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)
China?s steel-making association says it will continue to push mining companies BHP Billiton and Rio Tinto for cheaper iron ore prices, despite increased production by Chinese steel mills.
The China Iron and Steel Association (CISA) says it wants a larger discount than the 33 percent benchmark price agreed to elsewhere in the world, but it has backed off from earlier demands of a 40 percent to 45 percent cut in prices. Analysts say Chinese government stimulus measures have boosted production in several steel intensive industries. Page 13.
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Mining company BHP Billiton 'remains committed? to its nickel business despite the failure of its Ravensthorpe project in Western Australia.
BHP shut down the Ravensthorpe nickel laterite operation in January and on Friday signed a deal to sell its Yabulu refinery in Queensland, where product from Ravensthorpe was processed.
BHP?s stainless steel materials president, Jim Wilson, said 'I don?t think the fact that we?re selling Yabulu necessarily detracts from us potentially playing in the laterite game in the future.? Page 13.
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A number of senior staff at Fielders Australia, the steel roofing supply operation of Hills Industries, have walked off the job and are planning to start a rival company in Adelaide.
Hills chief executive Graham Twartz says that two Fielders staff walked out on Friday but he dismissed reports of a mass walkout by senior staff. The move follows a dispute involving former Fielders boss and founding shareholder John Easling, who was sacked earlier this year and is said to be involved with the new company. Page 13.
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State-owned Queensland Rail has continued its push into the New South Wales (NSW) market by signing an 11-year transport deal with global coal giant Peabody Energy.
Analysts say the contract to deliver coal from Peabody mines to the Port of Newcastle is a blow to rival transport group Asciano, which is a market leader in the NSW Hunter Valley coal-haulage business.
Queensland Rail chief executive Lance Hockridge says the deal is 'a significant step toward the sort of market-share aspirations we do have in that part of the world.? Page 14.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
The federal competition regulator could block attempts by major banks to acquire the assets of troubled Queensland bank Suncorp. Australia and New Zealand Banking Group and National Australia Bank are seen as front-runners for Suncorp?s banking assets.
However, Australian Competition & Consumer Commission chairman Graeme Samuel has expressed concern about further consolidation of the market and says he had not been 'comfortable? approving last year?s Commonwealth Bank of Australia?s deal to buy Western Australia-based BankWest. Page 19.
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National Australia Bank says it plans to become the nation?s leader in institutional banking within 18 months. Group executive of business banking Joseph Healy recently announced that Spiro Pappas, formerly of ABN AMRO in London, had been hired to 'reenergize? the business once known as nabCapital, now rated third or fourth in the market behind sector leader Westpac Banking Corporation.
Mr Healy says 'we believe our position is underweight, which is incidentally not such a bad thing because margins have been quite thin and the economics quite poor.? Page 19.
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Perth-based mining company Cape Lambert Iron Ore is considering takeover bids for two companies linked to its recent purchase of failed company CopperCo.
Cape Lambert?s board will meet today to discuss possible bids for Tianshan Goldfields and/or Corvette Resources, both companies it acquired stakes in through its CopperCo deal.
The Takeover Panel ruled that Cape Lambert had to begin bids for each of the listed companies it acquired stakes in via the CopperCo purchase or sell down their shares when the agreement was complete. Page 19.
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The Australian housing sector should 'bottom out? and recover, hopefully soon, according to property developer Lend Lease. Lend Lease chief executive Steve McCann says that despite a significant housing shortage, there are signs that in the medium to long term that the market should be 'quite robust.?
Mr McCann says 'we don?t see massive pressure on prices, and it will take some time for the economy to get back into full swing, and that should result in the right sort of balance.?
Page 20.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
Speculation continues over the reasons behind last week?s surprise resignation of the chief executive of the Westpac Banking Corporation-controlled BT Investment Management, Dirk Morris.
The resignation, announced shortly before the Australian Securities Exchange?s end-of-day deadline at 7.30pm, came after Mr Morris had presented a strategic plan to the board of the funds manager. Mr Morris has declined to comment on his decision, but analysts have noted recent friction between BT Investment Management and Westpac?s wealth business. Page 20.
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The lastest series of capital raisings by the Big Four banks could lead to slashed dividends for shareholders, according to analysts. The major banks have raised a total of A$13 billion since last October in order to pay down debt and acquire assets made cheaper by the global economic crisis.
Lower profit forecasts forced the banks to cut their dividends by 20 percent to 25 percent in the most recent half-year results and experts predict a similar reduction in the final dividend. Page 19.
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A new 'super thin? hearing aid is expected to be launched later this year by bionic-ear implant company Cochlear. The device, 3.9mm thick compared to the existing 6.9mm product, is expected to win approval from the United States Food and Drug Administration in coming weeks, according to UBS health-care analyst Andrew Goodsall.
Mr Goodsall says the device could be launched in the US during the September quarter 2009 and could win European Union approval for a launch in the December 2009 quarter. Page 19.
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There?s still no sign of an annual report from the Foreign Investment Review Board more than 12 months after the 2007-08 year. Analysts say that even when the Treasury-controlled board?s 2007-08 report is released, it is likely to reveal little about the secretive board?s deliberations on companies making applications for foreign investment. Federal Treasuer Wayne Swan said last year he would find ways to improve the transparency of the board?s screening process. Page 20.
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THE AGE (www.theage.com.au)
Superannuation investors would be better off with their money invested in low-fee index funds rather than the average managed superannuation fund, according to new research by the Australian Prudential Regulation Authority (APRA). Data from 115 superannuation fund managers over the five years to 2006 found that the average actively-managed fund underperformed a 'passive? benchmark index by 0.9 percent each year. APRA says the results were based on investor returns after a fund manager?s fees and taxes were taken into account. Page 3.
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The Real Estate Institute of Victoria says demand for properties continues to surge, with another strong performance on the weekend keeping Melbourne?s clearance rate at about 80 percent over the past two months. The Institute says just 292 auctions took place in the metropolitan area on the weekend, but multiple bidders at many sales returned a clearance rate of 82 percent. Buyers advocate Peter Rogozik says some buyers are 'quickly getting priced out at the auctions of properties they thought they would be able to afford.? Page 4.
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Booming sales of cosmetics by leading Australian retailers seem to underline the theory that women buy more lipstick during harsher economic times. David Jones boss Mark McInnes nominated cosmetics as his department store?s best performing division when he announced a substantial profit upgrade last week. Emanuel Perdis, Australasia managing director of make-up group Napoleon Perdis, says 'bronzer and foundation have been going very strong?and lip gloss has also been quite good too.? Page 3.
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Australian sentences for corporate criminals are shorter than those in the United States, according to research by a law professor at the University of Western Sydney. Michael Adams says the 25-odd corporate criminals convicted each year in Australia are jailed for an average of three years and 10 months.
Mr Adams added that most big corporate cases in the US are settled within two years. 'The Americans, both in terms of their resources and their court structure, actually deal with these things much more quickly than the Australian court system,? Mr Adams said. Page 6. 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)
China?s steel-making association says it will continue to push mining companies BHP Billiton and Rio Tinto for cheaper iron ore prices, despite increased production by Chinese steel mills.
The China Iron and Steel Association (CISA) says it wants a larger discount than the 33 percent benchmark price agreed to elsewhere in the world, but it has backed off from earlier demands of a 40 percent to 45 percent cut in prices. Analysts say Chinese government stimulus measures have boosted production in several steel intensive industries. Page 13.
- - - -
Mining company BHP Billiton 'remains committed? to its nickel business despite the failure of its Ravensthorpe project in Western Australia.
BHP shut down the Ravensthorpe nickel laterite operation in January and on Friday signed a deal to sell its Yabulu refinery in Queensland, where product from Ravensthorpe was processed.
BHP?s stainless steel materials president, Jim Wilson, said 'I don?t think the fact that we?re selling Yabulu necessarily detracts from us potentially playing in the laterite game in the future.? Page 13.
- - - -
A number of senior staff at Fielders Australia, the steel roofing supply operation of Hills Industries, have walked off the job and are planning to start a rival company in Adelaide.
Hills chief executive Graham Twartz says that two Fielders staff walked out on Friday but he dismissed reports of a mass walkout by senior staff. The move follows a dispute involving former Fielders boss and founding shareholder John Easling, who was sacked earlier this year and is said to be involved with the new company. Page 13.
- - - -
State-owned Queensland Rail has continued its push into the New South Wales (NSW) market by signing an 11-year transport deal with global coal giant Peabody Energy.
Analysts say the contract to deliver coal from Peabody mines to the Port of Newcastle is a blow to rival transport group Asciano, which is a market leader in the NSW Hunter Valley coal-haulage business.
Queensland Rail chief executive Lance Hockridge says the deal is 'a significant step toward the sort of market-share aspirations we do have in that part of the world.? Page 14.
- - - -
THE AUSTRALIAN (www.theaustralian.news.com.au)
The federal competition regulator could block attempts by major banks to acquire the assets of troubled Queensland bank Suncorp. Australia and New Zealand Banking Group and National Australia Bank are seen as front-runners for Suncorp?s banking assets.
However, Australian Competition & Consumer Commission chairman Graeme Samuel has expressed concern about further consolidation of the market and says he had not been 'comfortable? approving last year?s Commonwealth Bank of Australia?s deal to buy Western Australia-based BankWest. Page 19.
- - - -
National Australia Bank says it plans to become the nation?s leader in institutional banking within 18 months. Group executive of business banking Joseph Healy recently announced that Spiro Pappas, formerly of ABN AMRO in London, had been hired to 'reenergize? the business once known as nabCapital, now rated third or fourth in the market behind sector leader Westpac Banking Corporation.
Mr Healy says 'we believe our position is underweight, which is incidentally not such a bad thing because margins have been quite thin and the economics quite poor.? Page 19.
- - - -
Perth-based mining company Cape Lambert Iron Ore is considering takeover bids for two companies linked to its recent purchase of failed company CopperCo.
Cape Lambert?s board will meet today to discuss possible bids for Tianshan Goldfields and/or Corvette Resources, both companies it acquired stakes in through its CopperCo deal.
The Takeover Panel ruled that Cape Lambert had to begin bids for each of the listed companies it acquired stakes in via the CopperCo purchase or sell down their shares when the agreement was complete. Page 19.
- - - -
The Australian housing sector should 'bottom out? and recover, hopefully soon, according to property developer Lend Lease. Lend Lease chief executive Steve McCann says that despite a significant housing shortage, there are signs that in the medium to long term that the market should be 'quite robust.?
Mr McCann says 'we don?t see massive pressure on prices, and it will take some time for the economy to get back into full swing, and that should result in the right sort of balance.?
Page 20.
- - - -
THE SYDNEY MORNING HERALD (www.smh.com.au)
Speculation continues over the reasons behind last week?s surprise resignation of the chief executive of the Westpac Banking Corporation-controlled BT Investment Management, Dirk Morris.
The resignation, announced shortly before the Australian Securities Exchange?s end-of-day deadline at 7.30pm, came after Mr Morris had presented a strategic plan to the board of the funds manager. Mr Morris has declined to comment on his decision, but analysts have noted recent friction between BT Investment Management and Westpac?s wealth business. Page 20.
- - - -
The lastest series of capital raisings by the Big Four banks could lead to slashed dividends for shareholders, according to analysts. The major banks have raised a total of A$13 billion since last October in order to pay down debt and acquire assets made cheaper by the global economic crisis.
Lower profit forecasts forced the banks to cut their dividends by 20 percent to 25 percent in the most recent half-year results and experts predict a similar reduction in the final dividend. Page 19.
- - - -
A new 'super thin? hearing aid is expected to be launched later this year by bionic-ear implant company Cochlear. The device, 3.9mm thick compared to the existing 6.9mm product, is expected to win approval from the United States Food and Drug Administration in coming weeks, according to UBS health-care analyst Andrew Goodsall.
Mr Goodsall says the device could be launched in the US during the September quarter 2009 and could win European Union approval for a launch in the December 2009 quarter. Page 19.
- - - -
There?s still no sign of an annual report from the Foreign Investment Review Board more than 12 months after the 2007-08 year. Analysts say that even when the Treasury-controlled board?s 2007-08 report is released, it is likely to reveal little about the secretive board?s deliberations on companies making applications for foreign investment. Federal Treasuer Wayne Swan said last year he would find ways to improve the transparency of the board?s screening process. Page 20.
- - - -
THE AGE (www.theage.com.au)
Superannuation investors would be better off with their money invested in low-fee index funds rather than the average managed superannuation fund, according to new research by the Australian Prudential Regulation Authority (APRA). Data from 115 superannuation fund managers over the five years to 2006 found that the average actively-managed fund underperformed a 'passive? benchmark index by 0.9 percent each year. APRA says the results were based on investor returns after a fund manager?s fees and taxes were taken into account. Page 3.
- - - -
The Real Estate Institute of Victoria says demand for properties continues to surge, with another strong performance on the weekend keeping Melbourne?s clearance rate at about 80 percent over the past two months. The Institute says just 292 auctions took place in the metropolitan area on the weekend, but multiple bidders at many sales returned a clearance rate of 82 percent. Buyers advocate Peter Rogozik says some buyers are 'quickly getting priced out at the auctions of properties they thought they would be able to afford.? Page 4.
- - - -
Booming sales of cosmetics by leading Australian retailers seem to underline the theory that women buy more lipstick during harsher economic times. David Jones boss Mark McInnes nominated cosmetics as his department store?s best performing division when he announced a substantial profit upgrade last week. Emanuel Perdis, Australasia managing director of make-up group Napoleon Perdis, says 'bronzer and foundation have been going very strong?and lip gloss has also been quite good too.? Page 3.
- - - -
Australian sentences for corporate criminals are shorter than those in the United States, according to research by a law professor at the University of Western Sydney. Michael Adams says the 25-odd corporate criminals convicted each year in Australia are jailed for an average of three years and 10 months.
Mr Adams added that most big corporate cases in the US are settled within two years. 'The Americans, both in terms of their resources and their court structure, actually deal with these things much more quickly than the Australian court system,? Mr Adams said. Page 6. 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.