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)
As he reported Woolworths third consecutive year of sales growth at 4.8 percent, chief executive Grant O'Brien said he was confident the strategies to grow the company would restore it to profit growth of over 10 percent. Fund managers such as Crispin Murray of BT and Kerr Neilson from Platinum Asset Management have suggested that "domestic" growth options for Woolworths may have been exhausted and mid-single digit profit growth will continue indefinitely. Page 13.
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Independent Australian investment and advisory firm Gresham Partners is departing the private equity sector with critical executive Mark Youens leaving. The company was planning to sell its tourist operation The Tasmanian Walking Company later this year, however would wait for improved market conditions before selling mining service company Barminco and asset Silk Logistics, said chief executive Charles Graham. Page 13.
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Queensland Investment Corporation's (QIC) chief executive Damien Frawley is moving to evolve QIC's operating model for its A$70 billion under management to generate increased levels of engagement with the markets by utilising more coordinated methods. QIC's earnings before interest and taxation are expected to rise by about a fifth from last year's A$38.6 million to A$47.4 million for this financial year. Page 13.
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In a development that creates a threat to Australian bionic ear manufacturer Cochlear, Chinese rival Nurotron Biotechnology has been approved by the China Food and Drug Administration to provide implants to children under six years old. The Chinese government has a program to supply underprivileged children with implants and last year Cochlear was a major supplier with a deal worth around A$36 million, but this year Cochlear is facing increased competition. Page 15.
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Management changes at Ten Network Holdings under Hamish McLennan are anticipated to continue. Stuart Thomas, formerly of Macquarie Radio Network and Nine Network is slated to join as general counsel while chief operating officer Jon Marquard is expected to depart. Last week Ten and Southern Cross Media completed a regional television affiliation agreement that could produce an extra A$10 million a year for Ten. Page 15.
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Qantas Airways will increase fuel surcharges by between 2 and 3 percent for tickets booked after August 13. Since mid-April, the Australian dollar has dropped 14 percent while oil has climbed 15 percent. From August 14, Emirates Airline will also raise its fuel surcharges. Jetstar has yet to determine if its surcharges will rise. Virgin Australia stated fuel surcharges were under constant review. Page 15.
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Following the announcement that the New South Wales government was seeking expressions of interest from companies looking to acquire Macquarie Generation's power plants, treasurer Mike Baird stated, "I am only interested in bidders that are going to pay fair value," and recommended those seeking a bargain not bother to apply. Companies expected to take an interest in MacGen include: AGL Energy, GDF SUEZ Australian Energy, Ratchaburi Electricity Generating Holding, China Huaneng Group and China Shenhua Energy Co. Page 16.
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Chinese companies acquiring Australian assets should disclose any links with sovereign wealth funds or state-owned enterprises, Minister for Foreign Affairs Bob Carr said yesterday from China while on a four-day visit. The statement was made as China Molybdenum, which has the Luoyang government in the province of Henan as its major shareholder, has negotiated to buy Rio Tinto's Northparkes mine. The links to government were not mentioned as the deal was announced, nor are they revealed on the company's English or Mandarin websites. Page 16.
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Westpac Banking Corporation and Visa have signed a preferred credit card agreement that will see the bank issue Visa cards to all new personal or business applicants, rather than offering them a choice between Visa and MasterCard. Westpac's top of the range "Black" cards will continue to be issued as either American Express or MasterCard. Page 17.
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THE AUSTRALIAN (www.theaustralian.com.au)
Nine Entertainment is aiming to raise between A$800 million and A$1.2 billion when it floats, which could be as soon as November or December, according to sources. Investment banks Macquarie and UBS appeared likely to be appointed to jointly handle the float, the sources added. A significant portion of the cash generated by the initial public offering is expected to be used to pay down debt, which will be over A$1 billion when the acquisition the Perth television station of WIN Corporation is finalised, to around A$500 million. Page 17.
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Gold miner Kingsgate Consolidated yesterday announced it was sacking a third of its South Australian Challenger project workforce, trimming its fees for directors by 10 percent and lowering salaries of senior executives by 20 percent in an effort to cut A$25 million from costs. Fellow gold miner Resolute Mining announced it was freezing senior management salaries and would be applying a A$70 million impairment to its investments. Page 18.
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Adelaide-based Beach Energy yesterday forecast production from its Cooper Basin assets of between 8.7 million and 9.3 million barrels of oil equivalent in 2013-14, up from 8 million during 2012-13. The company is planning for capital expenditure of between A$420 million and A$480 million during the coming year. The Cooper Basin could become the biggest oil producing region in Australia, said chief executive Reg Nelson. Page 18.
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Emeco Holdings managing director and chief executive Keith Gordon will stand down but remain in the position until a successor is in place. The reduction in mining activity has forced the mining equipment rental company to lower its earnings guidance twice this year and its share price is down 73 percent from last August's high. Page 18.
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In what may indicate the attitude the Federal government will adopt to the controversial A$3.4 billion takeover of GrainCorp by Archer Daniels Midland, new federal Minister for Agriculture Joel Fitzgibbon stated at a national grains industry conference yesterday that he advocated free markets and supported foreign investment in the agriculture of Australia. The country requires foreign investment if it is to take the role of food supplier to the Asian middle class, he said. Page 19.
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The largest shareholder in Fairfax Media, Gina Rinehart's Hancock Prospecting, has publicly supported the continued printing of the main publications, with Hancock chief development officer John Klepec stating that the "printed version will continue while it makes commercial sense". The second-largest shareholder, Allan Gray, took a similar stance, with Simon Marais stating papers should be printed until money started to be lost. Page 19.
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Provider of educational services Navitas yesterday reported a net profit of A$74.6 million for financial year 2013, a 2 percent increase over the previous year, along with a 6 percent increase in revenue to A$731 million. Admissions for the local university courses provided by Navitas soared by a third for the last semester, attributed by chief executive Rod Jones to a less onerous visa regime that will combine with the lower Australian dollar to boost numbers into the future. Page 19.
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Due to the loss of heavy maintenance work from Virgin Australia, John Holland Aviation Services has made 40 engineering jobs at its Melbourne operation redundant. As Virgin was taking some work in-house, Steve Purvinas of Australian Licensed Aircraft Engineers Association said the union was optimistic some engineers would move into direct employment by Virgin. Page 19.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
Rice Warner Actuaries has confirmed with the Australian Human Rights Commission that its proposal to pay female staff higher levels of superannuation will be allowed under the Sex Discrimination Act. From Wednesday, to help reduce the growing gap between the retirement funds of men and women, female employees will receive an extra 2 percent in superannuation and will be paid full super while taking parental leave. Page 26.
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THE AGE (www.theage.com.au)
Australia's oldest dairy producer, Warrnambool Cheese & Butter, yesterday announced upgraded guidance for 2012-13 full year results. Citing improved trading conditions and business performance, net profit should be around 52 percent lower than the previous year, rather than the 80 percent drop predicted in April, stated chief executive David Lord. Page 27.
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