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)
American food and commodities trader Archer Daniels Midland
(ADM) yesterday had its A$2.8 billion offer for Australian grain
producer GrainCorp rejected by the executive board of
the latter for the second time. "GrainCorp has won the first
round by getting ADM to raise the bid without actually doing
anything," said a shareholder in the agricultural commodities
producer. Page 15.
Stuart Grimshaw, chief executive of Bank of Queensland,
yesterday said there were early signs of recovery in the
property sector in many regions of the state of Queensland.
"We've seen signs that it's bottomed and there have been a few
good sales on the Gold Coast, Sunshine Coast and even Cairns,"
Mr Grimshaw said after the bank's general annual meeting in
Brisbane. Page 15.
John Mullen, chief executive of stevedoring company Asciano
, yesterday said predicting the movements of the
resources sector was difficult due to unpredictable fluctuations
on world markets over the last 12 months. "It's such a pendulum
from doom to gloom Even the customers don't totally know or
understand what's going on - that makes planning capacity
difficult," he said. Page 16.
Profit margins for miner Iluka Resources are expected
to fall next year since an increase in demand for mineral sands
is not expected to peak until the middle of next year, industry
analysts noted yesterday. "Volumes will be weak in the first
half of 2013 before a bottom may be found inventories remain
elevated and long-term demand destruction is real at circa 10
percent for titanium feedstocks and circa 20 percent in zircon,"
said analyst Chris Terry from investment house Deutsche Bank.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Mark McInnes, chief executive of Premier Investments
, yesterday said the company was preparing for a number
of new retail acquisitions through a sustained personnel hiring
policy. "In July 2011, when we did the strategic review, I had
two fundamental objectives - to increase the earnings
performance and to rebuild the management platform to be able to
grow through acquisition," Mr McInnes said. Page 19.
Current National Australia Bank chairman Michael Chaney
yesterday said, at the bank's annual general meeting in Perth,
his current term would be his final one as the head of the
organisation. "We have this general understanding that 10 years
(on the board) is a good time. Normally people wouldn't stand
for re-election the next time they come up if they've done 10
years I expect it will be my last term," Mr Chaney added.
Greg Bridgeford, chief customer officer of United States
hardware operator Lowe's, yesterday confirmed the company's
commitment to local supermarket giant Woolworths and
its Masters brand of home improvement stores. "Our stores are
performing well and the Masters organisation is top notch. We
look forward to a long and strong future together with
Woolworths as we redefine home improvement for Australians
across the country," Mr Bridgeford wrote. Page 19.
Gail Kelly, chief executive of Westpac Banking Corp,
yesterday urged the Reserve Bank of Australia (RBA) to reduce
official interest rates early in 2013 in order to boost the
Australian economy. "They're (RBA) fully appreciative of the
funding dynamic with which we are dealing and they're adjusting
downwards and assess on the basis of what we do and they may
well, in my view, make a further adjustment in the new year,"
Mrs Kelly said. Page 19.
THE SYDNEY MORNING HERALD (www.smh.com.au)
Global miner BHP Billiton and oil producer
ExxonMobil yesterday announced they will spend A$992 million
constructing a "conditioning plant" next to their Longford gas
facility in Victoria, which will filter excess carbon dioxide
generated by three new gas operations in the Bass Strait. "The
new $1 billion facility at Longford will create around 250
direct construction jobs and countless more indirect jobs," said
Victorian Deputy Premier Peter Ryan. Page B1.
Shares in Australian publisher Fairfax Media yesterday
appreciated around 11 percent to climb to A54 cents, on the back
of increased earning forecasts for the company's Domain
classified real estate business, industry analysts noted.
"There does seem to be a solid improvement in sentiment towards
companies like Fairfax," said analyst Simon Mawhinney at fund
manager Allan Gray. Page B3.
The Australian Communications and Media Authority regulatory
body yesterday published a blueprint for international mobile
roaming standards, observers noted. The industry watchdog's
plan focuses on telecommunications operators who do not advise
customers of high international roaming rates when they use
their devices or phones while abroad. Page B3.
Federal Treasury boss Martin Parkinson yesterday said he
believed China would take over from the United States as the
world's largest economy in the next 10 years with Australia well
positioned to manage any negative side-effects from a potential
Chinese economic downturn. "We have a proven record of coping
with slowing growth in key export markets such as Japan and
other external shocks such as the Asian financial crisis and
global financial crisis," Dr Parkinson said. Page B4.
THE AGE (www.theage.com.au)
Around 21 percent of National Australia Bank shareholders
yesterday voted against its remuneration report frustrated at
the bank's underperformance over the last 12 months, industry
observers noted. "Let me assure you, the board feels the same
disappointment that the shareholders feel in respect of returns
all I can say is that we are really endeavouring to ensure
that our returns are better as we go forward," said the bank's
chairman Michael Chaney. Page B1.
Reserve Bank of Australia governor Glenn Stevens yesterday said
world central banks needed to liaise with each other more
closely to avoid negatively affecting economies by balance sheet
expansions such as the latest round of quantitative easing
measures announced by United States chairman of the Federal
Reserve, Ben Bernanke. Mr Stevens stated banks had to "continue
to talk frankly with each other about how we perceive the
interconnections of global finance to be operating". Page B1.
Brett Chenoweth, chief executive of media company APN News &
Media, yesterday said its publishing arm was affected
by a big slump in newspaper advertising markets. "We are
proactively managing the levers within our control, including
cash management, product innovation, sales transformation and
cost reduction while these initiatives will deliver a
substantial contribution, the weak advertising markets have had
a negative impact on APN's publishing results in Australia and
New Zealand," Mr Chenoweth said. Page B3.
Virgin Australia yesterday criticised the slowness of the
Queensland State Government in deregulating regional and
subsidised local air routes. "Competition brought about by
deregulating markets will no doubt bring lower fares and deliver
better access to regional communities, reduce costs to business
and boost tourism," said the airline's chief of corporate
affairs Danielle Keighery. Page B4.