PRESS DIGEST-Australian General News - Aug 19
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)
-- Shares in Babcock & Brown Power (B&B Power) (BBP.AX) closed almost 41 percent lower yesterday after the company announced it had suffered a A$42 million loss on the sale of a Tasmanian power station. It also warned it would write off A$452 million from asset values following its purchase of the energy assets of Perth-based Alinta last year. The news compounded growing investor disquiet at the management of B&B Power's parent, finance group Babcock & Brown BNB.AX, which flagged possible a board overhaul in an attempt to rebuild investor confidence. Page 1.
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BHP Billiton (BHP.AX) yesterday reported a record profit for an Australian company and said it was confident that demand from China would continue to underpin further growth. The world's largest miner tabled a 2007-08 net profit of US$15.4 billion (A$17.8 billion), up from $13.42 billion the previous year. BHP also lifted its final dividend by 52 percent. "It's a solid result in uncertain times and that's the benefit of the business model and the diversified nature of BHP's earnings stream," said Perpetual Investments analyst James Bruce. Page 1.
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Less than 20 years since the advent of workplace personal computers, rising energy prices, teleworking and the emergence of high-powered mobile phones could soon lead to their demise. "The fundamental desktop, the general-purpose workstation…is all but dead," says Fujitsu Australia chief executive Rod Vawdrey. Information technology consultancy S2 Intelligence suggests that employers should embrace centralised computing systems such as thin clients, virtual desktops and mobile technology so that employees can work on the device of their choice. Page 1.
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Australia's largest polluters have urged the Federal Government to implement more modest emissions targets in the early years of its emissions trading scheme (ETS). The Government has proposed that the most carbon-intensive companies receive up to 90 percent of their pollution permits for free. Some have warned that the maximum protection could fall to as low as 60 percent within a decade, forcing many businesses offshore and undermining Prime Minister Kevin Rudd's pledge to protect Australia's international competitiveness. Page 1.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
-- The Coalition continues to lead the New South Wales Labor Government on a primary and two-party-preferred basis, according to the the latest Newspoll. Labor has 33 percent primary support and the Coalition 40 percent, while the latter maintains its four-point lead over Labor on a two-party-preferred method by 52 percent to 48 percent. Opposition Leader Barry O'Farrell has a 39 percent to 32 percent lead over Morris Iemma as preferred premier. Observers say it will not be possible for Labor to win the 2011 election with such low support. Page 1.
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Indigenous academic Marcia Langton has accused Germaine Greer of racism after the outspoken feminist wrote an essay about the rage of Aboriginal men. Ms Greer claimed the loss of land, women, language and culture had caused a rage among indigenous men that was central to problems in Aboriginal communities. Professor Langton said this was 'plain wrong,' and urged Ms Greer to read more history. "We are not in the mood for failed leftist excuses for the rising levels of homicide, femicide and suicide," Professor Langton said. Page 9.
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The Federal Government is considering a number of changes to the previous government's welfare-to-work system, including tougher rules for the unemployed aged over 55. The changes, outlined in a draft report commissioned by the Government, would apply much stricter rules to older jobseekers able to meet their dole obligations by doing part-time work or volunteering for 30 hours a fortnight. But the Participation Taskforce recommended a significant softening of the rules applied to single mothers. Page 10.
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Fiji's military government has withdrawn from this week's Pacific Islands Forum in Niue, citing New Zealand's (NZ) decision to refuse the Fijian delegation access to NZ for post-forum meetings. Australian Prime Minister Kevin Rudd said yesterday that despite the absence of self-appointed Prime Minister Frank Bainimarama, Fiji would remain a major point of discussion at the 16-nation forum. Rudd said it remained Australia's view that Fiji conduct democratic elections by March 2009. Page 10.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
-- The Federal Opposition will attempt to make life hard for the Government when Parliament resumes next week by opposing billions of dollars worth of initiatives. The Coalition will oppose the controversial A$3.1 billion tax increase on pre-mixed alcoholic drinks, the A$555 million increase to the luxury car tax, and the lifting of the income threshold at which the Medicare levy surcharge applies. Opposition Leader Brendan Nelson will convene a summit on binge drinking in Canberra today. P1.
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The Consumer Action Law Centre has urged Federal Treasurer Wayne Swan to take full control of the design of the Government's bank-switching program after it was left to the industry. Policy director at the centre Nicole Rich suggested that bank customers be given ownership of a bank account number they could take elsewhere, and rejected Treasury concerns that such a scheme would be too costly. "If the Government is fair dinkum about this issue then they owe it to us to at least examine the cost and feasibility of it," she said. Page 2.
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Federal Opposition Leader Brendan Nelson will spend 12 hours in a cramped cab with a veteran truckie on August 30 in a bid to highlight financial pressures on family transport businesses. Dr Nelson will travel with Rod Hannifey from Melbourne to Dubbo, and has already promised to bring along his collection of music by Australian country music legend Slim Dusty. Mr Hannifey agreed that was acceptable, but drew the line should Dr Nelson opt to bring along one of his guitars. "It might be somewhat disconcerting," he said. Page 2.
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Prime Minister Kevin Rudd yesterday paid tribute to Australians killed in the Vietnam War at a Vietnam Veterans' Day service in Canberra. For the first time, the 108 Australian soldiers who fought in the Battle of Long Tan were allowed to wear the Gallantry Cross with Palm Unit Citation, an honour recommended 42 years ago. Mr Rudd said it had been a long time coming. "Years later, the men who fought so bravely in that battle have finally received the recognition they deserve," he said. "A grateful nation thanks you." Page 4.
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THE AGE (www.theage.com.au)
-- Three-time triathlon world champion Emma Snowsill yesterday claimed her first Olympic Games gold medal at the 29th Olympiad in Beijing. The 27-year-old Queenslander crossed the finish line of the 1.5-kilometre swim, 40-kilometre cycle and 10-kilometre run in 1:58.27, more than a minute ahead of Portuguese rival and friend Vanessa Fernandes and Australian Emma Moffatt. "The gold medal is a motivation that you use every day at training," Snowsill said after the race. "I certainly feel better than I expected after winning a gold medal." Page 1.
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Proposed legislation increasing scrutiny on Australia's anti-terrorism laws has received bi-partisan support and could be debated in the Senate before September. Senior Labor figure Daryl Melham has backed Liberal member of parliament Petro Georgiou's private member's bill on the issue, arguing the creation of an independent reviewer will send "the right message and engender confidence." The Greens have also indicated support, suggesting passage of the bill through the upper house is all but assured. Page 2.
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The Federation of Automotive Products Manufacturers has accused the Federal Government of using flawed economic modelling to justify a drastic reduction in the imported car tariff. The Government's review of the Australian car industry by former Victorian premier Steve Bracks recommends cutting the tariff from 10 percent to 5 percent on January 1, 2010, and cites Productivity Commission statistics finding that overall gross domestic product would be boosted by up to 0.06 percent as a result. Page 5.
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The Australian Olympic Committee has weighed into the debate about how to measure success at the Beijing Games, with president John Coates arguing that the overall medal count should be the standard. The United States (US) Olympic Committee agreed. Last night, the US had 72 medals, 22 of them gold, while host nation China had 67 medals, 39 of them gold. Mr Coates said the global medal victor should be the winner of the most medals, not the most golds, but the International Olympic Committee has rejected the notion of a medal tally at all. Page 6. - -
