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)
Quick Service Restaurant Holdings (QSRH) has hired former Westpac Banking Corporation senior executive Rob Coombe into the chief executive position. QSRH, the largest Australian-owned fast-food operator, comprises 620 stores in fast-food chains Oporto, Chicken Treat and Red Rooster. QSRH chairman Gordon Cairns said Mr Coombe was hired for his people skills, customer focus, culture building skills and "consistent outperformance on results". Page 21.
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Australian shares have bounced from a 2.5 percent fall in June to report the second-best start to a financial year in a decade, with the S&P/ASX 200 rising 5.19 percent in July. Bell Direct analyst Julia Lee cited a falling Australian dollar and recovery in commodity prices as positive factors. Further influences include acknowledgement by the Reserve Bank of Australia that further rate cuts are required to return growth to non-mining sectors. Page 21.
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Australian Securities and Investments Commission chairman Greg Medcraft dismissed insinuations by head of listed securities at Philo Capital Advisers, Hugh Dive, and managing director of Intrinsic Investment Management, Glenn Woolley, concerning selective briefings, but acknowledged there was potential for further action. Mr Dive said he had witnessed large fund managers pushing small listed companies to divulge sensitive information. Mr Woolley said selective briefings impact "mum and dad" investors. Page 23.
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Competition surrounds speculation that Nine Entertainment Co may appoint advisers for its A$3 billion initial product offering rumoured to take place by the end of this year. UBS and Macquarie seem likely to be appointed given their recent contributions while Morgan Stanley, Goldman Sachs, Deutsche Bank and Credit Suisse are thought to be in contention. Page 23.
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The inclusion of Sky News content on Telstra mobiles has drawn the ire of internet company Yahoo!7, a joint-venture and content agreement signatory with Seven West Media. Sky News Australia, which is co-owned by Seven West Media's parent Seven Media Group and News Corporation entity BSkyB and Nine Entertainment Co, said it has not breached any agreement since mobile content was shown as part of pay television subscriptions. Page 24.
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Nomura Australia reported a A$23.8 million net loss for the year to March 31, following a A$19.4 million loss for the prior year. Revenue for the year fell to A$50.7 million, from A$71 million for the previous year. Parent firm Nomura Holdings posted a healthy profit on net income of 65.9 billion yen for the three months to June 30. Page 25.
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Insurance broking group Steadfast <IPO-STD.AX> has bucked the cautious initial public offering market trend by pricing shares in the upper indicative range at A$1.15. The largest financial services float since RAMS Home Loans in 2007, according to Dealogic data, will commence trading this Friday, which will test the stock. Page 25.
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The Australian Competition and Consumer Commission (ACCC) decision on Woolworth's purchase of three Supa IGA supermarkets in Queensland has been delayed to August 22. Scrutiny of the transaction for these supermarkets, half-owned by Metcash and independent retailer Cornetts and Walters, is part of the ACCC's effort against creeping acquisitions. Page 28.
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An August interest rate cut seems likely, given four consecutive months of Australian dollar declines. Interest rate cuts are one of many factors affecting the Australian dollar, according to Deutsche Bank current strategist John Horner. Economist Rob Henderson said the Reserve Bank of Australia had until yesterday been "expressing optimism" about other drivers of growth gaining strength. Page 29.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
The breakup of Russian potash cartel Uralkali and Belarusian Potash Company has changed the industry status quo with a significant reduction in prices for the crop nutrient expected, affecting BHP Billiton's position on entering the potash market through development of the now distressed A$13 billion Jansen project in Canada. Options for BHP include entry via acquisition or a new, though unlikely, joint venture with Canadian producer Mosaic. Page 17.
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The confidence of Australian chief financial officers fell to record lows last quarter, according to a Deloitte survey of 54 companies. Keith Skinner, chief financial officer of Deloitte, said the poor mood was caused by the downturn in China, adding the result is at odds with the United States, where confidence has risen over the last three quarters. Page 17.
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The Business Council of Australia demand for long-term fiscal planning and deep analysis of government spending in its economic report titled Action Plan for Enduring Prosperity has received backing from Australia's corporate elite. Australia was "starting to copy the US [United States] and Europe by kicking the can down the road", according to former Future Fund chairman David Murray. Federal Trade Minister Richard Marles discounted comments the Labor party had not taken a long-term view on policy formation. Page 17.
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In a statement to the Australian Stock Exchange, Australia's oldest listed company, Australian Agricultural Company, disclosed David Farley had departed the chief executive role by mutual agreement. Chief financial officer Craig White will act in an interim capacity while a replacement chief is sought. Page 17.
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Focused on paying down debts of US$12.1 billion, Fortescue Metals Group has delayed development of the Nyidinghu iron ore deposit. The Pilbara mine is now slated to commence construction from the first quarter of 2016, with operations starting later that year to ultimately ramp up to 60 million tonnes per annum. Standard & Poor's has upgraded Fortescue's credit rating from negative to stable with credit analyst May Zhong describing the miner's more conservative position as 'improving production volumes, reducing cash production costs and expected low capital expenditure in fiscal 2014.' Page 18.
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New Network Ten chief executive Hamish McLennan continues to rejuvenate his team, removing chief operating officer Jon Marquard in an amicable agreement. Taking up the role of general counsel, Stuart Thomas of Nine Network and Macquarie Radio ilk will join the ranks on August 8, ahead of Marquard's departure on August 30. Page 19.
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Energy Resources of Australia (ERA) chief executive Rob Atkinson will depart the uranium miner, moving to a role with its 68.4 percent owner Rio Tinto. Yesterday's ERA results announcement included a first-half net loss of A$53.5 million, which Mr Atkinson attributed to oversupply and uncertainty caused by the Fukushima nuclear incident. Page 19.
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Energy retailer AGL will go ahead with plans to outlay A$450 million to construct two solar power plants; one at Nyngan will be the largest in the southern hemisphere producing 102 megawatts and a 53 megawatt solar plant at Broken Hill. Federal body Australian Renewable Energy Agency will contribute A$166.7 million and the New South Wales government will provide A$65 million of financial assistance towards the project. Page 19.
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Insurance and banking firm Suncorp yesterday revealed a higher than expected final dividend of A30 cents per share and a special dividend of A20 cents per share, having wrapped up the A$940 million sale of its A$1.6 billion 'bad bank' to Goldman Sachs. Almost doubling last year's A$493 million profit, this year the general insurance division is expected to bring in between A$870 million and A$890 million. Page 19.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
At 10.1 percent, the office vacancy rate across Australia is at its highest mark for at least the last ten years, according to the Property Council of Australia's Office Market Report for the six months to June 30. For the coming year, vacancies are predicted to continue rising. Page 26.
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THE AGE (www.theage.com.au)
Retail chain Dick Smith Electronics private equity owner Anchorage Capital has moved away from claims it is trying to sell the business that it acquired from Woolworths in 2012 for A$20 million. Dick Smith chief executive Nick Abboud said the business was in a "powerful position" with no core debt. Anchorage hopes to expand and improve the business before considering its options, including a potential initial product offering. Page 26.
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