PRESS DIGEST-Australian General News - May 20

Reuters: [2008-05-19 23:31:00]

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)

--Federal Labor has come under criticism from employer groups overlooked for advisory positions at Infrastructure Australia, Skills Australia and on the Government's tax review panel. Australian Industry Group (Ai Group) chief executive Heather Ridout has roles with all three after Treasurer Wayne Swan yesterday appointed her to the board of Infrastructure Australia. Ai Group has enjoyed favour over the larger Australian Chamber of Commerce and Industry, which helped fund a pro-Work Choices campaign for the previous Coalition government ahead of last year's election. Page 1.

--Insurance premiums for directors' liabilities are set to rise after sharemarket volatility and the credit crunch prompted an increase in class actions over the past six months. Telstra <TLS.AX> chairman Donald McGauchie said this type of indemnity policy was 'complex, unknown and much more risky than anyone had thought.' The troubled Allco Finance Group <AFG.AX> and failed broker Opes Prime are both vulnerable to class actions, while a case has already begun against Centro Properties Group <CNP.AX>. Aristocrat Leisure reached a settlement with shareholders yesterday. Page 1.

--A Leighton Holdings <LEI.AX>-Macquarie Group <MQG.AX> consortium was yesterday named by the Queensland Government as the winning bidder for the A$4.8 billion Brisbane Airport Link. Under the public-private partnership, the government will contribute A$1.5 billion to the road and tunnel project, hailed by Premier Anna Bligh as the biggest transport infrastructure project undertaken in Australia. The two losing bidders, a Baulderstone Hornibrook syndicate and a second Leighton consortium, will each receive A$4 million compensation. Page 1.

--Music promoter Glenn Wheatley was released from a Victorian prison yesterday after serving 10 months of a 15-month term for tax evasion. 'He was packed two weeks ago, waiting for today,' his wife, Gaynor, told media outside the family's Melbourne home. Three news helicopters and a throng of photographers covered the event. Best known for managing John Farnham, Delta Goodrem and the Little River Band, 60-year-old Wheatley will serve the remainder of his sentence in home detention. Page 3.

THE AUSTRALIAN (www.theaustralian.news.com.au)

--Queensland Aboriginal activist Murrandoo Yanner has been charged with driving offences and assault after allegedly ramming a Commonwealth four-wheel-drive at a meeting of the Carpentaria Land Council last week. It is understood Mr Yanner rammed a vehicle carrying members of the Doomadgee family following an altercation sparked by a native title claim. The 37-year-old is already on bail on charges of assaulting a Mount Isa police officer. He was jailed for assault in 2003. Page 1.

--Federal Opposition Leader Brendan Nelson has accused treasury spokesman Malcolm Turnbull of leaking an email sent by Mr Turnbull before the Coalition's budget reply last Thursday. In the message, Mr Turnbull rejected Dr Nelson's policy to cut petrol excise by 5 cents a litre, and warned 'this will inevitably find its way into the media.' Mr Turnbull yesterday denied leaking the email or knowledge of its existence to media. 'I support the policy measures announced in Dr Nelson's budget reply,' he asserted. Page 1.

--A Newspoll following last week's federal budget shows no change in the Government's standing, with the Australian Labor Party still leading the Coalition by 47 to 37 percent on primary votes. However, Labor's 'inflation-fighting' budget was rated worse than that delivered by the Coalition in May 2007, with 32 percent of voters believing they would be worse off financially. Most economists have described the budget, including A$47 billion in personal income tax cuts, as fiscally conservative. Page 1.

--The chief judge of the New South Wales Industrial Relations Commission has spoken out against the centralisation of workplace laws under the new Federal Labor Government. Judge Roger Boland said arguments in favour of a national enterprise bargaining regime were just 'sloganeering.' Most businesses were content to stay with laws operating within state borders, Justice Boland said. The Government wants to replace the Australian Industrial Relations Commission with an organisation of visiting mediators called Fair Work Australia. Page 2.

THE SYDNEY MORNING HERALD (www.smh.com.au)

--Prime Minister Kevin Rudd has established the strongest lead over an Opposition leader in three decades, according to the latest Nielsen poll. Taken after last week's budget, the survey shows Mr Rudd leading Brendan Nelson as preferred prime minister by 70 percent to 17 percent. 'It's the biggest hammering in history,' said Nielsen pollster John Stirton. The results coincide with revelations that Shadow Treasurer Malcolm Turnbull internally opposed Dr Nelson's post-budget promise to cut fuel excise by 5 cents a litre. Page 1.

--Drug companies including Symbion, Clifford-Hallam and Roche have refused to supply two of Sydney's biggest hospitals due to unpaid bills, an inquiry heard yesterday. Orders were regularly frozen because the Sydney Children's and Prince of Wales hospitals were hundreds of thousands of dollars behind on their accounts, a pharmacist technician told the special commission of inquiry. Page 1.

--The New South Wales Government is considering a proposal to build a light-rail line along Leichhardt's Italian cafe strip in Sydney's inner-west. More than half a century after Sydney's tram network was uprooted, cabinet is deliberating on a 2.3-km rail line along Norton Street as part of a broader plan to build a light-rail extension to Circular Quay and Summer Hill. Page 1.

--The electorate officer who gave evidence at the trial of former New South Wales minister Milton Orkopoulos has rejected a A$100,000 compensation payment as 'an absolute insult.' Gillian Sneddon, 51, was sacked by Parliament in February on the same day Mr Orkopoulos faced Newcastle District Court on child sex and drug charges. The former Aboriginal affairs minister was found guilty of 28 paedophilia and drugs charges the following month. He will be sentenced tomorrow. Page 3.

THE AGE (www.theage.com.au)

--Melbourne University demoted a senior transport lecturer on concern over its relations with the Victorian Government, internal documents reveal. At a forum on the privatisation of Melbourne's public transport last August, Paul Mees said the authors of a report on the subject were 'liars and frauds and should be in jail.' Page 1.

--New South Wales Police will arm its officers with Taser stun guns before a safety report is handed down by the Ombudsman, Bruce Barbour, in July. Confirming the move yesterday, Police Minister David Campbell said the public demanded action on crime. The government has spent more than A$1 million on 229 new Tasers, and 2000 police across the state will be trained to use them before they are brought in at the end of this year. Page 2.

--Euthanasia campaigner Philip Nitschke has denied he failed to carry out a proper assessment of a man who wanted to commit suicide. Accused in New South Wales Supreme Court of being 'hell-bent' on assisting the suicide of former Qantas Airways pilot Graeme Wylie, Dr Nitschke said he had accurately assessed Mr Wylie's mental capacity before the 71-year-old Alzheimer's disease sufferer ended his life in Switzerland in 2006. Dr Nitschke is giving evidence in the murder trial of Mr Wylie's partner, Sydney woman Shirley Justins. Page 2.

--Melbourne underworld figure Tony Mokbel will today launch a legal challenge against two murder charges and new drug-trafficking allegations. Mokbel, 42, will argue his case via a video link from Barwon Prison, where he has been held since his return from Greece on Saturday. Mokbel was arrested in Athens last June after fleeing Australia in early 2006 while on trial for cocaine trafficking. He was convicted in absentia and sentenced to a minimum nine years' jail. Several other charges were dropped during the recent extradition proceedings. Page 2.

--

((Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com)) Keywords: DIGEST AUSTRALIA GENERAL

Egypt indexes slide a hair, but EFG-Hermes rises

Reuters: [2008-05-19 15:52:00]

CAIRO, May 19 (Reuters) - Egypt's two main stock indexes dipped on Monday as short-term investors took profit from Sunday's 4 percent surge, but EFG-Hermes <HRHO.CA><HRHOq.L> jumped after announcing first quarter results, traders said.

The benchmark Case 30 index <.CASE30> shed 0.5 percent to 10,506.69 points, while the Hermes index <.HRMS> lost 0.6 percent to 91,013.84. Both indexes had jumped nearly 4 percent on Sunday, ending an eight-session losing streak.

Egypt's broader CIBC index <.CIBC> gained 0.6 percent to 521.79 points.

"I don't see the panic. I see consolidation, with the market going sideways for a while," said Teymour el-Derini of Beltone Financial. "Tomorrow when the market opens, it will open up."

Government moves to eliminate tax exemptions in some free zones, raise energy prices and impose a tax on treasury bill interest earlier this month had sent stocks tumbling as foreign investors shed shares, traders said.

They said short-term investors were now taking profit from gains on Sunday, while medium-term investors including foreigners were buying by end-session. Foreign investors were net buyers by 9.7 million Egyptian pounds ($1.8 million), and accounted for 21.8 perent of the day's trade.

EFG-Hermes, Egypt's largest listed investment bank, climbed 3.3 percent to 51.50 pounds after reporting a 39 percent rise in first quarter net profit to 348.5 million pounds.

Traders said the results, which were in line with market expectations, had boosted the shares, which had hit a year low of 44 pounds on May 13, down from over 68 pounds in January.

But other market heavyweights dropped including Orascom Construction Industries <OCIC.CA><OCICq.L>, which fell 2 percent to 371.01 pounds. Commercial International Bank <COMI.CA><COMIq.L> lost 1.1 percent to 78.50 pounds.

Regional mobile operator Orascom Telecom <ORTE.CA><ORTEq.L> lost 1.4 percent to 76.30 pounds. The firm said on Monday it had successfully tested its North Korean mobile network and planned to launch services in the second half of the year. ($1 = 5.36 Egyptian pounds) (Writing by Cynthia Johnston) ((cynthia.johnston@reuters.com; +20 2 2578 3290/1; Reuters Messaging: cynthia.johnston.reuters.com@reuters.net))

Keywords: MARKETS EGYPT CLOSER/

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  Keywords: MARKETS EGYPT CLOSER =2 
    

French stocks - Factors to watch on May 19

Reuters: [2008-05-19 08:22:00]

PARIS, May 19 (Reuters) - Below are leading stories from the French press and company-related news which could have an impact on the French market or individual stocks.

LAGARDERE <LAGA.PA>

Buys 70 percent stake in Singapore-based World Sport Group Holdings in a deal worth $125 million based on enterprise value [ID:nL18316840].

IPSEN <IPN.PA>

FDA agrees to examine marketing of Reloxin botox product in U.S. [nWEA7514].

EADS <EAD.PA>

- Expected to weigh counterbid for U.S. defence firm DRS <DRS.N> after an agreed bid from Finmeccanica <SIFI.MI>, source familiar with EADS's strategic thinking says [ID:nN16435534].

Finmeccanica bracing for counter-bid [nL19501017]

- Eurocopter aims to double annual sales to 10 billion euros between 2010 and 2020, partly via acquisitions; also intends to boost its operating profit margin to between 8 and 12 percent by 2010 from 5 percent now [ID:nL18155717].

- EADS plans to roll out the A400M heavy airlifter for its first public viewing on June 26. [ID:nL1746152]

- German state Lower Saxony has threatened to withhold subsidies for a new Airbus unit unless its headquarters are set up in northern Germany, a magazine reports [ID:nL17585754].

GAZ DE FRANCE <GAZ.PA>/SUEZ <LYOE.PA>

A report by French consultancy Secafi Alpha has predicted that a planned merger between the French utilities would be a failure, Le Parisien newspaper reported on Saturday.

For details, see [ID:nLA566379].

THALES <TCFP.PA>

UK newspaper The Sunday Telegraph reported that the French defence elctronics firm and British confectionery maker Cadbury Plc <CBRY.L> could sell their stakes in UK National Lottery operator Camelot.

For details, see [ID:nL18196532].

EIFFAGE <FOUG.PA>

French newspaper Le Monde reported over the weekend that the construction and transport concessions company has recently seen a wave of top executives leaving the firm.

ALSTOM <ALSO.PA>

Declares its a civil party in Swiss-led corruption case, a move which grants it access to documents regarding the probe.

FTSEurofirst 300 index..............................<.FTEU3> DJ STOXX index......................................<.STOXX> Top 10 STOXX sectors...........................<.PGL.STOXXS> Top 10 EUROSTOXX sectors......................<.PGL.STOXXES> Top 10 Eurofirst 300 sectors...................<.PL.FTEU3S> Top 25 European pct gainers.......................<.PG.PEUR> Top 25 European pct losers........................<.PL.PEUR>

Main stock markets: Dow Jones...............<.DJI> Wall Street report .....[.N] Nikkei 225.............<.N225> Tokyo report............[.T] FTSE 100...............<.FTSE> London report...........[.L] Xetra DAX.............<.GDAXI> Frankfurt market stories[.F] CAC-40.................<.FCHI> Paris market stories...[.PA] World Indices......................................<0#.INDEX>

Reuters survey of world bourse outlook..........<EQUITYPOLL1> Western European IPO diary...........................<WEUIPO> European Asset Allocation.........................[EUR/ASSET]

Reuters News at a Glance: Equities...............[TOP/EQE]

Main currency report:...............................[FRX/] ((Paris newsroom, tel. +33149495452, Email: paris.equities@reuters.com))

Keywords: MARKETS FRANCE/STOCKS

Keywords: MARKETS FRANCE/STOCKS =2

DIARY - Egypt/Sudan - May 17

Reuters: [2008-05-17 09:10:00]

This diary is updated daily. New listings or amendments are marked *. All events/times provisional and in GMT (local time is GMT +3 for Egypt, GMT +3 for Sudan).

TODAY'S EVENTS

*SHARM EL-SHEIKH - Egyptian President Hosni Mubarak holds talks with U.S. President George W. Bush.

CAIRO - Court session in lawsuit filed by man against Egyptian academic Saad Eddin Ibrahim for $100 million in damages for "harm to Egyptian national unity".

COMING EVENTS

SUNDAY, MAY 18

SHARM EL-SHEIKH - World Economic Forum meeting starts, through May 20.

CAIRO - Arab League to hold meeting with representatives of satellite broadcasting channels to discuss mechanisms for regulating content, as per the Arab broadcast charter.

MONDAY, MAY 19

CAIRO - A coalition of 24 major Egyptian NGOs hold a press conference to announce the creation of an umbrella organisation to promote and advocate legal measures for the protection and freedom of NGOs, 1000 GMT.

*SHARM EL-SHEIKH - Turkish Foreign Minister Ali Babacan gives a press briefing, from 1130 local/ 0830 GMT.

TUESDAY, MAY 20

CAIRO - Samih Sawiris holds a presentation on the listing of Orascom Development Holding on the Egyptian and Swiss stock exchanges, followed by a Q & A session 1300 GMT

MONDAY, MAY 26

CAIRO - Euromoney conference on Egyptian real estate.

THURSDAY, MAY 29

CAIRO - Egypt to choose international consultants for its planned nuclear power station.

TUESDAY, JUNE 3

*CAIRO - An Islamic Finance forum at the Conrad Hotel from 0845 local.

THURSDAY, JUNE 19

CAIRO - Telecommunications Regulatory Authority deadline for bids for Egypt's second fixed-line telephone licence.

TUESDAY, JUNE 24

SHARM EL-SHEIKH - Two-day meeting of African Union experts to prepare for AU summit.

THURSDAY, JUNE 26

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, JUNE 27

CAIRO - Central bank issues statement on monetary policy.

SHARM EL-SHEIKH - Two-day meeting of African Union Executive Council to prepare for AU summit.

MONDAY, JUNE 30

SHARM EL-SHEIKH - Two-day African Union summit.

THURSDAY, JULY 17

ALEXANDRIA - Wikimania 2008 conference at Alexandria Library, organised by the Wikimedia Foundation, through Saturday.

THURSDAY, AUGUST 7

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, AUGUST 8

CAIRO - Central bank issues statement on monetary policy.

THURSDAY, SEPTEMBER 18

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, SEPTEMBER 19

CAIRO - Central bank issues statement on monetary policy.

THURSDAY, NOVEMBER 6

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, NOVEMBER 7

CAIRO - Central bank issues statement on monetary policy.

THURSDAY, DECEMBER 25

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, DECEMBER 26

CAIRO - Central bank issues statement on monetary policy.

NOTE-Inclusion of diary items does not necessarily mean that Reuters will file a story on the event.

Key world financial events diary [KEY/DIARY]

International political diary [POL/DIARY]

Full index of available diaries [IND/DIARY] ((Cairo newsroom +202 2 578 3290/1, fax +202 577 1133, cairo.newsroom@reuters.com))

Keywords: EGYPT DIARY

PRESS DIGEST - British Business Press - May 16

Reuters: [2008-05-16 05:06:00]

The Times

TESCO URGES WATCHDOG TO SHELVE OCADO'S PRICE CLAIM

Tesco <TSCO.L> has accused Ocado, the grocery home shopping group, of an "underhanded and entirely misleading" advertising campaign in which it claims to offer "Waitrose products at Tesco prices". Ocado boasts it is price-matching the supermarket giant on 3,500 branded products, but Tesco argues that Ocado is regularly more expensive on at least 500 items. It has called on the Advertising Standards Authority to force Ocado to scrap the campaign. Ocado insisted on Thursday that the company checked its prices against Tesco's every week.

GRADE SAYS SORRY TO ITV STARS FOR TELEPHONE LINE SCANDAL

ITV's <ITV.L> executive chairman Michael Grade has apologised to stars such as Ant & Dec over the phone-in scandal that landed the broadcaster with a 5.7 million pound fine. Speaking at ITV's annual general meeting, Grade said: "This is an historic series of mistakes. The way we handled the mess has been open and transparent. Our job is to make sure it does not happen again and apologise to the public and artists involved."

BALFOUR NETS 186 MILLION POUNDS WITH UNEXPECTED PLACING

Construction and engineering group Balfour Beatty <BALF.L> made a surprise placing of shares this week designed to give it more financial headroom in the current economic climate. The placing of 43.3 million shares at 430 pence, which raised 186 million pounds, was to support growth after its acquisitions, the company said. The shares closed down three percent at 438.5 pence.