Goodman Fielder raises $300 mln in U.S. placement

(For the latest Australia and New Zealand bond news, double click on [AU/CRD] and then double click on the ID number)

Non-Cyclical Consumer Goods

SYDNEY June 17 (Reuters) – Goodman Fielder Limited on Thursday said it had priced $300 million of unsecured notes in the United States Private Placement market in a transaction which was five times oversubscribed.

The funds will be converted to A$350 million at a margin of 200 basis points above floating A$ bank bill swap rates, Goodman said. The initial principal, future interest payments and final repayment have all been hedged to Australian dollars.

The proceeds were expected to be received in September and would be used to repay A$280 million of bank debt that is due to mature in November 2010, as well as a partial repayment of A$420 million of bank debt due in July, 2011.

Finalisation of the transaction is subject to investor due diligence and completion of legal documentation, expected to be in July 2010. Bank of America Merrill Lynch and Westpac were the arrangers for the transaction.

(Reporting by Wayne Cole; Editing by Ed Davies)

Well-readhead: e-reader vs the good old book

Judging from the available space, any books purchased after 2013 will need to be stored in the fridge.

You can see why an electronic book reader might appeal. I’m a serious book lover so have had some resistance to the idea of an e-reader. But I bought an Amazon Kindle late last year and have now been using it – alongside regular books – for about three months.

I know the world needs another Kindle review like it needs another Britney Spears crotch shot, but I feel obliged because I promised on twitter that I’d share my thoughts after I’d given the Kindle a decent workout.

Here’s the short version: I love it, it’s far cheaper than buying actual books but the range is too limited in Australia.

In a tip-o-the-hat to Choose Your Own Adventure, I’m giving readers two options here:

If you couldn’t give two hoots about my thoughts on the Kindle, skip to the end of the article for your 10 interesting things to read, watch or listen to.

Or if too much Kindle critique is barely enough, read on…

THE PROS: It’s very straightforward to use. You can alter the font size and style if you wish and the screen is very easy on the eyes. I didn’t find it any harder to read than a regular book. It is extremely convenient for travel – you can read a dozen books on holidays without weighing down your suitcase. One of the best features allows you to download a sample of a book to try before you buy.

Once you fork out the $300 or so for the device, the cost savings are extraordinary, particularly if you buy a lot of books. The first book I downloaded was Nick Hornby’s Juliet, Naked for $11.99. I checked at my local bookstore last week and it was $32.95. Here’s a price comparison on some other well known titles (all in Australian dollars):

The Girl with the Dragon Tattoo’ by Stieg Larsson – $7.50 vs $24.95 in store.

Eat, Pray, Love by Elizabeth Gilbert – $10.98 vs $24.95.

Stripping Bare the Body by Mark Danner – $17.92 vs $39.95.

No Country for Old Men by Cormac McCarthy – $11.99 vs $22.95.

THE CONS: As a book lover, I’d be lying if I didn’t say that I missed the feel of a regular book. And browsing electronically is not as good as browsing in a bookstore. The Kindle is great if you know what you want (and it’s available).

For me, by far the biggest drawback is the lack of range in Australia compared to the US. This is because electronic rights are still being negotiated in the Australian market. In my line of work, two books have attracted enormous attention in recent months: Going Rogue by Sarah Palin and Race of a Lifetime by Mark Halperin and John Heilemann. Neither is on the Kindle here.

The available fiction range in Australia seems fairly populist. If you’re after Stephanie Meyer, Stieg Larsson, Barbara Kingsolver or JK Rowling, you’ll be fine. If you’re chasing Philip Roth, Ian McEwan, Jonathan Franzen or Alice Munro, you’ll be frustrated. And forget about Helen Garner, JM Coetzee or Tim Winton.

I put this issue via email to Simon Fitzgerald, who is Amazon’s spokesman in Australia, and he replied:

“It really depends on the publisher and the rights they’ve negotiated with the author to sell the books. Amazon has books available in Australia that aren’t available to US customers and vice versa. There are now 323,756 books available to Australian customers, at the time of launch this number was around 280,000, so in effect thousands of books are being added on a weekly basis.”

As for the Kindle’s most significant con: read it in the bath at your own risk.

Today’s gems:

1. Charlie Brooker disagrees that the generic experience of the Kindle versus a book is one of its drawbacks – at least nobody can judge you for reading a pot boiler.

2. I’ve thought long and hard about linking to this article because it is possibly the most gut-churning, heart-wrenching thing I’ve ever read and it was so difficult to get through that I don’t know if I want to recommend the experience to others. It’s not gory or graphic but it is deeply emotionally stressful. I decided eventually to include it because it’s such a phenomenal piece of journalism. The article is called Fatal Distraction and the sub-heading is Forgetting a child in the back seat of a hot, parked car is a horrifying, inexcusable mistake. But is it a crime?

3. Until I read the article above, I only knew Gene Weingarten as a humour writer (he writes a column for The Washington Post called Below the Beltway). But he’s far more versatile than that. Check out his article on what happens when one of the greatest musicians in the world busks at a railway station.

4. I think Leonard Nimoy is going for an Australian accent here, but who can tell? (via @scrivenersfancy)

5. Will Rupert Murdoch be able to slay The New York Times with his overhaul of The Wall Street Journal? A New York magazine profile of Rupert Murdoch looks at this issue along with his battles with Google and his possible succession to his son, James Murdoch.

6. The famous author Jonathan Safran Foer was caught in a classroom explosion at summer camp when he was a child. “I can’t think of anything I’m more ashamed of than having asked Stewart to describe my face to me, or anything I am more grateful for than our having been together for those minutes.”

7. Knut the polar bear used to be so k-not.

8. Recently the Australian Literary Review published a survey in which Australian politicians nominated their favourite books. It prompted the author John Birmingham to ponder which books we really read as to those we pretend to read when asked.

9. If you watch Scrubs, you’ll know the terrifically manic performance of actor John C. McGinley. He recently wrote an article about his 12-year-old son with Down’s syndrome and why he objects to the word ‘retard’.

10. Is it difficult to find untainted jurors in the age of the internet?

Australia to safeguard international students

Canberra (Australia), Sep. 14 (ANI): Australia’s Deputy Prime Minister and Education Minister Julia Gillard said every effort would be made by her government to ensure the safety of international students in the country.

She was speaking on the opening day of a two-day round table meeting in Canberra on Monday to discuss major issues of concern for international students, Sinhua reports.

The overseas student industry, worth 15.5 billion Australian dollars, has been under scrutiny following an outcry earlier this year over violence against Indian students.

“When you’re talking about these grossly objectionable, violent incidents, you’re talking about a number of less than 10 and we are talking about around 100,000 Indian students in the country,” Gillard later told reporters.

“But I can understand why, having seen even one incident — mums and dads having sent their sons and daughters far from home to study would be concerned,” she added.

Gillard told the 31 assembled students, representing every continent on the globe, their voice was deeply important.

She said their views will be fed into Council of Australian Governments (COAG) deliberations on how to boost the international student experience and a parliamentary review that is currently underway. (ANI)

Remorseful thief returns loot

Sydney – A butcher in an Australian country town arrived at work to find that money stolen from his shop earlier this month had been returned in an envelope that also contained an apology, news reports said Thursday.

Mark Bollinghaus got back most of the 10,000 Australian dollars (7,600 US dollars) Tuesday that were stolen from his Wodonga business.

“They pretty much said they were sorry they had done it and that they had done it in a rush,” he told national broadcaster ABC. (dpa)

Grateful dead get cheques in Australia

Grateful dead get cheques in AustraliaSydney – Dead people, prisoners and 27,000 Australians living abroad got a share of a 10-billion-Australian-dollar (7- billion-US-dollar) stimulus package that Prime Minister Kevin Rudd said would create jobs, keep cash registers ringing and stave off recession.

The cheques mailed to the deceased, the incarcerated and the resident abroad amounted to 40 million Australian dollars, the Australian Tax Office (ATO) said Thursday.

The payments to 16,000 deceased estates alone could sting taxpayers for 14 million Australian dollars.

“It is the role of the executor in administering the proceeds of the deceased estate to determine how the tax bonus payment will be distributed to beneficiaries,” the ATO said in response to queries about where the money would go.

The ATO didn’t say how many prisoners had received windfalls, but said 25 million Australian dollars had been deposited in the bank accounts of around 25,000 expatriates.

“Around 99.5 per cent of the stimulus money went exactly where we intended it to go,” Small Business Minister Craig Emerson said. “Do you sit and wait and try and get that up to 100 per cent and have no stimulus?”

Labor Member of Parliament Janelle Saffin said that mortality was unavoidable – as were payments to the dead.

“Yes, it’s unfortunate and sad that sometimes people die, and that money goes to their estates,” she said.

Opposition Liberal Party leader Malcolm Turnbull identified the grateful dead as evidence of a spendthrift government.

“It just demonstrates the absurdity of this cash-splash,” Turnbull said. “Just shrugging your shoulders and saying it was unavoidable when you’re wasting billions of dollars of reckless spending is not good enough.” (dpa)

Australia’s rich don’t always get richer

Sydney – It cost much less to get on this year’s list of the richest Australians.

Plunging stock markets and asset write-downs resulted in 28 fewer billionaires than there were in 2008, business magazine BRW reported Wednesday.

Hardest hit was iron ore tycoon Andrew Forrest, down from being the nation’s wealthiest man 12 months ago to eighth place in the BRW Rich 200 List, after seeing 7 billion Australian dollars (5 billion US dollars) in personal assets evaporate.

Top of the pile was Richard Pratt, the head of the global Visy cardboard empire, with 4.3 billion Australian dollars. Westfield founder and shopping mall mogul Frank Lowy was second followed by property tsar Harry Triguboff.

Mining go-getter Gina Rinehart remained the country’s richest woman, despite losing 4.3 billion Australian dollars from her treasure chest.

BRW editor Sean Aylmer said the stunning statistic was “just how much money” – 25 billion Australian dollars – was knocked off the combined net worth of the Top 200. (dpa)

Australian mission hosts discussion on development imperatives in India

New Delhi, May 15 (ANI): The Australian High Commission hosted a discussion on “Development Imperatives in India” to commemorate the achievements of Australia’s Direct Aid Program (DAP) in India.

Leading experts from the fields of education, environment, and health addressed an audience comprising members of non-government organisations, think-tanks, academics and the media.

Topics of discussion included the challenge of providing quality education to underprivileged children, the need to sensitise society regarding HIV/AIDS and gender issues, best-practice design of rehabilitation programs for women who have been the victims of trafficking, and the importance of engaging children on environmental issues.

Australian High Commissioner to India John McCarthy described the DAP as: “A mechanism for Australia to play a small but significant role in the development sector in India.”

He further elaborated that ‘with a special focus on women and children, we fund various groups across India and Bhutan in a wide array of fields including education, hygiene, health and the environment’.

Under DAP, the Australian High Commission provides assistance for small development activities, with a particular focus on addressing the needs of women, children, and other disadvantaged groups. Since 2001, DAP has funded 125 projects in India and three in Bhutan, distributing total funding of more than one million Australian dollars (approximately 3.5 crore rupees). Similar programs have been run through the High Commission since 1985.

The following topics were covered at the discussion:

Challenges in providing quality education to underprivileged children Geeta Dharamrajan, Executive Director, KATHA

Sensitising society towards HIV/AIDS and sexuality issues Anjali Gopalan, Executive Director, NAZ Foundation

Starting early: environmental issues and working with children Dr S M Nair, Environmental Educationist

Women trafficking: rescue and challenges in rehabilitation Roma Debabrata (ANI)

Australia’s AMP, CBA raise A$100 mln bonds-sources

For the latest Australia and New Zealand bond news, double
click on [AU/CRD] and then double click on the ID number)

SYDNEY, April 16 (Reuters) – Australia’s AMP Bank, a unit
of fund manager AMP Ltd (AMP.AX), and Commonwealth Bank of
Australia (CBA.AX) (CBA) have each sold A$100 million ($72
million) of three-year bonds backed by a government guarantee,
two market sources familiar with the terms said on Thursday.

The sources declined to be identified because they are not
authorised to speak to the media.

Australian banks have now raised more than A$74.5 billion
equivalent of funds, according to Deutsche Bank, under the
Australian government guarantee put in place in November last
year to help banks weather the crisis.

Most of the bonds were denominated in U.S. and Australian
dollars and are rated triple A by S and P and Moody’s.

Deal details are as follows:

Issuer: AMP Bank Ltd CBA

Facility: Guaranteed notes Guaranteed notes

Guarantor: Australia Australia

Amount issued: A$100 mln A$100 mln

Maturity: Apr 17 2012 Apr 17 2012

Set date: Apr 17 Apr 17

Coupon: +73bp/3mBBSW +53bp/3mBBSW

Lead(s): CBA CBA

Issue ratings: AAA/Aaa AAA/Aaa

Issuer ratings: A/A2 AA/Aa1

($1=1.380 Australian Dollar)
(Reporting by Cecile Lefort)

Lee, Symonds could lose IPL millions playing for Australia

Sydney, Apr.9 (ANI): Cricketers Brett Lee and Andrew Symonds are likely to lose millions of dollars in Indian Premier League (IPL) earnings if they are chosen to play for Australia in forthcoming international fixtures.

According to the Sydney Morning Herald, both are set to miss out on about 1.75 million Australian dollars of IPL loot to play for the national team in the upcoming limited-overs series against Pakistan in the United Arab Emirates.

Symonds and Lee were by no means considered certainties for the tour and looked ready to reap the financial rewards of the Twenty20 competition before being handed the chance to revive their international careers before this year’s Ashes series.

A full IPL season would have landed the embattled Symonds some 1.91 million Australian dollars on current exchange rates.

But if he plays all six matches of Australia’s tour to Dubai and Abu Dhabi before heading to the back-end of the IPL in South Africa, he will earn around 842,000 dollars.

Lee on the other hand will lose 82,000 dollars per game if he is chosen to play for Australia.

He could have picked up 1.27 million dollars for a full five-week IPL stint but his national call-up has meant the most he can earn with a late dash to South Africa is up to 572,000 dollars over the same period.

All the same, but both players’ enthusiasm to join the national side shows where they stand in any cash versus country debate. (ANI)

Australia to help improve roads in central, southern Philippines

Manila – Australia on Tuesday pledged to provide 100 million Australian dollars (71.3 million US dollars) for road improvement projects in the central and southern Philippines.

Australian Ambassador Rod Smith said the money will be used to repair and maintain more than 1,000 kilometres of provincial roads in 10 provinces in the regions of Visayas and Mindanao.

The funds will be given over a five-year period starting this year, he added.

“It will be Australia’s single-largest grant project in the Philippines to date, and is a further demonstration of Australia’s commitment to working side-by-side with the Philippines as a development partner,” Smith said.

The envoy said the project was expected to help boost economic activity and the delivery of services to millions of people in the affected provinces.

“Good roads are crucial to economic development,” he said. “They improve access to markets by significantly reducing travel times and costs, link producers to markets and connect rural to urban areas.”

“Better roads will also improve access to jobs, health services and essential social and educational facilities in rural and regional areas,” he added.

Australia is one of the Philippines’ largest bilateral aid donors. It has provided an estimated 4.4 billion pesos (92 million dollars) in development assistance since 2008

Airport luggage thief escapes jail in Australia

Sydney – An Australian woman with a drug habit stole more than 1,000 bags from the luggage carousels at Perth airport, a court in the West Australian state capital was told Tuesday.

Asvina Dhatt, 29, got off with a fine of 950 Australian dollars (665 US dollars) and a suspended prison sentence of eight months.

Dhatt was charged last year after police found the luggage among other stolen property at her Perth home.

Indian students are Australia’s third largest export income earner

Melbourne, Apr.3 (ANI): With India projected to be the fifth-largest consumer market by 2025, Australian-trained Indian graduates and skilled workers represent a future trade and investment bonanza as they return home to jobs in the business and government sector.

Indian students now make up almost 18 per cent of Australia’s total foreign student population, the second largest group after China, which represents 23.5 per cent of the total foreign student body.

Foreign students are now Australia’s third-largest export income earner, behind coal and iron ore, contributing 14.1 billion Australian dollars in direct income and an additional 12.6 billion dollars in value-added goods and services, a new Access Economic report has found.

Australia’s business links with Southeast Asia are well established, going as far back as the 1950s.

Indian enrolments in Australian higher education and vocational training courses last year, a massive 54 per cent increase on the almost 63,000 Indian enrolments in 2007, and up from just 11,313 in 2002.

Take the example of 18-year-old Vasha Vankadesh from Tamil Nadu capital Chennai. A student, she contributes over 30,000 dollars annually to the Australian economy as she ploughs her way through an engineering degree at the Australian National University in Canberra.

“You’re now seeing the beginnings of that sort of relationship between India and Australia,” The Daily Telegraph quoted Australia’s High Commissioner to India, John McCarthy, as saying on Thursday.
Vasha says she chose Australia over Britain and the US because it was closer to home and cheaper. (ANI)

Beekeeper killing: your honey or your life

Sydney – An Australian beekeeper found shot dead at his isolated property where he lived alone was killed for his honey, a Brisbane court was told Wednesday.

Donald Alcock, 34, was found guilty of murdering 41-year-old Tony Knight by shooting him in the back while he slept.

“If Tony was home I was going to have to maim him or hurt him bad if I was going to knock off the honey,” Alcock told police. “I was only out to hurt him, I wasn’t out to kill him.”

Alcock had admitted to stealing barrels of honey worth 40,000 Australian dollars (33,000 US dollars) but had pleaded not guilty to murder.

Beekeeper Howard Kirby said it was normal in the industry to hoard honey. “Honey doesn’t go off like apples, and beekeepers keep barrels as security – like money in the bank,” Kirby explained. (dpa)

Australia, a symbol of the “old order” to open F1 season

Melbourne – Starting the Formula 1 season in Australia is almost a tradition. However, the fact of being a classic could turn against a Grand Prix at represents the “old order” in troubled times of change.

The top category of motorsport has been travelling “down under” since 1985, but the Australian Grand Prix has only been based in Melbourne since 1996. Since then, with one exception, the Victoria state capital always opened the season for the Formula 1 circus.

This year will be no different. On March 29, Albert Park is again set to dress up as a race track. The 20 cars on the grid are to burn their first tyres of 2009 on the road around the blue water of the lake in the public park.

Everything will, however, happen later than usual. The Grand Prix is set to start at 5 p. m., in line with a deal that organizers struck with Formula 1 boss Bernie Ecclestone.

The short British tycoon wanted to turn the Australian race into another night-time show and threatened to take the Grand Prix somewhere else if Victoria authorities refused.

In the end, a compromise was reached whereby Ecclestone gets to improve TV audiences in Europe and Asia and Melbourne keeps its Grand Prix until at least 2015.

The time change is the only known portion of the price that the state of Victoria will have to pay to keep what is its great symbol in the field of sport, alongside the Australian Open in tennis.

The financial cost is a well-kept secret between Ecclestone and regional authorities.

“What I can say is that I believe we’ve achieved a good value-for-money outcome,” Victoria state Premier John Brumby said.

The Australian daily The Age, however, put the figure for 2009 at 47 million Australian dollars (some 31 million US dollars), well above the average Grand Prix, according to the newspaper.

“The government must show greater transparency over its use of taxpayer’s money,” the daily Herald Sun complained in turn.

“Disclosing the licence fee would simply tell our competitors how much they need to bid to steal the event off Melbourne,” said a government spokesman.

Sydney itself, always keen to pick a fight with its rival for leadership within Australia, volunteered as an alternative and was even willing to host a night-time race.

Melbourne is holding on to its sport symbol for now, but Formula 1 is in constant transformation. Following years of excessive spending, the financial crisis has hit the category with full force, and several of the oldest circuits either said goodbye or are in obvious trouble.

Ecclestone is 78, but his head never stops looking for new markets. As Canada, the United States and Frence fell off the Formula 1 season calendar – suffocated by financial problems, – Singapore, China or Bahrain joined the exclusive club in recent years.

He has insisted that he is not worried: there are four or five new candidates waiting for the chance to organize a Grand Prix, the F1 “supremo” said after scrapping Montreal from the 2009 programme due to a delay in payment of its fees.

Beyond the Spanish Grand Prix in Catalonia, Spain added a second race in 2008, the European Grand Prix in Valencia, which offers one of those urban circuits that Ecclestone loves so much. And India is close to hosting its own Grand Prix in 2011.

The “classics” are having trouble: Silverstone will no longer host the British Grand Prix in 2010, and Hockenheim, which takes turns with Nuerburgring in organizing the German Grand Prix, needs financial assistance to secure its survival.

A “new order” appears to be taking control of Formula 1, and Australia would do well to find its own place in it if it does not want to be left out altogether. In this context, Melbourne may well have inquired into the price of artificial lighting at Albert Park. (dpa)

Perdaman Industries announces Rs 10,000 cr urea manufacturing plant in Australia

New Delhi, Mar 9 (ANI/Business Wire India): Perdaman Chemicals and Fertilisers, a wholly owned subsidiary of Perdaman Industries today announced plans to construct a 3.5 billion Australian dollars urea manufacturing plant at the Shotts Industrial Park in Collie, Western Australia.

Perdaman Industries is a Western Australian based multinational group with a current focus on urea production for local and international use.

With construction due to commence in early 2010, the Urea plant will generate on average around 1,500 jobs during the three-year construction phase of the project and around 200 permanent jobs once plant operations begin. Speaking at the official project launch in Collie, Perdaman Industries Chairman and Managing Director, NRI Vikas Rambal said that the construction and operation of the plant provides some much needed good economic news for both the India and Australia.

“The plant has the capacity to produce 2 million tonnes of urea per annum, and while we are looking at the opportunity to supply local markets, the majority will be exported for global use, especially to India,” Rambal said.

” Perdaman plans to utilise environmentally friendly, best in class technologies that will transform sub-bituminous coal into urea by way of innovative and low emissions coal gasification technology,” he added.

In India, the company is registered as Perdaman Agro Pvt: Ltd with interests in renewable energy, especially in grid interactive photo-voltaic solar power plants and biodiesel refining activities. PAPL is also considering setting up wind mills in MP for 50 MW wind power project at an estimated investment of RS 350 cr.

The company is also engaged in the bio-fuel aspects of renewable energy through its Jatropha curacas development. It is setting up 50 acres of hi-tech Jatropa nursery in Gwalior district. PAPL has commenced its activities to develop 5,000 acres in phase one amnd has plans to complete plantation in about 100,000 acres in MP and Orissa by 2010.

Fertilisers are essential to meet the needs of an expanding global population and its increased demand for food. Of the fertilisers available today, urea is undeniably the most efficient. It is safe, clean, easily transported and economical to manufacture and apply.

Perdaman Industries and its subsidiary Perdaman Chemicals and Fertlisers (formally North West Chemicals and Fertlisers) was formed in 2006. Founding Chairman Vikas Rambal and his fellow Directors all have extensive major project experience, most recently having played central roles in the development and construction of the 700 million Australian dollars Liquid Ammonia Fertiliser plant located on the Burrup Peninsula in the North West of Australia. (ANI)