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) Diversified company Premier Investments reported a net profit of A$82.7 million for 2009, almost double the amount it reported in the previous year.
It has been almost one year since Premier acquired Just Group for A$800 million, which returned A$65.8 million in profits to its parent. The Just Group holds various retail brands including Dotti, Jacqui E, Jay Jays, Just Jeans, Portmans and Smiggle.
Currently, Premier holds almost A$1 billion in cash and is ready to look for its next acquisition. Page 47.
Telecommunications company SP Telemedia, owner of brands TPG and Soul, reported a A$17.7 million net profit for the 2009 financial year. The company's shares closed 7.7 percent higher or A$98.5 cents; it is major turnaround after its shares traded at A$15 cents almost 12 months ago.
Revenue climbed 8 percent at A$481 million as the company added 88,000 new clients for the 12 months and passed the 400,000 broadband customer mark this month.
Debts fell from A$23.4 million to $3.44 million according to the latest report. Page 48.
Miner Apex Minerals intends to once again approach investors to raise A$108 million in order to provide funding for developing new projects.
This latest move brings total raising to A$325 million since Apex acquired the Wiluma gold mine in Western Australia from Oxiana for A$29.5 million.
The company will use more than half of the proceeds to repay A$60.5 million of convertible notes issued by Goldman Sachs JBWere. Analysts believe that this could be Apex's last move, the raising will underwritten by Patersons Securities. Page 49.
Coalminer New Hope Corp reported a net profit after tax from operations of A$150.5 million for the last 12 months, an 82 percent increase from the previous year.
New Hope is 61 percent owned by Washington H Soul Pattinson. The miner will use its cash reserves to look for new acquisition opportunities, after finalising a A$2.45 billion deal with BHP Billiton-Mitsubishi Alliance to sell its New Saraji coking coal project.
Chairman Robert Millner stated that none of the acquisitions assessed have met the board's criteria. Page 51.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Ten of Telstra's largest institutional shareholders have met with the telecommunication company's former chief of public affairs, Phil Burgess, to discuss the Federal Government's proposed split of the company's wholesale and retail arms.
The unusual meeting was organised by Anton Tagliaferro, investment director of Investors Mutual, and reflecting the increasing concern over the potential threat to Telstra's earnings and future growth.
Speaking after the meeting, Mr Tagliaferro yesterday said: 'we have decided the legislation is very draconian and very detrimental to Telstra shareholders.' Page 35.
Outdoor clothing and camping equipment maker Kathmandu may launch an initial public offering (IPO) worth A$400 million, market sources have revealed.
The company, owned jointly by Goldman Sachs JBWere and Quadrant Private Equity, is expected to launch the IPO late next month or in November, and may also be jointly listed on the stock exchanges of Australia and New Zealand.
Both companies have yet to decide if they will retain a portion of the company or exit it all together. Page 35.
Miner Rio Tinto has sold another piece of its Alcan Engineered Products division in order to pay down debts. Rio offloaded the Alcan Composites division to Swiss based company Schweiter Technologies for A$399 million.
Rio acquired Alcan in 2007 for US$38.1 billion, which left the miner with a US$40 billion debt. News of the latest sale comes after private equity firm Platinum Equity agreed to purchase a 56 percent stake in the Alcan cable business for an undisclosed amount.
Rio will continue to find buyers for five Engineered Products divisions. Page 36.
China Investment Corporation will buy a 15 percent interest in commodities group Noble Group for US$850 million.
The sale of 573 million Noble shares means that China Investment will acquire an interest in Australian coal mines, infrastructure and other assets.
According to Noble, the deal will not need approval from Australia's Foreign Investment Review Board. Noble owns the New South Wales Donaldson coal mine; stakes in Gloucester Coal, Macarthur Coal's coking coal project and Territory Resources. Page 36.
THE SYDNEY MORNING HERALD (www.smh.com.au)
The head of a parliamentary inquiry investigating the collapse of Storm Financial has attacked Macquarie Group for failing to disclose a special deal it made with the failed company.
The inquiry heard from a former senior executive with Storm, David McCulloch, that 'Macquarie Bank had entered into an agreement with Storm' on margin loans, but this deal was not noted in Macquarie's submission to the inquiry, which angered committee chairman Bernie Ripoll. Page 1.
Divisions continue to run through the Fairfax board as John B. Fairfax stated that his family's 9.7 percent holdings would vote against current chairman, Ron Walker. The latest statement complicates deputy chairman Roger Colbert's chances to takeover Walker's role if he was overthrown. Page 3.
Merrill Lynch's Australian division has had change of guard, after chief executive Paul Masi made way for former Goldman Sachs JBWere chief executive Craig Drummond. Merrill Lynch will see Drummond take over the Australian-based post from Oct. 5, after finalising his six months non-compete period with his former employer.
Drummond said when he departed Goldman he felt that he needed to find something challenging and in Merrill Lynch the challenge is to make the merchant bank among the top three in Australia. Page 5.
-- Chief executive of Global Airports Mike Fitzpatrick has written a letter yesterday to the independent directors to justify the A$345 million fee that Macquarie Airports (Map) paid to its parent, Macquarie Group.
Global claims that Macquarie would be 'duty-bound' to disclose if it received a fee as it continues to hold a $1 billion share in Map.
Global said that without the debt documents it would be hard for investors to make an informed decision, when voting on the internalisation proposal at next Wednesday's meeting. Page 5
THE AGE (www.theage.com.au)
Last night's Australian Debt Capital Markets Forum in London attracted 300 registered investors - an increase from the event organiser's expectation of 150.
Present at the forum were funding directors from Australia and New Zealand Banking Group, Westpac Banking Corp and Commonwealth Bank of Australia and the director of the Australian Office of Financial Management.
The forum's aim is to encourage large fund managers and investment banks in Europe to acquire Australian bonds. B 1.
The Reserve Bank of Australia's (RBA) latest annual assessment reveals that up to 15 brokerages were placed on the Australian Clearing House's alert watchlist at the height of the market volatility over the past 12 months.
However, by June's end, this figure had been reduced to eight. In its assessment of the clearing house, the RBA said in spite of the volatility in the share markets, the nation's clearing and settlement facilities were resilient to the turbulent market conditions during this period. B 2
The International Monetary Fund has released excerpts from its World Economic Outlook report calling for Australia's Reserve Bank and other monetary establishments to do more than simply concentration on inflation, and realise the need to target asset prices and tighten monetary conditions.
Reserve Bank Governor Glen Steven has noted that there is a 'possibility of broadening the RBA's goals,' but any move 'would require a rewriting of the Reserve bank's compact with the Government.' B 2.
According to the latest report from the Australian Bureau of Agriculture and Resource Economics (ABARE) the value of minerals and energy exports will fall by A$123 billion or 23 percent in 2009-10.
The latest report notes that the drop in earnings is attributed to discounts in coal and iron ore contract prices.
'China will remain the important force in the outlook for minerals and energy,' said Dr Jammie Penn, chief commodity analyst at ABARE. Despite a reduction in prices, coal and iron ore will continue to be Australia biggest exports. B2.
Keywords: DIGEST AUSTRALIA BUSINESS Keywords: DIGEST AUSTRALIA BUSINESS=2 (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) Diversified company Premier Investments reported a net profit of A$82.7 million for 2009, almost double the amount it reported in the previous year.
It has been almost one year since Premier acquired Just Group for A$800 million, which returned A$65.8 million in profits to its parent. The Just Group holds various retail brands including Dotti, Jacqui E, Jay Jays, Just Jeans, Portmans and Smiggle.
Currently, Premier holds almost A$1 billion in cash and is ready to look for its next acquisition. Page 47.
Telecommunications company SP Telemedia, owner of brands TPG and Soul, reported a A$17.7 million net profit for the 2009 financial year. The company's shares closed 7.7 percent higher or A$98.5 cents; it is major turnaround after its shares traded at A$15 cents almost 12 months ago.
Revenue climbed 8 percent at A$481 million as the company added 88,000 new clients for the 12 months and passed the 400,000 broadband customer mark this month.
Debts fell from A$23.4 million to $3.44 million according to the latest report. Page 48.
Miner Apex Minerals intends to once again approach investors to raise A$108 million in order to provide funding for developing new projects.
This latest move brings total raising to A$325 million since Apex acquired the Wiluma gold mine in Western Australia from Oxiana for A$29.5 million.
The company will use more than half of the proceeds to repay A$60.5 million of convertible notes issued by Goldman Sachs JBWere. Analysts believe that this could be Apex's last move, the raising will underwritten by Patersons Securities. Page 49.
Coalminer New Hope Corp reported a net profit after tax from operations of A$150.5 million for the last 12 months, an 82 percent increase from the previous year.
New Hope is 61 percent owned by Washington H Soul Pattinson. The miner will use its cash reserves to look for new acquisition opportunities, after finalising a A$2.45 billion deal with BHP Billiton-Mitsubishi Alliance to sell its New Saraji coking coal project.
Chairman Robert Millner stated that none of the acquisitions assessed have met the board's criteria. Page 51.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Ten of Telstra's largest institutional shareholders have met with the telecommunication company's former chief of public affairs, Phil Burgess, to discuss the Federal Government's proposed split of the company's wholesale and retail arms.
The unusual meeting was organised by Anton Tagliaferro, investment director of Investors Mutual, and reflecting the increasing concern over the potential threat to Telstra's earnings and future growth.
Speaking after the meeting, Mr Tagliaferro yesterday said: 'we have decided the legislation is very draconian and very detrimental to Telstra shareholders.' Page 35.
Outdoor clothing and camping equipment maker Kathmandu may launch an initial public offering (IPO) worth A$400 million, market sources have revealed.
The company, owned jointly by Goldman Sachs JBWere and Quadrant Private Equity, is expected to launch the IPO late next month or in November, and may also be jointly listed on the stock exchanges of Australia and New Zealand.
Both companies have yet to decide if they will retain a portion of the company or exit it all together. Page 35.
Miner Rio Tinto has sold another piece of its Alcan Engineered Products division in order to pay down debts. Rio offloaded the Alcan Composites division to Swiss based company Schweiter Technologies for A$399 million.
Rio acquired Alcan in 2007 for US$38.1 billion, which left the miner with a US$40 billion debt. News of the latest sale comes after private equity firm Platinum Equity agreed to purchase a 56 percent stake in the Alcan cable business for an undisclosed amount.
Rio will continue to find buyers for five Engineered Products divisions. Page 36.
China Investment Corporation will buy a 15 percent interest in commodities group Noble Group for US$850 million.
The sale of 573 million Noble shares means that China Investment will acquire an interest in Australian coal mines, infrastructure and other assets.
According to Noble, the deal will not need approval from Australia's Foreign Investment Review Board. Noble owns the New South Wales Donaldson coal mine; stakes in Gloucester Coal, Macarthur Coal's coking coal project and Territory Resources. Page 36.
THE SYDNEY MORNING HERALD (www.smh.com.au)
The head of a parliamentary inquiry investigating the collapse of Storm Financial has attacked Macquarie Group for failing to disclose a special deal it made with the failed company.
The inquiry heard from a former senior executive with Storm, David McCulloch, that 'Macquarie Bank had entered into an agreement with Storm' on margin loans, but this deal was not noted in Macquarie's submission to the inquiry, which angered committee chairman Bernie Ripoll. Page 1.
Divisions continue to run through the Fairfax board as John B. Fairfax stated that his family's 9.7 percent holdings would vote against current chairman, Ron Walker. The latest statement complicates deputy chairman Roger Colbert's chances to takeover Walker's role if he was overthrown. Page 3.
Merrill Lynch's Australian division has had change of guard, after chief executive Paul Masi made way for former Goldman Sachs JBWere chief executive Craig Drummond. Merrill Lynch will see Drummond take over the Australian-based post from Oct. 5, after finalising his six months non-compete period with his former employer.
Drummond said when he departed Goldman he felt that he needed to find something challenging and in Merrill Lynch the challenge is to make the merchant bank among the top three in Australia. Page 5.
-- Chief executive of Global Airports Mike Fitzpatrick has written a letter yesterday to the independent directors to justify the A$345 million fee that Macquarie Airports (Map) paid to its parent, Macquarie Group.
Global claims that Macquarie would be 'duty-bound' to disclose if it received a fee as it continues to hold a $1 billion share in Map.
Global said that without the debt documents it would be hard for investors to make an informed decision, when voting on the internalisation proposal at next Wednesday's meeting. Page 5
THE AGE (www.theage.com.au)
Last night's Australian Debt Capital Markets Forum in London attracted 300 registered investors - an increase from the event organiser's expectation of 150.
Present at the forum were funding directors from Australia and New Zealand Banking Group, Westpac Banking Corp and Commonwealth Bank of Australia and the director of the Australian Office of Financial Management.
The forum's aim is to encourage large fund managers and investment banks in Europe to acquire Australian bonds. B 1.
The Reserve Bank of Australia's (RBA) latest annual assessment reveals that up to 15 brokerages were placed on the Australian Clearing House's alert watchlist at the height of the market volatility over the past 12 months.
However, by June's end, this figure had been reduced to eight. In its assessment of the clearing house, the RBA said in spite of the volatility in the share markets, the nation's clearing and settlement facilities were resilient to the turbulent market conditions during this period. B 2
The International Monetary Fund has released excerpts from its World Economic Outlook report calling for Australia's Reserve Bank and other monetary establishments to do more than simply concentration on inflation, and realise the need to target asset prices and tighten monetary conditions.
Reserve Bank Governor Glen Steven has noted that there is a 'possibility of broadening the RBA's goals,' but any move 'would require a rewriting of the Reserve bank's compact with the Government.' B 2.
According to the latest report from the Australian Bureau of Agriculture and Resource Economics (ABARE) the value of minerals and energy exports will fall by A$123 billion or 23 percent in 2009-10.
The latest report notes that the drop in earnings is attributed to discounts in coal and iron ore contract prices.
'China will remain the important force in the outlook for minerals and energy,' said Dr Jammie Penn, chief commodity analyst at ABARE. Despite a reduction in prices, coal and iron ore will continue to be Australia biggest exports. B2.
Keywords: DIGEST AUSTRALIA BUSINESS Keywords: DIGEST AUSTRALIA BUSINESS=2 (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.