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)
Investors are departing concentrated Australian bond funds, including fixed interest funds, Australian domiciled international bonds and mortgage funds, with net outflows of A$800 million over the first five months of 2013. There was heightened risk aversion through 2012, but now investors are reacting to the expectation bond prices will be affected as the United States Federal Reserve cuts back on quantitative easing, said Andrew Lilley, interest rate specialist at UBS. Page 17.
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Martin Crowe, chief of Telstra Superannuation Fund, is due to depart on August 30 but has taken leave as it has become public knowledge he used members' money to take a corporate box and attend last month's Australia v Lions rugby Test match in Melbourne. According to sources, there were 16 people in the box with potential for a cost of A$30,000. Telstra Super is investigating the issue, said a Telstra spokesman. Page 17.
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Pressured goldminer Newcrest Mining has initiated a six to 12-month process to cut jobs at its Telfer mine in the north of Western Australia. "We are going through the process of offering them redeployments, transfers and other options so the actual numbers are still up in the air," said a Newcrest spokesman. Newcrest's large, low-cost Cadia Valley mine workforce in New South Wales is "not really affected from a redundancy point of view", added the spokesman. Page 17.
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To privatise its subsidiary Yancoal Australia, Chinese coal company Yanzhou may have to outlay A$265 million ($243.15 million)for a block of special shares set up for Gloucester shareholders when Gloucester merged with Yancoal. Yancoal's second largest shareholder, 13-percent equity holder Noble Group, has appointed Goldman Sachs to evaluate and advise on the deal. Page 19.
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Macquarie Investment Management (MIM) is acquiring full-service asset-manager ING Investment Management Korea for an undisclosed amount from ING Group, subject to regulatory approval. With A$44.3 billion ($40.65 billion)in assets under management, the addition of ING Investment Management Korea will take MIM's assets to A$263 billion. Page 19.
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The New South Wales government would receive around A$11 million ($10.09 million) a year, if the Crown casino and hotel proposed for Barangaroo achieves James Packer's stated revenue goals, according to calculations by Deutsche Bank analyst Mark Wilson. The economic benefit from the proposed Crown Sydney would be obtained from expansion of the local playing market and job creation relating to the property, rather than funds from international VIP gamblers, said Michael Goltsman, an analyst at Citi. Page 19.
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Donald McGauchie, a director of GrainCorp which is currently the acquisition target of United States agribusiness giant Archer Daniels Midland, stated that Australian investors had failed to perceive the value of Australian agricultural assets while foreign investors bought major Australian agricultural enterprises. "I think the Australian investment community is going to wake up very shortly and realise they have given away their birthright," said Mr McGauchie yesterday at a business lunch. Page 20.
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International toll road developer and investor Transurban has achieved a 5 percent increase to its proportional revenues, reaching A$991.4 million in fiscal 2013. Traffic has increased on all the group's roads, except the M5 in south-west Sydney which is being upgraded. Transurban's star performer was the Westlink M7 in Sydney with traffic flows up 3.4 percent for the year. Page 20.
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The Queensland-based Careers Australia Group (CAG) is likely to be acquired by major shareholder White Cloud Capital Advisers following a revised offer of A87 cents per share, a 31 percent increase from the initial A66 cents per share. Rival Crescent Capital Partners increased its original A80 cents per share bid to A86 cents on Monday, but the CAG independent board committee has recommended the White Cloud offer. Page 20.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
Around 45 contractors have been sacked as the Poseidon Nickel-owned Windarra mine in Western Australia's Goldfields region enters suspension, according to sources close to the contracting firms. Poseidon chief executive David Singleton said nickel operations should restart "in the next couple months or so", without addressing speculation the shut down was to save cash after 32 percent-owner Andrew Forrest returned from the United States without securing a A$200 million ($183.51 million)debt deal. Page 17.
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Boutique investment manager Perennial Investment Partners has sold its investment in Newcrest Mining. Perennial's growth funds manager Lee Mickelburough expressed a lack of confidence in Newcrest's ability to increase cashflows from current levels. The Perennial slice of Newcrest, worth A$100 million ($91.76 million)in November, is believed to have been sold for A$40 million at the time of exit. Page 17.
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Federal Home Affairs Minister Jason Clare yesterday launched the newly formed Anti-Dumping Commission, which has initiated an investigation into allegations tomatoes from Italy and peaches from South Africa were being dumped in Australia, forcing local canned food producer SPC Ardmona to shed jobs. Dale Seymour has been appointed Commissioner. Page 17.
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Airlines Virgin Australia and Air New Zealand will seek an explanation from the Australian Competition and Consumer Commission (ACCC) regarding its three-year timeframe for their trans-Tasman deal after the Qantas Airways -Emirates Airlines tie-up earlier received approval for five-years. The ACCC responded that the Virgin-Air NZ deal was unlikely to reduce competition, but held long-term concerns the trans-Tasman market could evolve into a duopoly. The Virgin-Air NZ alliance represents 50.8 percent of the market, with Qantas servicing 45.8 percent. Page 18.
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Low-doc loans provider Pepper Australia made a A$0.46 ($0.42)dollar per share offer for RHG, the windup entity of home loans provider RAMS. RHG accepted an offer by non-bank lender Resimac and deal broker Trevor Loewensohn of A44.1 cents per share on Monday but Resimac now has three days to offer a counter-proposal. Major RHG shareholder Cadence Capital spokesman Karl Siegling said the rival offer was a "game changer". Page 19.
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Supermarket chain Woolworths will invest A$20 million ($18.35 million)to upgrade its West Australian meat pre-package processing facilities to enhance product consistency and availability while addressing a shortage of in-store butchers. The restructure will create 75 new jobs at the Bunbury plant and potentially decrease orders from third-party providers such as Beak and Johnston. Page 19.
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Nine Entertainment Co managing director Jeffrey Browne will depart the television network after serving for seven years, saying he is no longer needed since "the big deals have been done". Mr Browne was instrumental in Nine negotiating its A$1.025 billion National Rugby League broadcast deal, the acquisitions of television stations WIN Adelaide and Perth and securing broadcast rights with Cricket Australia. Page 19.
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Inglewood Farms, Australia's largest organic chicken producer, has entered into receivership with debts to secured creditor Westpac Banking Corporation reaching at least A$60 million ($55.05 million). PPB Advisory has been appointed receivers and managers of the business which holds 80 percent of the Australian organic poultry market. Page 19.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
GrainCorp director Donald McGauchie yesterday told the American Chamber of Commerce that investment is urgently required for Australia to take advantage of the growing demand for food from Asia, creating the potential to more than double agricultural exports by 2050 from A$35 billion ($32.11 billion)to A$73 billion ($66.98 billion). Mr McGauchie said "Australia is on the doorstep of what promises to be the greatest leap forward, in terms of prosperity, since the industrial revolution". Page 23.
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The Property Council of Australia-ANZ Property Industry Confidence Survey for the June half demonstrates positive movement in Sydney and the opposite for the Melbourne market. Australia's index score reached 117 while Victoria's index contracted from 117 to 114. The survey polled over 2700 property and construction professionals across all Australian states and territories. Page 24.
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THE AGE (www.theage.com.au)
Investment fund Mirrabooka's portfolio returned 18.9 percent in the year to June 30, while the benchmark combined small and midcap market index rose only 4.8 percent. Managing director Ross Barker, pleased with the funds portfolio return, is confident of long run returns despite low business confidence and an expected rise in unemployment next year. Page 26.
($1 = 1.0899 Australian dollars)
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