Wed Jul 6, 2011 5:06pm EDT
Compiled for Reuters by Media Monitors. Reutershas not verified these stories and does not vouch for theiraccuracy.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
-- Malcolm Jackman, chief executive of Elders ,received a vote of confidence yesterday from the agribusinessfirm's chairman, John Ballard. Investors were angered this weekwhen Mr Jackman downgraded the company's earnings forecast by asmuch as A$7.3 million, despite saying on Monday that a downgradewas not necessary. Mr Jackman said he did not have a fullassessment of the impact of the cattle export ban on Monday asthe company's June accounts had only closed on the previousFriday. Page 19.
-- Media businesses are looking to expand into the lucrativeonline daily deals market as revenue from traditionaladvertising sources declines. Fairfax Media isunderstood to be in discussions with Ozsale, while NewsCorporation has expressed interest in acquiringbrandsExclusive. "Both [Fairfax and News Corp] know they needto diversify away from newspapers and away from cyclical admarkets," one internet company executive said. Page 21.
-- Malaysian oil and gas services company SapuraCrestPetroleum is understood to be in negotiations with WestAustralian firm Clough to purchase its marineconstruction business. One source estimated the sale could beworth A$140 million for the construction and engineeringcompany. "Whilst the parties continue to make good progresswith their discussions, no binding arrangements have beenentered into," a statement from Clough read. Page 21.
-- Oil and gas explorer Beach Energy revealedyesterday it has allocated a further A$24 million in its searchfor oil deposits in South Australia's Cooper Basin. Previousdeposits discovered by Beach in the Western Flank region havebeen relatively small but easily accessible. Beach this weeksecured a A$150 million debt facility with Commonwealth Bank ofAustralia , prompting talk that it may be consideringpotential acquisitions. Page 22.
THE AUSTRALIAN (www.theaustralian.news.com.au)
-- Winmar Resources is today expected to announce adeal with Indian iron ore group VS Lad & Sons that will see theIndian company take a 15 percent stake in Winmar for A$3million. Winmar, which was floated in February, has the rightto acquire the Hamersley iron ore project in West Australia'sPilbara region, and has backers including Fortescue Metals Group chairman Andrew Forrest, federal Liberal MP MalcolmTurnbull and former New South Wales premier Neville Wran. Page19.
-- United States technology group Computer SciencesCorporation yesterday said its A$188 million offer for troubledlocal company iSoft Group is "full and fair", as thecompany seeks to gain support for the deal at this month'sshareholder meeting. CSC corporate vice-president RandyPhillips said he felt confident the bid would succeed given nocompeting bid had emerged for iSoft. Page 19.
-- Chinese group Sinosteel yesterday released plans of itsA$2 billion Weld Range iron project for public comment, the nextstage of the approvals process for the West Australian mine. The move comes despite Sinosteel's announcement last week thatit was shelving the project due to delays and rising costsassociated with the Oakajee Port and Rail infrastructureproject. Page 20.
-- Andrew Forrest's Fortescue Metals Group hassigned an agreement with United States mining equipment companyCaterpillar, and local subsidiary Westrac, that will see 12driverless automated trucks working at Fortescue's Solomon mineby the end of next year. Incoming Fortescue chief executive NevPower yesterday said the rollout was "more than just a trial,"and the miner plans to raise the number of driverless trucks,each capable of carrying 200-tonne payloads, to 45 by mid-2015. Page 20.
THE SYDNEY MORNING HERALD (www.smh.com.au)
-- Treasury Asia Asset Management analyst Tan Teng Teckyesterday said Chinese investors would swoop on Ford Australiaand Holden's assets if their American parent companies cut themloose. Mr Tan said there was a risk the investors would exportintellectual property to China. "A lot of governments actuallyimpose rules that say [Chinese investors] can't take thistechnology outside the country," General Motors Holden's MikeDevereux said. Page B2.
-- Lawyers for Commonwealth Bank of Australia yesterday argued that a law suit against the bank by two clientsof collapsed financial services firm Storm Financial, allegingbreaches of faith, should not be permitted due to a lack ofdetail. The Federal Court heard that Anthony Oliver and MarkIrving borrowed millions from the bank which they invested infunds based on Storm's stock market indices. The men said thebank failed to inform them when the value of their investmentshad fallen below the value of the loan. Page B4.
-- Results of a survey released yesterday by DeloitteCorporate Finance show that the 2010-2011 financial year was aslow one for local initial public offerings. The value of fundsraised increased A$3.7 billion year-on-year, but the floats ofrail haulage firm QR National and retail property fund WestfieldTrust accounted for A$6.07 billion of the A$7.6 billion total. "The equity market simply couldn't match the valuationexpectations of vendors," Deloitte's Steve Woosnam said. PageB7.
-- Ian Blackburne, departing chairman of CSR , willaddress the building materials firm's annual meeting for thelast time today. In his time, Dr Blackburne has presided oversignificant changes at the company, most notably the sale of itsrenewable energy business and historic sugar business, now knownas Sucrogen. Dr Blackburne maintained that the acquisition ofViridian was the correct decision despite the glass maker havinglost millions since 2007. Page B7.
THE AGE (www.theage.com.au)
-- The results of a 2008 internal review of Australia andNew Zealand Banking Group's margin lending business hascome under question following the emergence of new documents. The review, undertaken following the collapse of margin lenderOpes Prime, found the bank's senior risk management committeehad not been given "all relevant information" concerning thebusinesses. However, documents from 2006 have now emergedshowing that the committee was "kept informed" on the growingsecurities business. Page B1.
-- Telecommunications giant Telstra yesterdaystrengthened its customer focus by placing recent recruit GordonBallantyne at the head of a new sales and service division withthe title of chief customer officer. For all customers, thebilling, head office and marketing operations are nowcentralising, with Mr Ballantyne reporting directly to chiefexecutive David Thodey. Mr Ballantyne said the changes aremaking "a material difference to the quality of service we areable to deliver to our customers." Page B4.
-- The Tasmanian Government will provide a loan to timberhaulage operator Ron O'Connor to help fund the purchase ofGunns's Triabunna woodchip mill. The loan will amountto approximately a third of the purchase price. Mr O'Connorsaid that he is now "very close" to finalising the deal. TheTasmanian Greens are opposed to the use of public funds tofinance the purchase of the mill. Page B5.
-- Charter Hall Group has recommended that investors in itsCharter Hall Office Real Estate Investment Trust vote againstproposals from a consortium of hedge funds led by Orange Capitalat a meeting on July 27. Charter Hall warned that the trustcould be liquidated if it is replaced as manager of the trust,as proposed by the hedge funds. Orange is seeking to haveCharter Hall Group replaced by Moss Capital and Fortis FundsManagement. Page B9.
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