(Corrects items on Southern Cross Media, New Hope, Industry Super Network and Perpetual-Hope items. Edits throughout.)
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)
Southern Cross Media chief executive Rhys Holleran rejects speculation the radio and media company is considering selling assets or breaking up the company. Southern Cross held a net debt of A$629 million as of February 2013 but would benefit if a A$500 million bid by its metropolitan network affiliate Ten Network Holding for a five-year media rights deal with Cricket Australia is successful. Page 13.
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Echo Entertainment Group has responded to Crown Limited chairman James Packer's criticisms of its Sydney casino development proposal by questioning the transparency of Crown's plans. Echo chief executive John Redmond says constant changes to the Crown proposal are difficult to keep up with. Page 15.
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Qantas Airways will commence a multi-million dollar effort to gain market share in Western Australia after Virgin Australia's recent acquisition of regional airline Skywest. Qantas will pursue changes in state government regulations to allow it access to regional towns. Page 15.
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Sydney-based gaming machine manufacturer Aristocrat will attempt to capitalise on the digital future of the gambling industry following the acquisition of online gaming ventures. Chief executive Jamie Odell anticipates real-money online gambling will be legalised initially through development of facilities at casinos and is positioning Aristocrat to take advantage. Aristocrat is forecast by analysts to report an interim net profit of A$46 million. Page 16.
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Woolworths has announced permanent price reductions on hundreds of products. The grocer will absorb price reductions of up to 30 percent on meat and produce but will pass the costs on to suppliers for packaged groceries. The reductions will remain in place for at least six months. Page 16.
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Insurance and banking firm Suncorp Group will pursue a further A$65 million in savings, targeting A$265 million in savings by fiscal 2016. The bank is seeking a 10 percent return on equity by fiscal 2015, with a 7 to 9 percent annual growth target. Page 17.
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Oil and gas explorer Santos has warned New South Wales will face a gas shortage by 2015 if major reserves are not opened up. Santos vice-president for eastern Australia James Baulderstone is calling on the state government to support the Pilliga project, which could supply up to a quarter of the state's gas needs in coming decades if it wins community support. Page 20.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
The Industry Super Network has called on federal and state governments to sell off infrastructure assets to super funds to unlock up to A$100 billion for investment in a forecast A$770 billion infrastructure shortfall. The report says public sector ownership of assets is driving super funds to invest overseas. Queensland and New South Wales state governments have promised to seek a mandate before privatising assets. Page 17.
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Investment group Perpetual has increased its shareholding in Echo Entertainment Group by one third to 10.15 percent in a show of support for the casino operator. Echo, which has an exclusive licence to operate a casino in Sydney, has until June 21 to lodge a proposal with government to extend that monopoly. Rival Crown Limited has the same deadline to put forward its proposal for a new high-roller casino at its planned Barangaroo development. Page 17.
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Communications Minister Stephen Conroy says modelling indicates uptake of cloud computing services in Australia will grow annual GDP by A$3.3 billion by 2020. Conroy says the National Broadband Network will provide the necessary infrastructure to increase the uptake of cloud technology among small to medium enterprises. Page 18.
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Australian miner New Hope Coal will cut production in response to falling coal prices and high operating costs. New Hope reduced operations from six to five days at its Jeebropilly mine last month. The move will reduce output from its West Moreton region from around 1.1 million tonnes to 0.7 million tonnes annually. Page 18.
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Commonwealth Bank of Australia chief executive Ian Narev says companies offering digital payment services must be held to the same minimum standards as financial institutions. He says new payment services are increasing competition in the financial services sector beyond major rivals to niche service operators including Apple, PayPal and Google. Page 19.
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Investment bank Macquarie Group has been installed as the new manager of nine Gunns timber schemes worth A$500 million. WA Blue Gum will become the new responsible entity, replacing Gunns Plantations. Insolvency firm KordaMentha had attempted to prevent the vote, claiming Macquarie and WA Blue Gum have misrepresented bid aspects. Page 23.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
Grocery chain and liquor retailer Coles is trialling a larger, warehouse-style format in a bid to gain ground on liquor competitor Dan Murphy's, which has dominated the sector for five years. The company's Liquorland San Souci warehouse in Sydney is up to three times larger then average Liquorland formats, offering a wider variety of stock. Page 24.
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The Reserve Bank of Australia (RBA) has released a consultation paper proposing a reconsideration of its 2004 decision to remove the right of credit cards suppliers Visa and MasterCard to decide who can issue and receive their cards. Page 25.
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Life insurers are increasing premiums for superannuation funds to compensate for a higher unemployment rate and more members making claims. Premium increases of up to 40 percent will apply to 2 million AustralianSuper members from June 29 this year. Page 25.
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Mining service provider HSE Contracting has won its second BHP Billiton contract as the international resources company continues cost cutting measures. HSE will replace Thiess from July 1 at the Mitsui partnered South Walker Creek mine. Page 27.
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THE AGE (www.theage.com.au)
The Victorian government plans to reduce the Cabcharge credit card surcharge from 10 percent to 5 percent as part of ongoing taxi industry reforms. The changes are expected to impact legislation in other states including New South Wales, which is Australia's largest taxi market. Page 23.
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Copper mining company Oz Minerals has told hostile investors its low share price has no effect on underlying value, despite their shareholdings near halving in value over the past three months. The miner is confident its Prominent Hill operations can be extended to 2030 but some shareholders have questioned the company's decision to spend A$200 million on a share buyback at the top of the market. Page 31.
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