PRESS DIGEST: Australian General News: Jan 17 07:44, Wednesday, 17 January 2007
(Compiled for Reuters by Media Monitors)
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
Telecommunications company, Telstra , has used freedom of information laws to obtain documents it says prove that recent industry regulation is unconstitutional. The Australian Competition and Consumer Commission recently added clauses to the Trade Practices Act requiring Telstra to gain ACCC approval for the prices it charges rivals to use its infrastructure. Telstra general counsel, Will Irving, said the company had had rights removed that other companies enjoyed, foreshadowing a High Court of Australia challenge to have the act amended. Page 1.
--
Shares in fund management company, Platinum Asset Management, jumped by 54 per cent yesterday, backed by a 2006 net profit result of A$187.6 million. The news comes after a year of relatively modest growth, with a below-market return of 6.5 per cent. Managing director, Kerr Neilson, will share A$160 million in dividends with approximately 15 other shareholders in the A$9.5 billion fund. Meanwhile, Platinum portfolio manager, Jim Simpson, has denied speculation that the company could be sold to investment firm, Perpetual. Page 1.
--
The federal government will retain a series of assistance programs as part of a new industry policy to be unveiled within weeks. Industry Minister, Ian Macfarlane, said the automotive and textile, clothing, and footwear sectors will be supported until 2015 to help them adjust to a reduction in tariff protection to five per cent, but ruled out plans to extend such support to other sectors. Mr Macfarlane said that one of the key goals of the policy would be to increase the export focus of business by improving Australia's attractiveness to foreign investors. Page 1.
--
Investment firm, Macquarie Bank , will review its role in the management buy-out proposal of energy infrastructure group, Alinta . Alinta's board yesterday effectively sacked Macquarie because of concerns over a conflict of interest. Macquarie is the adviser to, and potential equity participant in, the proposed deal. According to Goldman Sachs JBWere analyst, Andrew Lyons, the situation is negative for Macquarie because it is the first time that its principal investment activities have publicly resulted in the loss of advisory work. Page 1.
--
THE AUSTRALIAN (www.theaustralian.news.com.au)
A total of 300 workers will lose their jobs because of a move offshore by Australian work boot manufacturer, Blundstone. Chief executive, Steve Gunn, said the company would move its Tasmanian operations to Thailand and India because of a rise in local labour costs. Blundstone employees and the Textile, Clothing, and Footwear Union attacked the company's late notice of the move. The prospect of people finding jobs again in Hobart is not good unless retraining programs are put in place, a union representative said last night. Page 1.
--
The federal Australian Labor Party's pledge to help parents re-enter the workforce has been questioned. Under the new policy, parents would have the right to request up to two years leave after the birth of a child, and then ask for part-time hours on their return to the workplace. Australian Workplace Agreements would be scrapped, the role of unions restored, and a no disadvantage test be reinstated when workers sign individual contracts. Business groups yesterday warned the plans could make employers think twice before hiring women of child-bearing age. Page 1.
--
Acting Prime Minister and Nationals leader, Mark Vaile, has claimed his party will gain an extra seat at this year's federal election. While he would promote the role of the Nationals as part of the Coalition, he would also be pushing the point that his party is different to the Liberals. Mr Vaile also stressed the continued need for a rural-focused party, saying "our absolute focus on the needs of regional Australia is just as strong today as it has ever been". The Nationals hold 12 House of Representatives seats and four Senate seats. Page 2.
--
Australia's scientific knowledge base would take 20 years to replenish, according to the Commonwealth Scientific and Industrial Research Organisation (CSIRO). A recent World Economic Forum study ranked Australia 29th out of 125 countries for the quality of its maths and science education. CSIRO chief of mathematical and information sciences, Murray Cameron, said Australia had not generated enough of the next generation of scientists and mathematicians. Page 2.
--
THE SYDNEY MORNING HERALD (www.smh.com.au)
Former federal opposition leader, Kim Beazley, has continued his attack on the industrial relations reforms of Prime Minister, John Howard. Beazley warned that the union movement would be "wiped out" within a decade if this year's federal election resulted in a continuation of Liberal Party dominance. However, he predicted that a win to new Opposition Leader, Kevin Rudd, would result in "serious question marks about the future of the Liberal Party", especially because of the current "poor shape" of the party in the states. Page 1.
--
Nine Network chief executive, Eddie McGuire, will return to the screen as host of a new game show. The news has ignited speculation that McGuire will step down from the day-to-day management of the television network, which experienced a tough 2006 marred by falling ratings. Nine part-owners, Publishing & Broadcasting Ltd , said the move may prompt the appointment of a director of television to oversee the network's operations as well as another round of cost-cutting. McGuire will be announced as the host of 1 vs 100 tomorrow. Page 1.
--
A class action against supermarket chains, Coles and Woolworths , may result if the Australian Competition and Consumer Commission fails to rein in petrol prices. Fuel companies this week refused an ACCC request to lower prices as the price of oil continues to hover around US$52 a barrel. Sydney lawyer, George Newhouse, said yesterday that mass action would be the only way forward if the ACCC failed to act on claims that the retail chains were distorting petrol prices with their discount schemes and pocketing the gains. Page 3.
--
Australian talent missed out yesterday at the presentation of the Golden Globe Awards in Hollywood. Cate Blanchett, Toni Collette, and George Miller all failed to convert nominations into trophies; however, Blanchett was partly compensated by the success of Babel, a film she starred in and which won the award for best dramatic movie. Miller's Happy Feet missed out on the award for best animated film, as did Collette in the best actor category for Little Miss Sunshine. Dreamgirls won for best film, musical or comedy. Page 3.
--
THE AGE (www.theage.com.au)
An emergency meeting of Victoria's state cabinet last night considered the imposition of mandatory power restrictions after a bushfire in the state's northeast blacked out a wide area. Refrigerative and evaporative cooling systems, including air conditioners, would be considered under the restrictions, according to a spokesman for Acting Premier, John Thwaites. Areas of Melbourne, Geelong, Ballarat and Bendigo were without power for several hours as the state sweltered in temperatures over 40 degrees Celsius. Page 1.
--
Monday's brawl between Serbian and Croation supporters at the Australian Open tennis tournament has attracted worldwide media attention. Netherlands Press Association reporter, Rene Groeneveld, said he was surprised by the attention his story on the brawl received. "There is a lot of interest in multiculturalism and race conflict because we have had many similar problems in Holland," Groeneveld said. A reporter in the United Kingdom blamed soccer for creating "a boisterous rivalry between some of Melbourne?s ethnic groups". Page 2.
--
The fall in the price of jet fuel has forced Qantas Airways to reduce its fuel levy by A$5. Domestic airline, Regional Express, will follow suit but Virgin Blue and Jetstar's domestic fuel levy of A$19 will remain unchanged. Meanwhile, the Australian Competition and Consumer Commission has been criticised for requesting that oil companies lower their pump prices in response to falling world oil costs. More time was needed to allow price drops to flow onto the market, according to Royal Automobile Club of Victoria spokesman, David Cumming. Page 3.
--
Victoria's farmers will be given more of the state's dwindling water supply in a move that has angered environmental groups. The state government plan allows for an extra 93 gigalitres of water to be made available to growers in the Goulburn Valley region. Environment Victoria said the decision was poorly directed, given that farmers already use more than 70 per cent of the state's water supplies. Page 5.
--
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])) Keywords: DIGEST AUSTRALIA GENERAL
