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)
Newcrest Mining chairman Don Mercer has denied that an internal review of disclosure practices, headed by former Australian Securities Exchange chairman Maurice Newman, is intended to pre-empt a formal investigation by the Australian Securities and Investments Commission. Newman is expected to reveal his findings in a couple of months, well ahead of the time it would take ASIC to rule should it pursue a formal investigation. Page 13.
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TPG Capital has emerged as a bidder in the sale of Singtel Optus' satellite business, worth more than A$2 billion. The private equity firm was involved in two separate first round bids, one with the Blackstone Group and one with Apollo Global Management. Optus' satellite business generated A$338 million in revenue last year. Page 13.
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Peabody Energy is the latest global mining company to cut jobs in Australia, dropping 450 contractors across Queensland and New South Wales from its workforce. Peabody cited global market conditions and ongoing cost reductions, saying the cuts were necessary to safeguard the long-term competitiveness of its local operations. Page 13.
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Australian free-to-air broadcasters the Ten Network , Nine Entertainment Co and Seven West Media have expressed general agreement to a parliamentary committee's recommendation to scrap the television industry reach rule. Regional affiliates Southern Cross Media chief executive Rhys Holleran and Prime Media chief executive Ian Audsley are pleased reform of the "outdated" rule is being considered. Page 15.
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Hess Corporation has cut more than 20 jobs from Australian operations ahead of a decision on the future of its shale exploration venture in the Northern Territory. Progress has stalled on the U.S. oil player's A$6.5 billion Equus offshore gas project in Western Australia. Hess says it is still committed to both its shale and Equus ventures. Page 16.
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HSBC has sold its A$20 million investment in surfwear company Billabong International to SC Lowy Financial at a 20 percent discount. Billabong, whose market capitalisation has fallen to A$91 million from a A$3.1 billion high in 2007, is negotiating a new financing plan with either private equity firm Sycamore Partners or rival Altamont Capital Partners. Page 20.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
The end of the resources boom is showing the Australian economy "as it really is", according to Business Council of Australia president Tony Shepherd, who says the days of double-digit growth are in the past. Shepherd says companies will need to become more efficient, productive and innovative. Page 17.
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Canada's BCA Research has warned the Reserve Bank of Australia will need to lower official interest rates further if the country is to remain an investment destination. Their report Australia: A Fading Star? cites a parliamentary obsession with budget surplus and a decision by the Reserve Bank to lift interest rates in the wake of the global financial crisis for a down-turn in investor sentiment. Page 18.
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Australian miner Sundance Resources will push ahead with plans to develop West African iron ore assets despite the collapse of its A$1.3 billion deal with the Hanglong group three months ago. Sundance chief executive Giulio Casello says port and rail infrastructure involved in the Mbalam project would be separated from the mine and tender process. Page 18.
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Singtel Optus is anticipating a drop in short-term revenues as it transitions to a billing model designed to reduce unexpected charges and provide more flexibility to customers. The changes are intended to reduce instances of "bill shock" and exorbitant charges incurred when customers exceed monthly data and voice allowance. Page 19.
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Telstra has invested US$18.3 million in United States-based software and application developer Kony Solutions, its eighth such investment in two years. The managing director of Telstra's investment arm Venture, Mark Sherman, says Telstra can immediately add value to Kony products and predicts "nice revenues" next financial year. Page 19.
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Analysis by Credit Suisse of surveys conducted by technology giants Google and Apple has found no discernable difference between customer opinions of the digital banking services offered by Australia's big four banks. Credit Suisse says bank offerings are largely undifferentiated in consumer opinion and are unlikely to result in significant market share shifts. Page 19.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
Melbourne University economist Mike Pottenger has found the BHP Billiton's chief executive gets paid up to 200 times the amount of an average Australian. Pottenger says the arrival of Paul Anderson as chief executive in 1998 marked the biggest jump in executive remuneration at the company, which historically maintained an earnings average of around 50 times throughout the twentieth century. Page 23.
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Australian ports and rail manager Asciano has reduced growth expectations on container wharves for the next financial year, citing difficult trade conditions. Asciano has dropped market growth expectations from 4 to 5 percent annually, to 1 to 2 percent annually. Asciano faces increased competition next year in Sydney from Hutchinson Ports. Page 24.
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Australian grocer Coles will absorb a significant price rise from food products group Goodman Fielder for some bread products offered for A$1 following protracted negotiations. Details of the new contract were not provided. Last year Goodman raised the price of its own branded bread products by 8 percent. Page 26.
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Coles has refuted claims it is paying suppliers in Bangladesh so little they cannot operate safe factories. Coles says it will cease Bangladesh operations in the next few weeks and will sign a garment industry safety accord should it resume operation in the country. Page 26.
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THE AGE (www.theage.com.au)
Fashion chain Noni B expects an impairment charge to goodwill in the current year, with the carrying value of goodwill represented by a write-down of around A$5 million. The decision means the company will record a full-year 2013 loss, with the impairment recorded as a non-cash charge. Page 26.
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Up to A$2 billion will pass through Australia's real estate investment trust sector in coming weeks, with most now trading ex-dividend and a large portion of cash tipped to be reinvested. Around A$1 billion has already been raised from institutional placements, with more expected as the sector looks for more direct asset purchases. Page 28.
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