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)
Fortescue Metals Group has delayed its plan to sell a minority stake in its logistics arm The Pilbara Infrastructure (TPI) with around US$3 billion thought to be the sought outcome. On Thursday, Fortescue reported a forecast cash balance by the end of June of between US$1.7 billion and US$2 billion; raising speculation that the company may only divest TPI should the balance sheet require strengthening. Page 13.
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Mining entrepreneur Nathan Tinkler started this week with debt of around A$642 million, including a mortgage over his company Boardwalk Investments of A$606,524,443 from Credit Suisse and a loan of A$24 million from New York investment bank Jefferies. There is still around A$42 million debt unaccounted for after his stake in Whitehaven Coal was sold on Wednesday. Page 13.
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Steve Warner, formerly head of investor relations in Australia for Newcrest Mining, has returned to Australia from his role in the United States and is understood to be taking investor relations duties again. Spencer Cole, current investor relations manager, is understood to be focussing on issues arising from the speculation that there were selective briefings of investment analysts in the lead up to Newcrest's announcement of substantial impairments and reductions in production. Page 13. --
Tabcorp Holdings will pay the New South Wales government A$75 million to retain its bricks and mortar exclusivity for tote and fixed odds retail betting for another 20 years. There will be an initial payment of A$50 million followed by A$25 million over 10 years from 2024. Competition can still come from online wagering and gaming companies. Page 15.
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Iron ore miner Gindalbie Metals, which has Chinese steel producer Ansteel as joint venture partner in the Karara Mining operation, appears to have revived plans to construct a rail link to the proposed Oakajee port in Western Australia. The Gindalbie scheme may conflict with Mitsubishi Corporation's rail-to-port plan for Oakajee. Page 15.
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Seven Group and private equity firm Carlyle Group , as owners of equipment hire company Coates Hire, have abandoned the sales process that aimed to bring in around A$3 billion as potential buyers would not reach an acceptable price. Companies taking an interest are understood to include Japanese trading goliath Mitsui and conglomerate Wesfarmers with buyer reservations related to a difficult economic outlook and the weakening Australian dollar. Page 15.
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Benjamin Pedley, who joined UBS Wealth Management as head of investments for Australia less than six months ago from Hong Kong's HSBC Private Bank, is returning to Asia to head up regional investment strategy for a global bank, according to sources. It is believed the move is for family reasons. Page 15.
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With a purchase of A$4.4 million worth of Yellow Brick Road shares, Macquarie Group has taken its holding in Mark Bouris's financial services company to 10.5 percent. Macquarie, under head of mortgages Frank Ganis, has built a 1 percent share of the A$1.3 trillion home loans market. Page 16.
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Linc Energy, the Queensland-based company with expertise in underground coal gasification technology, has signed with Russian billionaire Roman Abramovich's company Ervington Investments and affiliate LLC YakutMinerals to investigate using the technology in north-eastern Russia. Mr Abramovich has acquired around 5 percent of Linc and visited Linc's operations in south-western Queensland late last year. Page 17.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
United States (US) Federal Reserve Bank chairman Ben Bernanke has confirmed the central bank will slow its stimulus program in late 2013, prompting the Australian dollar to fall by over US3 cents in eight hours. Australian and New Zealand Bank currency strategist Andrew Salter responded "the era of the expensive Australian dollar has ended". Page 19.
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An Israeli government decision to allow 40 percent of the 19 trillion cubic feet of gas within its Leviathan gas field to be exported is set to be approved by government ministers this Sunday, 10 percent lower than the hopeful 2016 production target Woodside Petroleum preferred. Ministry Energy and Water for Israel director Michael Gardosh said last week the Woodside target was "optimistic". Page 19.
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Delays and continuing increases in costs are likely for Australia's A$190 billion assembly of LNG projects, according to a medium-term focussed report by the International Energy Agency. The energy watchdog believes the Australian uncompetitive practices will stop local development of new onshore LNG plants, highlighting the recent Woodside Petroleum decision to abandon onshore processing for the Browse joint venture near Broome, Western Australia, as an example. Page 19.
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An annual report from the Reserve Bank of Australia shows Australian bank earnings from business fees increased 7 percent to A$7.3 billion last year, while earnings from household fees decreased 0.3 percent to A$4.1 billion. The Australian Bankers' Association said increased business fees came mainly from increased lending to large companies. Page 19.
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Intrepid Mines directors have survived an extraordinary meeting, called by private equity investor Quantum Pacific, although 35 percent of votes cast called for an overhaul of the board. Quantum claimed Intrepid had invested A$100 million in the Tujuh Bukit copper-gold mine in Indonesia without holding legal title over the project. Page 20.
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High gas prices spurred by coal seam gas (CSG) exports of A$60 billion will turn otherwise efficient gas-fired power plants uneconomical and promote greater use of coal, according to Energy Australia chief Richard McIndoe. The New South Wales government needs to ease a pending gas supply crunch by encouraging CSG production, Mr McIndoe added. Page 20.
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Goodman Group expects earnings for the year to June to be A32.4 cents per security, a slight increase on initial guidance of A32.3 cents, driven by demand for warehouse space required to satisfy the growth of online shopping. Goodman controls around A$21 billion worth of business parks, logistics sheds and industrial land in Asia, Australia, the Americas and Europe. "E-tailing is helping us greatly around the world", chief executive Greg Goodman explained. Page 21.
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Almost 80 percent of financial sector workers expect their employer to maintain or decrease the number of staff over the next six months, according to a survey from eFinancialCareers. Australia and New Zealand Banking Group is being heavily criticised by the Financial Sector Union over an internal memo detailing how 500 call-centre jobs could be created off-shore, as employers increase technology use to boost productivity. Page 21.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
Fortescue Metals Group (FMG) has downgraded this year's iron ore export forecast by 4.75 percent; instead of producing between 82 million tonnes and 84 million tonnes, FMG now expects to produce between 80 million tonnes and 84 million tonnes. In 2014, FMG expects to export between 127 million tonnes to 133 million tonnes of high-moisture iron ore. Page 27.
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Australian Bankers' Association chief Steven Munchenberg said the Australian Securities and Investments Commission (ASIC) inquiry into the Commonwealth Bank of Australia (CBA) financial planning unit is not a banking industry issue. The Senate vote on holding an inquiry into the 16 month delay by ASIC in investigating whistleblower claims of misconduct within the CBA was supported unanimously. Page 27.
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THE AGE (www.theage.com.au)
Industry superannuation fund HOSTPLUS will evaluate infrastructure possibilities through a new, in-house, infrastructure team, identifying investments similar to its conglomerate involvement in the A$5 billion purchase of New South Wales ports. Chief executive of Equipsuper, Danielle Press, said infrastructure investments should be sought for the benefit of members and required further development of suitable investment structures. Page 24.
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