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)
--Executive chairman Kerry Stokes is considering position changes at investment conglomerate Seven Group spurred by the expected departure of chief executive Peter Gammell. Seven West deputy chairman Don Voelte is believed to be most likely to replace Mr Gammell to head the A$2.3 billion group. Page 21.
--Broadcaster Fox Sports Australia has reported a 2.7 percent drop in earnings before interest, tax, depreciation and amortisation for the first nine months of 2012-13. The costs of broadcast rights and A$30 million outlaid to upgrade studios in Melbourne and Sydney contributed to the decrease, Fox Sports stated earlier. Fox Sports has posted a 5.6 percent increase in revenue to US$375 for the nine months despite the drop in earnings. Page 23.
--Retail chain Target has announced plans to refocus the brand, reduce prices, cut queues and resurrect nickname "Tar-jay". New managing director Stuart Machin said overstocking and a confusing marketing message contributed to the 50 percent drop in earnings this year. Earnings of A$268 million were reported for 2012, up from A$100 million in 2009. Page 23.
--Australia's largest milk exporter, Murray Goulburn Co-operative, is investing A$120 million in two new processing facilities to bring annual capacity to six billion litres per year. Murray Goulburn is continuing its plan to increase its current 14.5 percent stake in Warrnambool Cheese and Butter to 19.9 percent. Page 24.
--Australia and New Zealand Banking Group has announced a A$425 million share buyback to counter the dilutive effect of new shares issued for its 2013 interim dividend reinvestment plan. As three of the four big banks have announced a buyback this year, expectations that National Australia Bank will follow suit have increased. Pg 25.
--Australian retailer David Jones is tapping the lucrative Chinese visitor market, allowing transactions using credit cards from Chinese company UnionPay, via Commonwealth Bank of Australia terminals. With over 3.4 billion cards issued worldwide, the move to accept UnionPay cards will cater to over 700,000 business visitors, tourist shoppers and students estimated to outlay A$10 billion each year locally. Page 25.
--Crop protection business Nufarm expects to double its seed division earnings to A$60 million within three or four years as it expands into higher growth markets. The growth by acquisition strategy would continue, said Brent Zacharias, general manager of Nuseed Group. Page 28.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--Nine Entertainment Co chief executive David Gyngell has identified potential savings of A$15 million per year by purchasing two WIN Television stations, money that could contribute to a bid for Australian cricket rights. Nine's hedge fund owners say Ten Network 's current A$450 million bid is excessive, leaving Nine a creative challenge to create an acceptable counterbid. Page 17.
--Drug wholesaler Symbion has been sold to New Zealand healthcare specialist EBOS Group for A$730.9 million, creating Australasia's largest wholesaler and distributor of healthcare products. EBOS is expected to float the merged group as a NZ$1.1 billion business, with a dual-listing on both Australian and New Zealand markets later this year. Page 17.
--BHP Billiton has reduced costs by US$800 million so far this year, closing high-cost mines, cutting exploration and is seeking to sell some assets. No new projects are being planned as the miner works to reduce the impact of rising costs, said Dean Dalla Valle, the new head of coal. Page 17.
--The Australian government has declined what it called an "ambitious" proposal from Hong Kong for a free trade agreement. Representing 750 companies and supporting the concept, the Australian Chamber of Commerce in Hong Kong has sent a number of submissions to Federal Treasurer Wayne Swan and Treasury, but without impact. Page 18.
--Conglomerate Wesfarmers will not pay out any special dividend as investing for future growth has priority, said managing director Richard Goyder yesterday. Wesfarmers already outlays 90 percent of earnings as dividends and usually utilises completely its franking credit supply, added chief financial officer Terry Bowen. Page 19.
--Chris Sutherland, managing director of maintenance and recruitment group Programmed, has rejected a A$114,200 incentive payment. Programmed yesterday posted a net profit of A$32.1 million for the year to March 31, a 3 percent increase over the previous year. Overall remuneration for Mr Sutherland was A$1.16 million down from A$1.6 million. Page 19.
--Private equity groups KKR and Carlyle have expressed interest in the Optus satellite division, worth up to A$2 billion. Proceeds could help fund Optus's A$1 billion 4G mobile rollout or be returned to owner SingTel. Page 19.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Australian authorities "should not hesitate" to ease fiscal policy and add to the deficit should the economy weaken, according to an Organisation for Economic Co-operation and Development report. Australia would benefit from increasing the Goods and Services Tax, reducing the company tax rate and changing taxation related to housing, the OECD economic outlook suggested. Page 25.
--Westfield chairman Frank Lowy was re-elected into his position with 90.64 percent of the vote at yesterday's annual meeting. The remuneration report was passed with 97.73 percent in favour, despite criticism from the Australian Shareholders Association who calculated the Lowy family would receive shares to the value of A$91.6 million. Page 25.
--Aristocrat chief executive Jamie Odell announced an 11 percent rise in first-half profits to nearly A$53 million yesterday, and said the Australian gaming industry was the most competitive in the world. The poker machine manufacturer's Australian profits fell to A$40 million due to regulatory changes in Victoria. Page 25.
--Westpac Banking Corporation has received requests from the United States government to forfeit US$36.9 million held by shell company Technocash Ltd. The funds were transferred from Costa Rica company Liberty Reserve, which is believed to be involved in a US$6 billion money laundering scheme that converts proceeds from cyber crime. Page 26.
THE AGE (www.theage.com.au)
--A 2 percent reduction in construction activity, reported by the Australian Bureau of Statistics, has dropped March quarter gross domestic product by A$1 billion, adding to speculation that mining investment has peaked. Mining investment fell 1.1 percent and residential construction fell 1 percent. Construction machinery imports, substantially for mining use, plummeted 44 percent over the six months to March. Page 25.
--The newspaper wing of separated media company News Corporation will undergo "relentless" cost cutting, according to incoming chief executive Robert Thomson. News Corp will write down Australian and United States newspaper values by around US$1.4 billion. Page 27.
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