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)
Ten Network and Cricket Australia have entered into exclusive talks over the network's A${esc.dollar}350 million bid to broadcast the sport. The deal would see Ten televise cricket from the commencement of the Ashes Test series in July, taking the rights away from incumbents Nine Network and Fox Sports . Page 15.
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Woodside Petroleum may advance other possible investments due to the lack of local growth opportunities after the company put a halt to its Browse liquefied natural gas project last week. Chief executive Peter Coleman said it could be another two years before a final investment decision on the Browse LNG project is made. Page 17.
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Prominent Australian business director Elana Rubin has stepped down from the board of life insurer TAL, effective immediately. The departure is the second board seat Ms Rubin has resigned from recently. In March she declared her intentions to resign as chairwoman of AustralianSuper, the country's biggest superannuation scheme. Page 19.
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According to analysis by Macquarie, capital mortgage regulations substantially advantage Australia's big four banks as small lenders are forced to hold double the amount of capital for mortgages. Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group and National Australia Bank hold an estimated A${esc.dollar}1.60 of capital per A${esc.dollar}100 of home loans, compared to A${esc.dollar}3.20 for smaller lenders. Page 19.
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THE AUSTRALIAN (www.theaustralian.com.au)
Woodside Petroleum may come under pressure to increase capital returns to shareholders after scrapping plans for its A${esc.dollar}43 billion liquefied natural gas (LNG) plant at James Price Point in Western Australia. JPMorgan, Deutsche Bank and UBS have evaluated the possibility of Woodside conducting a share-buyback program or lifting its dividend payout ratio after cancelling LNG project. Page 19.
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Ann Bowering, a director at Lisa Ho Designs, confirmed yesterday that the fashion label will not list on the National Stock Exchange after receiving interest from private equity groups to expand the business. Ms Bowering said the private equity firms preferred a privately structured transaction rather than a capital raising through a prospectus. Page 19.
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Leighton Holdings yesterday admitted that last year's Iraqi bribery scandal "badly" hurt the reputations of itself and its Habtoor Leighton Group Middle Eastern joint venture. The contractor added that its relationship with the Iraqi government is on the mend, and it expects to win more work in the country. Page 19.
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Australian clothing and boot maker RM Williams confirmed yesterday that it has sold a 49.9 percent stake to L Capital Asia, the deal is believed to be worth about A${esc.dollar}53 million. L Capital Asia is a private equity fund bankrolled by luxury giant LVMH Group. Page 21.
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CPA Australia will host today the Australian launch of the International Integrated Reporting Framework's consultation draft. The local event will be one of fifteen held worldwide, which will outline a framework to provide better communications between shareholders and other stakeholders in global corporations. Page 21.
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Seven Network has continued its dominance of the metropolitan television advertising market with 27.9 percent, but rival Ten Network showed a small sign of improvement with a 25.1 percent share of media agency bookings last month. According figures from Standard Media Index, Ten's results are the best in eight months. Page 21.
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Following the resignation of Aussie Home Loans chief executive Stephen Porges, founder and chairman John Symond is confident that he will gain the support to appoint a new chief executive after a controlling stake of the home-loan company was sold to Commonwealth Bank of Australia. Mr Porges had been chief executive of Aussie for the four and a half years. Page 21.
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According to analysis by UBS, Australia could experience a housing boom with prices in Sydney and Melbourne expected to rise 10 percent over the next 12 months. According to property monitor RP Data, medium house prices in Sydney have increased 3.4 percent in the first three months of the year. Page 21.
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Paul Morris, executive director of the Australian Bureau of Agricultural Resource Economic and Science, predicts Australia's wine and grain production will be the hardest hit by rising world temperatures. Australia's Climate Commission predicts a "significant increase" in droughts and fires across southern parts of the nation over the next 10 years. Page 21.
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Mount Gibson Iron yesterday reported a 25 percent drop in third-quarter iron ore shipments from its Western Australian operations due to poor weather and cost-cutting. The miner shipped 2 million tonnes of iron ore in the period, down from 2.7 million tonnes the quarter prior. Page 21.
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Australian Infrastructure Fund is expected to make about a A${esc.dollar}2 billion capital return to shareholders after selling stakes in Australian airports. AIX earned nearly A${esc.dollar}1 billion from its 30 percent stake sale in Perth airport to the Federal Government's Future Fund, with the remainder of the gains coming from the exercise of pre-emptive rights through airport investments in Gold Coast, Darwin and Melbourne. Page 21.
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Shareholders in PrimeAg approved the sale of four properties to United States-based farm investor TIAA-CREF Global Agriculture yesterday. The deal is estimated to be worth between A${esc.dollar}123 million and A${esc.dollar}126 million for properties in Queensland's Goondiwindi and New South Wales' Mullala, Crooble and Michengowrie. Page 21.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
Under a deal struck between litigation funder IMF (Australia) and liquidators, local councils could regain up to half their losses invested with Lehman Brothers. Councils and other investors in complex debt securities, sold by the investment bank before its collapse in 2008, could receive a share of Lehman's Australian assets, worth almost A${esc.dollar}210 million. Page 27.
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Emirates Airlines has urged the Australian Competition and Consumer Commission to reject Virgin Australia and Air New Zealand's request for less rigorous conditions relating to their alliance on fares between Australia and New Zealand. Qantas Airways' alliance partner believes the rules imposed on its trans-Tasman alliance should apply to its rivals. Page 27.
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THE AGE (www.theage.com.au)
The New South Wales (NSW) Land and Environment Court has overturned approval for the expansion of a Hunter Valley coalmine owned by Rio Tinto. Darren Yeates, managing director of Rio Tinto owned company Coal and Allied, blamed the NSW planning system for allowing the state government's approval for the mine to be overturned. Mr Yeates said the ruling would affect 1300 jobs and "hundreds of suppliers" that do business with the Mount Thorley Warkworth mine. Page 23.
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