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)
--International food processing and packaging giant Tetra Pak has a number of projects underway involving Australian and New Zealand dairy producers to boost exports to Asian countries. "Consumption is growing faster than production of dairy products in China that is where the local industry has an important role," said Tetra Pak chief executive Dennis Jonsson during a visit to Australia this week. Page 17.
--As Archer Daniels Midland (ADM) confirmed it will make an A$3 billion takeover bid for GrainCorp, the largest grain handler in Australia, growers have raised concerns that ADM will restrict access to ports and storage facilities. The Foreign Investment Review Board will need to enforce continuation of access, said New South Wales Farmers Federation grains chairman Mark Hoskinson. Page 17.
--AGL Energy second-half earnings are expected to drag full-year profit back into the lower half of the A$590 million to A$640 million forecast, said chief executive Michael Fraser. "We have a very fierce competitive market out there and a soft wholesale market, and there is also very soft demand," Mr Fraser stated yesterday at the Macquarie Australia securities conference. Page 17.
--John Alexander has been appointed to the board of Seven West Media as a non-executive director. This follows a career as a journalist and senior executive at Fairfax Media , and having also served as the former head of ACP Magazine and executive chairman of Consolidated Media Holdings. There had been speculation that Mr Alexander would join Fairfax's board. Page 20.
--Asciano 's plans to further automate its Port Botany operations are on target but proposed workforce reductions will be accelerated as the company failed to win major coal haulage contracts, said chief executive John Mullen yesterday. Forecasts for capital outlay and spending have been reduced, while profit guidance remains unchanged and shareholder returns should be increased, Mr Mullen stated. Page 20.
--Elana Rubin has been appointed as a non-executive director of the National Australia Bank 's National Wealth Management division. Ms Rubin has a high profile in Australia's A$1.5 trillion dollar superannuation sector and recently resigned as chairwoman of Australia's largest industry superannuation fund, AustralianSuper, and from the board of insurer TAL. Page 21.
--Goldman Sachs Australia (GSA) yesterday reported a 98 percent collapse in profit, from A$310.5 million in 2011 to A$5 million, for the 2012 calendar year. However, the financial accounts for the two years should not be compared, a GSA spokeswoman said, as Australian figures had been realigned to global reporting structures. Page 21.
--AMP's proposed executive remuneration will be opposed by the Australian Shareholder Association at the wealth manager's annual general meeting next Thursday. The association will also call on chairman Peter Mason and non-executive director Simon McKeon to concentrate more on fulfilling their obligations to AMP shareholders. Page 21.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--The proposed A$5 billion coal export terminal at Kooragang Island, Newcastle, has been suspended by the Port Waratah Coal Services (PWCS) consortium due to insufficient demand. "We know that in the next five years the tonnes the producers want to contract for will not exceed what we can deliver from the existing terminals," stated PWCS chief executive Hennie du Plooy. Page 17.
--Travel agency Flight Centre yesterday upgraded full-year pre-tax profit guidance from between A$305 million and A$315 million to between A$325 million and A$340 million as airfares drop to more affordable levels. Rival Wotif reported that interim revenue from its flight booking service rose by 11 percent, while growth in hotel bookings was slower as more travellers stay with relatives and friends. Page 17.
--Fortescue Metals Group chief executive Nev Power yesterday said the miner would repay some of the A$5 billion debt it raised last year with the proceeds from the upcoming partial sale of its infrastructure arm, The Pilbara Infrastructure. Mr Power added that the sale, which analysts predict could recoup up to A$4 billion, would allow Fortescue to negotiate a cheaper refinancing deal. Page 18.
--APN News & Media is planning to simplify its structure with the sale of assets, including its outdoor advertising and radio operations, said chairman Peter Cosgrove at the company's annual general meeting yesterday. Mr Cosgrove refuted speculation that APN was controlled by majority shareholder Independent News & Media, identifying a number of other significant shareholders, such as Allan Gray. Page 18.
--The Federal Government's proposed Australian Industry Participation plan would add layers of bureaucracy and increase costs, Xstrata Coal said during a Senate inquiry. The strategy will force projects worth A$500 million or more to help local companies win more contracts. "Nothing in the legislation addresses or enhances the global competitiveness of Australian suppliers, which is the key determinant of local content," said Xstrata's submission. Page 18.
--The Port Henry smelter in Victoria's Geelong is under threat after owner Alcoa announced that it would look to reduce its global smelting operations over the next 15 months by up to 11 percent as aluminium prices remain depressed. Port Henry received grants from the government last year but is operating at a loss and has financial disadvantage from the strong Australian dollar. Page 18.
--To benefit from Asia's economic growth, Australian businesses need to eliminate messages coming from "unproductive discussion about temporary work visas", Australia and New Zealand Banking Group chief executive Mike Smith will say today. In a speech to the Australia Israel Chamber of Commerce, Mr Smith will call for changes that increase productivity while "maximising the deployment of Australian labour and capital, focusing on immigration and developing relevant skills". Page 19.
--Only 4 percent of consumers are committed to engaging with companies through social media even as big business invests significantly in developing their social media channels, the Optus Future of Business Report published yesterday revealed. "While consumers are embracing digital channels, they are not doing so as quickly as organisations would like," said Optus Business managing director John Paitaridis. Page 19.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Legal action has commenced against coal magnate Nathan Tinkler with liquidators alleging that his company Mulsanne Resources traded while insolvent and he violated directors' duties. Insolvency specialists Ferrier Hodgson yesterday confirmed that the New South Wales Supreme Court had been provided with claims against Mr Tinkler and two former Mulsanne directors, Troy Palmer and Matthew Keen. Page 25.
--It would be two years before Tiger Australia would stop being a financial "negative drain" with the solution largely dependent on fundamentals, such as getting the timings of arrivals and departures correct, new chief executive Rob Sharp said. He expected the battle against rival Jetstar would be "extremely competitive" as Tiger aims to recover from losing A$60 million a year. Page 27.
THE AGE (www.theage.com.au)
--Vodafone Hutchison Australia (VHA), the telecommunications joint venture between Vodafone and Hutchison Telecom, was expected to operate at a loss this year, said Canning Fok, chairman of Hutchison, at VHA's annual general meeting yesterday. The loss recorded for calendar 2012 was A$899 million. Page 27.
--A task force appointed by the Federal Government has warned that the shifting of profits by multinational technology firms into low tax jurisdictions had uncovered "serious concerns about the efficiency, equity and sustainability of the income tax system". The report admitted that it lacked adequate information to determine the extent of tax avoidance achieved. Page 28.
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