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)
Supermarket giants Coles and Woolworths have spoken against reducing the Goods and Services Tax-free threshold applying to goods bought from overseas online sites from A$1000 to A$20, saying it would increase costs for consumers. Coles managing director Ian McLeod says "it should be a free market", uncorrupted by barriers or tariffs. Page 15.
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A complaint has been lodged with the Australian Securities and Investments Commission regarding short selling positions taken in Seven West Media in the days before Kohlberg, Kravis Roberts & Co announced its intention to sell its A$265 million, 12 percent stake in the media company. Sources claim a Hong Kong hedge fund was tipped off before the market announcement. Page 15.
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Major shareholder in Echo Entertainment, Genting Hong Kong, has raised its stake in the casino company to 6.6 percent, from 5.22 percent, but continues to wait on regulatory approval to raise its investment past 10 percent. Genting has also held strategic discussions with Echo rival James Packer, without disclosing its intentions for the Australian market. Page 17.
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Calibre Group managing director Rod Baxter has resigned, with chairman Ray Horsburgh explaining it was "not so much related" to the company's April profit downgrade from between A$90 million and A$95 million to between A$50 million to A$55 million. Horsburgh says the downgrade could not have been avoided, due to major clients Rio Tinto , Fortescue Metals Group and BHP Billiton BHP.AX> delaying and reviewing projects. Page 18.
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Australian investors will watch to see if United States-based investors dump News Corp's newspaper spin-off stock New News Corp (NNC) when trading begins as conditional and deferred settlement trading at midday today. Both NNC and 21st Century Fox, containing the television and film elements, will trade as CHESS Depository Interests until 28 June, the day of the demerger. Page 18.
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Law firm Slater & Gordon will next week launch a class action, representing over 11,000 New Zealand bank customers, against Australia and New Zealand Banking Group , claiming its default fee of NZ$15 is excessive. A further 13,000 customers of other Australian banks with New Zealand subsidiaries, such as the Commonwealth Bank of Australia , National Australia Bank and Westpac Banking Corporation have signed on to sue since plans were first announced in March. Page 19.
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The Australian Securities and Investments Commission (ASIC) has confirmed it will not introduce further regulation to reduce dark pool and high-frequency trading, saying dark trading volumes have declined. ASIC says it will continue to monitor the progress of regulatory changes made in May, and will be prepared to take action if high-frequency trading returns to "problematic levels". Page 19.
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Insurers Suncorp, QBE, Allianz and CGU have not promised reduced premiums despite the Victorian government removing a A$500 million fire service levy from the industry. Premiums will rise by 40 percent, according to RACV representative Insurance Manufacturers of Australia. Victorian fire services monitoring committee chairman Allan Fels says the five largest insurers should justify increases, adding premiums have risen between 25 and 55 percent in the last five years. Page 19.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
Industry Funds Management (IFM), the largest investor in Australian infrastructure, says it will look at making an offer for the coal port at Newcastle following New South Wales state Treasurer Mike Baird announcing it will be up for sale next year for as much as A$700 million. Australia's largest coal port is a "quality core infrastructure asset", says IFM chief executive Brett Himbury. Page 19.
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Coles managing director Ian McLeod has reacted strongly against crossbench MP Bob Katter's private member's bill to force Coles and Woolworths to sell stores, saying "this protectionist politics is extremist and it's not going to help Australia one iota". Page 19.
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The Australian Shareholders' Association says Newcrest Mining chairman Don Mercer should step down following a decline in the company's capitalisation to A$8.5 billion, from A$30 billion two years ago. Newcrest's biggest problems stem from the A$10 billion acquisition and subsequent issues with the Lihir gold mine in Papua New Guinea. Page 19.
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Elders Limited has rejected the offer for its rural services division from rival Ruralco Holdings, stating the bid is "inadequate with respect to value, execution risk and other considerations". Ruralco is understood to have offered around A$300 million, while the book value of Elders Rural Services, after a writedown prior to going to market, was A$454 million. Page 19.
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Rio Tinto will add another A$3 billion to its investment in the Simandou project in Guinea "once a robust investment framework is finalised (and) partner and project financing strategy is secured", says head of minerals and diamonds, Alan Davies. Rio chief executive Sam Walsh and Guinea president Alpha Conde discussed the project in London on Monday, and announced both parties are committed to a rapid resolution of outstanding issues. Page 20.
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Employers in the mining and resources sector are evaluating prospective employees on skills and experience rather than sex, according to recruitment website FIFObids. Mike Haywood, co-founder of FIFObids, says anonymous CVs mean more women are being considered, based on skills and experience. There is increased demand for electrical and mechanical tradespeople and fewer requirements for geologists and engineers. Page 20.
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No African country produces enough food to feed itself, making the region a huge export opportunity for Australian farmers, says Sebastian Spio-Garbrah, managing director of DaMina Advisors, a political risk advisory company from New York. The African region produces export crops for profit rather than food for local consumption, he says. Page 20.
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The Wingellina nickel-cobalt project in the remote Central Musgrave Ranges region of Western Australia has been delayed as the definitive feasibility study has been deferred. The site offers the potential of 40,000 tonnes of nickel each year for 40 years. But miner Metals X cited market conditions and low nickel prices as it announced postponement of research into construction of the mine. Page 20.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
Beleaguered mining entrepreneur Nathan Tinkler has removed the local director of his Singapore company Bentley Resources, making himself sole director and shareholder. He has also created a new company, Bentley Resources Administration, as a subsidiary of Bentley Resources, again with himself as sole director and shareholder. Page 23.
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A proposal to restore A$210 million to Australian customers of failed U.S. investment bank Lehman Brothers is expected to be voted on at a creditors meeting for Lehman Brothers Australia on Wednesday. However, the U.S. holding company for Lehman has acquired the rights of related parties, giving it sufficient voting strength to defeat the proposal. A spokesman for the holding company says clients are reluctant to support the return of cash and are considering how they will vote. Page 24.
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THE AGE (www.theage.com.au)
Pacific Brands underwear division is planning to expand into more overseas markets, says chief executive John Pollaers. The underwear division is responsible for one-third of annual sales and the domestic market provides 95 percent of overall sales. Geographic expansion is part of the company's five-year plan that foresees a further two years of profit difficulties before modest sales and earnings growth. Page 23.
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AustralianSuper, the largest super fund in Australia with A$62 billion under management, has announced an in-principle arrangement to merge with AUST(Q) Super. AUST(Q) is a Queensland industry fund with 17,000 members and A$204 million under management. Page 26.
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