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TABLE-Recent Australian economic statistics
Reuters: [2008-05-16 00:00:00]
SYDNEY, May 16 (Reuters) - Table of the latest Australian
economic data.
Period Latest Prev1 Prev2 Next
Westpac/Melbourne Institute Consumer Sentiment
Index level Apr 87.4 88.6 97.4 May 20
Pct change(m/m) Apr -1.3 -9.1 -8.3
New Motor Vehicle Sales (pct)
Total (s/adj, m/m) Mar +1.0 +0.6 +1.1 May 21
Total (trend, m/m) Mar -0.1 +0.9 +0.8
Construction Work Done (s/adj, chain volume measure of value)
Total (q/q) Q4 -1.0 +2.2 -1.8 May 28
Total (y/y) Q4 +2.6 +8.9 +3.0
Private New Capital Expenditure (s/adj, constant prices)
Total Q4 +5.1 -6.2 +7.0 May 29
Total (y/y) Q4 +15.3 +9.0 +11.8
Private Sector Credit
Credit (m/m, s/adj) Feb +0.8 +0.6 +1.0 May 30
Credit (y/y, s/adj) Feb +14.9 +15.4 +16.2
Retail Trade (current prices)
Total (s/adj, m/m) Mar +0.5 -0.1 0.0 June 2
Total (s/adj, y/y) Mar +5.1 +5.8 +6.9
Total (trend, m/m) Mar +0.2 +0.2 +0.2
Company Gross Operating Profits
S/adj (q/q) Q4 +3.9 -1.4 +2.0 June 2
S/adj (y/y) Q4 +11.7 +8.4 +11.2
Business Inventories (volume measure, pct, s/adj)
Total (q/q pct) Q4 +0.7 +1.3 +0.4 June 2
Total (y/y pct) Q4 +3.9 +3.5 +1.0
Balance of Payments (s/adj, A$ billions)
Current Account Q4 -19.35 -16.352 -15.78 June 3
Goods, Services Q4 -6.86 -4.79 -3.85
Building Approvals (Total dwelling units)
(s/adj, m/m pct) Mar -5.7 -0.8 -2.8 June 3
(s/adj, y/y pct) Mar -0.7 +0.5 +7.5
(trend, m/m pct) Mar -2.1 -1.9 -1.6
International Investment Position (A$ billions)
Net foreign debt Q4 609.95 585.76 548.24 June 3
Net foreign equity Q4 126.87 97.81 105.20
Gross Domestic Product (s/adj, chain volume, percent)
GDP (q/q) Q4 +0.6 +1.1 +0.9 June 4
GDP (y/y) Q4 +3.9 +4.3 +4.3
Balance on Goods and Services (s/adj, A$ mln current prices)
G&S Balance Mar -2736 -3261 -2227 June 5
Goods Balance Mar -2844 -3380 -2479
Services Balance Mar +109 +119 +52
Exports (m/m pct) Mar +4.0 -4.0 +2.0
Imports (m/m pct) Mar +1.0 +1.0 +5.0
ANZ newspaper & internet job advertisements
(s/adj, m/m pct) April +3.1 -0.7 -2.1 June 10
Housing finance for owner occupation (pct)
Total (s/adj, m/m) Mar -6.1 +6.8 +3.8 June 10
Labour Force (s/adj)
Employment (000) Apr +25.4 +18.2 +39.1 June 12
- full time (000) Apr +19.0 + 5.5 +47.9
- part time (000) Apr +6.3 +12.6 -8.7
Unemployment (pct) Apr 4.2 4.1 4.0
Participation rate Apr 65.4 65.3 65.2
Dwelling Unit Commencements (s/adj, pct)
Total (q/q) Q4 +2.6 +1.3 -2.5 June 17
Total (y/y) Q4 +2.6 -0.8 -3.4
International Trade Price Indices
Imports (q/q) Q1 +2.2 -2.2 -5.5 Jul 18
Exports (q/q) Q1 +0.1 -3.2 -2.5
Producer Price Index (Final stage of production)
Final goods (q/q) Q1 +1.9 +0.6 +1.1 Jul 21
(y/y) Q1 +4.8 +2.3 +2.4
Consumer Price Index (pct)
CPI (q/q) Q1 +1.3 +0.9 +0.7 Jul 23
CPI (y/y) Q1 +4.2 +3.0 +1.9
Mkt sector G/S(q/q) Q1 +0.8 +1.1 +0.8
Mkt sector G/S(y/y) Q1 +3.5 +3.0 +2.5
RBA trimmed (q/q) Q1 +1.2 +1.0 +0.9
RBA trimmed (y/y) Q1 +4.1 +3.4 +2.9
RBA weighted (q/q) Q1 +1.3 +1.1 +1.0
RBA weighted (y/y) Q1 +4.4 +3.8 +3.2
House Price Index, weighted average of main cities
National (q/q) Q1 +1.1 +4.1 +3.7 Aug 4
National (y/y) Q1 +13.8 +13.8 +11.4
Wage Price Index (s/adj, pct)
All sectors (q/q) Q1 +0.9 +1.1 +1.0 Aug 13
All sectors (y/y) Q1 +4.1 +4.2 +4.2
Average Weekly Ordinary Time Earnings (s/adj, pct)
All sectors (q/q) Feb qtr +1.1 +0.8 +1.1 Aug 14
All sectors (y/y) Feb qtr +4.8 +3.5 +4.5
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Keywords: AUSTRALIA STATISTICS/DAILY
PRESS DIGEST-Australian Business News - May 16
Reuters: [2008-05-15 22:56:00]
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)
Seven Network <SEV.AX> chairman Kerry Stokes has spent more than A$40 million this week raising from 53.7 percent to 65.3 percent his stake in equipment hire company National Hire <NHR.AX>. Analysts welcomed the move, agreeing that the environment for non-residential construction spending was buoyant following announcements in this week's federal budget that at least A$20 billion will be spent nationally on roads, railways, ports and other infrastructure projects. The mining boom is also fuelling demand for equipment hire. Page 56.
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Melbourne-based Indophil Resources <IRN.AX> has rejected a A$426 million takeover bid from Xstrata <XTA.L>, arguing that it is "low ball and unrealistic". Swiss miner Xstrata denied this, saying the offer, which it wants to use as a means of increasing its interest in the Tampakan copper and gold project in the southern Philippines joint owned with Indopohil, represents fair value. Xstrata said the mine still had significant development, financing, and political risk associated with it, hence the "fair price". Page 57.
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Construction group Leighton Holdings <LEI.AX> yesterday reaffirmed forecasts for full-year earnings growth of more than 30 percent, after announcing net profit of A$375 million for the nine months to March 31. Chief executive Wal King also predicted that revenue would grow by more than 10 percent a year over the next three years, as Leighton struggles to keep pace with a surplus of work in the Middle East and prepares for a surge in government infrastructure spending in Australia. Leighton shares surged to a three-month high on the bullish outlook. Page 58.
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Adelaide Brighton <ABC.AX> has forecast full-year profit growth of nearly 10 percent as infrastructure and engineering projects fuel demand for construction materials. Chief executive Mark Chellew predicted cement demand would grow by 5 percent this year, up from previous forecasts of 3 percent. He told shareholders that demand in Queensland, Victoria and South Australia was offsetting continuing weakness in the New South Wales building market. Net profit for 2007-08 is expected to be between A$118 million and A$125 million. Page 58.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
Commonwealth Bank of Australia <CBA.AX> has declined to reaffirm an earlier statement that earnings growth will match or exceed the average of its peers over the medium to short term. Deutsche Bank analyst Ross Brown said this implied CBA "no longer believes it can outperform its peer group," but a CBA spokesman said the bank would not be giving guidance after the backlash suffered by St George Bank <SGB.AX> when it downgraded its projection of 10 percent earnings-per-share growth to 8-10 percent growth. Page 21.
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Coca-Cola Amatil <CCL.AX> has forecast "high single-digit" growth in net profit this financial year, with most of the boost being provided by its premium beer business. The drinks bottler's shares rose 6 percent, or 45 cents, yesterday to A$8.40 on the news, their biggest gain in almost four months. Chief executive Terry Davis made the forecast at the company's annual general meeting, at a time of softening consumer sentiment and an unexpected 70 percent rise in taxes on pre-mixed alcoholic drinks. Page 21.
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Speculation that AMP <AMP.AX> is considering a bid for St George Bank, Australia's fifth-largest bank, mounted yesterday when AMP chief executive Craig Dunn refused to rule 'anything in or out'. AMPs banking arm is relatively small, possessing about 1 percent of the national mortgage market. Westpac Banking Corporation <WBC.AX> proposed an A$19 billion friendly takeover of St George earlier this week. Page 21.
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The China Iron & Steel Association yesterday asked domestic steel mills and iron ore traders "not to support or participate in Rio Tinto's <RIO.AX><RIO.L> spot iron ore sales activities in China." Diversified miner Rio had exercised flexibility clauses in its contracts to divert contracted iron ore sales to premium-priced spot markets, at nearly double the old contract price. Rio dismissed the threats as a negotiation tactic, with both Rio and rival BHP Billiton <BHP.AX><BLT.L> pushing for annual iron ore price rise of around 85 percent. Page 21.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
Fortescue Metals Group <FMG.AX> has vowed to remain Australian-owned amid speculation the recipient of its first shipment is planning to acquire a major stake in the emerging iron ore company. A Chinese magazine reported this week that steel maker Baosteel <600019.SS> was in a "slow waltz" to take a stake in Fortescue, with United States hedge fund Harbinger Capital Partners apparently willing to sell some or all of its 16 percent stake in return for enormous profits on its initial investment. Fortescue chief executive Andrew Forrest has welcomed Chinese interest. Page 21.
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Mirvac Group has written off its indirect investment in Sydneys troubled Lane Cove Tunnel, with 2007-08 profit expected to be down A$57.5 million as a result. Shares in the property developer fell 13 cents to A$3.70 on the news, bringing their total fall since December to more than 40 percent. The announcement came after broker Merrill Lynch gave Mirvac shares a "sell" recommendation, citing concerns over the slowdown in the housing sector and the collapse of New South Wales third-largest home builder, Beechwood Homes. Page 22.
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The Australian Competition and Consumer Commission (ACCC) has won a court order forcing Korean Air <003490.KS> to hand over sensitive documents related to the competition regulator's investigation into price fixing. The Federal Court yesterday rejected Korean Air's claims it was within its rights to withhold the information given the ACCC had already started proceedings. The court is seeking documents related to the tonnages, total revenues, and total revenues attributed to fuel surcharges that KAL derived from air cargo to and from Australia. Page 23.
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THE AGE (www.theage.com.au)
Commonwealth Bank of Australia says it is assessing the positives and negatives of making a counter-bid for St George Bank, following Westpac Banking Corp's A$19 billion bid earlier this week. National Australia Bank is also looking at St George, while diversified financial group AMP has not ruled out a bid of its own. "These sorts of acquisitions are always successful based on the quality of the execution a number in the past have not been particularly successful and some have," said CBA chief executive Ralph Norris. Page B1.
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Diversified financial group AMP says it expects a lower full-year profit this year, but that conditions in equity markets will improve late in 2008 and continue improving throughout 2009. Chief executive Craig Dunn said he agreed with Australian bank chiefs that the worst of the global credit crunch ended when the United States Federal Reserve bailed out investment bank Bear Stearns, and that no more big corporate losses were expected. Mr Dunn also did not rule out a bid for St George Bank. Page B1.
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Takeover target Just Group <JST.AX> has criticised Solomon Lew's Premier Investments <PMV.AX>, arguing it lacks focus, detail and management certainty because it does not have a chief executive. Just, which owns clothing retailers including Just Jeans, Peter Alexander, Portmans and Dotti, has also attacked Premier's corporate governance, claiming it fails to comply with stock exchange Corporate Governance Council recommendations. Just also said shareholders risked being dominated by interests associated with Mr Lew. Page B2.
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Toyota Motor Corp <7203.T> said global sales of its Prius petrol-electric hybrid car had hit 1 million. It said 1.028 million Prius had been sold since it went on sale in Japan in 1997, with other Toyota hybrids taking cumulative hybrid sales to 1.46 million. Toyota said the Earths atmosphere had been spared 4.5 million tonnes of global warming gases since the models release. The Prius is sold in 40 countries and regions, and is increasing in popularity because of surging petrol prices and concerns about the environment. Page B3.
-- ((Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com)) Keywords: DIGEST AUSTRALIA BUSINESS
. . .
Astronomers baffled by weird, fast-spinning pulsar
Reuters: [2008-05-15 22:54:00]
By Will Dunham
WASHINGTON, May 15 (Reuters) - Astronomers are baffled after finding an exotic type of star called a pulsar apparently locked in an elongated orbit around a star much like the sun -- an arrangement defying what had been known about such objects.
The rapidly spinning pulsar -- an extraordinarily dense object created when a massive star exploded as a supernova -- is called J1903+0327 and is located about 21,000 light years from Earth, the astronomers said.
A light year is about 6 trillion miles (10 trillion km), the distance light travels in a year.
"The big question is -- how in the heck did this thing form, because it doesn't follow our standard models of how these things form," astronomer Scott Ransom of the National Radio Astronomy Observatory in Charlottesville, Virginia, said in a telephone interview on Thursday.
This object is known as a millisecond pulsar because of its speedy whirl -- it spins on its axis 465 times per second.
Until now, all of the ones found orbiting with another star have been doing so with a white dwarf, another type of dying star. In each case, they shared a perfectly circular orbit. But this one has a very elongated orbit around a star similar in size and composition to our sun.
"What we have found is a millisecond pulsar that is in the wrong kind of orbit around what appears to be the wrong kind of star," astronomer David Champion of the Australia Telescope National Facility said in a statement. "Now we have to figure out how this strange system was produced."
It was detected using a radio telescope in Puerto Rico.
Pulsars are a rare type of neutron star whose strong magnetic fields channel lighthouse-like beams of light and radio waves that whirl around as the star spins.
Typical pulsars spin once a second to about 10 or 20 times a second. But millisecond pulsars spin far more rapidly.
The understanding had been that these started out as typical, slower-spinning pulsars, then built up speed after material expelled from another star reached the pulsar's surface, giving it momentum.
"If you were to ask any astronomer if we would have found a system like this, they would have said no. So this is a very big surprise," Ransom said.
The scientists, writing in the journal Science, speculate a third star -- perhaps a neutron star or white dwarf -- might be orbiting with the other two. Scientists know of about 100 pulsars in two-star, or binary, systems, and this might be the first in a triple-star system, Ransom said.
(Editing by Vicki Allen) ((will.dunham@reuters.com; +1 202 898 8300; Reuters Messaging: will.dunham.reuters.com@reuters.net)) Keywords: PULSAR/
PRESS DIGEST-Australian General News - May 16
Reuters: [2008-05-15 22:17:00]
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)
Andrew Forrest's Fortescue Metals Group shipped the first of a planned 55 million tonnes of iron ore to China yesterday, silencing many of the company's critics. "For me, it is a breathtaking sight," said Mr Forrest, who took just five years to develop an iron ore mine, 260-kilometre railway, and a port. Fortescue has contracts with China's top 10 steel makers, who are keen to buy Australian resources in order to satisfy growing domestic demand. Fortescue shares reached an intraday record of A$9.74 before closing at A$9.24. Page 1.
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Federal Opposition Leader Brendan Nelson used his budget reply speech last night to accuse the Government of breaking its promises by imposing new taxes that will force up prices and fuel inflation. "This is a typical Labor high-taxing, high-spending budget, which targets people it doesn't like," Dr Nelson said. He also insisted the former Howard government had handed Labor an economy that was "the envy of the world" and that did not need Labors drastic reforms designed to curb inflation. Page 1.
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Construction company Leighton Holdings has warned that the "outrageous" cost of bidding for major infrastructure projects is driving up their price tags and preventing international contractors from entering the Australian market. Chief executive Wal King also criticised state governments for having unrealistic budgets and unnecessary bureaucracy in their tendering processes. Meanwhile, Leighton and property investor Mirvac Group have written off a combined A$190 million investment in Sydneys troubled Lane Cove Tunnel. Page 1.
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Qantas Airways has welcomed a decision by aircraft engineers to cancel a four-hour stop work meetings planned for this afternoon and next Friday. Chief executive Geoff Dixon said the decision had come too late for the airline to stop the cancellation of some domestic services, but the company would be able to add capacity and keep disruption to a minimum. The Australian Licensed Aircraft Engineers Association has asked that Qantas give its members annual pay rises of 5 percent; Qantas has agreed to only 3 percent. Page 3.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
The latest Audit Bureau of Circulation figures show total Australian capital city newspaper sales fell 1.01 percent in the year to March. Total sales of 217,041,396 were recorded, with national publication The Australian reporting growth of 3.9 percent during the period. The Australian Financial Review reported slightly lower sales, as did The Daily Telegraph and The Age. Despite the falls, Australian newspaper sales indicated a much softer fall than the United States, where newspapers have reported large circulation declines. Page 2.
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It emerged yesterday that Federal Labor opposed higher excises on pre-mixed alcoholic drinks before the 2004 election, claiming they were "unfair". The Government increased the excise on the flavoured, spirit-based drinks by 70 percent on April 27, saying they target young female drinkers. Soft-drink maker Coca-Cola Amatil has supported the Government's move, but says binge drinkers will simply be encouraged to drink beer or buy their own spirits and mixers. Page 4.
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Reserve Bank of Australia governor Glenn Stevens has expressed doubt that Tuesday's budget will be able to lower interest rates and inflation. Mr Stevens said yesterday that the important feature of budget policy was that budgets be balanced over the course of the business cycle. "It shouldnt be judged through the narrow prism of what might it mean for the overnight cash rate," he said. Mr Stevens also remarked that there would be "very few countries, if any, which would not envy Australias fiscal position." Page 5.
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The Construction, Forestry, Mining and Energy Union (CFMEU) claims Federal Labors decision to increase skilled migration numbers by 31,000 over the next 12 months is motivated by an attempt to avoid a "wage breakout". CFMEU national secretary John Sutton also expressed concern that migrants sponsored to ease labour shortages were being paid considerably less than local workers. Mr Sutton said he wanted the Government to clarify which occupations would be the focus of the migration boost. Page 5.
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THE SYDNEY MORNING HERALD (www.smh.com.au)
New South Wales Premier Morris Iemma has warned caucus members they could face expulsion from the Labor Party if they oppose Government plans to privatise the state's electricity assets. Party powerbroker Eddie Obeid has been accused of pressuring upper house members of parliament (MP) not to cross the floor on the issue, though he has denied using "strong language" against one MP, Mick Veitch. Mr Iemma yesterday opened the door for the sale of power stations, not just long-term leases as first promised. Page 1.
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The New South Wales (NSW) Government has criticised the Federal Governments climate change review, arguing that many of its recommendations will result in substantial risks to Australia's economy. The NSW submission warns that a plan by Prime Minister Kevin Rudd to introduce an emissions trading scheme that will cap greenhouse gas emissions will be an economic shock that could cost coal-fired power generators up to A$15 billion. It says public support for carbon-reduction methods would fall quickly as a result. Page 2.
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The Reserve Bank of Australia (RBA) has revealed that households and businesses paid more than A$10 billion in bank fees and penalties in 2007. The RBA said banks appeared to be imposing more charges rather than lifting existing ones, while a separate report by the banking industry found households paid an average A$220 in bank fees and duties, excluding charges on home loans. The data emerged amid concerns that a proposed merger of Westpac Banking Corp and St George Bank could further tighten the banks' grip on consumers. Page 3.
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The Federal Government has announced a new "no show, no pay" system for job seekers who fail to attend training or education programs. Workforce Participation Minister Brendan O'Connor said yesterday that people who could not adequately explain why they did not meet their obligations would have the equivalent of a day's benefit docked for a day missed. He said the plan would help motivate the long-term unemployed to get back to work. The Government announced on Tuesday that 238,000 new training places will be created over the next five years. Page 4.
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THE AGE (www.theage.com.au)
Federal Opposition Leader Brendan Nelson used his budget reply speech last night to accuse the Government of failing to assist the working families it vowed to help during last years election campaign. Dr Nelson also vowed to cut petrol excise and block a 70 percent tax hike on pre-mixed alcoholic drinks. The "alcopops" debate dominated question time in parliament yesterday, with Coalition health spokesman Joe Hockey accusing the Government of double standards because sparkling wine with double the alcohol content of "alcopops" attracts half the tax rate. Page 1.
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Environmental groups have criticised the Federal Government's decision to reduce the availability of rebates for solar panel systems. The solar power industry said the Government's decision that only households earning less than A$100,000 be allowed access to the A$8000 rebate had clouded the future of the fledgling industry, and could cause millions of dollars in lost business and job losses. Without the rebate, the out-of-pocket costs to install an average solar-panel system increases from A$5000 to A$13,000. Page 4.
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Immigration Minister Chris Evans has announced that almost 1000 refugees living in Australia on temporary protection visas will be granted permanent residency. Under the former government, refugees were forced to reapply for protection several years after being granted temporary visas, in case conditions in their home countries had changed. Afghan refugee Mohammad Dawlat-Hussain said the announcement had lifted "a lot of weight from me because it used to be very time-consuming and stressful to apply for permanent residency." Page 5.
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((Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com)) Keywords: DIGEST AUSTRALIA GENERAL
Country singer Shania Twain splits from husband
Reuters: [2008-05-15 22:07:00]
LOS ANGELES, May 15 (Reuters Life!) - Canadian country star Shania Twain has separated from her husband of 14 years, reclusive record producer Robert John "Mutt" Lange, People magazine reported on Thursday.
It quoted a spokesman as saying, "This is a private matter and there will be no further comment at this time." Twain, 42, and Lange, who is in his late 50s, have a a 6-year-old son named Eja.
The marriage between the sexy singer and the secretive Svengali famed for his work with such metal acts as AC/DC and Def Leppard, was an unlikely -- but highly lucrative -- partnership.
Lange produced Twain's three blockbuster albums, which have each sold more than 10 million copies in the United States. The glossy efforts, complemented by steamy video clips, crushed the barrier separating country and pop.
Like many men, Lange was entranced by one of Twain's videos, the first of many in which she showed off her famed belly button. He called her persistently, and they agreed to collaborate professionally. Six months after they eventually met, they married in December 1993.
Unlike many superstar producers, Lange has not given an interview in decades and is rarely photographed. He did not even appear in the official wedding photo Twain distributed to the media.
But his fingerprints were all over Twain's huge trilogy of albums, 1995's "The Woman in Me," 1997's "Come on Over," and 2002's "Up!" More arena rock than traditional country, the albums were packed with catchy hooks and lyrics celebrating female empowerment.
The couple avoided the spotlight by dividing their time between a chateau near Geneva and a luxury farmhouse in New Zealand. (Reporting by Dean Goodman, editing by Steve Gorman) ((dean.goodman@reuters.com; +1 213 380 2014)) Keywords: PEOPLE TWAIN
Next: PRESS DIGEST-New Zealand newspapers - May 16