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 "two strikes" rule that allows a vote against the remuneration report by 25 percent of shareholders to remove board members will be used as a tool during hostile takeovers, said David Gonski, chairman of Coca-Cola Amatil at the Australian Shareholders' Association conference in Sydney yesterday. Mr Gonski specialised in mergers and acquisitions in previous roles and said the rule "will be used mercilessly" when economic conditions improve. Page 19.
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A cash balance of A$2.9 billion at June 2012, rising from A$1.68 billion the previous year, has been revealed by Gina Rinehart's Hancock Prospecting in data lodged with the Australian Securities and Investments Commission. Bank loans for Hancock Prospecting increased from A$122 million to A$883 million during the year. Page 21.
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The record high share prices of the big four banks was justified by the robust profits the banks were making and should continue, said Graham Hodges, deputy chief executive of Australia and New Zealand Banking Group. "There is solid earnings and I don't think there is any shock for earnings in the near-term horizon," Mr Hodges stated at the Australian Shareholders' Association conference in Sydney. Page 21.
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Department store David Jones will offer additional gift card and frequent flyer points on its store card to customers making purchases in both its bricks and mortar and online stores. David Jones is aiming to increase use of its proprietary card as next year's changes to its alliance with American Express will reduce earnings from the current strategy, which emphasises usage of co-branded cards. Page 22.
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The high dividend payout ratio of Sigma Pharmaceuticals should continue into the "foreseeable" future, said chairman Bob Jamieson at the company's annual meeting yesterday. The A4 cent per share 2012-13 fully-franked dividend provided a payout equating to 90 percent of underlying profit, while return on invested capital rose from 12.4 percent last year to 13.5 percent for this year. Page 23.
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United States private equity company Denham Capital has invested US$75 million in a new entity OneWind Australia. OneWind will develop wind farms including a 250-megawatt project in South Australia, 240-megawatt project in Tasmania and 1000-megawatt project in New South Wales. Page 24.
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Retail investors will be able to buy and sell Australian Government Bonds on the Australian Securities Exchange from May 21. A deepening of the corporate bond market would help build further involvement in the purchasing of corporate debt by the nation's A$1.46 trillion dollar superannuation industry, said Federal Treasurer Wayne Swan. Page 25.
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Credit Suisse is increasing its level of investment in Australia, said the bank's head of private banking in Asia Pacific, Francesco de Ferrari, at the Credit Suisse entrepreneurs' forum. Australian assets under management doubled during the last year, with total assets under management and advice in the Asia Pacific region reaching A$112 billion. In January this year Credit Suisse opened an office in Perth. Page 26.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
"We believe financial year 2013 was the worst of it for our company on a net-profit-after-tax basis," announced Seven West Media chief executive Don Voelte at an investors' presentation held in Sydney yesterday. First-half underlying net profit was A$163 million, added Mr Voelte, with the market responding by pushing the share price up over 10 percent to A$2.30. Page 17.
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China's fifth largest bank by assets, Bank of Communications (BoCom), will implement direct conversion of Australian dollars into yuan next year, announced Yu Hongde, general manager of the bank's Australian subsidiary. BoCom plans to increase the level of Australian assets it holds to around A$3 billion by the end of 2014, Mr Yu added, approximately a three-fold boost. Page 17.
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A metered digital subscription system "news +" will be introduced on May 16 for The Daily Telegraph in Sydney and the Herald Sun in Melbourne with other publications to follow, said News Limited chief executive Kim Williams yesterday. The schemes, which allowed paid subscribers full access and unpaid readers limited access, offered "commercially sustainable models for quality journalism and digital innovation" stated Mr Williams. Page 18.
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Telecommunications giant Telstra and diversified media business Seven West Media have announced a A$10.4 million joint investment in HealthEngine, an online consumer health directory. With 450,000 people interrogating its website a month, HealthEngine claims to be the largest supplier of online connections between patients and health care professionals in Australia. Page 18.
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BHP Billiton has obtained A$732 million in financial support to reduce its debt level and diversify its sources of funding with an issue of 10-year bonds at 3.23 percent from the Canadian low-yield bond market. In March, Standard & Poor's said BHP needed to take action to retain its A+ /Stable/A-1 rating and outlook, with BHP responding it was "committed to maintaining a solid A credit rating". Page 18.
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A major shareholder in struggling sports and casual wear manufacturer and retailer Billabong International has been selling its stake at a substantial loss. Since March 18, United States financial services company TIAA-CREF has sold over 10 million shares, reducing its 6.2 percent holding to significantly below the 5 percent required to be regarded a substantial shareholder. Recent sales were at A46 cents a share, filings submitted yesterday to the Australian Securities Exchange revealed. Page 18.
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Investors in the hardwood forest products company Gunns 2000 and 2001 timber managed investment schemes today will meet to vote on a constitution change that would allow Perth company Primary Securities to become the responsible entity for the schemes. Primary Securities has stated it will only accept involvement as an interim agency until resolution of a claim from Gunns receivers KordaMentha for A$3.5 million owing in land rent is achieved. Page 18.
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Sigma Pharmaceuticals is performing ahead of expectations for this financial year, said managing director Mark Hooper yesterday at the company's general meeting. Sigma has A$20 million available for growing the company, Mr Hooper added, and may look to adding further pharmacies to its Amcal and Guardian banner brands. Page 19.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
Corporate adviser BKK Partners has filed a suit in the Federal Court against Tinkler Group and another in the New South Wales Supreme Court against Nathan Tinkler and his wife Rebecca seeking over A$440,000 in allegedly unpaid debts. Should BKK receive a judgment against the defendants it could apply to have the coalmining entrepreneur and his wife bankrupted. Page 23.
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Store rents in shopping centres across Australia declined about 0.5 percent during the year ending March 31, according to data from Jones Lang LaSalle. In February, Steven Lowy, co-chief executive of Westfield, said new store leases were expected to bring lower levels of rental return. New leases could fall by up to 5 percent. Page 25.
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THE AGE (www.theage.com.au)
Interest rates close to zero in other countries combined with the printing of money by central banks around the world should keep the Australian dollar high, at about US$1.02 around the end of the year, said Richard Gibbs, global head of economics at Macquarie Group. The Australian dollar should stay around US$1.05, said Andrew Salter, currency strategist for Australia and New Zealand Banking Group. Page 23.
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Tim Foster, chief financial officer, and Mark Hunter, chief executive of residential development, have both been dismissed from diversified Australian property development company Stockland. Next Monday new chief executive Mark Steinert will deliver a strategic update for the company. Page 25.
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