PRESS DIGEST Australian Business News 13 June
07:04, Wednesday, June 13, 2007
(Compiled for Reuters by Media Monitors)
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
Utilities owner, APA Group,is believed to be
working with Macquarie Bankon a A$1 billion bid for the
Basslink electrical cable. A successful purchase of the cable,
which connects the Australian mainland with Tasmania, would
continue APA?s recent run of acquisitions in the energy sector
and result in the spin-off of a separate A$1.5 billion entity
owning that asset and two others. Teaming up with APA could also
revive Macquarie?s activity in the utilities sector, following
the failure of its bid for Perth-based energy infrastructure
group, Alinta. Page 18.
--
Retailer, Woolworths, may consider purchasing Coles
Group?s13 Kmart New Zealand stores after its
acquisition of a general merchandise company was barred last
week. Woolworths? A$1.9 billion bid for The Warehouse Groupwas blocked by New Zealand?s Commerce Commission because
of competition concerns. The decision is likely to be appealed,
a process expected to take up to a year. Retail analysts said
the Kmart buy would be a sensible move for Woolworths, and that
Coles would probably be willing to look at selling. Page 18.
--
Sliding revenue at its Kmart general merchandise stores has
forced Coles Group to begin a trial petrol-discount scheme.
Under the scheme, shoppers who spend more than A$30 on goods
instore will qualify for a A4 cents-a-litre discount voucher for
use at one of Coles Express? 600 petrol outlets. Kmart suffered
a 3.2 percent drop in comparable store sales in the quarter ended
April 29. Page 18.
--
Macquarie Media Group (MMG)has extended its
influence in the United States (US) newspaper industry with the
purchase of two companies in the country?s mid-west. MMG, 20
percent owned by Macquarie Bank, paid A$80.1 million for Superior
Publishing and Grove Sun, and has set aside another A$83 million
to buy more newspapers over the next three years. Managing
director, Alex Harvey, said he hoped 22 to 25 percent of company
revenue would be generated in the US within the next few years.
Page 47.
--
THE AUSTRALIAN (theaustralian.news.com.au)
Australia?s major insurers experienced a tough day on the
sharemarket yesterday as investors steadied themselves for news
of the cost of Friday?s storms in New South Wales? Hunter Valley.
Insurance Australia Group, which has the industry?s
largest market share, issued a profit warning and said net costs
from its 9000-plus claims could rise to as much as A$169 million.
Suncorp-Metway, which owns insurers, AAMI, GIO and
Vero, said it was too early to provide an accurate assessment on
costs but revealed that it had received 11,500 claims. Page 19.
--
Australian property group, Multiplex, is in Canadian
hands following a "knock out? A$4.3 billion bid from Brookfield
Asset Management. The deal ends 45 years of family control and
involvement by the Roberts family, who sold their 26 percent
Multiplex share for A$1.1 billion. Brookfield managing partner,
Sam Pollock, described much of the Multiplex business as
"complementary,? and said the stake would help Brookfield boost
its investment in the region. Page 19.
--
The announcement of a A$3 billion capital raising by
Westfield Grouphas intensified speculation the property
group is preparing a takeover bid for Dutch shopping centre
owner, Rodamco Europe. Westfield managing director,
Peter Lowy, said proceeds from the raising would be used to fund
more than A$10 billion in new developments but would not disclose
their locations. The raising, second in size only to a $3.6
billion effort by Australia and New Zealand Banking Groupin 2003, is also hoped to revive Westfield?s stalling
shareprice. Page 21.
--
Winemakers in New South Wales? Hunter Valley say last
Friday?s storm has given the local industry a much-needed boost.
"It?s bloody fantastic,? said Bruce Tyrrell, whose family has
made wine in the region for four generations. "This sets us up
with a good chance for a good crop next year,? he said. De
Bortoli Wines said that even though its grapevines were under 1.8
metres of water and the floor of the winery itself was up to
ankle depth, production would not be affected. Page 23.
--
THE SYDNEY MORNING HERALD <(SMH.COM.AU)
Qantas Airwaysmay be on track for a record
full-year profit of almost A$1.1 billion following the release of
another set of strong monthly traffic figures. For the eighth
time in 10 months, Qantas reported it had filled more than 80
percent of its seats, with overall loads up 0.8 percent to 82.2
percent in the year. Previously, Qantas had been expected to post
a full-year profit of A$939 million. Page 22.
--
Fortescue Metals Grouphas signed a memorandum of
understanding with Atlas Ironover access to Fortescue?s
port. The deal, to take effect next March, would allow Atlas to
ship one million tonnes a year from the new berth at Port Hedland
in Western Australia. The Atlas deal is seen as a demonstration
of Fortescue?s commitment to open-access infrastructure in the
middle of its long-running battle to gain access to BHP
Billiton?s railway line. Page 23.
--
Origin Energywill start construction in August on a
A$780 million power plant to be fuelled by coal seam gas.
Origin, Australia?s second-biggest energy retailer, will build
the plant in the Darling Downs region in Queensland?s southwest.
Full commercial operations have been scheduled for the first
quarter of 2010. Page 25.
--
THE AGE (theage.com.au)
A report by professional services firm, Ernst & Young,
predicts public-private partnerships (PPPs) will be required to
provide more than A$100 billion worth of infrastructure projects over the next 10 years. Page B2.
--
The Australian Industry Group and the Australian Electrical
and Electronic Manufacturers Association have announced a plan to
merge. Ai Group said the merger would provide "substantial
leadership? for the growing industry, particularly those in the
digital supply market. It said it would continue representing
employers in the construction, automotive, telecommunications and
transport sectors. Page B2.
--
New Zealand Prime Minister, Helen Clark, visiting Australia
this week, said barriers between the two countries had been
almost entirely removed. However, with up to 650 New Zealanders
migrating to Australia each week, many are calling for greater
tax alignment to keep more of the country?s top talent at home.
New Zealand?s top tax rate of NZ40 cents in the dollar starts at
NZ$60,000, compared with Australia?s top rate of A45 cents
starting at A$150,000; this benchmark will be raised to A$180,000
from July 1 next year. Page B3.
--
Dow Jones & Co?scontrolling shareholder, the Bancroft
family, has outlined conditions for a possible sale of the media
group to Rupert Murdoch's News Corp. The terms and
conditions include retaining the independence of Dow?s The Wall
Street Journal, an issue which initially troubled the Bancrofts
following Mr Murdoch?s US$5 billion offer. However, a review of
Dow Jones? financial position and the merger of competitors,
Thomson Corp and Reuters Group, forced a rethink and the
Bancrofts met with Mr Murdoch last week. Page B7.
- - - -
Looking for more information from local sources? Factiva.com
has 112 Australian sources including the Australian Financial
Review.
((Reuters Sydney Newsroom, 61-2 9373 1800,
[email protected]))
Keywords: DIGEST AUSTRALIA BUSINESS
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