Australian Enterprise Information
PRESS DIGEST-Australian Business News - Feb. 14
Compiled for Reuters by Media Screens. Reuters has not verified these tales and doesn't vouch for their accuracy.
THE AUSTRALIAN FINANCIAL OVERVIEW ()
AGL Energy has proposed a complete buyout of the Loy Yang Energy station in Victoria, although some shareholders have characterised AGL's offer as "opportunistic".
The fuel and vitality retailer owns 32.5 percent of the facility generator and has entered into an settlement with Tokyo Electric Energy Firm (TEPCO) to accumulate the Japanese company's 32.5 p.c holding for A$145 million.
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Executives from Apollo Global Administration, one of the United States hedge funds making an attempt to accumulate control of Nine Entertainment Co, will meet with the media group this week in Sydney and Melbourne.
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JB Hi-Fi introduced a 5.5 percent bounce in half-12 months gross sales to A$1.8 billion, but the discount retailer's chief executive Terry Smart stated prospects had been suffering from "promotional fatigue" and weren't being attracted by new deals.
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Angus Karoll, government chairman of Westside, yesterday derided a "indicative, conditional, non-binding and confidential" A$164 million takeover bid from an unnamed get together as "extremely cheap".
The bid for the coal seam fuel junior values it at A65 cents a share, but Mr Karoll argued that the company was "nonetheless considerably undervalued at A65 cents" compared to current offers.
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THE AUSTRALIAN ()
The Australian Competitors and Client Fee (ACCC) yesterday announced that it's going to publicise its inside 17-page code of conduct in a bid to enhance accountability at the competition regulator.
Key officials, together with chairman Rod Sims, can even reveal their disclosures of monetary interest.
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Paul Zahra, chief executive of department retailer David Jones , has acquired the backing of the board executives after finance director Stephen Goddard announced his resignation, one week before David Jones reports second-quarter gross sales to the market.
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Mike Hirst, managing director of Bendigo and Adelaide Bank , yesterday mentioned that banks needed to lift their mortgage charges as a way to stave off a reduction in lending.
The regional lender elevated its normal variable rate of interest to 7.forty five percent yesterday, echoing moves by National Australia Financial institution, Commonwealth Financial institution of Australia , Westpac Banking Company and Australia and New Zealand Banking Group.
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Hamish Tyrwhitt, chief government of Leighton Holdings , yesterday stated "there is not any smoke and mirrors" in the contractor's 57 % improve in web profit to A$340 million for the first half of 2011-12.
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Guy Edwards, Greg Corridor and Michael Fung from monetary services group PricewaterhouseCoopers yesterday have been appointed as administrators of bedding and furniture retailer Sleep City.
"We are still investigating the causes behind the administration; however we imagine that the current smooth retail atmosphere is a contributing factor," Mr Fung said.
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Paul 'Sullivan, chief government of telecommunications group Optus, yesterday urged sports codes to charge a uniform price for content to all carriers, adding that Australia should not permit "the digital future to be dictated to by any one interest group".
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Belinda Gibson, deputy chairman of the Australian Securities and Investments Commission (ASIC), yesterday stated that the people focused for insider trading "are extra sophisticated folks out there".
ASIC last week revealed a report into market oversight, exhibiting that investigations had begun inside 30 days in 26 instances since assuming responsibility for insider buying and selling from the Australian Securities Exchange final yr.
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The Massive Financial institution Switch campaign spearheaded by website One Huge Swap and consumer advocates Alternative is making ready for a second campaign after the main banks' latest mortgage rate rises, Lachlan Harris, co-founding father of the web site, mentioned.
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THE AGE ()
Phil Chronican, chief executive of Australia and New Zealand Banking Group, yesterday said the lender's decision to slash a thousand jobs in Australia was a response to basic change within the business, which included falling demand for loans and higher prices from regulation and funding.
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Workers at Qantas Airways are anticipating that the service will announce job cuts later this week when it releases its half-yr update and publishes a assessment into its worldwide business.
Paul Cousins, federal president of the Australian Licensed Plane Engineers Association, yesterday predicted that the company's engineering unit was the most certainly goal for redundancies.
Qantas employs around 34,000 staff worldwide. Web page B3.
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Nationwide Australia Bank and Commonwealth Bank of Australia yesterday raised their variable mortgage rates by 9 foundation points and 10 foundation points respectively, ignoring warnings from Federal Treasurer Wayne Swan not to do so.
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Figures from the Australian Bureau of Statistics have revealed a 2.three p.c bounce in residence mortgage approvals in December to forty eight,453, besting analysts' expectations and the highest quantity since May.
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