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TAKE A LOOK-Latest from the U.S. presidential campaign
Reuters: [2008-05-19 23:21:00]
Hillary Clinton told Barack Obama the race for the Democratic
presidential nomination was nowhere near over on the eve of
Tuesday's primaries in Kentucky and Oregon.
McCain accused Obama of underestimating the threat posed by
Iran and ridiculed his pledge to meet Iran's leader if elected.
Double-click on the code in brackets to see the latest
stories. If no story appears, click on the headline.
NEWS STORIES
> Clinton to Obama: Not so fast [ID:nN19543996]
> McCain criticizes Obama for wanting Iran talks [ID:nN19558273]
> McCain vows to fight US farm subsidies, tariffs [ID:nN19499160]
> Obama tells critics to leave his wife alone [ID:nN19524068]
> McCain campaign adviser quits over lobbying ties[ID:nN18495689]
> Obama eyes media with promise of antitrust push [ID:nN18498319]
> McCain woos some Hispanics, others see baggage [ID:nN16451020]
> McCain says Obama, Clinton threaten gun rights [ID:nN16442787]
> Huckabee jokes to NRA of gun aimed at Obama [ID:nN15189542]
> McCain: U.S. can win Iraq war by 2013 [ID:nN15189542]
> Edwards rules out vice presidential run [ID:nN16401634]
POLLS
> McCain runs strong despite low Bush ratings-poll[ID:nN12340098]
> Gas prices hurt but tax holiday no solution [ID:nN15510057]
> Obama damaged by Wright flap-USA Today/Gallup [ID:nN05368680]
ANALYSES/SIDEBARS
> Kentucky glad to be focus of Democratic politics[ID:nN19543513]
> Hard for Clinton to give up while still winning [ID:nN13443564]
> McCain urges UK-style sessions for US president [ID:nN15176157]
> U.S. Democrats win Mississippi special election [ID:nN13446767]
> Gas tax battle was a political gift to Obama [ID:nN08383175]
> Democrats divide by race, gender, class [ID:nN07385836]
> How Obama got his momentum back [ID:nN0728436]
FACTBOXES
> Presidential candidates' views on gay marriage [ID:nN15343012]
> Reaction to Bush 'appeasement' remark [ID:nN15292434]
> Should president talk with foreign adversaries? [ID:nN15309170]
> Edwards endorses Obama in Democratic race [ID:nN14537562]
> High-profile, uncommitted Democrats [ID:nN14540512]
> Results in West Virginia primary [ID:nN07534801]
> Why does Hillary Clinton keep running? [ID:nN13441629]
> Key dates in the U.S. presidential campaign [ID:nN22326375]
> Delegate counts for U.S. presidential candidates[ID:nN16424740]
> Scenarios in U.S. political race [ID:nN07526632]
> Democrats split in support for Clinton, Obama [ID:nN04297201]
> Should a president talk with foreign enemies [ID:nN15309170]
> Reaction to Bush appeasement remark [ID:nN15292434]
> Clinton's proposals to lift gasoline tax [ID:nN05383474]
> Profiles of U.S. presidential hopefuls [ID:nN22367925]
> Which Democrat has won each U.S. primary/caucus [ID:nN05214328]
> Presidential candidates on environment, energy [ID:nN22312438]
> U.S. presidential candidates on nuclear energy [ID:nN06439370]
> U.S. presidential candidates on gas prices [ID:nN28496939]
> U.S. presidential candidates on Iran [ID:nN05376027]
> U.S. presidential candidates on jobs data [ID:nN02339078]
> U.S. presidential candidates' economy plans [ID:nN15477578]
> U.S. presidential candidates' health plans [ID:nN29375459]
> U.S. presidential candidates on Iraq withdrawal [ID:nN11371782]
> U.S. presidential candidates on energy issues [ID:nN30518822]
> U.S. presidential candidates' poverty proposals [ID:nN29215896]
> U.S. presidential candidates on job losses [ID:nN04327243]
> U.S. presidential candidates and gun control [ID:nN18624910]
> U.S. ballot initiatives and the 2008 election [ID:nN19361035]
> U.S. presidential political terms [ID:nN04464857]
(For more about the U.S. political campaign, visit Reuters "Tales
from the Trail: 2008" online at
http://blogs.reuters.com/trail08/)
((Compiled by World Desk Americas; +1 202 898 8457))
Keywords: USA POLITICS/TAKEALOOK
PRESS DIGEST-Australian Business News - May 20
Reuters: [2008-05-19 23:20:00]
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)
--Fairfax Media <FXJ.AX> chief executive David Kirk said yesterday the group would exceed a targeted A$45 million in cost savings and revenue from its A$2.8 billion acquisition of Rural Press last year. Following the takeover, Fairfax closed three printing operations and cut staff in some areas. "Some of the increase comes from continuous improvement programs that wouldn't have been possible without the merger," Mr Kirk said. However, he declined to put a number on the new revenue the group was able to generate. Page 18.
--A joint bid on dairy producer Dairy Farmers by Parmalat Australia <PLT.MI> and Victorian cooperative Murray Goulburn has gained clearance from the Australian Competition and Consumer Commission. The Parmalat-Murray Goulburn consortium is the third party to line up for Dairy Farmers' A$800 million-plus auction, following earlier bids by National Foods and New Zealand's Fonterra. "Given the high level of interest the board will be methodical in its assessment of available options," Dairy Farmers chief executive Rob Gordon said yesterday. Page 18.
--B&B Infrastructure <BBI.AX>, the flagship fund of investment bank Babcock & Brown, says it is on track to successfully refinance a A$500 million loan due in August. "We are starting to see signs of the debt markets recovering, certainly in our space [and] it's a refinanceable amount of money," the fund's chief financial officer, Jonathan Sellar, told the Macquarie Global Infrastructure Conference last week. B&B Infrastructure has about A$10 billion in debt across its asset base, with about 10 percent of this falling due in the period to June 2009. Page 19.
--Nine Network executive David Radoczy has been appointed as the first general manager of FreeView, an organisation backed by free-to-air television (TV) networks. The Seven, Nine and Ten networks, along with public broadcasters ABC and SBS, have set up FreeView to promote digital TV channels in the face of competition from pay-TV. Mr Radoczy, who is believed to have been appointed for an initial three months, will join FreeView next week. He has previously worked for the ABC, British-based pay-TV group BSkyB and BBC Enterprises. Page 21.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--Hutchison Telecommunications Australia's <HTX.N> 3 mobile phone business yesterday reported a full-year loss of A$285 million, an improvement on the A$759 million loss in 2006-07. The company announced that the number of subscribers had increased by 9.2 percent to 1.72 million in the four months to April 2008. Canning Fok, managing director of the group's Hong Kong-based parent, Hutchison Whampoa, predicted an operating profit for Hutchinson Australia by the end of the year. Page 19.
--According to listed private health insurer NIB Holdings, its cheapest product is attracting customers for reasons other than private health care. "People who have bought lower-cost products are more likely to have been motivated by tax considerations," managing director Mark Fitzgibbon said yesterday. He revealed that individuals in the 20-29 age group formed the bulk of the 20,000 new members NIB signed up in the second half last year. Page 21.
--Mike Connaghan, the chief executive of marketing and communications group STW has assumed the role of main decision-maker and joined the agency's board. The move follows the announcement by executive chairman Russell Tate at the company's annual general meeting yesterday to step down from an executive role and become deputy chairman. Mr Connaghan told the meeting that STW remained optimistic about achieving its revenue targets for 2008 despite the current market uncertainty. Page 21.
--Chinese zinc and tungsten group Hunan Nonferous Metals said in a bidder's statement yesterday that its takeover offer for West Australian company Abra Mining <AII.AX> was aimed at lifting its stake in the metals explorer to 70 percent from the current 17.8 percent. Hunan has made an all-cash offer for Abra. "Our offer reinforces our commitment to assist in the development of Abra's 100 percent owned deposit located within the Mulgul project in central Western Australian," Hunan said. Page 23.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Troubled general insurer Insurance Australia Group <IAG.AX> (IAG) yesterday rejected rival QBE's <QBE.AX> A$8.7 takeover offer, stating that the suitor's third attempt still "fell short of fair value." But QBE chief executive Frank O'Halloran told the stock exchange that his company "considers its final proposal is fair and reasonable, given IAG's declining profitability in the past three years and its recent profit downgrade." According to analysts, IAG is seeking A$5 per share, which would value it at A$9.45 billion. Page 19.
--The board of St George Bank <SGB.AX> has backed Westpac Banking Corp's <WBC.AX> merger offer to create a A$66 billion entity. St George chairman John Curtis told shareholders yesterday that the scrip-based bid by Westpac, valuing the target at about A$18 billion, was more attractive than any potential rival all-cash offer as it would allow St George to retain its brand, besides being a better financial deal. Analysts said a rival offer from overseas was unlikely, but there was a strong possibility of a competing local bid from National Australia Bank. Page 19.
--West Australian ammonia producer Burrup Holdings yesterday revealed plans for a A$500 million initial public offering. The listing is expected to value Burrup founder Pankaj Oswal's 70 percent stake at up to A$1.7 billion. As part of the float, Mr Oswal will sell down his shareholding to 53 percent, while Norwegian ammonia trader Yara International will reduce its holding to 27 percent from 30 percent. Page 21.
--Poker machine group Aristocrat Leisure <ALL.AX> will pay an estimated A$150 million to A$170 million to settle a class action initiated by investors who argued the company failed to keep the market informed six years ago. If Justice Margaret Stone of the Federal Court approves the deal, it will be a record payout by an Australian company to its shareholders. Aristocrat's insurers are expected to pick up most of the settlement bill. Page 21.
THE AGE (www.theage.com.au)
--Federal Infrastructure Minister Anthony Albanese has made new appointments to the board of advisory body Infrastructure Australia, with half the members coming from the private sector. "This is the first time we've had direct private sector involvement in a coordinated way, making recommendations to Government," Mr Albanese told Sky News yesterday. The new members include Babcock & Brown senior executive Ross Rolfe, Infrastructure Partnerships Australia chairman Mark Birrell and Sydney Water chief executive Kerry Schott. Page B1.
--Industrial services provider Spotless Group <SPT.AX> yesterday extended its unsolicited takeover offer for property maintenance group Programmed <PRG.AX> to June 13 from May 26. Spotless said it had pushed back the deadline to allow shareholders to consider Programmed's annual results, which are due later this month. Page B2.
--A Committee for Economic Development in Australia meeting in Perth heard yesterday that financial markets would not be surprised by the introduction of a national emissions trading scheme in 2010. "We're well prepared," said ABN Amro director of environmental markets Craig McBurnie. He said the use of Renewable Energy Certificates and Greenhouse Gas Abatement Certificates showed that emissions trading had already commenced. "2010 is the start of compliance but not the start of the market," Mr McBurnie said. Page B3.
--Victorian Minister for Industry and Trade Theo Theophanous last night presented the Victorian Manufacturing Hall of Fame awards. The 11 companies inducted into the Hall of Fame included five automotive component manufacturers. Mr Theophanous said the Government recognised the challenges faced by the manufacturing sector, which contributed A$29.6 billion annually to the state's economy. "The Government will shortly be delivering a comprehensive Victorian industry and manufacturing strategy," he said. Page B3. --
((Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com)) Keywords: DIGEST AUSTRALIA BUSINESS
PRESS DIGEST-Australian Business News - May 20
Reuters: [2008-05-19 23:20:00]
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)
--Fairfax Media <FXJ.AX> chief executive David Kirk said yesterday the group would exceed a targeted A$45 million in cost savings and revenue from its A$2.8 billion acquisition of Rural Press last year. Following the takeover, Fairfax closed three printing operations and cut staff in some areas. "Some of the increase comes from continuous improvement programs that wouldn't have been possible without the merger," Mr Kirk said. However, he declined to put a number on the new revenue the group was able to generate. Page 18.
--A joint bid on dairy producer Dairy Farmers by Parmalat Australia <PLT.MI> and Victorian cooperative Murray Goulburn has gained clearance from the Australian Competition and Consumer Commission. The Parmalat-Murray Goulburn consortium is the third party to line up for Dairy Farmers' A$800 million-plus auction, following earlier bids by National Foods and New Zealand's Fonterra. "Given the high level of interest the board will be methodical in its assessment of available options," Dairy Farmers chief executive Rob Gordon said yesterday. Page 18.
--B&B Infrastructure <BBI.AX>, the flagship fund of investment bank Babcock & Brown, says it is on track to successfully refinance a A$500 million loan due in August. "We are starting to see signs of the debt markets recovering, certainly in our space [and] it's a refinanceable amount of money," the fund's chief financial officer, Jonathan Sellar, told the Macquarie Global Infrastructure Conference last week. B&B Infrastructure has about A$10 billion in debt across its asset base, with about 10 percent of this falling due in the period to June 2009. Page 19.
--Nine Network executive David Radoczy has been appointed as the first general manager of FreeView, an organisation backed by free-to-air television (TV) networks. The Seven, Nine and Ten networks, along with public broadcasters ABC and SBS, have set up FreeView to promote digital TV channels in the face of competition from pay-TV. Mr Radoczy, who is believed to have been appointed for an initial three months, will join FreeView next week. He has previously worked for the ABC, British-based pay-TV group BSkyB and BBC Enterprises. Page 21.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--Hutchison Telecommunications Australia's <HTX.N> 3 mobile phone business yesterday reported a full-year loss of A$285 million, an improvement on the A$759 million loss in 2006-07. The company announced that the number of subscribers had increased by 9.2 percent to 1.72 million in the four months to April 2008. Canning Fok, managing director of the group's Hong Kong-based parent, Hutchison Whampoa, predicted an operating profit for Hutchinson Australia by the end of the year. Page 19.
--According to listed private health insurer NIB Holdings, its cheapest product is attracting customers for reasons other than private health care. "People who have bought lower-cost products are more likely to have been motivated by tax considerations," managing director Mark Fitzgibbon said yesterday. He revealed that individuals in the 20-29 age group formed the bulk of the 20,000 new members NIB signed up in the second half last year. Page 21.
--Mike Connaghan, the chief executive of marketing and communications group STW has assumed the role of main decision-maker and joined the agency's board. The move follows the announcement by executive chairman Russell Tate at the company's annual general meeting yesterday to step down from an executive role and become deputy chairman. Mr Connaghan told the meeting that STW remained optimistic about achieving its revenue targets for 2008 despite the current market uncertainty. Page 21.
--Chinese zinc and tungsten group Hunan Nonferous Metals said in a bidder's statement yesterday that its takeover offer for West Australian company Abra Mining <AII.AX> was aimed at lifting its stake in the metals explorer to 70 percent from the current 17.8 percent. Hunan has made an all-cash offer for Abra. "Our offer reinforces our commitment to assist in the development of Abra's 100 percent owned deposit located within the Mulgul project in central Western Australian," Hunan said. Page 23.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Troubled general insurer Insurance Australia Group <IAG.AX> (IAG) yesterday rejected rival QBE's <QBE.AX> A$8.7 takeover offer, stating that the suitor's third attempt still "fell short of fair value." But QBE chief executive Frank O'Halloran told the stock exchange that his company "considers its final proposal is fair and reasonable, given IAG's declining profitability in the past three years and its recent profit downgrade." According to analysts, IAG is seeking A$5 per share, which would value it at A$9.45 billion. Page 19.
--The board of St George Bank <SGB.AX> has backed Westpac Banking Corp's <WBC.AX> merger offer to create a A$66 billion entity. St George chairman John Curtis told shareholders yesterday that the scrip-based bid by Westpac, valuing the target at about A$18 billion, was more attractive than any potential rival all-cash offer as it would allow St George to retain its brand, besides being a better financial deal. Analysts said a rival offer from overseas was unlikely, but there was a strong possibility of a competing local bid from National Australia Bank. Page 19.
--West Australian ammonia producer Burrup Holdings yesterday revealed plans for a A$500 million initial public offering. The listing is expected to value Burrup founder Pankaj Oswal's 70 percent stake at up to A$1.7 billion. As part of the float, Mr Oswal will sell down his shareholding to 53 percent, while Norwegian ammonia trader Yara International will reduce its holding to 27 percent from 30 percent. Page 21.
--Poker machine group Aristocrat Leisure <ALL.AX> will pay an estimated A$150 million to A$170 million to settle a class action initiated by investors who argued the company failed to keep the market informed six years ago. If Justice Margaret Stone of the Federal Court approves the deal, it will be a record payout by an Australian company to its shareholders. Aristocrat's insurers are expected to pick up most of the settlement bill. Page 21.
THE AGE (www.theage.com.au)
--Federal Infrastructure Minister Anthony Albanese has made new appointments to the board of advisory body Infrastructure Australia, with half the members coming from the private sector. "This is the first time we've had direct private sector involvement in a coordinated way, making recommendations to Government," Mr Albanese told Sky News yesterday. The new members include Babcock & Brown senior executive Ross Rolfe, Infrastructure Partnerships Australia chairman Mark Birrell and Sydney Water chief executive Kerry Schott. Page B1.
--Industrial services provider Spotless Group <SPT.AX> yesterday extended its unsolicited takeover offer for property maintenance group Programmed <PRG.AX> to June 13 from May 26. Spotless said it had pushed back the deadline to allow shareholders to consider Programmed's annual results, which are due later this month. Page B2.
--A Committee for Economic Development in Australia meeting in Perth heard yesterday that financial markets would not be surprised by the introduction of a national emissions trading scheme in 2010. "We're well prepared," said ABN Amro director of environmental markets Craig McBurnie. He said the use of Renewable Energy Certificates and Greenhouse Gas Abatement Certificates showed that emissions trading had already commenced. "2010 is the start of compliance but not the start of the market," Mr McBurnie said. Page B3.
--Victorian Minister for Industry and Trade Theo Theophanous last night presented the Victorian Manufacturing Hall of Fame awards. The 11 companies inducted into the Hall of Fame included five automotive component manufacturers. Mr Theophanous said the Government recognised the challenges faced by the manufacturing sector, which contributed A$29.6 billion annually to the state's economy. "The Government will shortly be delivering a comprehensive Victorian industry and manufacturing strategy," he said. Page B3. --
((Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com)) Keywords: DIGEST AUSTRALIA BUSINESS
*TOP NEWS* Global Economy
Reuters: [2008-05-19 23:19:00]
Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com * BridgeStation: view story .134 * Reuters Plus: from your WebDSS screen ................................................................ TOP STORIES > US leading indicators show weakness but no recessi[nN19538224] > World stocks at 4-mo highs despite rising oil [nN19558793] > Oil rises past $127, OPEC says no need for hike [nSYD309354] > Resilient German economy set for growth-Buba [nL194042] > US retail gasoline price at record $3.79/gln-Govt [nN1980190] > EBRD elects new chief, considers change to mission[nL19321385] > Japan business mood hits 5-yr low-Rtrs Tankan [nT162279] > Market correction ongoing, significant - Trichet [nL1926285] > NBER's Feldstein sees US downturn since Dec-Jan [nL19535681] > EU commissioner sees makings of trade deal [nL1989506] > EU unemployment may stop falling by 2009-EU report[nL19723997] > France could exceed 08 growth forecast-Lagarde [nL19261495] ................................................................ Global economy health watch [WORLD/ECON] Top Reuters economic analyses [TOP/INSI] ................................................................ TOP NEWS SUMMARIES ON OTHER SUBJECTS | FX News <FXNEWS> | Front Page [TOP/NEWS] | | Politics & General [TOP/G] | Fund management [TOP/FUND] | | Fixed income [TOP/DBT] | Forex [TOP/FRX] | | Credit [TOP/CREDIT] | Commods & Energy [TOP/CE] | | U.S. Companies [TOP/EQU] | Asian Companies [TOP/EQA] | | European Companies [TOP/EQE] | Sports [TOP/SPO] | | Features/Must reads[TOP/FEA] ................................................................ For news and data, double-click on the codes in brackets. Access to some items may depend on subscription level. ................................................................ UP-TO-THE-MINUTE HEADLINES Company results [RES] Economic indicators [ECI] Mergers & acquisitions [MRG] Interest rates [INT] LIVE PRICES & DATA World Stocks <0#.INDEX> Currency rates <EFX=><NFX=> Dow Jones/NASDAQ <.DJI><.IXIC> Nikkei <.N225> FTSE 100 <.FTSE> Debt <0#USBMK=><EURIBOR> HOW TO FIND INFORMATION YOU NEED |<REUTERS> | <NEWS> | <PHONE/HELP> | |<EQUITY> | <BONDS>| <MONEY> | <COMMODITY> | <ENERGY> | ................................................................ Page Editor: NY Treasury Desk; +1-646-223-6300 ................................................................
Shelby-GSEs would foot bill for US mortgage fund
Reuters: [2008-05-19 22:56:00]
WASHINGTON, May 19 (Reuters) - The top Republican on the U.S. Senate Banking Committee said housing finance companies Fannie Mae <FNM.N> and Freddie Mac <FRE.N> would fund a multi-billion dollar mortgage rescue plan under a legislative compromise he struck with the panel's Democratic chairman.
"This is a victory for the taxpayers. As far as the housing component is concerned, we're not funding this ... with taxpayers money, we're going to do it through a GSE affordable housing fund," Alabama Sen. Richard Shelby said on CNBC. (Reporting by Tim Ahmann) ((tim.ahmann@reuters.com; +1 202 898 8370; Reuters Messaging: tim.ahmann.reuters.com@reuters.net)) Keywords: USA HOUSING/CONGRESS SHELBY
Next: U.S. senators say have deal on housing rescue bill