Echo says debt restructure to cost $22m

CASINO owner Echo Entertainment will incur a one-off charge of $22 million from changes made to its debt arrangements.

But the owner of Sydney's The Star said the changes will reduce its finance costs from the second half of the 2013/14 financial year to the 2015/16 year.

Echo had closed out some of its interest rate swap positions and restructured its lending arrangement, it said.

That will involve pre-tax expenses of $22 million which will be recognised its in results for the first half of the 2013/14 year.

Echo shares were down 7.5 cents, or 3.1 per cent, at $2.325 at 1412 AEDT.

11.51 | 0 komentar | Read More

Senate rejects first carbon tax bill

THE Senate has rejected the first of the government's carbon tax repeal bills with Labor and the Greens combining to vote it down.

Parliament's upper house voted 38 to 29 against further debate on a bill to scrap the $10 billion Clean Energy Finance Corporation, effectively defeating the legislation.

It was the first of the package of 11 bills to repeal the carbon tax, in line with a coalition election promise.

Finance Minister Mathias Cormann said abolition of the corporation was a priority for the government and a commitment Prime Minister Tony Abbott took to the September 7 election.

The government had the strong support of voters who rejected Labor at the poll, he said.

"Labor takes the position they have flagged in this chamber today at their peril."

The CEFC was set up by the Gillard government to help finance clean energy projects.

Labor has condemned its abolition, saying it returned about $200 million a year to the budget.

But Senator Cormann said scrapping the CEFC would save money because the corporation had to raise funds at public debt borrowing rates, which Labor senators had ignored.

CEFC chair Jillian Broadbent, a former member of the Reserve Bank of Australia board, last week pleaded with the government to reconsider its plan, saying the corporation had made a profit and helped curb carbon emissions.

Labor senators condemned the move to abolish the CEFC, saying it would hurt the government's ability to reach its emissions reduction targets.

"It will cost the taxpayer more to shut this corporation down than Abbott says it will save," Labor senator Glenn Sterle said.

Labor colleague Ursula Stephens said the coalition was taking a "very important, potent policy tool" away from its direct action plan.

The Clean Energy Finance Corporation (Abolition) Bill 2013 cannot be reintroduced for three months.

If it is rejected a second time, the government will have a double-dissolution trigger.

11.51 | 0 komentar | Read More

Aust research could prevent stillbirth

A team of Victorian researchers has developed a test they say could prevent stillbirth. Source: AAP

A MELBOURNE woman involved in a world-first test that aims to reduce stillbirths says she hopes she can help other expectant mothers avoid the heartbreaking tragedy.

Mercy Health researchers have developed a blood test that will help doctors test if a fetus is at risk of stillbirth.

Researchers say the test, which measures a baby's oxygen levels inside the womb, could be more effective than an ultrasound.

Rochelle Haralambous had blood tests throughout her pregnancy to monitor her premature baby Tia, as part of the study.

Doctors monitored Tia to ensure she was not born too early or too late.

"If it can help any mums in the decision-making of taking that baby out of their stomach and delivering it early, then that would certainly help a lot," Ms Haralambous said on Monday.

She said the test could help her again in the future if she decides to have more children.

Lead researcher Clare Whitehead and Professors Stephen Tong and Susan Walker developed the test, which measures RNA fragments that are released when a baby is suffering from dangerously low levels of oxygen.

Dr Whitehead says the test can help doctors deliver premature babies at the right time.

"If we know how much oxygen the baby is getting we can deliver pregnancies prior to the oxygen levels becoming very low and the baby succumbing to stillbirths," Dr Whitehead said.

She says the test could be made available in three to five years.

An international clinical trial is taking place across seven hospitals in Australia and New Zealand.

One in every 135 Australian pregnancies ends in stillbirth, Dr Whitehead said.

11.51 | 0 komentar | Read More

NSW bar owner on fraud charge

A BAR owner has been charged with providing fraudulent information to get a liquor licence for his premises in Armidale in the NSW's Northern Tablelands.

The 39-year-old man allegedly submitted an application to the licensing police in the New England Local Area Command in April 2013.

Since the licence was granted for the Beardy Street premises, police said they had attended a number of alcohol-related incidents.

Investigations revealed the man had allegedly provided fraudulent details to obtain the licence.

He was arrested on Friday and charged with dishonestly obtaining financial advantage by deception.

Police also executed two search warrants and seized financial documentation and computer equipment.

The man was released on bail to appear at Armidale Local Court on January 20.

11.51 | 0 komentar | Read More

John Legend lands his first Aussie No.1

JOHN Legend's All of Me has become his first No.1 single in Australia, topping the ARIA chart.

Legend is in the country touring as support act to Alicia Keys, and while the racy video clip featuring his wife, model Chrissy Teigen, must have given the song its initial viewings, the track has sold enough to be certified Gold in Australia after four weeks in the charts.

The Monster for Eminem and Rihanna is back down to No.2 after three weeks at the top, while Magic! climb four places to a new peak of No.3 with Rude.

Spending their eighth week within the Top 10, Pitbull and Ke$ha climb back up to their former high of No.4 for a third non-consecutive week, while Avicii is back down two places to No.5 with Hey Brother, and Guy Sebastian holds at No.6 with Like a Drum.

Katy Perry is down three places to No.7 with Roar, Bastille and Justice Crew hold at No.8 and No.9 respectively, while the new No.1 album holder in the country, Taylor Henderson, is back up a couple of places to No.10 with Borrow My Heart.

Over on the ARIA albums chart, the self-titled debut set for Taylor Henderson is the new No.1 this week.

After a single week at the top, One Direction drop down a place to No.2 with Midnight Memories, while climbing up a place to a new peak of No.3 is Willy Nilly - The 12th Man's Biggest Hits for comedian Billy Birmingham, which pushes Prism for Katy Perry down to No.4.

Human Nature climb a place to a new peak of No.5 with The Christmas Album, while Michael Buble returns to the Top 10 with 2011/2012 No.1 album Christmas, rising five places to No.6 this week, accumulating its 16th week within the Top 10.

The self-titled album for Dami Im drops four places to No.7 and Eminem is down three to No.8 with The Marshall Mathers LP 2.

Robbie Williams drops a couple of places to No.9 with Swings Both Ways and Lorde is down two spots to No.10 with Pure Heroine.

11.51 | 0 komentar | Read More

Australia pledges more aid to Philippines

FOREIGN Minister Julie Bishop has visited typhoon-devastated communities in the Philippines, pledging another $10 million to Australia's aid effort.

Ms Bishop on Sunday met the Australian medical team in Tacloban, one of the areas worst hit by Typhoon Haiyan, and Australian Defence Force personnel working in Ormoc and surrounding areas.

She thanked the health, defence, aid, consular and other officials who have responded to the crisis, and the Australian public who had donated more than $13 million to relief and recovery efforts.

The additional $10 million in humanitarian relief brings Australia's total contribution to $40 million.

Almost 15 million people have been affected by Typhoon Haiyan, which caused massive destruction early last month.

Ms Bishop will travel to Manila to meet her Filipino counterpart and other cabinet members, where the Philippines' recovery needs and broader bilateral and regional issues will be discussed.

11.51 | 0 komentar | Read More

NSW releases freight and port strategy

SHIFTING truck movements to off-peak periods is just one of the ways the NSW government is hoping to cope with increasing pressure on the state's transport network.

The NSW government released its first Freight and Ports Strategy on Saturday, with the hopes of planning for the growth of the state's economy for the next 20 years.

The government said 409 million tonnes of freight was moved on the NSW transport network in 2011.

This number is expected to grow to 794 million tonnes by 2031.

The strategy notes the competing needs of passengers and freight on the state's rail and road network.

It suggests one way the state could deal with this is by shifting truck movements to off-peak periods.

"Currently, most road freight movements take place during daylight hours on weekdays. This means that freight and passenger movements largely happen at the same time," the strategy says.

"Moving freight trips to times outside peak periods will contribute to reduced congestion and, more importantly, can improve freight access and reliability.

"This will potentially lead to lower transport costs for the entire community."

The strategy says opportunities also exist to shift more freight to rail.

Roads and Ports Minister Duncan Gay said the strategy was a milestone.

"With the efficient and effective freight network underpinning the strength of our exports and reducing the costs of everyday goods and services, the strategy will ensure that freight is at the forefront of our economy," he said in a statement.

The strategy coincides with the announcement of funds to fix roads in regional NSW.

The first $1.5 million under the Fixing Country Roads program will allow Forbes Shire Council in the Lachlan Valley to boost vehicle access to the GrainCorp Red Bend grain silos.

President of NSW Farmers Fiona Simson said transport in regional NSW had been overlooked for some time.

11.51 | 0 komentar | Read More

2014 Grammy nominations announced in LA

MACKLEMORE & Ryan Lewis, Lorde, Taylor Swift, Pink, Pharrell Williams and Kendrick Lamar are among the multiple nominees announced at the Grammy nominations concert.

Macklemore and Lewis have been nominated for major awards best song, best album and best new artist of the year during the hour-long TV show to reveal some of the nominees for the 56th Grammys.

Joining Macklemore and Lewis in the best new artist category are fellow album of the year nominee Kendrick Lamar, country singer Kacey Musgraves and British musicians James Blake and Ed Sheeran.

Kiwi singer Lorde, 17, has picked up two Grammy nominations - song of the year and record of the year.

Australian country music star Keith Urban performed during the Los Angeles show.

11.51 | 0 komentar | Read More

Champagne flows at Nine listing

Nine Entertainment shares are tipped to make a successful debut on the ASX on Friday. Source: AAP

IT wasn't quite a champagne launch but the bubbly still flowed at the sharemarket debut of Nine Entertainment as current affairs star Liz Hayes rang the bell on a new era of public ownership for the TV network.

Nine Entertainment shares opened at $2.02 on the Australian Securities Exchange, below their $2.05 issue price but chief executive David Gyngell made no comment on the pricing as he welcomed the company's new shareholders with a friendly warning that he "looked forward to the ups and downs" and would not sugar coat the realities of doing business.

"That's the way we run our business at Channel Nine - often wrong but never in doubt," Mr Gyngell said, to laughter from the crowd of Nine Entertainment staff and investors.

"You'll never hear us sugar coat it."

Mr Gyngell described the float process as "satisfying", saying in a statement that the share offer had been oversubscribed.

"We welcome both domestic and international investors and look forward to their long term investment in our business," he said.

Nine's float values the company at $1.93 billion and has raised $636 million, with $395 million flowing to the company's private owners including two US hedge funds that retain stakes.

A further $199 million goes to paying down debt while the company will receive $50 million in cash.

Mr Gyngell will be paid $2 million a year and received about 4.5 million shares under the terms of the float, worth $9.3 million at the issue price.

He also received a cash bonus of $2.5 million for taking the company to listing and an additional $4.5 million worth of performance rights.

Nine Entertainment shares were at $2 at 1444 AEDT, down five cents on heavy volume with 40 million shares traded.

BBY analyst Mark McDonnell said the first few hours of trading should not be seen as indicative of where the share price might go.

The shares came on at the low end of the $2.05-$2.35 range indicated during the offer and were "fairly priced", Mr McDonnell said.

The challenge for Nine now will be to achieve its 38.4 per cent ad revenue market share goals against a strengthened Ten Network.

Ten has billionaire shareholders Lachlan Murdoch, James Packer and Bruce Gordon backing a $200 million loan for the network and has secured rights to the Twenty20 cricket.

"Nine has a fantastic franchise in cricket through the summer and Ten is going to nibble away at that," Mr McDonnell said.

11.51 | 0 komentar | Read More

Holden urged to declare Australian plans

The government and opposition have denied rumours Holden will pull out of Australia from 2016. Source: AAP

THE future for car maker Holden looks increasingly bleak, with pressure growing on the company to decide on the fate of its local manufacturing operations.

Holden has dismissed as speculation reports, sourced to senior federal government figures, that it has already decided to close by 2016.

But Prime Minister Tony Abbott has also rejected spending more public money to keep the company building cars in Australia, something thought essential for Holden to stay.

"I think they owe it to the workforce, they owe it to the suppliers, they owe it to the people of Australia to say what they're doing," Mr Abbott said on Friday.

"Are they staying or are they going?"

Mr Abbott said the government would not offer anything beyond what was promised at the September election - a total of $500 million in car industry assistance to 2015.

South Australian Premier Jay Weatherill said that made a mockery of the federal government's review of car industry assistance by the Productivity Commission.

He accused sections of the federal government of deliberately undermining the process to secure Holden's future.

"They want to create the most hostile environment so that Holden will actually take the decision out of their hands by just simply closing," Mr Weatherill said.

The premier said he had spoken to Holden boss Mike Devereux, who had rejected the closure reports and reaffirmed no decision had yet been made.

The company also issued a bulletin to workers telling them they would be the first to know of any decision.

The company said it remained fully committed to the negotiation process and to also taking part in the Productivity Commission review.

Mr Devereux spoke with workers in Adelaide on Thursday and is due to front the commission on Tuesday.

Australian Manufacturing Workers Unions state secretary John Camillo said Mr Devereux was upbeat in his comments to staff and made no mention of closure.

He said those same workers were now devastated by what they were reading in the media and wanted to know where they stood, preferably before Christmas.

Absentee rates at Holden were increasing due to the stress created by the uncertainty, though the union ruled out taking industrial action.

"We've got workers, we've got families, we've got communities who are really worried about whether Holden is going to survive or not," Mr Camillo said.

"Workers' lives are at risk, because of the politics that is being played by all sides. This has gone too far."

Federal opposition industry spokesman Kim Carr said the government should have sent a delegation to General Motors in Detroit to discuss the future of Holden.

Senator Carr said the coalition had been "incredibly indolent, lazy" about developing a plan for the auto sector.

Holden last year agreed to a $275 million assistance package in return for developing and building two new model cars in Australia from 2016.

However, it is now thought to need as much as $500 million and has repeatedly warned that its local operations are not sustainable without ongoing support.

11.51 | 0 komentar | Read More