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. Continued...
