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)
--A parliamentary committee will hand down its final report on Monday, recommending the television industry's 75 percent reach rule be scrapped, to then rely on other safeguards to provide legal backing for local programs in regional areas. Industry observers believe the bungled March media package and coming federal election have removed the political will the federal government needs to tackle the reach rule at this time. Page 21.
--Gas retailer AGL has "banked" volumes of natural gas due to lower than expected demand. The saved gas may help alleviate part of the approximately 20 percent price increase sought by gas suppliers Esso/BHP's Bass Straight venture and Santos 's Cooper Basin venture. JP Morgan analyst Jason Steed said the gas bank could contain 204 petajoules as of June 2012. Page 23.
--Resource company Woodside Petroleum is counting on the Israeli government permitting the export of at least 50 percent of over 30 trillion cubic feet of discovered gas resources. Although Israel's Energy and Water Minister Silvan Shalom is yet to announce the country's gas export policy, he has indicated Israel may cap exports at 40 to 45 percent. Israeli news outlet Globes has reported the cabinet will hold its first meeting to discuss gas export policy on Sunday. Page 23.
--Listed forestry company TFS Corporation is expecting oil from its first Indian sandalwood plantation to generate A$4 million a tonne when harvested in September. TFS director and former vice-captain of the Australian cricket team Adam Gilchrist said his involvement with the popular sport "opens doors" in the Indian market. Page 23.
--Lead engineering, procurement and construction contractor for Hancock Prospecting's A$9.5 billion Roy Hill iron ore project, Samsung C&T, hopes to award the first of many multi-million dollar work packages before the end of June. However, the schedule for contract awards will be determined by Hancock securing A$7 billion in loans from credit agencies and banks. Page 24.
--Norwegian miner US$72 billion Statoil is purchasing 80 percent of the Canadian-listed junior miner PetroFrontier stake in Northern Territory shale gas exploration licenses. Statoil will take on the complete US$50 million costs for work planned over the next two years at the remote Southern Georgina basin project, its first operated shale venture outside the United States. Page 24.
--Courier Mail editor Michael Crutcher and Queensland editorial director David Fagan will exit News Corp as a part of chief executive Kim Williams' restructure plans. A replacement for Mr Fagan has not been announced, while Chris Dore, editor of The Sunday Times in Perth will replace Mr Crutcher. Page 24.
--Despite informing free-to-air television networks of its intention to take broadcast rights to tender, Tennis Australia is believed to have signed a new five-year deal worth around A$175 million with Seven West Media. The deal has brought criticism from Ten Network and Nine Entertainment Co for keeping negotiations out of the public domain. Ten Network is believed to have offered at least A$10 million more per year than the Seven West Media agreement. Page 25.
--International Organisation of Securities Commissions chairman (IOSCO) and Australian Securities and Investments Commission chairman Greg Medcraft is negotiating to have Australian financial institutions exempted from paying a 6 percent upfront margin on uncleared derivatives. About A$350 billion of cross currency swaps is outstanding from Australian banks, with Triple T Consulting managing director Sean Keane calculating the new rule would cost Australia's major banks around A$250 million a year. Page 27.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--Rio Tinto and Glencore-Xstrata have started discussions on merging their Hunter Valley coal mining operations in New South Wales, according to reports out of London from Reuters and Bloomberg. Concurrently, Rio's process to sell 29 percent of its Coal & Allied operations proceeds with expressions of interest received from Coal India and Aditya Birla, both from India, and China's Shenhua Group. Page 19.
--West Australian Premier Colin Barnett has just returned from a trip to China and Japan during which he took steps to revive the A$6 billion Oakajee port and rail project. Chinese state-owned enterprises would take responsibility for building the rail component, Japanese corporate giant Mitsubishi would focus on its Jack Hills mine and rail while the West Australian government would focus on the port, explained Mr Barnett. Page 19.
--Miner Woodside Petroleum has dedicated A$1.5 billion for a 30 percent stake in the Leviathan joint venture gas project in Israel but is waiting on clarification from the Israeli government on allowable exports. Origin Energy chairman Kevin McCann, currently in Israel with the Australia-Israel Chamber of Commerce, said an export level of less the 50 percent provided a viable venture for Woodside and Australian resource servicing companies such as Clough and WorleyParsons would benefit from the project. Page 20.
--Rare-earths miner Lynas Corporation has responded to spot prices for its products positioned below sustainable return minimums by developing a "minimum price schedule". The miner will offer customers contracts at above market rates on the justification that a guarantee of supply validates the higher prices. Page 20.
--Law firm Maurice Blackburn has announced it is investigating the possibility of a class action against Newcrest Mining for allegedly breaching continuous disclosure rules. A series of downgrades by brokers last week prior to Newcrest announcing profit downgrades on Friday has raised speculation, denied by Newcrest, that brokers were selectively briefed. Page 21.
--The proposed A$3 billion takeover of Australian grain storage and logistics company GrainCorp by global agribusiness giant Archer Daniels Midland (ADM) is under attack from the Federal opposition. Nationals leader Warren Truss said the takeover would mean Australia would no longer have a credible internationally recognised grains business. Once productivity gains were achieved, farmers would receive higher farmgate prices, claimed visiting ADM grains group president Ian Pinner. Page 21.
--Over the last three weeks 175,000 tonnes of Australian canola worth nearly A$100 million has landed in China following the lifting of import restrictions related to blackleg fungal disease. West Australian growers are now receiving A$590 a tonne, eastern state growers, A$575 a tonne, with forecasts that this year China may take 1.5 million tonnes, about 60 percent of Australia's likely harvest. Page 21.
--VodafoneHutchison Australia has switched on its 4G mobile network in parts of Melbourne, Perth, Brisbane, Adelaide, Sydney, Wollongong and Newcastle. The 4G speeds are among the fastest in the world, up to 100 megabits per second, and "should thrill our data-hungry customers", said chief executive Bill Morrow. Page 21.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Wesfarmers-owned chain Target announced yesterday 260 jobs were being cut at its headquarters in Geelong, Victoria, as new chief executive Stuart Machin seeks to turn the struggling retailer around. Strategies Mr Machin used while working at the British Coles, such as increasing control over the supply chain and refocussing marketing, were likely to be implemented at Target, according to analysts. Page 25.
--The Australian Chamber of Commerce and Industry said the biggest problems facing small businesses were an excessively complex tax system, cumbersome employment rules, wasteful red tape and poor infrastructure. The Council of Small Business of Australia added that competition policy was failing as big retail businesses have too much power and contract law was inadequate as shopping centre chains could impose their conditions on small businesses. Page 25.
THE AGE (www.theage.com.au)
--The jobless rate in Australia will exceed 6 percent by the end of the year, the highest level in almost 10 years, according to economist predictions. The economy's growth rate was too slow to maintain the current employment level, said National Australia Bank chief economist Alan Oster. Consumer confidence rose 4.7 percent to 102.2 in June, following a 7 percent fall in May, according to yesterday's release of the Westpac-Melbourne Institute index of consumer sentiment. Page 26.
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