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)
Pre-marketing for department store Myer?s A$3 billion initial public offering will begin today, but 84 percent stakeholder TPG will postpone the book-build until November. Myer, which is also owned by Blum Capital, has invited more than one dozen analysts from joint lead managers Goldman Sachs JBWere, Macquarie Group and Credit Suisse Group to present their initial research reports. According to AMP Capital Investors, October and November have historically been weak months for Australian stockmarket activity. Page 14.
Federal Communications Minister Stephen Conroy is preparing to introduce new legislation to expand regulation of the telecommunication industry. The move comes as Telstra considers separating its retail assets from its copper-based phone and internet network -- a strategy that BT has already implemented in the UK. Telstra's customer base is considered to be essential to the viability of the national broadband network. However, the opposition says it will oppose the legislation if it forces the split without shareholder approval. Page 14.
Cape Lambert Iron Ore executive chairman Tony Sage will visit New York to attract US investor interest for the West Australian miner's A$250 million initial public offering (IPO) of the Queensland-based Lady Annie copper mine. Cape Lambert acquired the mine in May from failed miner CopperCo. Patersons Securities analyst Levi Spry has been appointed to work on the IPO. Cape Lambert could secure up to A$160 million from the trip.
Page 14.
China-based miner Yanzhou Coal has been asked to resubmit an application to the Foreign Investment Review Board (FIRB) with respect to its proposed A$3.5 billion takeover bid for coal miner Felix Resources. The move comes after the FIRB also asked China Non-Ferrous Metal Mining to resubmit its application for the proposed A$252 million investment in Lynas Corporation. Other deals involving China-based companies are being reviewed, including iron ore groups United Minerals Corporation and FerrAus, among others.
Page 15.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Financial services company GE Capital Australia has reported a loss of A$637 million for the first six months in 2009, with a revenue loss of A$1.16 billion or 46 percent. The latest results has seen the company's directors state that 'GE CA's financial position indicates an uncertainty that the consolidated entity can continue as a going concern in the foreseeable future.' Its parent company General Electric has stated that GE CA would receive funding for the next 12 months.
Page 23.
The Australian arm of JPMorgan has reported a A$87 million profit for the six months to June 30. The capital markets and investment banking company posted a revenue jump from A$106 million to A$313 million, while pre-tax earnings climbed to A$124 million. The company has noted that its latest results had increased due to raising arrangements with companies such as, Santos, Wesfarmers, Westfield, Australian and New Zealand Banking Group, Amcor and Westpac. Page 23.
The Gorgon LNG project has received the tick of approval from Shell after a meeting between venture partners Chevron and Exxon Mobil. The announcement came last Friday when all parties met in Perth and briefed Colin Barnett West Australian Premier, federal government representatives and George Kirkland executive vice president of Chevron. The greater Gorgon fields are estimated to be worth A$50 billion. Page 23
After becoming Australia's first major local float since the demise of the global financial crisis, Carsales.com.au chief executive Greg Roebuck said Fairfax media missed a vital opportunity to get into the booming classifieds market. Page 24.
THE SYDNEY MORNING HERALD (www.smh.com.au)
Analysts have labelled the latest rise in the Australian sharemarket as a 'FOMO' rally, as investors push indices higher in a 'fear of missing out'. The Australian Securities Exchange lost A$830 billion between December 2007 and November 2008, while in total the market bottomed out at 3120 point in March of this year. According to Graham Harman from Citigroup Australia, investors are moving away from more defensive sectors, such as health care and utilities, to sectors which tend to flourish in a bull market. Page 21.
Food companies are under threat as time runs out to prove to the Government that advertising self-regulation can work to reduce children's exposure to poor nutrition food and beverages.
Australian Association of National Advertisers' chief executive Scott McClellan stated that advertising in poor foods and beverages that target children have been reduced by 54 percent, or around A$200 million in all media sectors since 2005.
However, Terry Slevin research director at the Cancer Council WA, said adolescents were not captured under the self-regulatory ban. Page 22.
The planned electricity sell-off by the New South Wales (NSW) Government could provide Hong Kong owned TRuenergy the opportunity to compete with rivals AGL Energy and Origin Energy. According to Macquarie Equities analyst Gavin Maher, 'If TRU were successful in acquiring a major retailer (through the NSW sell-off), it would likely place it in a stronger position to conduct its own IPO as a larger naturally hedged business.? TRU is owned by Hong Kong's CLP Group . Page 23.
THE AGE (www.theage.com.au)
Despite Japan's moves to shift away from coal and move towards cleaner fuels, the coal industry is seeing a surge in investment and production. Japan currently buys around half of Australia's coal, but according to energy consultant Wood Mackenzie, Japan's move to cleaner fuels will not deter the latest boom with domestic production set to reach new heights.
The report compiled by Wood Mackenzie found that coal production will rise by 30 percent to 450 million tonnes a year. B1.
Graeme Samuel, chairman of the Australian Competition and Consumer Commission (ACCC), said the latest deal by the National Australia Bank to acquire Challenger's mortgage business will come under rigorous review. NAB is hoping to pay A$385 million for Challenger's Plan, Choice and Fast broking platforms and mortgage business. The ACCC will look at NAB's ability to restrict other lenders from accessing Challenger's current products. B3.
According to Rabobank's latest September review, the dairy industry seems to be turning away from all the gloom, but wheat and meat markets will continue to struggle in the near future.
There is strong demand for whole milk powder (WMP), especially in China, according to the review, and with the rise of the Australian dollar Murray Gouldburn moved to raise the price of WMP by 3.5 percent. Rabobank estimates that Australia's wheat crop will remain at 22.8 million tonnes, while the rise in the local currency will see meat prices fall by 8 percent at the end of August. B3.
Analysts predict that as governments around the world push for more assistance with renewable energy technologies and shift away from traditional forms of power generation, a green bubble might ensue and suffer the same fate as the dot.com boom.
Climate change partner at PricewaterhouseCoopers Nick Ridehalgh believes that renewable technologies are currently in their infancy and companies will need to play a major part in encouraging investment. B3. --
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)
Pre-marketing for department store Myer?s A$3 billion initial public offering will begin today, but 84 percent stakeholder TPG will postpone the book-build until November. Myer, which is also owned by Blum Capital, has invited more than one dozen analysts from joint lead managers Goldman Sachs JBWere, Macquarie Group and Credit Suisse Group to present their initial research reports. According to AMP Capital Investors, October and November have historically been weak months for Australian stockmarket activity. Page 14.
Federal Communications Minister Stephen Conroy is preparing to introduce new legislation to expand regulation of the telecommunication industry. The move comes as Telstra considers separating its retail assets from its copper-based phone and internet network -- a strategy that BT has already implemented in the UK. Telstra's customer base is considered to be essential to the viability of the national broadband network. However, the opposition says it will oppose the legislation if it forces the split without shareholder approval. Page 14.
Cape Lambert Iron Ore executive chairman Tony Sage will visit New York to attract US investor interest for the West Australian miner's A$250 million initial public offering (IPO) of the Queensland-based Lady Annie copper mine. Cape Lambert acquired the mine in May from failed miner CopperCo. Patersons Securities analyst Levi Spry has been appointed to work on the IPO. Cape Lambert could secure up to A$160 million from the trip.
Page 14.
China-based miner Yanzhou Coal has been asked to resubmit an application to the Foreign Investment Review Board (FIRB) with respect to its proposed A$3.5 billion takeover bid for coal miner Felix Resources. The move comes after the FIRB also asked China Non-Ferrous Metal Mining to resubmit its application for the proposed A$252 million investment in Lynas Corporation. Other deals involving China-based companies are being reviewed, including iron ore groups United Minerals Corporation and FerrAus, among others.
Page 15.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Financial services company GE Capital Australia has reported a loss of A$637 million for the first six months in 2009, with a revenue loss of A$1.16 billion or 46 percent. The latest results has seen the company's directors state that 'GE CA's financial position indicates an uncertainty that the consolidated entity can continue as a going concern in the foreseeable future.' Its parent company General Electric has stated that GE CA would receive funding for the next 12 months.
Page 23.
The Australian arm of JPMorgan has reported a A$87 million profit for the six months to June 30. The capital markets and investment banking company posted a revenue jump from A$106 million to A$313 million, while pre-tax earnings climbed to A$124 million. The company has noted that its latest results had increased due to raising arrangements with companies such as, Santos, Wesfarmers, Westfield, Australian and New Zealand Banking Group, Amcor and Westpac. Page 23.
The Gorgon LNG project has received the tick of approval from Shell after a meeting between venture partners Chevron and Exxon Mobil. The announcement came last Friday when all parties met in Perth and briefed Colin Barnett West Australian Premier, federal government representatives and George Kirkland executive vice president of Chevron. The greater Gorgon fields are estimated to be worth A$50 billion. Page 23
After becoming Australia's first major local float since the demise of the global financial crisis, Carsales.com.au chief executive Greg Roebuck said Fairfax media missed a vital opportunity to get into the booming classifieds market. Page 24.
THE SYDNEY MORNING HERALD (www.smh.com.au)
Analysts have labelled the latest rise in the Australian sharemarket as a 'FOMO' rally, as investors push indices higher in a 'fear of missing out'. The Australian Securities Exchange lost A$830 billion between December 2007 and November 2008, while in total the market bottomed out at 3120 point in March of this year. According to Graham Harman from Citigroup Australia, investors are moving away from more defensive sectors, such as health care and utilities, to sectors which tend to flourish in a bull market. Page 21.
Food companies are under threat as time runs out to prove to the Government that advertising self-regulation can work to reduce children's exposure to poor nutrition food and beverages.
Australian Association of National Advertisers' chief executive Scott McClellan stated that advertising in poor foods and beverages that target children have been reduced by 54 percent, or around A$200 million in all media sectors since 2005.
However, Terry Slevin research director at the Cancer Council WA, said adolescents were not captured under the self-regulatory ban. Page 22.
The planned electricity sell-off by the New South Wales (NSW) Government could provide Hong Kong owned TRuenergy the opportunity to compete with rivals AGL Energy and Origin Energy. According to Macquarie Equities analyst Gavin Maher, 'If TRU were successful in acquiring a major retailer (through the NSW sell-off), it would likely place it in a stronger position to conduct its own IPO as a larger naturally hedged business.? TRU is owned by Hong Kong's CLP Group . Page 23.
THE AGE (www.theage.com.au)
Despite Japan's moves to shift away from coal and move towards cleaner fuels, the coal industry is seeing a surge in investment and production. Japan currently buys around half of Australia's coal, but according to energy consultant Wood Mackenzie, Japan's move to cleaner fuels will not deter the latest boom with domestic production set to reach new heights.
The report compiled by Wood Mackenzie found that coal production will rise by 30 percent to 450 million tonnes a year. B1.
Graeme Samuel, chairman of the Australian Competition and Consumer Commission (ACCC), said the latest deal by the National Australia Bank to acquire Challenger's mortgage business will come under rigorous review. NAB is hoping to pay A$385 million for Challenger's Plan, Choice and Fast broking platforms and mortgage business. The ACCC will look at NAB's ability to restrict other lenders from accessing Challenger's current products. B3.
According to Rabobank's latest September review, the dairy industry seems to be turning away from all the gloom, but wheat and meat markets will continue to struggle in the near future.
There is strong demand for whole milk powder (WMP), especially in China, according to the review, and with the rise of the Australian dollar Murray Gouldburn moved to raise the price of WMP by 3.5 percent. Rabobank estimates that Australia's wheat crop will remain at 22.8 million tonnes, while the rise in the local currency will see meat prices fall by 8 percent at the end of August. B3.
Analysts predict that as governments around the world push for more assistance with renewable energy technologies and shift away from traditional forms of power generation, a green bubble might ensue and suffer the same fate as the dot.com boom.
Climate change partner at PricewaterhouseCoopers Nick Ridehalgh believes that renewable technologies are currently in their infancy and companies will need to play a major part in encouraging investment. B3. --
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.