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)
--Gary Dawson, chief executive of the Australian Food and Grocery Council, has warned branded grocery suppliers that an increased focus by Woolworths and Coles on fresh produce may threaten their access to shelf space. Fresh food accounts for about 28 percent of Woolworths current sales, from which it will seek to generate another A${esc.dollar}2.5 billion over the next few years. Page 15.
-- Victorian winemaker Brown Brothers is seeking buyers for its White Hills vineyard in Tasmania citing the strength of the Australian dollar and depressed sales in European export markets for the move. Chief executive Roland Wahlquist said there had been interest from private international buyers but it was still too early to put a price on the vineyard. Page 17.
-- Sundance Resources is expected to withdraw from takeover talks with Hanlong Mining as early as today after five days of good faith negotiations required by a scheme of arrangement for a A${esc.dollar}1.3 billion takeover. Hanlong has failed to secure the approvals from the Chinese government upon which the deal was contingent following the arrest of its owner Liu Han on suspicion of hiding his brother who is wanted for murder. Page 17.
-- BHP Billiton and ExxonMobil have put forward plans to contrast a floating LNG platform to mine gas 220 kilometres off the coast of Exmouth in West Australia. The facility would be the world's largest ship and circumvent rapidly increasing onshore development costs for which Fitch Ratings has forecast budget blowouts and delays. Page 18.
-- A London hedge fund has warned AustralianSuper that it may pursue legal proceedings against the superfund if it proceeds with a proposed lawsuit over the sale of stakes in airports in Perth, Melbourne and the Gold Coast worth A${esc.dollar}2 billion to the Future Fund. The fund, which is yet to be named, has expressed concerns that a lawsuit would prevent a trustee of the airports, Australian Infrastructure Fund, in which it is a shareholder from distributing proceedings from the sale. Page 19.
-- Australian non-investment grade companies are turning to American banks to source loans, threatening the lending monopoly enjoyed by Australia's big-four banks. The investment banks are using currency derivatives, among other non-traditional mechanisms, to avoid excessive cross-currency swap costs. Page 19.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--Delivery of Qantas Airways' first Boeing 787 Dreamliner will be delayed after test flights with the United States Aviation Administration to prove the validity of a new battery design were postponed last week. The aircraft was originally scheduled for delivery in August but Qantas expects it will be slightly behind deadline. Page 17.
-- Royal Dutch Shell will introduce LNG-powered mining trucks at its West Australian facilities to reduce running costs of its iron ore fleet. The move will combat rising diesel costs and rely on Australia's domestic LNG supplies. Shell is planning to construct LNG freight service stations in Sydney and Melbourne and considers mining fleets an opportunity for further growth in the LNG market. Page 17.
-- Australian clothing retailer Billabong entered a trading halt yesterday as the board considers competing takeover offers from the Naude consortium and VF Corporation, both believed to have been reduced to below A${esc.dollar}1 a share. The halt will remain in place until tomorrow when a decision will be announced. Page 17.
-- BHP Billiton has defended the design of the Mineral Resources Rent Tax, claiming the high Australian dollar and poor moderation of commodity demand from China were to blame for the lacklustre performance during its first year of operation. Christian Bennett, vice-president of government relations, said any profit based tax in the resource sector would remain volatile due to shifting commodity prices. Page 17.
-- The Reserve Bank of Australia yesterday announced it would keep interest rates at 3 percent. Governor Glenn Stevens cited an the positive influence of last years rate cuts in the housing market and improved performance of the job market as key factors in the decision. Page 17.
-- Dart Energy has closed its New South Wales coal-seam gas operations, cutting over 100 jobs, in response to the state government's introduction of a 2 kilometre residential buffer zone around coal-seam exploration areas. The junior explorer said its Australian operations would remain shuttered until regulations changed. Page 17.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--LM Managed Performance Fund administrators FTI Consulting have revealed A${esc.dollar}301 million worth of related party loans were made by the fund. Three quarters of the fund, around A${esc.dollar}301 million, were lent to manager Peter Drake and his companies, including A${esc.dollar}17 million to Mr Drake directly. The administrators will apply to take control of the fund as receivers on April 12 in the Queensland Supreme Court. Page 23.
-- Australia's largest mortgage broker the Australian Finance Group yesterday revealed that of those who took out a mortgage last month around 30 percent opted for a fixed-rate loan in a bid to exploit the lowest fixed interest rates on record. The number of borrowers choosing to fix their loan had almost doubled since January, up from 16.3 percent. Page 24.
-- James Owens, chief executive of industrial adhesives manufacturer HB Fuller, believes Australia's residential construction market has bottomed out and will improve in the near future. He said the company's Australian operations were its weakest link but said year-over-year revenue performance for the quarter indicated the market may be improving. Page 24.
-- Fairfax Media will announce further cost cutting measures this week including a management restructure as it seeks to combat a prolonged down-turn in media advertising. The news publisher will shed around 20 percent of its workforce, almost 1900 jobs, over the next three years. Page 25.
THE AGE (www.theage.com.au)
--Troubled paper manufacturer PaperlinX has appointed Robert Kaye as chairman. Mr Kaye will replace Michael Barker, who will remain on the board as a non-executive director, and is the company's second chairman in six months. PaperlinX posted a A${esc.dollar}57.3 million first-half loss in February, with an impairment charge of A${esc.dollar}24.7 million. Page 22.
-- Dwelling values in Sydney improved 1.5 percent last month after a twelve-month improvement trend that has seen the city recover property value lost since the onset of a down-turn in the sector in 2010. National dwelling value climbed 1.3 percent in March, a measure of strong performance across Australia, with almost every capital city showing growth. Page 24.
-- Statistics released by National Australia Bank yesterday show the weakest increase in online sales growth since May 2012. Sales grew by 19 percent for year on year for February to A${esc.dollar}13.1 billion while the bank's Online Retail Sales Index fell to 193 points, down from 202 points in January. Page 32.
-- Toro Energy yesterday announced it has secured federal government approval for its Wiluna uranium mine. The approval is subject to 36 conditions, including rehabilitation costs for the area once the mine is depleted. Chief executive Vanessa Guthrie said the next step for the miner was to secure financial backing for the project with potential partners in China, Korea, Japan, and India. Page 33.
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