Business News From The Australian Press Friday
Telstra Corp. (TLS) is doing due diligence to buy a A$500 million stake in MobileOne Asia, Singapore's second-largest mobile phone operator, accelerating its aim to become a dominant Asia-based telecommunications company, reports the Australian Financial Review. Sources said Telstra is in the final stages of negotiation with Cable & Wireless PLC (CWP), which has put its stake on the market. Telstra is also understood to be talking to the other shareholders in MobileOne, Keppel Telecommunications & Transportation Ltd. (P.KTT) and Singapore Press Holdings Ltd. (P.SPH), but shareholder Pacific Century CyberWorks Ltd. (PCW) is understood to be keen to retain its MobileOne stake.
Vodafone Pacific Chief Financial Officer Mike Buckling said the company has no plans to sell its mobile network, reports the Australian. "It's not something we are considering at the moment," he said. His comments come amid market conjecture Vodafone Pacific will sell the network to satisfy Australian Competition & Consumer Commission concerns before it leapfrogs to number two in the Australiam mobile market through the purchase of Cable & Wireless Optus Ltd.'s (A.CWO) A$11 billion-plus network.
The federal opposition Australian Labor Party has been rocked by continuing fallout from a Queensland state electoral scandal in a disastrous start to an election year in which the party hoped to seize an early initiative, reports the Australian Financial Review.
The Australian Transport Safety Bureau has launched a second investigation into Ansett Australia's failure to meet maintenance requirements for its aged 767-200 fleet, reports the Australian Financial Review. The ATSB will also look at the actions of Civil Aviation Safety Authority and Boeing Co. (BA) in relation to Ansett's non-compliance with safety rules, it said.
Seven Network Ltd. (A.SNW) will today view the A$500 million bid by News Corp.'s (NWS) News Ltd. for the broadcasting rights to the Australian Football League, starting the two-week clock for Seven to decide whether to fight to retain the game it has broadcast almost exclusively since 1956, reports the Australian Financial Review. Under the terms of Seven's A$20 million right of last offer, it has two working weeks to decide whether to make a final counter-offer over the free-to-air rights and another two weeks to formally bid should it decide to compete.
Aristocrat Leisure Ltd. (A.ALL) is a step closer to cracking the lucrative Nevada gambling market after being cleared to trial one of its games there, reports the Australian Financial Review. The 60-day trial will begin next month.
Pasminco will be sued for a third time by residents of two Australian states who claim the mining company's businesses have harmed their health, reports the Australian Financial Review. Lawyers from Coleman & Greig, the firm representing 1,200 residents in Cockle Creek, New South Wales, and Port Pirie in South Australia, said they plan to file two separate law suits against Pasminco next month.
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