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)
Adam Jacobs, the managing director of online fashion retailer The Iconic, has defended a A$14 million loss and reductions to the company's workforce, saying they were a necessary part of setting up a new business. Mr Jacobs denied The Iconic is seeking a buyer despite suggestions it was doing so by a spokesperson for Myer Holdings. Page 13.
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Shareholders of BHP Billiton and Rio Tinto have urged the miners to investigate alternative strategies to the sale of assets worth a combined US$35 billion, by considering alternative methods to offload the assets and a wider range of operations to offload. Brenton Saunders, a portfolio manager for BT Investment Management, suggested both companies should approach their restructuring efforts more aggressively. Page 15.
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Nev Power, chief executive of Fortescue Metals Group , has warned junior miners Brockman Mining and Flinders Mines that direct negotiations will yield better outcomes for access to Fortescue's rail infrastructure in Western Australia. Brockman has previously negotiated with Fortescue for access but is now seeking access using state legislation through Western Australia's Economic Regulatory Authority after Fortescue responded with a "ceiling" price for annual access of A$576 million with a "floor" price of A$73 million a year. Page 15.
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New York hedge fund Centerbridge Partners has purchased A$80 million worth of Billabong International debt from HSBC and Westpac Banking Corporation. Westpac is thought to have sold a A$60 million parcel of debt for around A90 cents on the dollar and is the second of Australia's Big Four banks to exit the surfwear retailer, following the Commonwealth Bank of Australia which offloaded around A$65 million of Billabong debt last week. Page 15.
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A discussion paper released on Friday by assistant Treasurer David Bradbury has outlined detailed plans to rewrite tax laws for offshore banking units, saving the Australian government A$320 million over four years. The commencement date of the laws has been deferred to October 1 as the laws will not be ready for the originally proposed July 1 start date. Page 17.
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Australia's banks are unlikely to pass further interest rate cuts by the Reserve Bank of Australia (RBA) on to home loan customers as a tightening in global credit markets is increasing funding costs. The lower costs of funds on international money markets earlier this year had strengthened the prospect of rate cuts independent of the RBA but renewed pressure on global credit markets triggered by the United States Federal Reserve's decision to reduce quantitative easing measures has now increased bank funding costs. Page 17.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
Santos has met union opposition to floating liquefied natural gas (FLNG) technology with a call to ensure the oil and gas industry maximizes the number of Australian jobs created. Unions have voiced concerns the increased uptake of FLNG development options will cost the Australian construction sector thousands of jobs. John Anderson, a senior executive at Santos, said companies were pursuing FLNG options out of necessity, not on a whim. Page 17.
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Australian broadcaster Ten Network and its regional affiliate Southern Cross Media Group have entered a one-month extension of an existing programming deal after failing to agree on a new multi-year deal. Ten has agreed to waive penalty fees for the period, which would add an additional 25 percent on television ad revenue earned from Ten's programming. Page 17.
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The Australian Indonesia Youth Association has urged the Australian government to help promote professional links for young people between Australia and Indonesia, and address visa issues that are currently forcing Australian's to undertake internships in Indonesia illegally. The federal opposition has indicated its New Colombo Plan, designed to promote ties between Australia and the Asia-Pacific region, will be given high priority should the Coalition win government. Page 18.
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Competition between Australia and Russia in key gas markets in North Asia is increasing following the decision of China National Petroleum Corp (CNPC), China's largest oil company, to take a 20 percent stake in Russian company Novatek's Yamal LNG project in northwest Siberia. CNPC will take at least 3 million tonnes a year from Yamal, with first shipments possible from 2016. Page 18.
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Brazilian miner Vale will sell its Degulla coalmine in the Galilee Basin in Queensland. The decision follows US$1 billion write-down of Vale's Australian coalmines in recent months. The Degulla operation will be the third Australian coal asset placed on the market by the miner. Page 18.
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SunRice, the largest rice company in Australia, has posted a 5.5 percent profit increase, with net profit for the year to April 30 of A$35.8 million, rising from A$33.9 million. Sales revenue increased to A$1.068 billion in fiscal 2013, up 6.8 percent from a previous A$1 billion. Page 19.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
A report from consulting group PricewaterhouseCoopers has forecast that by 2017, advertising revenue for newspapers will fall 32 percent and for consumer magazines by 13 percent, despite recent attempts to capitalise on newly available website data following the digitalisation of content. The report suggested companies may need to sell information about readers to advertisers to compensate for the shortfall, but warned recent changes to the Privacy Act had increased regulation of that avenue. Page 25.
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Roy Adair has stepped down as chief executive of Hydro Tasmania due to a decision by the Tasmanian government to change chief executives following a reorganization of the state's electricity industry. Chief commercial manager Stephen Davy will act in the role while the energy provider considers new candidates. Hydro Tasmania remains on track to double its profit to A$200 million for the year to June. Page 26.
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Air New Zealand is comfortable with its 26 percent stake in Virgin Australia, even though Etihad has received approval to increase its holdings in the Australian airline, said chief executive Christopher Luxon. Air New Zealand is currently Virgin's largest shareholder, with a 23 percent stake set to increase to 26 percent pending approval from Australia's Foreign Investment Review Board, but will not seek board representation. Page 27.
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Public companies are facing increased pressure from investors to improve transparency in the sourcing of footwear, clothing and textiles from Asia, and improved audits to ensure they were not benefiting from child or slave labour. Mans Carlsson-Sweeny, a senior analyst at AMP Capital, added that few companies addressed these issues in their annual or sustainability reports. Page 28.
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THE AGE (www.theage.com.au)
Air India has entered into talks with Qantas Airways to discuss the possibility of a code-share agreement ahead of the airline's return to Australia. Air India has begun taking bookings for a triangular route between Delhi, Melbourne and Sydney, starting late August and to be serviced by its Boeing 787 Dreamliners. Both airlines declined to comment on the progress of possible code-sharing arrangements. Page 25.
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The environmental licensing authority of Colombia, Autoridad Nacional de Licencias Ambientales, has rejected an application by BHP Billiton to expand its Cerro Matoso nickel mine, citing an inability to alter existing environmental permits to enable mining projects to be expanded. Cerro Matoso is the second largest producer of ferronickel in the world, producing over 47,000 tonnes of nickel last year. Page 25.
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A report from an Australian parliamentary committee on agriculture has raised concerns about the impact on competition of private-label wines sold by Woolworths and Coles, suggesting the dominance of private-labels may be hurting traditional winemakers. Coles argued its proportion of own-brand wine had remained stable, while Woolworths said around 4 percent of wines it stocks are private label. Page 26.
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