PRESS DIGEST: Australian General News Aug 2
07:43, Thursday, 2 August 2007
(Compiled for Reuters by Media Monitors)
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
Qantas Airwaysmay recruit a new chairman for its
board externally, after director and former chief executive,
James Strong, chose not to contest for the position. Qantas
chief executive, Geoff Dixon, yesterday confirmed there was a
process under way to replace chairman, Margaret Jackson, and
non-executive director, James Packer, both of whom will stand
down at November's annual meeting. Strong, who already chairs
retailer, Woolworths, and general insurer, Insurance
Australia Group, said he was reluctant to take on a
prominent position with a third top-50 company. Page 1.
--
Australian stocks joined the faltering markets of Japan, Hong
Kong, and Shanghai as regional markets followed more than 1
percent falls on United States indices on Tuesday night. The
benchmark S&P/ASX200 Index fell 203 points or 3.3 percent to
5941.2, closing under 6000 points for the first time in four
months. Among key stocks to post large losses were investment
banks, Macquarieand Babc*ck & Brown , and
financial services business, Allco Finance Group.
However, most analysts said the slump did not signal the start of
a bear market. Page 1.
--
The Australian Securities and Investments Commission is
facing criticism over its policing of Fincorp. A prospectus
released by the property group in 2006 failed to disclose that
former chief executive, Craig Stubbs, founded a financial
planning firm which had been placed into administration
immediately prior to his appointment. ASIC, which is believed to
be investigating Fincorp in relation to a number of client
disclosure issues, demanded changes to previous versions of the
prospectus, but required no change to the complimentary depiction
of Stubbs to potential investors. Page 1.
--
A rebound in consumer spending has heightened the chances of
an official interest rate rise ahead of a monthly Reserve Bank of
Australia board meeting next week. The onset of cold weather, a
strong employment market, and stable interest rates saw official
retail figures record a 1.4 percent jump in the value of sales in
June, compared with small falls in April and May. Some analysts
said although international sharemarket declines will be
considered by the central bank, retail data and last week's
inflation numbers may be enough justification for the RBA to
raise rates. Page 3.
--
THE AUSTRALIAN (www.theaustralian.news.com.au)
News Corporationis expected to boost spending on the
Wall Street Journal's staff, resources and website, after
yesterday receiving approval to buy the publication's owner, Dow
Jones, for US$5 billion (A$5.9 billion). News is
estimated to have more than 70 percent of votes, but that could
rise as more members of the majority-owning Bancroft family
pledge their shares into the bid. The diversified media company
offered US$67 per share for the target, a 67 percent premium on
the share price before the bid was announced. Page 1.
--
Australian Federal Police Commissioner, Mick Keelty, was
forced to retract earlier claims made about the location of a
mobile phone SIM card owned by former terrorist suspect, Mohamed
Haneef. Prosecutors said the card was found in a burning Jeep
that crashed into Glasgow Airport, but it was later found to have
been at the home of Dr Haneef's second-cousin, Sabeel Ahmed, in
the British city of Liverpool. Although "assistance to
terrorists" charges have been dropped against Dr Haneef, the
Federal Government has refused to reinstate his cancelled work
visa. Page 1.
--
Prime Minister, John Howard, yesterday defended the Federal
Government's invitation for regional communities to seek
Commonwealth financial assistance to take over state-funded
public hospitals. Dismissing claims by the Australian Labor
Party that the measure was a bid to court favour with voters in
marginal Government-held seats, Howard said: "This is...in fact
an exercise in maintaining a public service". The offer coincided
with a Government plan to underwrite a community-based takeover
of the Mersey Hospital in Devenport, Tasmania. Page 1.
--
Amid concerns the primary school curriculum has become too
cluttered with non-essential lessons in areas such as bike safety
and animal-care, the Australian Primary Principals Association
has released a draft of the new Primary School Charter. The
association nominates English, mathematics, science, and history
as the four core subjects, with art, sport, music, and languages
having a supplementary role. Federal Education Minister Julie
Bishop, welcomed the recommendations. Page 3.
--
THE SYDNEY MORNING HERALD (www.smh.com.au)
World Bank president, Bob Zoellick, has urged Australia to
ensure its immigration rules give South Pacific countries leave
to send guest workers to Australia. Ahead of a meeting of the
finance ministers of Asia-Pacific Economic Cooperation forum
countries, Zoellick said labour mobility was "absolutely
critical" to the South Pacific's economic development. Federal
Opposition foreign affairs spokesman, Robert McClelland, welcomed
Mr Zoellick's advice, saying it was "inequitable" that young
European backpackers had more casual labour opportunities than
South Pacific citizens. Page 1.
--
The New South Wales executive of the Liberal Party remains
divided over the endorsement of Michael Towke as its candidate
for the federal seat of Cook. Although Towke is alleged to have
paid for the party memberships of at least 13 people in a
branch-stacking operation, the state Liberal executive is thought
to be 10 to 9 in favour of endorsing his preselection. NSW
Liberal president, Geoff Selig, said the matter could be taken to
the federal executive to get Towke disendorsed should the state
executive endorse him. Page 3.
--
Hundreds of current and former Scouts yesterday attended a
ceremony in Canberra hosted by Governor-General, Michael Jeffery,
to commemorate the 100th anniversary of the worldwide youth
movement. "We are commemorating 100 years of instilling in more
than 200 million young people the essential skills for good
living and personal development," said Major Jeffery, whose
vice-regal role gives him the honour of being the nation's
current Chief Scout. Page 3.
--
Sydney residents planning to escape disruptions predicted for
the period of the Asia-Pacific Economic Cooperation forum have
been advised they may need to use the airport train service to
ensure they catch their flight. Although airport terminals will
operate as normal, delegates travelling by motorcade between
central business district-based conference sites and the airport
from September 2 to September 9 will inconvenience customary
traffic flows. Some inner-city streets, railway stations and
arterial roads will also be closed during the event. Page 5.
--
THE AGE (www.theage.com.au)
Internationally-renowned architect, Zaha Hadid, has been
chosen to design a new office and housing complex in Melbourne's
Docklands precinct. If approved, the A$1.5 billion complex would
consist of four buildings, including a 50 to 60-storey tower, and
elaborate civic spaces with sophisticated water features. The
Royal Australian Institute of Architects said Ms Hadid's
involvement would help Docklands "rise above the developer
schlock we now have". Page 1.
--
Eighteen-year-old model and fashion designer, Jacqui
Alexander, has been chosen as the new face of Melbourne Fashion
Week, which starts on September 3. Fifteen-year-old model,
Claire Quirk, was originally chosen for the role but was dropped
because many considered her too young. The British fashion
industry recently recommended banning models under 16 from London
Fashion Week. Melbourne City councillor, Fiona Snedden, said
Alexander would be "a great role model" for young Melburnian
women because she was "so inspiring". Page 3.
--
Treasurer, Peter Costello, has urged emerging Asian economies
to focus on strengthening their financial markets to prevent
domestic savings being placed in foreign economies such as
Australia and the United States. Costello said such practices
pushed up currency values and trade and current account deficits
in targeted countries. He said it would be wiser if Asia
utilised its own savings for domestic investment. He was speaking
ahead of tomorrow's meeting of the 21 Asia-Pacific Economic
Cooperation forum finance ministers in Queensland. Page 5.
--
A Federal Government proposal aimed at strengthening police
powers has come under scrutiny ahead of its Senate hearing next
week. The changes would give police "sneak and peek" powers to
secretly listen to conversations, intercept computer
communication, and search homes and businesses without a search
warrant. The Law Council of Australia said the changes would
erode individual rights. The Australian Labor Party agreed,
saying it would urge the Government to ensure the powers were
used only in terrorism or major crime cases. Page 6.
--
Looking for more information from local sources? Factiva.com
has 112 Australian sources including The Australian, Sydney
Morning Herald and The Age.
((Reuters Sydney Newsroom, 61-2 9373 1800,
[email protected]))
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