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)
Australia's largest global packaging company Amcor is to demerge its Australasian glass, can and box business into a A$2 billion separately-listed company - Australasia and Packaging Distribution (AAPD). Forecasts indicate Amcor and AAPD respectively should achieve sales of A$9.6 billion and A$2.9 billion for 2012-13. Page 13.
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Macquarie Bank, National Australia Bank and Westpac Banking Corporation are looking to acquire the Australian assets of United Kingdom bank Lloyds as it refocuses on its core operations. Macquarie is on the Goldman Sachs short-list to bid for a portfolio of 12 loans worth around A$700 million. Westpac and NAB are interested in Capital Finance with its A$6 billion loan book and a corporate loan operation run by Lloyds subsidiary Bank of Scotland International, and Macquarie may tender for the lot. Page 13.
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Toll road operator Transurban yesterday released full year results with its preferred measure of profit, proportional earnings before interest, depreciation and tax, coming in ahead of market expectations at A$828 million. The company would not tender for the Victorian government's A$8 billion East-West Link road tunnel as the model proposed by the government was not suited to Transurban, noted chief executive Scott Charlton. Page 15.
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Rural services group Elders Limited has sold its Futuris Automotive subsidiary to Clearlake Capital in a deal with an enterprise value price of A$69 million. The agreement provided a real value of A$47 million that allows Elders to reduce its A$314 million in net debt by around A$56 million. Elders currently requires a recapitalisation plus significantly improved business performance, said managing director Malcolm Jackson. Page 15.
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The "Aquis Resort at the Great Barrier Reef" complex of hotels, shopping, recreational facilities and casino proposed for Cairns was granted "coordinated project" status by the Queensland government last night. This should speed up the approval process for the A$4.2 billion scheme, as desired by the project backer, Hong Kong billionaire Tony Fung. Page 15.
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The Australian government should take on more debt to build infrastructure that would contribute to the development of the country, said National Australia Bank chief executive Cameron Clyne at an Australia-Israel Chamber of Commerce lunch. The national economy would suffer should the Federal government not provide funding to build infrastructure needed by the country, Mr Clyne explained. Page 16.
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A Federal government announcement of a 0.05 percent deposit insurance fee on bank savings up to A$250,000 will create "a pool of money that highly unlikely to be ever needed", said Australian Bankers' Association chief executive Steven Munchenberg. Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank and Australia and New Zealand Banking Group would lose respectively each year A$44 million, A$39 million, A$31 million and A$26 million, calculated Deutsche Bank analyst James Freeman. Page 16.
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The A$220 million takeover of The Trust Company (TTC) by investment management company Perpetual has stalled. The Australian Competition and Consumer Commission is seeking clarification after receiving conflicting submissions from industry players. Rival suitor Equity Trustees may upwardly revise its offer although TTC management continue to favour Perpetual's bid as providing greater shareholder value and containing better company synergies. Page 16.
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Smaller banks argue any deposit insurance charged by the Federal government should be charged at the same rate for all banks and not structured to impose greater costs due to risk, credit rating or size. "We don't want a system which leads to smaller players paying comparatively more than larger ones, delivering big banks a competitive advantage," said Customer Owned Banking Association chief executive Louise Petschler. Page 17.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
The Federal opposition in government would develop transfer pricing and anti-avoidance legislation to boost Australia's capabilities to fight profit shifting by international companies, said Coalition spokesman for financial services Mathias Cormann yesterday. The A$67 billion that Australia received from corporate tax in 2011-12 was a higher proportion of gross domestic product than most Organisation for Economic Co-operation and Development countries and exposed Australia's tax base to global profit shifting, according to a recently released Treasury paper. Page 19.
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Both state and federal governments should be providing more support to the resources sector, said Whitehaven Coal managing director Paul Flynn yesterday at a Sydney Mining Club function. The company's Maules Creek project received approvals three years after initiating the approval process, damaging confidence in the process at both federal and state levels, according to Mr Flynn. Page 20.
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Australian Securities Exchange-listed oil and gas explorer FAR Limited has secured finance from United States major player ConocoPhillips for its second well offshore Senegal. Added to finance organised earlier in the year with British company Cairn Energy, FAR now has US$190 million for drilling across its three Senegal offshore operations. Page 20.
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Woodside Petroleum possessed a "once-in-a-decade opportunity" as it attempts to become a player in Leviathan gas field operations offshore Israel, said chief executive Peter Coleman yesterday. Over the last week further uncertainties have arisen over the project, with unsourced reports that Woodside might need to increase its funding for the project and its Israeli shareholder, Delek Group, was dissatisfied with aspects of Woodside's contract. Page 20.
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Independent West Australian iron ore company Gindalbie Metals yesterday announced its Chinese joint venture in the Mid-West of Western Australia would not be cashflow positive until the December quarter. In its guidance provided in last month's quarterly results, nameplate capacity had been expected to be reached in the September quarter, generating a cashflow positive situation for the company. Page 20.
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In Australia, Accor would like to open more of its upmarket Pullman hotels, develop more budget properties on the fringes of cities, and utilise further management rights agreements with full-service apartments, said Michael Issenberg, Asia-Pacific chairman for the giant French company. The fall of the Australian dollar below US90 cents was a positive move from a tourism perspective, added Mr Issenberg. Page 21.
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Two board members of White Energy, chairman Travers Duncan and non-executive director John Kinghorn, should stand down until charges that may result from the Independent Commission Against Corruption (ICAC) investigation into Mt Penny coal licenses are resolved, said the Australian Shareholders' Association yesterday. ICAC recommended charges of breach of directors' duties against both men and an additional charge of fraud for Mr Travers. Page 21.
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A Coalition Federal government would be prepared to make positive changes to superannuation legislation, said the opposition spokesman for financial services Mathias Cormann. Mr Cormann was responding to the commitment made by Treasurer Chris Bowen to implement a five-year freeze on superannuation tax changes. Page 21.
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The International Olympic Committee has repackaged its Australian rights offering, aiming to entice Nine Entertainment Co back into the bidding. The new deal will cover the 2016 Games in Rio, the 2018 winter Games in South Korea and the 2020 Games. Seven West Media is thought to be front runner for the new deal, following its disappointment in losing the 2012 London Games rights to Nine, which incurred a significant loss due to a poor advertising market. Page 21.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
In response to the dropping price for gold, Australian Securities Exchange-listed gold producing and exploration company Silver Lake Resources has disclosed it may next month writedown its assets by as much as A$370 million. The company has already reduced wages, cut 45 jobs and restricted discretionary spending among a variety of tactics to deal with the drop in gold price. Page 26
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THE AGE (www.theage.com.au)
Political aspirant and businessman Clive Palmer has appealed for a "breather" to be taken on coal seam gas operations until more information was available on health risks generated by the technique. Earlier in the week, a report made public by New South Wales chief scientist Mary O'Kane stated more research was needed on the health and environmental challenges associated with the controversial drilling method. Page 25.
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