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)
Nigel Dews, chief executive of telecommunications group Vodafone Hutchinson Australia, has conceded that the company will not achieve its previous target of becoming the number two mobile phone network in Australia within two years. Mr Dews yesterday said that although such a target may be achievable, it would require Vodafone to offer 'silly' prices to subscribers. Page 15.
The Government of East Timor has rejected claims by oil and gas company Woodside Petroleum that development of the Sunrise natural gas field in the Timor Sea via a floating liquefied natural gas plant would provide maximum economic benefits to the country. The Government yesterday continued its call for Woodside to provide full costings for all development options, including an onshore processing plant in East Timor. Page 15.
The board of German construction group Bilfinger Berger will meet this week to consider final approval for the proposed float of its Bilfinger Berger Australia subsidiary. The float would be the largest initial public offer on the Australian Securities Exchange since last year's listing of retailer Myer. Although the company had hoped to raise A$1.5 billion through the float, recent market volatility is expected to have reduced the value of the group. Page 15.
Construction group Leighton Holdings was expected to have completed a three-day board meeting in Hong Kong overnight, with speculation that long-serving chief executive Wal King would agree to retire in July 2012. German construction group Hochtief, which owns 55 percent of Leighton, was believed to be concerned about succession issues at the group, and has pushed for a greater say in the group's future. Page 16.
THE AUSTRALIAN (www.theaustralian.news.com.au)
National Australia Bank (NAB) is reported to have withdrawn from the bidding process for 318 Royal Bank of Scotland branches in Britain. NAB is also believed to have been offered 2 billion pounds for its existing British bank assets by Spain's Banco Bilbao Vizcaya Argentaria. A spokesperson for NAB yesterday would not comment on the media reports. Page 21.
Marius Kloppers, chief executive of mining company BHP Billiton, yesterday said the Federal Government's proposed resource super profits tax was the largest sovereign risk threat that BHP faces globally. Mr Klopper's comments support those of Tom Albanese, chief executive of rival miner Rio Tinto, who last month described the proposed tax as Rio's number one sovereign risk. Page 21.
Advisory body Infrastructure Australia will release an updated list of priority projects on June 30 that is expected to highlight the need for reform in areas such as water, the ports and freight networks. The document will outline plans to encourage the private sector to co-invest in infrastructure, helping to address the backlog of needed infrastructure projects that has been estimated at A$770 billion. Page 21.
Mineral exploration group Minemakers yesterday released a feasibility study for its proposed A$215 million Wonarah phosphate project in the Northern Territory. The study found that the Federal Government's proposed resource super profits tax could increase the project's tax rate from 36 percent to 52 percent. The Government has yet to confirm whether the tax will apply to phosphate projects. Page 23.
THE SYDNEY MORNING HERALD
Reserve Bank of Australia governor Glenn Stevens will speak in Sydney this Wednesday, with analysts expecting Mr Stevens to signal a respite in interest rate increases. The central bank's board meeting this month saw the official cash rate maintained at its current level, following four months of increases. Despite hopes that the bank will continue with the current pause in increases, analysts say further rate rises are likely this year.
Page 3.
The Australian Prudential Regulation Authority will release data on the number of bank branches in Australia later this year, with expectations that the number will exceed 5550 for the first time. However, analysts say that despite the 16 percent increase in branch numbers over the past decade, expansion has not occurred in rural and regional Australia - the areas which suffered most during the round of branch closures in the 1990s.
Page 3.
Advantage Professional yesterday released its latest Advantage Job Index, which found that the job market grew strongly in May, led by growth in office jobs. Advantage also found that the Federal Government's proposed resource super profits tax was unlikely to damage mining-sector employment, saying that 'in light of increasing skills shortages, if some major projects are postponed or cancelled, this will be welcomed by other mining and resources companies.' Page 3.
Federal Treasurer Wayne Swan, in China for talks with local business leaders, yesterday dismissed concerns that global investors are abandoning Australia due to the Government's proposed resource super profits tax. Mr Swan said the new resources tax was part of a reform process that would lead to Australia's economy becoming more efficient and more competitive. Page 4.
THE AGE (www.theage.com.au)
A survey by the Commonwealth Bank of Australia has found that 80 percent of small businesses are yet to recover to levels seen before the global financial crisis. Analysts say the survey is evidence that - despite strong official economic data - conditions on the ground remain challenging. Around 40 percent of respondents said business conditions are still difficult, although more than 60 percent plan to expand this year. Page B3.
A survey conducted for the Australian Institute of Superannuation Trustees, which represents non-profit superannuation funds, has found that 77 percent of Australian workers support an increase in the compulsory superannuation contribution from 9 percent to 12 percent. The poll also found that 70 percent of workers say they require an income of at least A$40,000 a year in retirement. Page B3.
Melbourne's residential property market is starting to level out according to analysts. Industry sources say interest in lower-priced housing remains strong, with increasing volatility in the more expensive end of the market. The Real Estate Institute of Victoria said only 53 percent of properties auctioned on the weekend that were valued at more than A$1 million dollars were reported as sold. Page B10.
Strong house price growth in Melbourne, particularly over the past 12 months, has raised the city's median dwelling price to approach that of Sydney. Melbourne's median dwelling price is now A$522,000 compared to Sydney's median of A$558,000. However, Sydney house prices remain above those of Melbourne, with Sydney's larger number of apartments pulling down its median dwelling price. Page B11. Keywords: DIGEST AUSTRALIA BUSINESS (Sydney Newsroom +61-2 9373 1816; sydney.newsroom@allreleases.net) COPYRIGHT Copyright Thomson Reuters 2010. 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)
Nigel Dews, chief executive of telecommunications group Vodafone Hutchinson Australia, has conceded that the company will not achieve its previous target of becoming the number two mobile phone network in Australia within two years. Mr Dews yesterday said that although such a target may be achievable, it would require Vodafone to offer 'silly' prices to subscribers. Page 15.
The Government of East Timor has rejected claims by oil and gas company Woodside Petroleum that development of the Sunrise natural gas field in the Timor Sea via a floating liquefied natural gas plant would provide maximum economic benefits to the country. The Government yesterday continued its call for Woodside to provide full costings for all development options, including an onshore processing plant in East Timor. Page 15.
The board of German construction group Bilfinger Berger will meet this week to consider final approval for the proposed float of its Bilfinger Berger Australia subsidiary. The float would be the largest initial public offer on the Australian Securities Exchange since last year's listing of retailer Myer. Although the company had hoped to raise A$1.5 billion through the float, recent market volatility is expected to have reduced the value of the group. Page 15.
Construction group Leighton Holdings was expected to have completed a three-day board meeting in Hong Kong overnight, with speculation that long-serving chief executive Wal King would agree to retire in July 2012. German construction group Hochtief, which owns 55 percent of Leighton, was believed to be concerned about succession issues at the group, and has pushed for a greater say in the group's future. Page 16.
THE AUSTRALIAN (www.theaustralian.news.com.au)
National Australia Bank (NAB) is reported to have withdrawn from the bidding process for 318 Royal Bank of Scotland branches in Britain. NAB is also believed to have been offered 2 billion pounds for its existing British bank assets by Spain's Banco Bilbao Vizcaya Argentaria. A spokesperson for NAB yesterday would not comment on the media reports. Page 21.
Marius Kloppers, chief executive of mining company BHP Billiton, yesterday said the Federal Government's proposed resource super profits tax was the largest sovereign risk threat that BHP faces globally. Mr Klopper's comments support those of Tom Albanese, chief executive of rival miner Rio Tinto, who last month described the proposed tax as Rio's number one sovereign risk. Page 21.
Advisory body Infrastructure Australia will release an updated list of priority projects on June 30 that is expected to highlight the need for reform in areas such as water, the ports and freight networks. The document will outline plans to encourage the private sector to co-invest in infrastructure, helping to address the backlog of needed infrastructure projects that has been estimated at A$770 billion. Page 21.
Mineral exploration group Minemakers yesterday released a feasibility study for its proposed A$215 million Wonarah phosphate project in the Northern Territory. The study found that the Federal Government's proposed resource super profits tax could increase the project's tax rate from 36 percent to 52 percent. The Government has yet to confirm whether the tax will apply to phosphate projects. Page 23.
THE SYDNEY MORNING HERALD
Reserve Bank of Australia governor Glenn Stevens will speak in Sydney this Wednesday, with analysts expecting Mr Stevens to signal a respite in interest rate increases. The central bank's board meeting this month saw the official cash rate maintained at its current level, following four months of increases. Despite hopes that the bank will continue with the current pause in increases, analysts say further rate rises are likely this year.
Page 3.
The Australian Prudential Regulation Authority will release data on the number of bank branches in Australia later this year, with expectations that the number will exceed 5550 for the first time. However, analysts say that despite the 16 percent increase in branch numbers over the past decade, expansion has not occurred in rural and regional Australia - the areas which suffered most during the round of branch closures in the 1990s.
Page 3.
Advantage Professional yesterday released its latest Advantage Job Index, which found that the job market grew strongly in May, led by growth in office jobs. Advantage also found that the Federal Government's proposed resource super profits tax was unlikely to damage mining-sector employment, saying that 'in light of increasing skills shortages, if some major projects are postponed or cancelled, this will be welcomed by other mining and resources companies.' Page 3.
Federal Treasurer Wayne Swan, in China for talks with local business leaders, yesterday dismissed concerns that global investors are abandoning Australia due to the Government's proposed resource super profits tax. Mr Swan said the new resources tax was part of a reform process that would lead to Australia's economy becoming more efficient and more competitive. Page 4.
THE AGE (www.theage.com.au)
A survey by the Commonwealth Bank of Australia has found that 80 percent of small businesses are yet to recover to levels seen before the global financial crisis. Analysts say the survey is evidence that - despite strong official economic data - conditions on the ground remain challenging. Around 40 percent of respondents said business conditions are still difficult, although more than 60 percent plan to expand this year. Page B3.
A survey conducted for the Australian Institute of Superannuation Trustees, which represents non-profit superannuation funds, has found that 77 percent of Australian workers support an increase in the compulsory superannuation contribution from 9 percent to 12 percent. The poll also found that 70 percent of workers say they require an income of at least A$40,000 a year in retirement. Page B3.
Melbourne's residential property market is starting to level out according to analysts. Industry sources say interest in lower-priced housing remains strong, with increasing volatility in the more expensive end of the market. The Real Estate Institute of Victoria said only 53 percent of properties auctioned on the weekend that were valued at more than A$1 million dollars were reported as sold. Page B10.
Strong house price growth in Melbourne, particularly over the past 12 months, has raised the city's median dwelling price to approach that of Sydney. Melbourne's median dwelling price is now A$522,000 compared to Sydney's median of A$558,000. However, Sydney house prices remain above those of Melbourne, with Sydney's larger number of apartments pulling down its median dwelling price. Page B11. Keywords: DIGEST AUSTRALIA BUSINESS (Sydney Newsroom +61-2 9373 1816; sydney.newsroom@allreleases.net) COPYRIGHT Copyright Thomson Reuters 2010. 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.