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)
--Chinese state-owned miners Yanzhou Coal will need to resubmit its application to the Foreign Investment Review Board (FIRB), in order to complete an A$3.5 billion acquisition of Australia-based Felix Resources. Last month, FIRB asked Yanzhou to resubmit after the initial 30-day deadline had expired. If FIRB does not reach a decision after 30 days, it has the options of asking Yanzhou to resubmit its application to either reset the 30-day deadline or begin a 90-day deadline to provide ruling to Treasurer Wayne Swan. Page 13.
--Singapore-based metals traders OM Holdings's (OMH) biggest shareholder, Gennadiy Bogolyubov, has criticised a proposed deal with Brian Gilbertson's Pallinghurst. Mr Bogolyubov says the deal could effectively surrender company control and dilute shareholder stakes. Last month, OMH decided to purchase a 49.9 percent stake in the South Africa-based Tshipi manganese project from Pallinghurst-led investors. OMH will issue about 140 million shares to investors, such as Posco, Investec, and AMCI Capital, among others. Page 13.
--Telstra's resistance to the Federal Government's proposed overhaul of telecommunications legislation has created uncertainty over when the laws would take effect. The communications company recently made a written submission, outlining that there would be less competition and delays if the business were to split and vend assets into the national broadband network. Credit Suisse analyst Sandra McCullagh has maintained an 'outperform' rating on Telstra stock.
Page 14.
--Infrastructure company Babcock & Brown Infrastructure's (BBI) decision to reject a takeover bid from Royal Bank of Scotland may have been 'too hasty.' Supporters of the bid say the deal would have kept BBI intact, and avoided asset sales. BBI, which has A$9 billion in debt, says it will instead sell up to 40 percent of the company and its assets to Canadian fund manager Brookfield. Adviser Grant Samuel will issue a report today about whether the rescue package is 'fair and reasonable' for investors. Page 14.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--James Packer has agreed to acquire 22.5 million shares (A$203 million) in Crown, boosting his holding in the casino group. The move comes as demand grows for Asian gaming assets, which could potentially lead to speedier privatisation plans. Analysts say that Steve Wynn's Macau casino listing on the stock exchange had performed better than expected on Friday, which should benefit the value of Mr Packer's Macau casino assets. US-listed Melco Crown Entertainment has gained some ground since news spread of the deal. Page 21.
--The Australian dollar has gained US3.5c to US90.57c, which is its highest level since August 2008. The Reserve Bank of Australia's decision to raise the official interest rate by 25 basis points to 3.25 percent has driven the growth. Australia is the first country in the Group of 20 nations to begin rate rises, while the UK has left the main cash rate at 0.5 percent, and both the US and Japan have kept interest rates at less than one percent. RBC Capital Markets' Ian Beauchamps called Australia the global economy's 'canary'. Page 21.
--The International Monetary Fund (IMF) has warned that caution is 'warranted' over the sustainability of rapid credit growth in countries like China. IMF Asia-Pacific Department head Anoop Singh says that Asia's dependence on the global economy has become stronger, and that Asian economies suffered the most during the downturn. The Reserve Bank of Australia is aware of concerns about whether China's stimulus could boost activity in the country's private sector, but remains hopeful of an Asian recovery. Page 21.
--Seventy-one percent of family businesses are positive about the future of the economy, a new survey found. According to research by professional services firm KPMG, and body Family Business Australia, 'unfashionable' and 'conservative' family businesses -- where at least one family has a holding of at least 51 percent of shares -- are ahead of the rest. Page 22.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Accounts filed by administrator Deloitte show that David Anderson company secretary of Octaviar Limited collected nearly A$1 million in 'professional fees'. According to the papers submitted to the Australian Securities and Investment Commission Mr Anderson was paid $940,000 for helping the administrator to sort out the paper trail in the collapse of Octaviar. While Mr Anderson collected fees, tens of thousands of investors lost billions of dollars when the finance group collapsed. Page 1.
--More than A$6 billion in unfunded pension liabilities will need to be paid by Australia's top companies. Companies such as Rio Tinto, Telstra and Woolworths will use much of the rise of the sharemarket to inject millions of dollars into their defined pension plans. Telecommunications company Telstra could inject as much as A$500 million into its A$2.8 billion defined pension plan. The company that has been able to keep its head out of water, the Commonwealth Bank of Australia has surplus in its A$3.5 billion plan. Page 1.
--Property trust Valad has rescheduled its unitholders meeting to November 30 as it tries settle a A$51 million payout to retiring director Kevin McCabe. The delay in the meeting which was originally scheduled for October 29 will allow Valad to complete its current entitlement offer. The offer and institutional placement of 1-for-4 will help the company payout Mr McCabe, as it will cancel the original proposal for him to take a 19.9 percent stake in the property trust. Page 3.
--Australia's second largest listed gold mining company Lihir Gold predicts that gold might reach highs of US$1500 an ounce pushed by demands from China and central banks. 'There's been talk this week of $1500 and I se that as perfectly achievable,' said Arthur Hood chief executive at Lihir. The decline in the United States dollar has seen a demand for the precious metal as investors refuge in its value and central banks increase their gold reserves in order to create stability in their economies. Page 5.--
THE AGE (www.theage.com.au)
--Train professional Klaus Clemens will appear as a witness for Fortescue Metals this week at the Australian Competition Tribunal in Melbourne. The iron ore producer is attempting to gain access to four railway lines in West Australia's Pilbara region, namely Hamersley, Robe, Newman and Goldsworthy. The first two lines are owned by Rio Tinto, while the other two are owned by BHP Billiton. Page B1.
--Australian Infrastructure Fund (AIX) seems to be valuing its 10.14 percent stake in Australia Pacific Airports, which owns Melbourne and Launceston airports, higher than the A$299.4 million value on its books. About six weeks ago AIX said that it had chosen an adviser -- rumoured to be RBC Capital Markets -- to sell the stake. AMP and Deutsche Bank's RREEF Infrastructure have pre-emptive rights over the asset. Page B2.
--Premier Investments could determine the fate of GUD Holdings' A$300 million scrip takeover bid for the Breville Group. Premier Investments, under the control of Solomon Lew, has 30.5 percent stake in Breville and has recently stated that it has around A$1 billion in its coffers available for future acquisitions. Institutional investors have shown a certain level of support for the GUD bid, as 28 percent of the register has already accepted the bid unless a higher comes into play. B 2.
--Swiss cement company Holcim is not satisfied with the Federal Government's proposed emissions trading scheme (ETS) because it has flows that disadvantage the cement industry.
Holcim, who recently acquired Cemex Australia for A$2 billion and now trades as Holcim Australia, and who also has a 25 percent stake in Cement Australia, is also critical of the European ETS scheme as both were based on clinker and not cement.
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)
--Chinese state-owned miners Yanzhou Coal will need to resubmit its application to the Foreign Investment Review Board (FIRB), in order to complete an A$3.5 billion acquisition of Australia-based Felix Resources. Last month, FIRB asked Yanzhou to resubmit after the initial 30-day deadline had expired. If FIRB does not reach a decision after 30 days, it has the options of asking Yanzhou to resubmit its application to either reset the 30-day deadline or begin a 90-day deadline to provide ruling to Treasurer Wayne Swan. Page 13.
--Singapore-based metals traders OM Holdings's (OMH) biggest shareholder, Gennadiy Bogolyubov, has criticised a proposed deal with Brian Gilbertson's Pallinghurst. Mr Bogolyubov says the deal could effectively surrender company control and dilute shareholder stakes. Last month, OMH decided to purchase a 49.9 percent stake in the South Africa-based Tshipi manganese project from Pallinghurst-led investors. OMH will issue about 140 million shares to investors, such as Posco, Investec, and AMCI Capital, among others. Page 13.
--Telstra's resistance to the Federal Government's proposed overhaul of telecommunications legislation has created uncertainty over when the laws would take effect. The communications company recently made a written submission, outlining that there would be less competition and delays if the business were to split and vend assets into the national broadband network. Credit Suisse analyst Sandra McCullagh has maintained an 'outperform' rating on Telstra stock.
Page 14.
--Infrastructure company Babcock & Brown Infrastructure's (BBI) decision to reject a takeover bid from Royal Bank of Scotland may have been 'too hasty.' Supporters of the bid say the deal would have kept BBI intact, and avoided asset sales. BBI, which has A$9 billion in debt, says it will instead sell up to 40 percent of the company and its assets to Canadian fund manager Brookfield. Adviser Grant Samuel will issue a report today about whether the rescue package is 'fair and reasonable' for investors. Page 14.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--James Packer has agreed to acquire 22.5 million shares (A$203 million) in Crown, boosting his holding in the casino group. The move comes as demand grows for Asian gaming assets, which could potentially lead to speedier privatisation plans. Analysts say that Steve Wynn's Macau casino listing on the stock exchange had performed better than expected on Friday, which should benefit the value of Mr Packer's Macau casino assets. US-listed Melco Crown Entertainment has gained some ground since news spread of the deal. Page 21.
--The Australian dollar has gained US3.5c to US90.57c, which is its highest level since August 2008. The Reserve Bank of Australia's decision to raise the official interest rate by 25 basis points to 3.25 percent has driven the growth. Australia is the first country in the Group of 20 nations to begin rate rises, while the UK has left the main cash rate at 0.5 percent, and both the US and Japan have kept interest rates at less than one percent. RBC Capital Markets' Ian Beauchamps called Australia the global economy's 'canary'. Page 21.
--The International Monetary Fund (IMF) has warned that caution is 'warranted' over the sustainability of rapid credit growth in countries like China. IMF Asia-Pacific Department head Anoop Singh says that Asia's dependence on the global economy has become stronger, and that Asian economies suffered the most during the downturn. The Reserve Bank of Australia is aware of concerns about whether China's stimulus could boost activity in the country's private sector, but remains hopeful of an Asian recovery. Page 21.
--Seventy-one percent of family businesses are positive about the future of the economy, a new survey found. According to research by professional services firm KPMG, and body Family Business Australia, 'unfashionable' and 'conservative' family businesses -- where at least one family has a holding of at least 51 percent of shares -- are ahead of the rest. Page 22.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Accounts filed by administrator Deloitte show that David Anderson company secretary of Octaviar Limited collected nearly A$1 million in 'professional fees'. According to the papers submitted to the Australian Securities and Investment Commission Mr Anderson was paid $940,000 for helping the administrator to sort out the paper trail in the collapse of Octaviar. While Mr Anderson collected fees, tens of thousands of investors lost billions of dollars when the finance group collapsed. Page 1.
--More than A$6 billion in unfunded pension liabilities will need to be paid by Australia's top companies. Companies such as Rio Tinto, Telstra and Woolworths will use much of the rise of the sharemarket to inject millions of dollars into their defined pension plans. Telecommunications company Telstra could inject as much as A$500 million into its A$2.8 billion defined pension plan. The company that has been able to keep its head out of water, the Commonwealth Bank of Australia has surplus in its A$3.5 billion plan. Page 1.
--Property trust Valad has rescheduled its unitholders meeting to November 30 as it tries settle a A$51 million payout to retiring director Kevin McCabe. The delay in the meeting which was originally scheduled for October 29 will allow Valad to complete its current entitlement offer. The offer and institutional placement of 1-for-4 will help the company payout Mr McCabe, as it will cancel the original proposal for him to take a 19.9 percent stake in the property trust. Page 3.
--Australia's second largest listed gold mining company Lihir Gold predicts that gold might reach highs of US$1500 an ounce pushed by demands from China and central banks. 'There's been talk this week of $1500 and I se that as perfectly achievable,' said Arthur Hood chief executive at Lihir. The decline in the United States dollar has seen a demand for the precious metal as investors refuge in its value and central banks increase their gold reserves in order to create stability in their economies. Page 5.--
THE AGE (www.theage.com.au)
--Train professional Klaus Clemens will appear as a witness for Fortescue Metals this week at the Australian Competition Tribunal in Melbourne. The iron ore producer is attempting to gain access to four railway lines in West Australia's Pilbara region, namely Hamersley, Robe, Newman and Goldsworthy. The first two lines are owned by Rio Tinto, while the other two are owned by BHP Billiton. Page B1.
--Australian Infrastructure Fund (AIX) seems to be valuing its 10.14 percent stake in Australia Pacific Airports, which owns Melbourne and Launceston airports, higher than the A$299.4 million value on its books. About six weeks ago AIX said that it had chosen an adviser -- rumoured to be RBC Capital Markets -- to sell the stake. AMP and Deutsche Bank's RREEF Infrastructure have pre-emptive rights over the asset. Page B2.
--Premier Investments could determine the fate of GUD Holdings' A$300 million scrip takeover bid for the Breville Group. Premier Investments, under the control of Solomon Lew, has 30.5 percent stake in Breville and has recently stated that it has around A$1 billion in its coffers available for future acquisitions. Institutional investors have shown a certain level of support for the GUD bid, as 28 percent of the register has already accepted the bid unless a higher comes into play. B 2.
--Swiss cement company Holcim is not satisfied with the Federal Government's proposed emissions trading scheme (ETS) because it has flows that disadvantage the cement industry.
Holcim, who recently acquired Cemex Australia for A$2 billion and now trades as Holcim Australia, and who also has a 25 percent stake in Cement Australia, is also critical of the European ETS scheme as both were based on clinker and not cement.
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.