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)
--Michael Fraser, chief executive of AGL Energy, has warned that toughened rules on coal seam gas by the New South Wales Premier Barry O'Farrell could put in jeopardy the future expansion phases of its Gloucester project. Mr Fraser said the State Environmental Planning Policy put in place in February could make any expansion unfeasible and cause the entire project to become uneconomic. Page 21.
--Mining giant Rio Tinto has put two of its project in the United States "under review" as the company looks to reduce costs and focus on growth assets. The company's Moly Autoclave Process asset in Utah and Eagle mine in Michigan are to be reviewed, as new chief executive Sam Walsh concentrates on expansion projects in the Pilbara in Western Australia and the Oyu Tolgoi mine in Mongolia. Page 23.
--Graham Kerr, chief financial officer at miner BHP Billiton expects additional cost savings to be announced when its annual results are released in August, in addition to the already delivered US${esc.dollar}1.9 billion savings made during the first six months of the year. "We certainly think this is the start of the journey. We have made good progress but there is more to come," said Mr Kerr. Page 23.
--Laura Inman, chief executive of Billabong International believes the turn around strategy set in place is the right path for the company. "The board has endorsed it. What we need to do now is implement this, regardless of ownership at this time because you have to carry on with the business," added Ms Inman. Shares in the surfware retailer fell to a record low yesterday, closing at A19.5 cents. Page 24.
--Following two infringement notices, City Index Australia was ordered to pay over A${esc.dollar}13,000 in fines last October by the Australian Securities and Investments Commission (ASIC). The contract-for-difference broker now awaits approval from ASIC for its choice of independent expert to oversee its enforceable undertakings. ASIC slapped City Index with the infringements because of deficient client money-handling practices. Page 25.
--According to analysis by JPMorgan, mortgage holders and small businesses may have to wait until 2014 for commercial banks to pass on any out-of-cycle interest rate cuts due to issues relating to funding costs. The JPMorgan finding predicts a decline in funding costs by next year may give banks room to reduce rates outside any adjustments made by the Reserve Bank of Australia. Page 25.
--Financial and Energy Exchange Global has been granted a licence to offer trading in commodity and environmental derivatives by the federal government. The deal will also give international clearing house LCH Clearnet licence to clear and settle contracts on the FEX market. Page 25.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--Beach Energy has entered into an agreement to sell natural gas from the Cooper Basin to Origin Energy . The deal is estimated to be worth up to A${esc.dollar}1.5 billion dollars and considered to be the biggest east coast domestic gas deal. Page 17.
--Supermarket giant Coles has signed a 10-year deal with two dairy farmer co-operatives, Devondale and Norco, to supply milk for its private labels brands in New South Wales and Victoria. The deal is worth A${esc.dollar}2.6 billion, with supply commencing July next year, replacing existing deals with Lion Nathan and Parmalat. Page 17.
--According to industry sources BHP Billiton may have made a substantial copper discovery that could finally open up the potential of the West Musgrave region in Western Australia. A spokesperson for the company said the discovery remains under evaluation but sources believe the find from the drilling included a return of about 200m of mineralisation at a grade of about 1.3 percent copper. Page 17.
--Ann Pickard head of Royal Dutch Shell 's operations in Australia has warned not to expect too much too soon from the surging local shale gas industry as it does not have the right infrastructure and contracting expertise to emulate the United States. "In the United States there's massive infrastructure, so if you pop a hole in the ground there's probably a pipeline nearby," Ms Pickard said. Page 18.
--British billionaire Richard Branson has sold his local financial services company, Virgin Money, to the Bank of Queensland in a deal believed to be worth A${esc.dollar}40 million. The Virgin Money brand, having entered the local financial services market back in 2003, will continue to operate as a standalone business within the BoQ Group. Page 19.
--As part of Fairfax Media's corporate restructure another executive has departed the organisation. Robert Whitehead's role as head of marketing and communication at Metro Media has been made redundant, although it is probable that Mr Whitehead may be redeployed elsewhere within the company. Mr Whitehead was editor for five years at the Sydney Morning Herald until 2005. Page 19.
--Rob Atkinson, chief executive of Energy Resources of Australia (ERA), told shareholders at its annual general meeting that he hopes the uranium producer will be granted approval to build a new underground mine at its Ranger mine in Kakadu National Park and re-establish itself as major player in the sector. ERA is majority owned by global miner Rio Tinto. Page 19.
--The Australian Securities and Investments Commission has won an appeal against Peter Couper, the former chief financial officer of Bill Express parent company OnQ Group. Mr Couper was handed a 60-day prison term by Victoria's Court of Appeal after he was found guilty in June last year of falsifying information, providing misleading information to auditors and lying to ASIC under formal examination. Page 19.
--Graham Kerr, chief financial officer at BHP Billiton expects China to pose one of the biggest risks to the global miner's financial profitability should the country's growth rate slow down. "The biggest risk is clearly from our perspective what happens in China and around the developing worlds, but predominantly in China," said Mr Kerr. Page 19.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Opposition shadow treasurer Joe Hockey addressed Bloomberg's Australia Economic Summit yesterday outlining his future plans for the local economy, his free-market views and concerns about quantitative easing. Mr Hockey expressed concern about the future of Australia's manufacturing industry but quickly added that the high dollar was not the primary cause. Page 23.
--Terry Davis, chief executive of Coca-Cola Amatil, has given his support to Australia's automotive industry by pointing out the "significant" benefits the industry brings to the local economy. "The downstream, flow-on benefits are derived from the car industry, and you hear this from the Americans as well, are significant," said Mr Davis. Page 25.
--Supermarket giants Coles and Woolworths may be only a weeks away from signing a voluntary code of conduct with suppliers, as a means to avoid a government mandatory code. Ian McLeod, chief executive of Coles said the voluntary code may be only six weeks away, as most of the key issues with suppliers had been settled. Page 26.
THE AGE (www.theage.com.au)
--Mining giant BHP Billiton is expected to give its Canadian Jansen potash project the go-head after June 30, as the company lifts a freeze on project approvals. The Saskatchewan project is expected to cost A${esc.dollar}9.5 billion when it gets the green light. Chief financial officer Graham Kerr said on Wednesday that the Jansen project may be the first proposal to get board approval under the guidance of newly appointed chief executive Andrew Mackenzie. Page 25.
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