PRESS DIGEST-Australian Business News - Apr 14

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)

--Unitholders in Queensland toll-road operator BrisConnections BCSCA.AX will meet today to vote on a proposal to wind-up the company. Analysts say the resolution is unlikely to succeed, although other resolutions, including a proposal to remove the company's current management, may pass. Investment bank Macquarie Group, which is one of the underwriters to the project, is seeking to block the meeting, with a court decision on granting an injunction expected this morning before the meeting. Page 13.

--Transport infrastructure operator Asciano Group (AIO.AX) yesterday extended a deadline for bids on its port and rail assets until the end of this week following requests from two possible bidders. Asciano last month announced it would accept bids not just for its coal-haulage business as it had previously, but also for its container ports business and for the entire company. The company needs to raise around A$1.5 billion to address debt obligations, and hopes to finalise a sale by June. Page 13.

--Communications and technical services company BSA says it expects to post a full-year profit for fiscal 2009 of more than A$8 million. Chief executive Mark Foley yesterday said the company, which installs communication systems for pay television operator Foxtel, was benefiting from the increase in pay television subscriptions. Mr Foley said BSA's building services business also has a strong order book. The company says it is now looking for acquisitions, but does not intend to raise capital to fund any purchases. Page 14.

--Energy company AGL Energy (AGK.AX) has until the end of today to decide whether it will exercise options to purchase more than A$1 billion of coal-seam gas and electricity options. AGL acquired the options when it sold its stake in Queensland Gas Company to Britain's BG Group. Analysts say the company is unlikely to exercise its right to purchase the assets, as the forthcoming privatisation of power assets by the New South Wales Government are of more interest to the company. Page 15.

THE AUSTRALIAN (www.theaustralian.news.com.au)

--A study of Australian company superannuation funds has found that at least 50 of the country's largest companies have a combined shortfall of A$25 billion on their superannuation liabilities. The study, by consultants Watson Wyatt, looked at companies listed on the Australian Securities Exchange and found that the shortfall has increased dramatically since June last year, when the figure was around A$2 billion. Page 17.

--Telecommunications group Telstra (TLS.AX) has said it will continue with a A$300 million plan to upgrade its hybrid fibre coaxial cable in Melbourne, and aims to complete the rollout by the end of this year. Analysts had speculated that last week's announcement by the Federal Government of a national broadband network would cause Telstra to reconsider its plans. However, the Government has yet to announce details of its planned network, which is to be rolled out over a number of years. Pg 17.

--Travel agency Flight Centre (FLT.AX), which has cut around 1000 jobs over the past 15 months, says it expects further job losses. Chief executive Graham Turner yesterday said that "we certainly will be losing more people just through attrition -- people who resign we won't be replacing." The company expects full-year net profit to be 58 percent lower than last year result, with much of the fall due to losses from its United States-based business, Liberty. Page 19.

--Australian carrier Qantas Airways (QAN.AX) yesterday said discussions with Malaysian Airlines (MASM.KL) on creating a maintenance, repair and overhaul joint venture in Malaysia are no longer taking place. Qantas issued the statement after an official from Malaysian Airlines on Saturday said talks were continuing, despite the expiry of a memorandum of understanding last month. Qantas was criticised by union leaders last year for contracting out engineering work after a number of safety incidents at the airline. Page 19.

THE SYDNEY MORNING HERALD (www.smh.com.au)

--The board of mining company Rio Tinto (RIO.AX) (RIO.L) will hold annual general meetings in London and Sydney this week. The meetings will be the first time the board has faced investors since proposing a A$19.5 billion deal with Chinese company Chinalco. Analysts say many investors are critical of the deal, particularly as Rio did not first seek to reduce debt by offering existing investors a discounted rights issue. Rio will also release its first-quarter production figures at the meetings. Page 18.

--A ruling by the Federal Court on mineral exploration company Jervois Mining (JRV.AX) 's chairman, Duncan Pursell, may see Mr Pursell overthrown by the end of this week. A shareholder meeting was held on April 2 to decide on the future of Mr Pursell and the company's directors, with a resolution seeking their removal narrowly defeated. However, the shareholders who proposed the resolution say proxy votes were incorrectly counted as voting against the proposal. Page 18.

--Recruitment firm Hamilton James & Bruce (HJB) last week reported a A$5.9 million half-year loss. The company's auditor, PricewaterhouseCoopers, said there "is a significant uncertainty whether the company will continue as a going concern." HJB, which focuses on the high-end of the recruiting market, services the banking, accounting and finance sectors. The company did not say why the release of the accounts was six weeks late, which led to the listed company's suspension from trading last month. Page 19.

--Drug development company Arana Therapeutics (AAH.AX) has been valued at between A$400 million and $470 million according to a report independently commissioned by company shareholders. The board of Arana is supporting a A$318 million bid for the company from United States pharmaceutical group Cephalon International (CEPH.O), and has refused to commission an independent report into Arana's value. Cephalon yesterday described the new valuation as "not credible and highly speculative." Page 19.