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)
In the United States, Treasury Wine Estates is reducing prices and destroying about A$35 million of old wine as it flags provisions for A$160 million during 2013 to reduce inventories. The company also expects wine shipments to the US to decline by about 12 percent this year, resulting in a drop of about 10 percent in anticipated earnings for 2014. TWE has been accused of "channel stuffing" by Credit Suisse analyst Larry Gandler, who said that over the last three years the company's excess inventory had tripled. Page 15.
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Businesses competing for a greater share of the A$225 billion spent in the online retail sector in Australia are now competing to win customers by focusing on improving supply chain performance, said Paul Greenberg. Mr Greenberg, who co-founded DealsDirect Group in 2004 and recently became chief executive of National Online Retailers Association, added that the critical element in retaining online customers was to get delivery functioning properly. Page 15.
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Law firms Slater & Gordon and Maurice Blackburn are both considering separate shareholder class actions against Newcrest Mining, alleging the goldminer should have disclosed A$6 billion in asset impairments earlier than June 7 this year. The Australian Securities and Investments Commission is also investigating allegation Newcrest selectively briefed analysts. Newcrest has Maurice Newman, a former chairman of the Australian Securities Exchange, to conduct its own internal review. Page 17.
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Advertising by the Federal government rose to A$22 million during June, a 111 percent jump over June last year, according to figures from Standard Media Index. Free-to-air advertising in metropolitan areas rose 5.4 percent with Seven Network's 39.2 percent market share, up from 38.8 percent in the previous corresponding period, preserving its position as market leader; followed by Nine Network on 38.4 percent, up from 35.2 percent, and Ten Network on 22.3 percent, down from 25.9 percent. Page 17.
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National Australia Bank and the Australian Centre for Financial Studies yesterday released a report on building a corporate bond market to improve sources of funding available to companies. New international regulations requiring banks to retain higher levels of capital meant the traditional ways banks funded capital requirements of companies may not be sufficient as demand increases, said executive general manager of debt markets at NAB, Steve Lambert. Page 19.
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Djerriwarrh, a listed investment company, announced yesterday a net profit for the 2012-13 year of A$37.7 million, down 14.7 percent on the previous year, with a dividend of 26 cents per share. For its investors, Djerriwarrh provided a return of 19 percent, less than the index at 22.8 percent. Over the last five years Djerriwarrh has recorded a return of 3.5 percent compared to 2.9 percent by the S&P/ASX 200 Index. Page 19.
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Wealth management companies AMP and MLC have announced fees will rise for superannuation customers to compensate for the cost of implementing industry reforms. Rivals BT Financial, Australia and New Zealand Banking Group's Global Wealth and Colonial First State may consider introducing similar increases. From January 2014, most AMP customers will pay an extra 0.03 to 0.04 percent in administration charges, while from October a fee of up to A$80 per annum will be added to each MLC account. Page 19.
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Virgin Australia is understood to have agreed to a code share and frequent flyer deal with Air Berlin, the second largest airline in Germany, that will add Dusseldorf and Berlin to Virgin's destinations. Virgin now has major alliances with Etihad Airways, Air New Zealand, Singapore Airlines and Delta Air Lines and lesser code-sharing arrangements with Hawaiian Airlines, Virgin Atlantic and Virgin America. Page 22.
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Leighton Holdings subsidiary Visionstream and Swedish telecommunications company Ericsson, two companies building infrastructure for the NBN Co, have informed regional councils in northern New South Wales (NSW) that new wireless towers will be built without going through council approval processes. NSW planning guidelines implemented in 2010 allow towers less than 50 metres high and over 150 metres from residents to be constructed with no requirement for council consent. Page 23.
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THE AUSTRALIAN (www.theaustralian.com.au)
AGL Energy's A$103 million friendly takeover bid for independent gas and electricity retailer Australian Power and Gas will deliver an A$18 million payday for investment banker Richard Poole, along with Nippon Gas and global marketing company Cobra Group, a major investor in APG. The takeover would be good for the industry as it should remove a major discounter, said David Leitch, an analyst at UBS. Page 17.
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National Australia Bank, the largest agribusiness lender of Australia's big four banks, recently organised a tour of China for around 20 of its clients. In China "cattle numbers are going down significantly and their standard of living and disposable incomes are increasing, so that all points to more beef and dairy consumption," said attendee Jason Shearer-Smith, managing director of Smithfield Feedlot in Queensland. The cost of cattle in China was A$5 per liveweight kilogram compared to A$1.60 in Australia, added Mr Shearer-Smith. Page 18.
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Mineral juniors Minotaur Exploration and Breakaway Resources will join forces as Minotaur takes Breakaway over in a ten for one share offer. Completion of the deal will create a A$19 million dollar company with A$10 million in cash holdings. Golden Field Resources will also be providing A$9 million to fund Breakaway assets in return for a 50 percent stake in the projects. Page 18.
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Non-bank lender Resimac Limited yesterday increased its takeover offer for mortgage book owner RHG from 44.1 cents a share to 48 cents as it battles for acquisition with rival Pepper Australia. The increase, combined with a 3 cents dividend taking the shareholder return to 51 cents a share, values RHG at A$157 million. Page 19.
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Watpac, a construction company based in Queensland, has reduced its costs by A$30 million and will now focus on mining services, commercial construction, defence and social infrastructure, according to chief executive Martin Monro. The company has no property debt, some borrowings for mining project plant and equipment, and sites worth A$100 million to develop, said Mr Monro. Page 19.
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The development of the World Trade Centre retail complex in the United States could become the most productive asset in Westfield Group's portfolio, according to John Kim, an analyst at CLSA. Westfield is investing A$685 million in the project and has secured the right to lease the 74,000 square metre main concourse of the new station, the Oculus. Page 19.
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The Australian cinema advertising market in June was up 59.8 percent over the same period last year, according to figures from Standard Media Influence. For pay television there was a 19.2 percent improvement, for radio the increase was 7.7 percent and digital was up 23.7 percent. Magazines and newspapers suffered declines of 20 and 21.5 percent respectively. Page 19.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
The Australian Taxation Office (ATO) will conduct a record number of audits on multi-national and large Australian businesses where there are suspicions of shifting profits overseas. There will also be reviews of wealthy Australians and smaller companies that have accounts in countries with low-tax jurisdictions or in tax havens. Profit shifting was a major threat to Australia's tax base, said ATO Second Commissioner Bruce Quigley. Page 21.
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South Australian electricity distributor and infrastructure manager SA Power Networks has been contracted by NBN Co to roll out the fibre network to about 300,000 premises across Adelaide and regional South Australia. This follows a two-year contract given to Syntheo, a joint venture partnership involving Lend Lease and Service Stream, in November 2011. Page 27.
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THE AGE (www.theage.com.au)
Privileged clients are receiving information from some brokers before the information is released into the public sphere, according to research conducted by the Capital Markets Cooperative Research Centre (CMCRC). Following the private release of analyst recommendations there was an increase in trading activity related to the stock concerned, and while the early release of information may not be illegal it provided an advantage to those receiving the information, said CMCRC chief executive Michael Aitken. Page 21.
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