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)
The takeover of Billabong International by the former head of its Americas division, Paul Naude, in conjunction with Sycamore Partners is expected to be announced today. Billabong rejected an offer of A${esc.dollar}3.30 per share from private equity firm TPG Capital last year, while Sycamore and Mr Naude's successful bid is reportedly worth 60 cents a share. Page 15.
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The A${esc.dollar}2.7 billion Karara iron ore joint venture between Australia's Gindalbie Metals and China's Anshan Iron and Steel will be thoroughly monitored by Chinese authorities, Gindalbie managing director Tim Netscher said. He added that China will not invest in magnetite until Karara succeeds, following a string of unsatisfactory Australian ventures that includes Sinosteel's postponed Koolanooka project. Page 15.
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Ruralco yesterday warned that its underlying net profit will be 60 to 70 percent lower than the A${esc.dollar}11 billion it recorded last year. Sheep prices are down 30 percent, cattle prices down 11 percent, and hot and dry weather around the continent lowered pest, weed and disease management requirements, the rural services group reported. Page 17.
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The directors of contractor Leighton Holdings will meet later this week under new chairman Bob Humphris to select four new directors following last month's board resignations. Shareholders are concerned that Leighton's policy of creating dividends by using 60 percent of underlying net profits is under threat from major shareholder Hochtief. Hochtief is controlled by Spanish company ACS, which reportedly favours increasing cashflow. Page 17.
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The chairman of Orica, Peter Duncan, will retire at the explosives, mining and building products company's next annual general meeting, to be held early 2014, and be replaced by non-executive director Russell Caplan. Last year Orica was involved in controversies over environment problems at its ammonium nitrate plate on Kooragang Island north of Sydney. Page 17.
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Privatising Medibank Private would make Australia's health insurance industry more competitive, although it would most likely be part of a wider move to deregulate the sector, Mark Fitzgibbon, chief executive of listed health insurer nib holdings, said. The privatisation of Medibank is one of the Federal Opposition's election policies. Page 19.
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Bank of Queensland director David Willis has come under fire from shareholder activists over his role in the failure of British bank HBOS, where he served as chief executive during the global financial crisis. Mr Willis provides "significant contribution to the board's collective decision making and he is a valued part of our eight-member team," responded BoQ chairman Neil Summerson. Page 19.
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Newcrest Mining's 10 percent reduction to its gold production guidance for the current financial year has led to Standard & Poor's (S&P) cutting the miner's credit rating to BBB from BBB+. The lowered rating was still high for a mining company and reflected Newcrest's "moderate financial policies, low cost position and long reserve life," stated S&P credit analyst Brenda Wardlaw. Page 22.
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THE AUSTRALIAN (www.theaustralian.com.au)
As Gindalbie Metals celebrates today's opening of its A${esc.dollar}2.57 billion Karara iron ore mine, chairman George Jones cautioned that China's interest in Australian resources was fading, with the Australian Government's conduct a contributing factor. "Opportunities have been lost and wasted and there is going to be a lot of competition from other things," Mr Jones said yesterday. Page 20.
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West Australian miner Sundance Resources yesterday formally ended takeover negotiations with China's Hanlong Mining group but is still seeking an investor for its West African Mbalam-Nabeba project. "Sundance is engaging with other potential Chinese strategic partners with a view to developing the project. At the same time we will also progress discussions with non-Chinese parties," said chairman George Jones. Page 20.
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The chief financial officer of Boart Longyear, Joseph Raglan, has resigned although he will remain at the mining supplier for an undetermined period to manage the transition to his successor. "The board and I would like to thank Joe for his significant contributions to the business over the past several years," said Richard O'Brien, who became Boart's chief executive last week. Page 20.
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Iron ore shipments from West Australia's Port Hedland soared by 25 percent last month to over 24.9 million tonnes, according to data from the port authority. The figure is 34 percent higher than the same time last year and a turnaround from February when cyclones disrupted operations. Page 20.
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The Australian Securities and Investments Commission should thoroughly investigate Telstra's ability to support its mobile network with profits from its dominance the fixed-line telecommunications market, Vodafone Australia chief executive Bill Morrow said. Mr Morrow added that Telstra's fixed-line and mobile businesses should be separated and raised concerns about the rival disadvantaging other telecommunications groups. Page 21.
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Hamish McLennan has been promoted to managing director of the free-to-air Ten Network after becoming chief executive in late February. Mr McLennan rates Ten as "the best media opportunity in Australia" and stood by his confidence by recently acquiring nearly A${esc.dollar}1 million worth of shares in Ten. Page 21.
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Following the establishment of the Qantas Airways and Emirates Airlines alliance, competitors have lowered fares, according to analysis by Flight Centre. "Airlines are reacting quickly to the recent change in market dynamics and are taking positive steps to maintain their positions on the highly competitive Australia-UK [United Kingdom] route," said Graeme Turner, the travel company's managing director. Page 21.
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Changing Australia's superannuation system could "kill the goose that lays the golden egg", said Campbell Fleming, the Australian-born chief executive of Threadneedle Investments. "Australia's got one of the best superannuation systems in the world," Mr Fleming, whose company manages around A${esc.dollar}115 billion in global assets, added. Page 25.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
General Motors Holden has announced plans to cut 500 jobs, with its South Australian workforce losing 400 and another 100 in Victoria. The strength of the Australian dollar meant that making cars locally now cost 60 percent more than it did ten years ago, GMH managing director Mike Devereux said. Page 25.
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Retailer Target would continue as a stand-alone business, Wesfarmers chief executive Richard Goyder said. The head of Target's parent company announced yesterday that Target CEO Dene Rogers would be replaced by Stuart Machin, a former director of store development and operations at supermarket giant Coles. Page 27.
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THE AGE (www.theage.com.au)
Direct trade between the Australian dollar and the Chinese yuan is now available, Prime Minister Julia Gillard announced yesterday. Australia and New Zealand Banking Group and Westpac Banking Corporation can already directly convert between the currencies, while Commonwealth Bank of Australia and National Australia Bank are applying for licences to offer the same service. Page 21.
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Vodafone will launch a 4G mobile network in June that chief executive Bill Morrow claims will be the Australia's fastest because of Vodafone's usage of the new 20-megahertz spectrum. The increased use of data-intense devices such as tablets and smartphones would lead to increased charges for usage, Mr Morrow predicted. Page 23.
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