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)
Mike Wilkins, chief executive of Insurance Australia Group , has warned Australian companies are not taking advantage of opportunities to build stronger ties with their Asian counterparts as competition for business deals grows in the region. Mr Wilkins said companies needed to act now or risk missing out on development in the region, highlighting service providers' present lack of engagement. Page 13.
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Ruralco Holdings' offer for Elders Rural Services will include an equity capital raising and is expected to be around A$300 million but could be less according to industry sources. Ruralco currently has over A$40 million in cash available and has appointed UBS and RBS Morgans to manage a potential equity raising. Gresham Partners will advise on the prospective offer. Page 15.
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The Federal Government has auctioned exploration permits for resources up to 200 kilometres off the West Australian coast, in water up to 4500 metres deep for A$180 million. Royal Dutch Shell dominated the auction, adding three licenses to to its A$30 billion portfolio of joint venture projects in Australia. The Carnarvon Basin was the most contested of the 15 permits on offer and was won by Woodside for A$74 million. Page 15.
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Australia needs to establish a dedicated regulator to handle matters of corruption according to bribery experts responding to Monday's revelation of the Australian Federal Police's mishandling of bribery allegations against BHP Billiton in 2011. Ross Freeman, of Minter Ellison, said the incident reinforced the findings of an Organisation for Economic Co-operation and Development report last year which identified the flaw in Australia's regulatory system. Page 15.
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A joint parliamentary committee has recommended against amendments to the Tax Agent Services Act, which would require financial planners to gain formal tax qualifications. Financial Planning Association chief executive Mark Rantall said the impact of the legislation, which would affect between 18,000 and 50,000 advisers, has not been adequately assessed. Page 17.
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Perpetual had the best performing managed share fund strategy, returning 40.9 percent to the year ending May, according to financial services firm Mercer. Hyperion Asset Management and Lazard rounded out the top three fund managers, while Independent Asset Management, SGH 20 and Northward Capital Aust Equity Income were listed as some of the worst-performing funds for the year to May. Page 19.
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Stephen Healy, president of Tennis Australia, said the organisation is "comfortable" with its new broadcasting deal with Seven West Media, believed to be worth A$35 million annually, although Ten Network had offered to pay at least A$45 million per year. He said an open-market auction in September may not have attracted a higher price. Page 27.
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THE AUSTRALIAN (www.theaustralian.com.au)
Construction company Lend Lease will reach its profit target, according to chief executive Steve McCann, despite forecasting lower construction earnings for fiscal 2013 following six months of weak conditions in global building markets. Lend Lease also announced a restructure of its construction and infrastructure business and a sell-down of its 25 percent stake in a A$750 million development in Singapore. Page 17.
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Cathy Moises, an analyst with stockbroking service Evans & Partners, has revealed she was individually briefed by Newcrest weeks prior to the gold miner's A$6 billion writedown announcement on 7 June. Her recommendation shifting Newcrest from "neutral" to "negative" was published on 20 May, following a "one-on-one meeting" where she was told of mining project delays and revised gold mining forecasts. Page 17.
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Investor Mark Carnegie has launched the A$120 million Innovation Investment Fund to assist Australian technology start-ups. Partially supported by A$40 million in AusIndustry funding, Carnegie has teamed up with Vivant Ventures to identify Australian technology start-ups. Page 17.
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Woolworths has refused to support an Australian National Retailers Association (ANRA) campaign to lower the A$1000 goods and services tax-free threshold on overseas online shopping purchases to A$20. ANRA chairman John Gillam claims the lower tax threshold would save thousands of jobs by easing pressure on Australian retailers. Page 18.
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Australia's low unemployment rate will save Australia's economy from entering its first recession in 22 years, according to National Australia Bank chief executive Cameron Clyne. He said Australians were too pessimistic and should find strong figures on unemployment, which fell from 5.6 percent to 5.5 percent unemployment in pay, reassuring. Page 19.
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Mortgage broker AFG chief executive Brett McKeon has criticised competition laws for not addressing practices of "compound leverage" amongst large lenders. Raw industry participant figures are not a good indicator of the level of competition within the banking industry, according to Australian Bankers' Association chief executive Steven Munchenberg. Page 19.
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The West Australian Oakajee port and rail network would take more then five years to develop, according to former chairman of Gindalbie Metals George Jones. He said the project would have to be developed gradually in stages following the failure of a A$6 billion plan to fund the infrastructure. Gindalbie and Asia Iron can continue to use existing port facilities at Geraldton for three to five more years, negating the need for Oakajee in the short term. Page 19.
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A Rabobank report predicts by 2020, Australia could sow 500,000 hectares of sugar cane per year as demand from China and India rises, an overall increase of 25 percent over current levels. Although cane plantations had declined 17 percent over the past ten years, 400,000 hectares of cane will be harvested between Mossman and Ballina over the coming three months. Opportunities for cane farming expansion have increased north of Mackay in Queensland following the collapse of a managed investment scheme for tropical tree plantations. Page 23.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
The cash in hand balance of resource exploration company Mineralogy has fallen from A$55.3 million held in January 2012 to A$12.5 million as of the end of this financial year, according to internal management accounts. Figures show the company spent A$1.9 million on aviation expenses, A$800,000 more then it spent on drilling, exploration and mining for the same period. Page 21.
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Australia's largest health insurer Medibank Private has been accused of pressuring hospitals in order to improve its balance sheet ahead of a possible share market listing if the federal opposition win the 14 September election. Talks with hospitals had "nothing to do with a float" and were no more aggressive then usual, said Medibank corporate affairs manager Dan O'Brien. Page 23.
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THE AGE (www.theage.com.au)
Financial disputes firm Financial Resolutions Australia believes the Australian Securities and Investments Commission (ASIC) should reopen its case into fraud committed by Commonwealth Bank of Australia financial planners before the global financial crisis. CBA banned seven planners, including Don Nguyen and Ricky Gillespie, and issued A$36.4 million in compensation to 725 clients. Financial Resolutions Australia claims CBA's compensation methodology had a number of flaws. Page 21.
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Labour hire company Skilled has secured a A$75.5 million acquisition of oil and gas sector equipment provider Broadsword Marine Contractors. Chief executive of Skilled Mick McMahon said the acquisition extended Skilled's geographical reach, capability and exposure to oil and gas. Broadsword is expected to deliver A$17 million in earnings before interest, tax, depreciation and amortisation in the 2014 financial year. Page 24.
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