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)
Iron ore miner Fortescue Metals Group is contemplating a dual listing on the Hong Kong Stock Exchange. Fortescue chief executive Andrew Forrest said 'we look at all of the options', after meeting with Hong Kong Exchanges and Clearing representatives last week for investment presentations. The listing would result in exposure to a much larger pool of investors, according to analysts. Page 40.
Spanish construction groups, such as Acciona, are robustly moving into the Australian market at the expense of local companies. Projects for the design and building of roads, schools and hospitals are increasingly being awarded to foreign groups, which bring with them capacity for assistance from international banks. 'Australia is one of our selected core regions of growth,' said Acciona Australia managing director Brett Thomas recently. Page 40.
With numerous mine and port developments planned, including a US$5 billion expansion of coking coal operations in Queensland, mining giant BHP Billiton is expected to increase its already dominant share of the market for the commodity. The lift in production is expected to be sustained by a rapid increase in demand for coking coal from China and India, according to BHP ferrous and coal boss Marcus Randolph. Page 41.
Fashion retailer Just Group's sales have fallen in the first-half, resulting in a 7 percent drop in its parent company Premier Investments' net profit for the period. The Solomon Lew-controlled company's weak performance has been veiled by the recent employment of Mark McInnes as chief executive. Analysts from Deutsche Bank consider the appointment to be a 'positive sign' for Premier. Page 42.
THE AUSTRALIAN (www.theaustralian.new.com.au)
Research by the Reserve Bank of Australia has forecast that investment inflows to Australia could increase by around A$120 billion a year as global investors seek exposure to the resources boom. The study, by central bank economist Kristina Clifton, found the inflow would continue to push up the value of the Australian dollar, and recommended a new fund be created by the Australian Government to invest offshore. Page 21.
Bob Every, chairman of Wesfarmers, the parent company of supermarket chain Coles, on Friday defended Coles strategy of aggressive discounting in the liquor and dairy industries. Following a meeting of the Wesfarmers board, Mr Every said, 'It's certainly not our intent to damage the supply chain.' Mr Every said the strategy was part of the supermarket chain's turnaround plan to provide value and regain customers' trust. Page 21.
Australia Pacific Airports Corp, owner of Melbourne Airport, has been holding talks with low-cost airlines Jetstar and Tiger Airways on plans to construct a new terminal at the airport. The move would provide a significant boost to the budget carriers, with Jetstar currently forced to share facilities with parent Qantas Airways. The airport has not commented on the possible expansion plans. Page 22.
Japanese insurance group Dai-Ichi Life has received approval from the Foreign Investment Review Board on its proposed A$1.76 billion takeover of specialist life insurance company Tower Australia. Tower managing director Jim Minto said the two companies were now 'working towards the satisfaction of the remaining conditions' required for the deal to proceed, including approval by Tower shareholders. Page 23.
THE SYDNEY MORNING HERALD (www.smh.com.au)
Following the Coalition's win in New South Wales, Premier-elect Barry O'Farrell yesterday confirmed the incoming government would begin a judicial inquiry within 30 days into the A$5.3 billion electricity privatisation by the former state Labor Government. The inquiry will determine whether the sales process, including power assets to TRUenergy and Origin Energy, was lawful and unflawed. Page 1.
The government guarantee scheme implemented by Treasurer Wayne Swan during the global financial crisis, which assisted banks to secure wholesale funding to the value of tens of billions of Australian dollars, has raised almost A$2.6 billion for the Federal Government to date. Australian banks are reportedly increasing their endeavours to refinance the expensive debt with lower-cost financing. Page B3.
A Macquarie Group-operated toll road in the United States state of Virginia, Dulles Greenway, is causing uproar amongst US motorists who are being forced to pay up to US$5.25 for a car trip on the road. Online postings exemplify the anger of US motorists toward the Australian company, which has been blamed for the relatively expensive toll, with one motorist saying 'the only way to affect the way the Aussies conduct business is to Not use the Greenway.' Page B5.
Two Federal Court of Australia judges hearing complicated commercial matters have requested that affidavit evidence be summarised orally by witnesses. The judges are hearing cases involving the Australian Competition and Consumer Commission and Metcash regarding the takeover of Franklins, and a class action by shareholders against Lehman Brothers Australia. The move away from primary reliance on documentary evidence is designed to make complex court cases easier to understand. Page B6.
THE AGE (www.theage.com.au)
Following denial by the Federal Government of requests for additional funding by the Australian Securities and Investments Commission (ASIC), the corporate regulator is expected to sack 80 employees from its deterrence and shared-services groups. The deterrence group is responsible for investigation of white-collar offences. ASIC spokesman Matthew Abbott said the restructure 'has not been driven in any way by government.' Page B1.
The long-term overall economic effects of the price battle between Woolworths and Coles will need to be explained tomorrow by executives from both of the supermarket giants, as the Senate inquiry into milk, bread and alcohol discounting continues. The reported effect of the price war on independent retailers and farmers, including wine growers, has been devastating according to observers. Page B2.
Although the cut-off for shareholders wishing to accept Rio Tinto's A$3.9 billion takeover for Riversdale Mining is tonight, the likely result of the deal remains uncertain according to analysts. Brazilian steel maker CSN's 20 percent holding in Riversdale is expected to be a highly influential factor, with just 38.38 percent of Riversdale shares accepting the offer as of Friday. Page B3.
Record-setting growth of the Australian dollar is anticipated by analysts to continue, spurred on by solid commodity prices, a softening United States dollar and high interest rates in Australia in the context of other developed world countries. AMP chief economist Shane Oliver said, 'We had it pretty easy for the past 28 years with the dollar below parity. We started to assume that was normal.' Page B3.
((Sydney Newsroom +61-2 9373 1816; sydney.newsroom@allreleases.net))
Keywords: DIGEST AUSTRALIA BUSINESS (Sydney Newsroom +61-2 9373 1816; sydney.newsroom@allreleases.net) COPYRIGHT Copyright Thomson Reuters 2011. 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)
Iron ore miner Fortescue Metals Group is contemplating a dual listing on the Hong Kong Stock Exchange. Fortescue chief executive Andrew Forrest said 'we look at all of the options', after meeting with Hong Kong Exchanges and Clearing representatives last week for investment presentations. The listing would result in exposure to a much larger pool of investors, according to analysts. Page 40.
Spanish construction groups, such as Acciona, are robustly moving into the Australian market at the expense of local companies. Projects for the design and building of roads, schools and hospitals are increasingly being awarded to foreign groups, which bring with them capacity for assistance from international banks. 'Australia is one of our selected core regions of growth,' said Acciona Australia managing director Brett Thomas recently. Page 40.
With numerous mine and port developments planned, including a US$5 billion expansion of coking coal operations in Queensland, mining giant BHP Billiton is expected to increase its already dominant share of the market for the commodity. The lift in production is expected to be sustained by a rapid increase in demand for coking coal from China and India, according to BHP ferrous and coal boss Marcus Randolph. Page 41.
Fashion retailer Just Group's sales have fallen in the first-half, resulting in a 7 percent drop in its parent company Premier Investments' net profit for the period. The Solomon Lew-controlled company's weak performance has been veiled by the recent employment of Mark McInnes as chief executive. Analysts from Deutsche Bank consider the appointment to be a 'positive sign' for Premier. Page 42.
THE AUSTRALIAN (www.theaustralian.new.com.au)
Research by the Reserve Bank of Australia has forecast that investment inflows to Australia could increase by around A$120 billion a year as global investors seek exposure to the resources boom. The study, by central bank economist Kristina Clifton, found the inflow would continue to push up the value of the Australian dollar, and recommended a new fund be created by the Australian Government to invest offshore. Page 21.
Bob Every, chairman of Wesfarmers, the parent company of supermarket chain Coles, on Friday defended Coles strategy of aggressive discounting in the liquor and dairy industries. Following a meeting of the Wesfarmers board, Mr Every said, 'It's certainly not our intent to damage the supply chain.' Mr Every said the strategy was part of the supermarket chain's turnaround plan to provide value and regain customers' trust. Page 21.
Australia Pacific Airports Corp, owner of Melbourne Airport, has been holding talks with low-cost airlines Jetstar and Tiger Airways on plans to construct a new terminal at the airport. The move would provide a significant boost to the budget carriers, with Jetstar currently forced to share facilities with parent Qantas Airways. The airport has not commented on the possible expansion plans. Page 22.
Japanese insurance group Dai-Ichi Life has received approval from the Foreign Investment Review Board on its proposed A$1.76 billion takeover of specialist life insurance company Tower Australia. Tower managing director Jim Minto said the two companies were now 'working towards the satisfaction of the remaining conditions' required for the deal to proceed, including approval by Tower shareholders. Page 23.
THE SYDNEY MORNING HERALD (www.smh.com.au)
Following the Coalition's win in New South Wales, Premier-elect Barry O'Farrell yesterday confirmed the incoming government would begin a judicial inquiry within 30 days into the A$5.3 billion electricity privatisation by the former state Labor Government. The inquiry will determine whether the sales process, including power assets to TRUenergy and Origin Energy, was lawful and unflawed. Page 1.
The government guarantee scheme implemented by Treasurer Wayne Swan during the global financial crisis, which assisted banks to secure wholesale funding to the value of tens of billions of Australian dollars, has raised almost A$2.6 billion for the Federal Government to date. Australian banks are reportedly increasing their endeavours to refinance the expensive debt with lower-cost financing. Page B3.
A Macquarie Group-operated toll road in the United States state of Virginia, Dulles Greenway, is causing uproar amongst US motorists who are being forced to pay up to US$5.25 for a car trip on the road. Online postings exemplify the anger of US motorists toward the Australian company, which has been blamed for the relatively expensive toll, with one motorist saying 'the only way to affect the way the Aussies conduct business is to Not use the Greenway.' Page B5.
Two Federal Court of Australia judges hearing complicated commercial matters have requested that affidavit evidence be summarised orally by witnesses. The judges are hearing cases involving the Australian Competition and Consumer Commission and Metcash regarding the takeover of Franklins, and a class action by shareholders against Lehman Brothers Australia. The move away from primary reliance on documentary evidence is designed to make complex court cases easier to understand. Page B6.
THE AGE (www.theage.com.au)
Following denial by the Federal Government of requests for additional funding by the Australian Securities and Investments Commission (ASIC), the corporate regulator is expected to sack 80 employees from its deterrence and shared-services groups. The deterrence group is responsible for investigation of white-collar offences. ASIC spokesman Matthew Abbott said the restructure 'has not been driven in any way by government.' Page B1.
The long-term overall economic effects of the price battle between Woolworths and Coles will need to be explained tomorrow by executives from both of the supermarket giants, as the Senate inquiry into milk, bread and alcohol discounting continues. The reported effect of the price war on independent retailers and farmers, including wine growers, has been devastating according to observers. Page B2.
Although the cut-off for shareholders wishing to accept Rio Tinto's A$3.9 billion takeover for Riversdale Mining is tonight, the likely result of the deal remains uncertain according to analysts. Brazilian steel maker CSN's 20 percent holding in Riversdale is expected to be a highly influential factor, with just 38.38 percent of Riversdale shares accepting the offer as of Friday. Page B3.
Record-setting growth of the Australian dollar is anticipated by analysts to continue, spurred on by solid commodity prices, a softening United States dollar and high interest rates in Australia in the context of other developed world countries. AMP chief economist Shane Oliver said, 'We had it pretty easy for the past 28 years with the dollar below parity. We started to assume that was normal.' Page B3.
((Sydney Newsroom +61-2 9373 1816; sydney.newsroom@allreleases.net))
Keywords: DIGEST AUSTRALIA BUSINESS (Sydney Newsroom +61-2 9373 1816; sydney.newsroom@allreleases.net) COPYRIGHT Copyright Thomson Reuters 2011. 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.