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)
Mi9, a subsidiary of Nine Entertainment, may not sell its 30 percent stake in comparison website iSelect following its initial public offer floats next month. Mark Britt, chief executive of Mi9, is "very supportive" of iSelect and praised its healthy financial position, but added Mi9 will carefully consider the timing of any sale. Page 17.
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Macquarie Private Wealth recently hired ex-Commonwealth Bank of Australia employees, including Michelle Weber, to resolve compliance deficiencies dating back to 2008. The private wealth arm of Macquarie Group will be scrutinised by a private expert for two years and will inform the Australian Securities and Investments Commission of any rectifications and compliance deficiencies. Page 17.
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Woolworths is on track to achieve an estimated A${esc.dollar}115 million in savings, as the supermarket giant faces higher rents and utilities expenses and wage rises of 3 percent. UBS believes the cost cutting measures are unsustainable and could damage Woolworths' market share, customer service and perception. Page 19.
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Keith DeLacy, chairman of Macarthur Coal, believes the Australian coal sector is facing a "perfect storm" of difficult circumstances, such as low productivity, the rising Australian dollar and competition from other energy sources. Mr DeLacy added the imposed regulatory burdens have been a driving force of cost increases. Page 19.
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Austbrokers is on target to meet its profit growth target for this financial year and now will look to acquisitions opportunities to continue to growth its business. Mark Searles, the newly appointed chief executive told shareholders in February that he was "keen to ensure we drive an environment of continuous improvement". Page 21.
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Australian and New Zealand Banking Group chief executive Mike Smith has announced the bank will sell its US${esc.dollar}780 million holding in Panin Bank despite pursuing growth in Asia. Market sources said ANZ wanted to divest in Panin due to friction with the Indonesian group's majority shareholders, the Gunawan family. Page 21.
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Over A${esc.dollar}2 billion has been invested with Industry Funds Management by foreign investors in the last nine months, inflating its total assets under management to A${esc.dollar}44 billion. "Some of the new money comes from existing clients but we've also been successful in attracting two large institutions into our recently released global infrastructure debt capability," said IFM chief executive Brett Himbury. Page 21.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
Nathan Tinkler is considering whether to sell his 19.4 percent stake in Whitehaven Coal as the former billionaire tries to resolve his financial difficulties. Undisclosed sources named hedge fund Noonday Asset Management as a possible suitor for Mr Tinkler's holding in the miner. Page 17.
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Macquarie Group has been appointed by Rio Tinto to find a buyer for its majority stake in the Northparkes copper and goldmine in New South Wales. The move to dispose of the asset valued at around US${esc.dollar}405 million last year marks the latest step by new chief executive Sam Walsh to tackle costs and improve underperforming assets. Page 17.
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A corporate restructure announced yesterday by Fairfax Media has forced the departure of senior executives, including Metro Media head Jack Matthews. The media group is aiming to simplify its operations as revenues have come under acute pressure. "We're delivering a structure so we can maximise our ability to drive revenue and efficiencies," said chief executive Greg Hywood. Page 17.
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Retail spending increased by 1.3 percent in February, according to the Australian Bureau of Statistics yesterday, exceeding expectations by 0.3 percent. Gerry Harvey, chairman of whitegoods retailer Harvey Norman, said there was a small positive shift in consumer confidence within his business as sales have increased since the start of the year. Page 18.
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Billabong International was forced to suspend its shares indefinitely from trading after failing to accept a takeover offer from one of its suitors. The surf wear retailer has been in talks with two consortiums, Sycamore and VF Corporation, since late last year. Shares last traded at A73 cents. Page 18.
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According to the Property Council of Australia almost 60,000 construction employees are still out of work due to the global financial crisis, with the sector enduring its third consecutive year of recession. Peter Verwer, chief executive of the property lobby group, believes the only respite for the industry was the Federal Government's Building the Education Revolution stimulus package, which employed many workers. Page 19.
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Sundance Resources announced yesterday that Hanlong Resources had officially missed its A${esc.dollar}5 million tranche-two funding on Monday. Hanlong has until today to produce a credit-approved term sheet from its financiers, with Sundance expected to cancel the deal if the Chinese miner fails to honour the deadline. Page 23.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
Royal Dutch Shell believes a sale of its struggling oil refinery in Geelong is possible despite its inability to compete with bigger and more efficient refineries overseas. Andrew Smith, vice-president of downstream operations at Shell, said there were "options available" if a buyer could not be found, including the conversion of the facility into an import terminal. Page 25.
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After announcing a major restructure yesterday, Fairfax Media will position its business real estate unit Domain as a possible spin-off. Chief executive Greg Hywood said separating Domain and its Digital Ventures division, which includes Stayz and RSVP, gives the media company more options in the future. Page 25.
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THE AGE (www.theage.com.au)
Brown Brothers will concentrate on the Australian and Asian markets after the high Australian dollar scuppered the profitability of its British unit. The winemaker's revenue in Britain has fallen to 10 percent of what it was five years ago, with Brown Brothers downsizing the division and opting not to replace its departing brand manager. Page 26.
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Australian Consumer and Competition Commission chairman Rod Sims has called for more regulatory assurances over the price NBN Co charges retail internet service providers to access the national broadband network. NBN Co's current undertaking mandates prices at a fixed level until 2017, with increases beyond that capped below inflation. Page 26.
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