Today's Top Stories
10 September 2010
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Jobs surge boosts growth outlook
Australian Financial Review, Michael Dwyer
Better than expected jobs figures could lead to an interest rate rise as early as next month, experts say. Full time employment increased by 53,100 in August, the largest gain in more than two years. Unemployment fell to 5.1 percent, a 19-month low. Surging employment will put pressure on the Reserve Bank of Australia to consider lifting interest rates to avoid inflationary pressures. Page 1. © Media Monitors 2010
AMP set to reignite AXA bid
Australian Financial Review, Duncan Hughes
The Australian Competition and Consumer Commission has again rejected National Australia Bank’s $13.3 billion AXA merger plan as anti-competitive. The decision paves the way for AMP to make a third bid for wealth manager AXA Asia Pacific Holdings. A spokesperson for chief executive Craig Dunn yesterday said the AXA deal remained “strategically attractive” for AMP. Page 1. © Media Monitors 2010
Million-dollar payday for legal partners
Australian Financial Review, Alex Boxsell & James Eyers
A number of large law firms managed to maintain significant profit margins in the past financial year by shrinking partnerships and slashing costs. Prominent firms Clayton Utz, Corrs Chambers Westgarth and Mallesons Stephen Jaques maintaned profit margins of 44 percent to 46 percent, in the face of falling revenue. Page 1. © Media Monitors 2010
NSW energy talks collapse
Australian Financial Review, Lisa Murray & Jackie Range
Negotiations between the New South Wales Government and Whitehaven Coal over a key coal supply deal have collapsed, after disagreements on pricing. The negotiations, which had been ongoing for six months, were seen as crucial to the $8 billion NSW electricity privatisation and will be viewed as a setback for the NSW government, experts say. Page 3. © Media Monitors 2010
Wage blowout threat to NBN
Australian, Annabel Hepworth & Mitchell Bingemann
An acute shortage of skilled workers in regional Australia is threatening to delay the rollout of the Gillard government’s $43 billion National Broadband Network. Skills shortages in regional areas have prompted warnings of a wages blowout that could drive up the costs of the NBN even further. The Government will have to pay cash incentives to employers who trained staff to install the NBN, experts said. Page 1. © Media Monitors 2010
Less spin, more heart, PM vows
Australian, Patricia Karvelas
Prime Minister Julia Gillard yesterday pledged to overhaul the culture of the Labor Party and renew its sense of purpose. Addressing the first caucus meeting since the election, Ms Gillard told her MPs that she would create policy from the bottom up rather than imposing it on them. Ms Gillard also promised to dump the destructive culture of spin that had marred the Rudd government. Page 1. © Media Monitors 2010
Neutral? Oakeshott ‘asked Labor for state cabinet seat’
Australian, Imre Salusinszky
Independent MP Rob Oakeshott has previously sought positions in state Labor cabinets. When he was a state MP, Mr Oakeshott approached former New South Wales Premier Morris Iemma in 2007 and asked to join his ministry. The revelations cast doubt on whether Mr Oakeshott was fully impartial as he considered the claims of Julia Gillard and Tony Abbott to form minority government. Page 1. © Media Monitors 2010
One of the best shot dead at 26
Australian, Ean Higgins and Anthony Klan
A New South Wales police constable was shot dead on a planned drug raid on Wednesday night in the southwestern Sydney suburb of Bankstown. Constable Bill Crews, 26, was one of six officers on the raid, targeting an alleged small-time drug dealer. According to police, Philip Nguyen started shooting at the officers before they even got through the door. Page 1. © Media Monitors 2010
BHP may have to honour PotashCorp contract
Australian Financial Review, Jamie Freed
Mining company BHP Billiton may have to commit to the Canpotex potash export cartel, if its US$40 billion bid for Potash Corporation of Saskatchewan is successful. Authorities in the Canadian province last week said they would seek guarantees on marketing from BHP as a part of the regulatory approval process. BHP may need assistance from at lease one of two other members of Canpotex - Agrium and Mosaic - to continue using Canpotex’s logistics network. Page 44. © Media Monitors 2010
Lots of froth, but Foster’s intention was disclosure
Australian Financial Review, Julie-anne Sprague
Foster’s Group’s announcement this week of an unsolicited bid for its wine business was not designed to boost the beverage company’s share price before a demerger of its beer and wine divisions, according to chief executive Ian Johnston. The rejected bid for Treasury Wine Estates, worth between $2.3 billion and $2.7 billion, had prompted analysts to boost their valuations of the business. Page 45. © Media Monitors 2010
Costs squeeze Premier Media
Australian Financial Review, Neil Shoebridge
Pay television content producer Premier Media Group reported a 9.7 percent net fall in profit to $124.1 million for fiscal 2010, according to accounts released this week by the Australian Securities and Investments Commission. The group is 50 percent-owned by James Packer’s Consolidated Media Holdings, with the remainder owned by Rupert Murdoch’s News Corporation. Page 46. © Media Monitors 2010
First casualties fall in hardware war
Australian Financial Review, Sue Mitchell
The opening of the first big-box hardware store from a joint venture between supermarket chain Woolworths and United States group Lowes might be 12 months away, but its effect on competition is already being reflected in the domestic hardware retail sector. Market leader Bunnings is rumoured to have started delisting or reducing shelf space for numerous brands as it introduces high-growth products like flat-pack kitchens, flooring and fencing. Page 46. © Media Monitors 2010
Coalminers’ QR bid runs off the rails
Australian, Matt Chambers
A consortium of coal mining companies yesterday abandoned their $5.2 billion bid for the coal freight rail assets of QR National. The Queensland Coal Industry Rail Group said it had failed to satisfy its bidding requirements and those of the Queensland Government. The Bligh government is now set to proceed with its initially planned float of QR National. Page 21. © Media Monitors 2010
Sport
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Lowy: I won't let the A-League die
Sydney Morning Herald, Michael Cockerill
According to Frank Lowy, chairman of the FFA, he will do whatever is needed to ensure that the A-League survives, even putting in his own money. Australia’s richest man has been consumed by Australia’s 2022 World Cup bid, but his deep passion has always been club football. He has championed two leagues in his time, the old NSL in the 1970s and now the A-League. “There is now way the A-League will close down, no way,” he says. Page 30. © Media Monitors 2010