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)
British gaming company Ladbrokes has lodged a formal expression of interest in acquiring Tote Tasmania, which is being sold by the Tasmanian Government. Other companies believed to have expressed interest in bidding for the business include local companies Tabcorp and Tatts Group. Analysts have estimated that the worth of Tote Tasmania could be up to A$400 million. The Tasmanian Government hopes to complete the sale by August 31.
Page 13.
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The Federal Government?s national broadband network (NBN) is already falling behind its initial timetable, with delays in the process to appoint a lead adviser for the implementation study. The Government?s proposed deadline for tenders from a shortlist of potential lead advisers was tomorrow, however, none of the bidding groups have been told if they have made the shortlist.
Last month, Communications Minister Stephen Conroy said the recruitment of a lead adviser was 'well advanced.? Page 13.
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Elmer Funke Kupper, chief executive of gaming company Tabcorp Holdings, has called on the Federal Government to implement a national approach to the regulation of wagering. Mr Kunke Kupper yesterday said 'Australia needs a funding model under which all wagering operators pay the same for the product.?
Currently, racing authorities in different states use different fee structures, with Tabcorp calling for a turnover tax in preference to fees charged on gross profits. Page 14.
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The National Times, which was produced as a weekly newspaper between 1971 and 1986, is to be relaunched as an online site by its original publisher, Fairfax Media. Fairfax chief executive Brian McCarthy yesterday said that 'the National Times brand was synonymous with intelligent and thought-provoking journalism.? The new site will be launched in August and available through Fairfax?s current news sites as part of the media group?s continued online expansion. Page 14.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
The board of rail and port infrastructure company Asciano is expected to announce its support for a A$2 billion equity raising today, as the company seeks to address its A$4.8 billion of debt. Investment bank UBS put the proposal to Asciano last week, and tested the market for the raising over the weekend. The deal includes a A$770 million rights issue to existing shareholders, a A$230 million placement, and another A$1 billion placement which will require shareholder approval. Page 19.
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Andrew Forrest, chief executive of iron ore mining company Fortescue Metals Group, has downplayed concerns that the failure of a deal between miner Rio Tinto and China?s Chinalco will prevent further Chinese investment in Australia. Speaking in Beijing on Friday, Mr Forrest said China 'was going to invest in Australia before the Chinalco-Rio deal and it is going to invest in Australia (even) after the deal didn?t happen.? Mr Forrest is visiting China to attract further funding for Fortescue. Page 19.
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Commonwealth Bank of Australia (CBA) is considering bidding for Lloyds Banking Group?s fund management division, according to London analysts. The deadline for initial bids for Insight Investment Management is this week, with an expected price of between 200 million and 300 million pounds. Insight?s third-party fund business is responsible for 75 billion pounds of investments. A spokesperson for CBA said the bank would not comment on market rumours. Page 19.
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Construction management group Bovis Lend Lease is this week expected to announce that it will install 10 megawatts of solar panels on buildings in its Australian property portfolio. The contract to install the solar panels will go to United States-based company First Solar, which recently also signed a deal to install one megawatt of panels at the Adelaide Showground. Bovis says it has been receiving strong interest from clients for renewable energy options. Page 25.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
The chairman of the federal parliamentary inquiry into financial products and services, Bernie Ripoll, has said he will call the chief executives of the Commonwealth Bank of Australia (CBA) and the Australia and New Zealand Banking Group (ANZ) to give evidence if he feels it is necessary. The inquiry is examining the collapse of financial planners Storm Financial and stockbroker Opes Prime, which CBA and ANZ respectively had strong relationships with. Page 17.
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Administrators to investment bank Lehman Brothers Australia, PPB, last week executed a deed of company arrangement that had been approved by a narrow majority of creditors. The move is a setback for a number of local councils which had been seeking to overturn the deed. Litigation funder IMF, which is backing the councils, criticised the move by the administrators, saying 'it should have been up to the court to determine the issues between the parties, not for the administrators to decide.? Page 19.
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Banking and insurance group Suncorp-Metway may cut up to 500 jobs in a restructure being considered due to mounting bad debts in the commercial property sector. Analysts say the lender?s bad debt charge this year could be up to ten times greater than last year?s result of A$71 million as the economic downturn has hit property developers in Queensland and New South Wales. Suncorp would not comment on the likely number of job losses, saying 'it?s far too early to be specific about numbers.?
Page 19.
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A key stakeholder in media group APN News & Media, the Irish group Independent News & Media, believes it will be able to reach an 'acceptable? agreement with its creditors following further negotiations. Independent owns around 32 percent of APN, its stake having fallen after it declined to take part in APN?s equity raising, the retail section of which closes today. Last month, Independent chief executive Gavin O?Reilly rejected speculation that the Irish group may sell its stake in APN. Page 19. - - - -
THE AGE (www.theage.com.au)
Sections of the textiles, clothing and footwear (TCF) industry have expressed anger over the federal budget?s TCF innovation package. The Footwear Manufacturers? Association of Australia says the package shows 'no understanding? of the industry, while the Technical Textile & Nonwoven Association says the technical textile sector has been 'abandoned.? Industry Minister Kim Carr defended the Government?s policy, saying 'I don?t think they are seeing the whole picture.? Page B2.
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Real estate investment trust Goodman Group is expected to announce details of a refinancing package this week. The deal is believed to involve local investment bank Macquarie Bank, as well as the Chinese Investment Corp and Canadian Pension Fund which will become cornerstone investors. Analysts say the property group may also undertake an equity raising of up to A$1 billion.
The expected release of the deal?s details comes after the company?s share price rose by up to 40 percent during the past week. Page B2.
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Beer and wine company Foster?s Group is looking at producing a low-carbohydrate version of its best-selling beer, Victoria Bitter (VB). Sales of low-carbohydrate beers have reached A$468 million a year since their introduction less than five years ago, and Foster?s Pure Blonde already accounts for nearly 60 percent of the market. Although the group?s head of beer, Peter Sinclair, would not comment on the rumours yesterday, he said 'There is clearly an innovation agenda to the VB brand.?
Page B3.
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The flagship of Alan Bond?s private companies, Dallhold Investments, was deregistered last Friday, and liquidator John Lord was 'released? from his role, two weeks short of the 18th anniversary of his appointment. Dallhold had proven debts of A$519 million , of which Mr Lord was able to recover A$23 million and pay creditors A$13 million. Mr Bond was declared bankrupt on 1992 and later jailed three times on charges of art fraud and corporate fraud. Page B3.
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Keywords: DIGEST AUSTRALIA BUSINESS (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 FINANCIAL REVIEW (www.afr.com)
British gaming company Ladbrokes has lodged a formal expression of interest in acquiring Tote Tasmania, which is being sold by the Tasmanian Government. Other companies believed to have expressed interest in bidding for the business include local companies Tabcorp and Tatts Group. Analysts have estimated that the worth of Tote Tasmania could be up to A$400 million. The Tasmanian Government hopes to complete the sale by August 31.
Page 13.
- - - -
The Federal Government?s national broadband network (NBN) is already falling behind its initial timetable, with delays in the process to appoint a lead adviser for the implementation study. The Government?s proposed deadline for tenders from a shortlist of potential lead advisers was tomorrow, however, none of the bidding groups have been told if they have made the shortlist.
Last month, Communications Minister Stephen Conroy said the recruitment of a lead adviser was 'well advanced.? Page 13.
- - - -
Elmer Funke Kupper, chief executive of gaming company Tabcorp Holdings, has called on the Federal Government to implement a national approach to the regulation of wagering. Mr Kunke Kupper yesterday said 'Australia needs a funding model under which all wagering operators pay the same for the product.?
Currently, racing authorities in different states use different fee structures, with Tabcorp calling for a turnover tax in preference to fees charged on gross profits. Page 14.
- - - -
The National Times, which was produced as a weekly newspaper between 1971 and 1986, is to be relaunched as an online site by its original publisher, Fairfax Media. Fairfax chief executive Brian McCarthy yesterday said that 'the National Times brand was synonymous with intelligent and thought-provoking journalism.? The new site will be launched in August and available through Fairfax?s current news sites as part of the media group?s continued online expansion. Page 14.
- - - -
THE AUSTRALIAN (www.theaustralian.news.com.au)
The board of rail and port infrastructure company Asciano is expected to announce its support for a A$2 billion equity raising today, as the company seeks to address its A$4.8 billion of debt. Investment bank UBS put the proposal to Asciano last week, and tested the market for the raising over the weekend. The deal includes a A$770 million rights issue to existing shareholders, a A$230 million placement, and another A$1 billion placement which will require shareholder approval. Page 19.
- - - -
Andrew Forrest, chief executive of iron ore mining company Fortescue Metals Group, has downplayed concerns that the failure of a deal between miner Rio Tinto and China?s Chinalco will prevent further Chinese investment in Australia. Speaking in Beijing on Friday, Mr Forrest said China 'was going to invest in Australia before the Chinalco-Rio deal and it is going to invest in Australia (even) after the deal didn?t happen.? Mr Forrest is visiting China to attract further funding for Fortescue. Page 19.
- - - -
Commonwealth Bank of Australia (CBA) is considering bidding for Lloyds Banking Group?s fund management division, according to London analysts. The deadline for initial bids for Insight Investment Management is this week, with an expected price of between 200 million and 300 million pounds. Insight?s third-party fund business is responsible for 75 billion pounds of investments. A spokesperson for CBA said the bank would not comment on market rumours. Page 19.
- - - -
Construction management group Bovis Lend Lease is this week expected to announce that it will install 10 megawatts of solar panels on buildings in its Australian property portfolio. The contract to install the solar panels will go to United States-based company First Solar, which recently also signed a deal to install one megawatt of panels at the Adelaide Showground. Bovis says it has been receiving strong interest from clients for renewable energy options. Page 25.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
The chairman of the federal parliamentary inquiry into financial products and services, Bernie Ripoll, has said he will call the chief executives of the Commonwealth Bank of Australia (CBA) and the Australia and New Zealand Banking Group (ANZ) to give evidence if he feels it is necessary. The inquiry is examining the collapse of financial planners Storm Financial and stockbroker Opes Prime, which CBA and ANZ respectively had strong relationships with. Page 17.
- - - -
Administrators to investment bank Lehman Brothers Australia, PPB, last week executed a deed of company arrangement that had been approved by a narrow majority of creditors. The move is a setback for a number of local councils which had been seeking to overturn the deed. Litigation funder IMF, which is backing the councils, criticised the move by the administrators, saying 'it should have been up to the court to determine the issues between the parties, not for the administrators to decide.? Page 19.
- - - -
Banking and insurance group Suncorp-Metway may cut up to 500 jobs in a restructure being considered due to mounting bad debts in the commercial property sector. Analysts say the lender?s bad debt charge this year could be up to ten times greater than last year?s result of A$71 million as the economic downturn has hit property developers in Queensland and New South Wales. Suncorp would not comment on the likely number of job losses, saying 'it?s far too early to be specific about numbers.?
Page 19.
- - - -
A key stakeholder in media group APN News & Media, the Irish group Independent News & Media, believes it will be able to reach an 'acceptable? agreement with its creditors following further negotiations. Independent owns around 32 percent of APN, its stake having fallen after it declined to take part in APN?s equity raising, the retail section of which closes today. Last month, Independent chief executive Gavin O?Reilly rejected speculation that the Irish group may sell its stake in APN. Page 19. - - - -
THE AGE (www.theage.com.au)
Sections of the textiles, clothing and footwear (TCF) industry have expressed anger over the federal budget?s TCF innovation package. The Footwear Manufacturers? Association of Australia says the package shows 'no understanding? of the industry, while the Technical Textile & Nonwoven Association says the technical textile sector has been 'abandoned.? Industry Minister Kim Carr defended the Government?s policy, saying 'I don?t think they are seeing the whole picture.? Page B2.
- - - -
Real estate investment trust Goodman Group is expected to announce details of a refinancing package this week. The deal is believed to involve local investment bank Macquarie Bank, as well as the Chinese Investment Corp and Canadian Pension Fund which will become cornerstone investors. Analysts say the property group may also undertake an equity raising of up to A$1 billion.
The expected release of the deal?s details comes after the company?s share price rose by up to 40 percent during the past week. Page B2.
- - - -
Beer and wine company Foster?s Group is looking at producing a low-carbohydrate version of its best-selling beer, Victoria Bitter (VB). Sales of low-carbohydrate beers have reached A$468 million a year since their introduction less than five years ago, and Foster?s Pure Blonde already accounts for nearly 60 percent of the market. Although the group?s head of beer, Peter Sinclair, would not comment on the rumours yesterday, he said 'There is clearly an innovation agenda to the VB brand.?
Page B3.
- - - -
The flagship of Alan Bond?s private companies, Dallhold Investments, was deregistered last Friday, and liquidator John Lord was 'released? from his role, two weeks short of the 18th anniversary of his appointment. Dallhold had proven debts of A$519 million , of which Mr Lord was able to recover A$23 million and pay creditors A$13 million. Mr Bond was declared bankrupt on 1992 and later jailed three times on charges of art fraud and corporate fraud. Page B3.
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Keywords: DIGEST AUSTRALIA BUSINESS (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.