of Sydney, could drive local general practitioners (GPs) away, according to medical experts. An alliance of 35 local GPs lost out on the 'super-clinic? contract which was won by health services provider Balance! Healthcare in February. 'There is a concern that some GPs will say, 'forget it, I?ll move on,? warns Linda McQueen, the GP for the town of Hazelbrook. Page 7.
THE AGE (www.theage.com.au)
A shortfall in the number of beds for intensive care patients at Victoria?s public hospitals caused an increase in the number intervention-related deaths during 2004-06, according to a new study by doctors. Over 6,700 of the state?s 21,000 critically ill patients suffered delays in their treatment due to bedding shortages, resulting in 91 deaths. Patient interventions included being moved to another hospital, being discharged prematurely or having their surgery postponed. Page 2.
Schools in Victoria will today receive their share of the Federal Government funding aimed at improving their facilities. The Rudd government?s A$195 million 'Building the Education Revolution? program is aimed at upgrading playgrounds, improving sporting grounds and installing water tanks across the nation. Victorian Education Minister Bronwyn Pike says that the funding is a 'great opportunity for hundreds of our schools to enrich their school environments.? Page 2.
Charitable organisation the Starlight Children?s Foundation, which assists critically ill Australian children and their families, is to cut its workforce by up to 20 and slash its expenses by 25 percent due to an expected A$2 million fall in revenue this year. 'We?re probably seeing the biggest reductions in corporate giving and high-value donors,? says foundation director and former Olympic Swimmer Kieran Perkins. Starlight?s program of visiting sick children in regional hospitals is to be cut as part of the charity?s cost-cutting agenda. Page 3.
The Brumby government is to continue a suspension of flows from Melbourne?s dams into the Yarra River and Thompson River until mid-2010 in an effort to boost Victoria?s drinking water supplies. The move is estimated to save a further 15 billion litres of water from each river, in addition to the combined 20 billion litres saved in 2008. Yarra Riverkeeper Ian Penrose warns the suspension will increase environmental stress on the Yarra, saying it is 'not the right way to manage the drought.? Page 5.
Keywords: DIGEST AUSTRALIA GENERAL (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.