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)
Tatts Group is evaluating the opportunity to bid for a 20-year lottery licence for Ireland expected to be worth between A$525 million ($513.06 million) and A$787 million. The license would mark the Australian gaming company's first foray into a foreign lottery market. Tatt's lotteries business recorded revenue over A$1 billion for the first half of 2012-13, the first time revenue has reached this level. Page 11.
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Rio Tinto will streamline the management structure of its Pilbara operations in Western Australia. Head of operation Greg Lilleyman will be sent to the United States to train for a senior executive role while managing directors Michael Gollschewski and Clayton Walker will be promoted to the executive committee. The changes will remove a layer of management in a bit to increase the efficiency of the Pilbara operations. Page 11.
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Seven West Media yesterday announced Tim Worner will take over the role of chief executive officer from July 1. Mr Worner continues heading up the free-to-air Seven Network until a new chief is found for the television division. "The most important strategic aim" for each SWM unit is a "one-on-one" relationship with customers, said Mr Worley. Page 11.
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Revenue and earnings for Boart Longyear will be at the low end of market expectations, said new chief executive Richard O'Brien at the company's annual meeting yesterday. Currently analysts are predicting revenue in the range US$1.466 billion to US$1.726 billion with earnings before interest, tax, depreciation and amortisation ranging from US$199 million to US$271 million. Page 13.
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On Friday, bonuses at Macquarie Group will be paid with CLSA analyst Brian Johnson predicting a pool of around A$1 billion. Bonuses announced include A$2.3 million for chief executive Nicholas Moore, A$3.3 million for Shemara Wikramanayake who heads up Macquarie Funds Group and nothing for Stevan Vrcelj, whose Macquarie Securities division lost A$50 million last year. Page 13.
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Australian junior miner Pure Metals will contribute A$5 million towards a feasibility study of Carpentaria Exploration's Hawsons magnetite project near Broken Hill in New South Wales. Pure Metals will contribute a further A$3.8 million toward Carpentaria's cash reserves, brining the explorer's bank to A$7 million, ending a dispute between Carpentaria and Silvergate Capital, who backs Pure Metals, over control of the magnetite asset. Page 13.
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The Australian Securities Exchange has written to the Australian Securities and Investments Commission (ASIC) arguing that ASIC's proposed minimum hold time of 500 milliseconds for high-frequency trades of A$500 or less would provide little or no benefit at a substantial implementation cost. ASX also recommended that ASIC should exert a higher degree of control over "dark pool" trading sites and disallow smaller trades, suggesting A$50,000 could be used as a lower limit, from such venues. Page 14.
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The number of Australian's who own share has declined according to figures released by the Australian Securities Exchange (ASX). In 2012, 34 percent of the Australian population owned shares directly, down from 39 percent in 2010, while overall, 6.68 million people held shares at the end of 2012, in contrast to the 7.26 million owing in 20110. ASX surveyed 3000 investors to find that now 65 percent used online brokers to trade shares, an increase over the 52 percent who did so two years ago. Page 14.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
Kohlberg Kravis Roberts (KKR) is selling its 12 percent stake in Seven West Media hours after the appointment of new Chief Executive Tim Worner. KKR cited currency pressures for the move and stresses Mr Worner's appoint was not related. The private equity group will sell 120 million shares worth around A$260 million. Page 19.
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Deloitte liquidator David Lombe is attempting to sell the main operating business of collapsed investment firm Babcock & Brown International. Babcock's assets of $1.5 billion are linked to $5.7 billion of debt, preventing it from benefiting from $75.3 million of last years profits. Page 19.
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Transfield Services has issued its second downgrade this year, spurred by weakening mining industry demand. Transfield is integrating Easternwell into existing operations and will sell its underperforming marine geotechnical and minerals exploration businesses. The mining services company delayed giving numerical guidance for next year. Page 19.
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Cathay Fortune has made a second bid for junior miner Discovery Metals, valuing the company at A$170 million to A$194 million. Cathay's bid is significantly lower then A$870 million offer rejected in February. Page 20.
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Ruralco has denied involvement in a run on Elders shares that occurred on Monday. Ruralco has expressed interest in a full takeover of Elders' rural arm and currently holds a 12 percent stakes in the rural services company. Malcolm Jackman, chief executive of Elders, speculated that an unknown bidder was "taking a position". Page 21
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Virgin Australia has improved on-time performance statistics following problems relating to the introduction of its new Sabre booking system. Currently 82.9 percent of Virgin's flights arrive on-time and 84.3 percent depart within 15 minutes of scheduled takeoff. The airline still trails behind rival Qantas Airways which boasts 85 percent on-time arrivals and 86.3 percent for on-time departures. Page 27.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
Australian insurer QBE should avoid serious exposure to the Oklahoma tornado's damage bill according to modelling from a similar tornado in 1999. Yesterday's disaster is expected to cost insurers around US$3 billion. Oklahoma policy holders constitute less then 1 percent of QBE's United States revenues. Page 25.
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Australian property developer Stockland will offer 103 million new securities at a 2.5 percent discount to yesterday's closing price of A$3.98 as part of their plan to reduce debt and expand their retail portfolio. Earnings for 2013 will be delivered at the bottom end of the 20 percent to 25 percent range of decline forecast in February, said chief executive Mark Steinert. Page 25.
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The ASX Australian Share Ownership Study has revealed a 5 percent drop, from 43 percent to 38 percent, in market investors since 2011. The number of people directly owning shares fell from 39 percent in 2010 to 34 percent this year. More people are holding residential properties in their self-managed super funds while recent share market gains could bring the highest superannuation returns in 15 years. Page 25.
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THE AGE (www.theage.com.au)
Australia Gas Light has received a A$1.5 million fine after the Australian Competition and Consumer Commission pursued legal action in the Federal Court of Melbourne alleging door-to-door salesmen contracted by the utility "engaged in misleading and deceptive conduct". CPM which engaged the salesman to on behalf of AGL will be fined A$200,000 for its role in marketing. Page 22.
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US investment company Blackrock has purchased the 56 percent stake of property fund MGPA formerly held by Macquarie Bank, believed to be worth up to A$100 million. MGPA will form part of a new A$25 billion Blackrock property investment with interests in the top six world markets. Page 26.
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The Reserve Bank of Australia has forecast the Australian economy will grow slower then trend in 2013 in its May meeting minutes released yesterday. Inflation is expected to remain within target range of 2 to 3 percent, while growth in the jobs market is will remain soft. Page 30.
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($1 = 1.0233 Australian dollars)
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