UPDATE 1-Petropavlovsk sees FY output at lower end of range

LONDON, July 22 (Reuters) – Russian miner Petropavlovsk (POG.L) expects annual output to be at the lower end of the previously announced 670,000-760,000 ounce range after first-half gold production fell 26 percent on planned work at its Pioneer mine.

Gold production fell to 166,300 ounces from 224,600 ounces in the year-earlier period.

The London-listed company also announced that it acquired new mining licences in the Amur and Krasnoyarsk region of Russia.

The miner, which is considering a Hong Kong listing for its iron ore assets, last month launched its first Kuranakh iron ore mine. [ID:nLDE65N0WI]

The first product sales from Kuranakh are expected in August, it said on Thursday.

On June 7, Petropavlovsk said Hong-Kong based investors had agreed to take a $60 million equity stake in the group’s non-precious metals division, valuing the iron ore operations at $860 million. [ID:nLDE65G16Q]

(Reporting by Julie Crust; editing by Victoria Bryan)

UPDATE 1-Resolution sets sub-underwriting fee-source

LONDON, June 24 (Reuters) – Sub-underwriters for Resolution’s (RSL.L) 2.75 billion purchase of AXA’s (AXAF.PA) British life insurance business will receive a commission fee of 1.75 percent, a person familiar with the matter said on Thursday.

Resolution said in a statement that leading shareholders had already underwritten 52 percent of the cash call, around 2 billion pounds, that will finance the acquisition.

The group is paying a total underwriting commission of 2.72 percent of the value of the new ordinary shares at the rights issue price.

(Reporting by Victoria Howley; Editing by David Cowell)

UPDATE 1-DevSecs continues push into prime residential

LONDON, June 24 (Reuters) – UK property company Development Securities (DSC.L) said on Thursday it has acquired a mixed-use central London property with partner Caenwood Ventures as part of a strategy to widen its portfolio to residential properties.

It bought the 30 office, 29 residential flats and four retail unit building at Westminster Palace Gardens, Victoria, for 10.1 million pounds ($15.1 million), reflecting a net initial yield of 6.77 percent.

Development Securities and Caenwood, along with residential development manager Alchemi Group, plan to convert the remaining offices to apartments, taking advantage of the rising prime central London residential market.

The company has a strategy of widening its trading portfolio to include residential, a market it has not traditionally traded in.

Westminster Palace Gardens was built for residential use. (Reporting by Andrew Macdonald; Editing by Mike Nesbit) ($1=.6677 pounds)

Fidelity looks to oust McGrath from UK Pru -report

June 20 (Reuters) – Fidelity, one of the largest investors at British insurer Prudential (PRU.L), will on Monday call for the resignation of Chairman Harvey McGrath, the Sunday Times reported, citing sources.

Financials

Both McGrath and Chief Executive Tidjane Thiam have come under fire from investors over Prudential’s failed $35.5 billion bid for AIG’s (AIG.N) Asian arm. [ID:nLDE65816Z]

Prudential has been holding meetings with shareholders angered by the firm’s handling of the deal.

The Sunday Times said that Fidelity, which had previously called for Thiam to resign, is now calling for both men to leave, with McGrath to depart first. Fidelity, which owns 2.5 percent of Prudential according to ThomsonReuters data, could not be immediately reached for comment. (Reporting by Victoria Bryan; Editing by Jon Loades-Carter)

BP to raise $50 billion for oil spill costs: report

(Reuters) – BP (BP.L) is planning to raise $50 billion to cover the cost of the largest oil spill in U.S. history, London’s Sunday Times reported without citing sources. The paper said BP planned to raise $10 billion from a bond sale, $20 billion from banks and $20 billion from asset sales over the next two years.

The oil major had said last week that it would suspend dividends and increase the pace of asset sales to $10 billion this year.

A spokesman for the group would not confirm any numbers on Sunday, when asked about the Sunday Times report.

(Reporting by Victoria Bryan; Editing by Jon Loades-Carter)

BP to raise $50 bln for oil spill costs – report

June 20 (Reuters) – BP (BP.L) is planning to raise $50 billion to cover the cost of the largest oil spill in U.S. history, London’s Sunday Times reported without citing sources. The paper said BP planned to raise $10 billion from a bond sale, $20 billion from banks and $20 billion from asset sales over the next two years.

Stocks | Mergers & Acquisitions | Bonds | Global Markets | Energy

The oil major had said last week that it would suspend dividends and increase the pace of asset sales to $10 billion this year. [ID:nN16172720]

A spokesman for the group would not confirm any numbers on Sunday, when asked about the Sunday Times report.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For full coverage link.reuters.com/hed87k Breakingviews [ID:nLDE65H0GB] Insider TV link.reuters.com/cet72m Graphics

here Special Report: Wall Street touted BP [ID:nN18126202] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Victoria Bryan; Editing by Jon Loades-Carter)

UPDATE 1-African Minerals says CRM investment completed

LONDON, June 16 (Reuters) – African Minerals Ltd (AMIq.L) said a proposed 167.8 million pound ($260 million) investment by China Railway Materials (CRM) to develop the Tonkolili iron ore project has been completed following Chinese government approval.

As previously announced, CRM will take a 12.5 percent stake in African Minerals as a result of the investment and has the right to appoint a non-executive director to the board.

In February, African Minerals verified the size of the Tonkolili project in Sierra Leone at 10.5 billion tonnes of magnetite, making it the biggest deposit in the world.

China’s steel sector, which produced almost half the world’s steel output last year, is the biggest consumer of iron ore.

(Reporting by Julie Crust; editing by Victoria Bryan)

($1=.6465 POUND)

Virgin Blue sees tough market conditions all year

June 8 (Reuters) – Budget airline Virgin Blue (VBA.AX) expects its market environment to remain tough throughout the year, posing a challenge for the carrier, Chief Executive John Borghetti said on Tuesday.

Industrials

“This side of Christmas, it is still going to be tough,” he said, saying the economy was still very fragile and business travel generally slows down around a federal elections.

Virgin Blue slashed its guidance May 28 on rapidly falling demand and a sudden decline in consumer confidence, sending its shares down by a quarter and highlighting the industry’s fragility.

Virgin Blue is Australia’s second-biggest airline after Qantas (QAN.AX) with a domestic market share of close to a third. (Reporting by Victoria Thieberger; editing by Balazs Koranyi)

Meet the Oz woman who is obsessed with letter Y!

Melbourne, May 20 (ANI): An Australian woman, who loves the letter Y, has made sure that each of her children had names containing the alphabet.

Janette Wingrave, 32, from Ocean Grove, Victoria, who is the only one in the family without a y in her name, said she just liked the name Tayla, and at first there was nothing more to it than that.

“Mitchyl was where it started. There were so many common ones (spellings) about, and I wanted something a bit different,” the Courier Mail quoted her as saying.

“Something to make the kids stand out a bit more,” she explained.

Then came Harrisyn, “the only one that people have difficulties with”. He got a triple dose of the ys – his second name’s Bayley.

Baby Samuyl got the double-whammy second name Jay. And if he had been a girl, it was going to be Shaynae or Lilly.

“I found I was having a boy, and it was, oh! I had to start playing around again,” she said.

She wanted to spell the name without the u, to make it even more of a y name, but said her husband put his foot down.

“When the kids first entered school, a few of the teachers asked how (the names) were spelt, but most people are used to it,” her husband, Garry, 30, said.

“It’s more a problem with the surname. A lot of people put a y in it, when it’s an I,” he revealed. (ANI)

White being tipped to replace Clarke as Oz T20 captain

Sydney, May 17 (ANI): Victoria captain Cameron White, who led his side to the Big Bash title, while winning four of the past five championships, is being tipped to be the new Australian Twent20 skipper after incumbent Michael Clarke’s tenure comes under review over his suspect batting in the shortest version of the game.

Clarke has conceded that his position must come under review following Australia’s seven-wicket loss to archrivals England. He finished with 92 runs in the tournament at 15.33. White on the other hand scored 180 runs at 45, with a strike rate of 146.34 compared with Clarke’s strike rate of 80.7.

It is a difficult consideration for selectors because of Clarke’s astute leadership and excellent winning record as captain. But his not holding his place in the Twenty20 team as a batsman is proving a weakness, The Sydney Morning Herald reports.

Clarke’s performances in the three World Twenty20s so far have yielded 108 runs at an average of 10.8, with a strike rate of 77.14. White, by contrast, has played only 20 games for Australia, but has more runs – 481, at a superior average of 43.72 and an excellent strike rate of 148.45.

“There is no doubt the selectors will need to have a look at my performances. I certainly know they haven’t been up to scratch and as good as I would’ve expected throughout this whole tournament, and probably Twenty20 cricket in general,” said Clarke.

“I’m sure the selectors will have a look and if I’m not the right person for the No.3 position and the captaincy of this team they’ll make that decision,” he said.

White was predictably diplomatic when asked about taking over the leadership in wake of Clarke’s comments.

“If that’s what Michael thinks, that’s what he’s thinking. I’m in no position to think about selection. All I can do is make sure I’m doing well and the team’s doing well and playing my part for the team and supporting Michael as vice-captain as well,” White said. (ANI)

Platypus could help beat superbugs, battle climate change

Melbourne, May 6 (ANI): The platypus – a semi-aquatic mammal – could help beat superbugs and fight climate change.

In a first, researchers at Victoria””s Department of Primary Industries (DPI) have isolated, synthesised and tested a number of platypus proteins called antimicrobials.

These substances, similar to antiseptics that kill bacteria, are 10 times more powerful in killing bacteria than conventionally used antimicrobials, according to Victorian Agriculture Minister Joe Helper.

“If we can harness some of this potential we could better protect patients from ””superbugs””, meaning they will recover from surgery faster and spend less time in hospital,” news.com.au quoted him as saying.

DPI deputy secretary Dr Bruce Kefford said scientists were already using their discovery to help the livestock industry.

“If introduced into the stomachs of cattle, these platypus antimicrobials could improve an animal””s digestion of feed and reduce methane production, one of Australia””s largest contributors of total greenhouse gas emissions,” he said. (ANI)

Dighton misses out on Tigers’ contract

The future of Tasmanian opening batsman, Michael Dighton, is unclear after the 34 year old was overlooked by the Tigers for a first round contract.

Dighton was instrumental in the state’s one day final win over Victoria in February, scoring 80 runs.

New South Welshman Steve Cazzulino, a prolific run-scorer in Sydney grade cricket, has secured a contract with Tasmania

The Tigers have also added 19-year-old paceman, Hamish Kingston, to their list of rookies.

Govt defers solarium debate

The ACT Greens have attacked the Government for delaying their bill tightening restrictions on solariums.

The proposed laws would stop people under 18 and those with very fair skin from using solariums.

The Government has adjourned debate, saying it is planning to introduce national regulations.

Greens MLA Amanda Bresnan says that is a poor excuse.

“The national regulations have been promised for over two years, New South Wales and Victoria got sick of waiting, they went ahead with their own regulations and legislation,” she said.

“This is a preventative health measure ready to go but I don’t think it would have mattered what we put forward.

“The Government wouldn’t have supported it because they want to claim credit.”

South-east SA sees benefit in Vic councils’ plan

A 10-year strategic plan by Victoria’s five south-west councils could be highly beneficial to industry in south-east South Australia.

The Great South Coast Regional Strategic Plan, outlining infrastructure and transport corridor development that could boost the south-east’s economy, was put out for consultation on Monday.

Education and the loss of agricultural land to population growth are some of the other areas highlighted in the plan.

Mount Gambier Mayor Steve Perryman says the plan will be a good gauge of where both regions can expand until 2020.

“These types of plans are about looking at the major opportunities and potentially using those documents as a good source document to lobby other levels of government for investment in infrastructure that will drive those things,” he said.

“Like population and spending on infrastructure to support economic growth.”

Federal Court hears arguments over NAPLAN dispute

The Federal Court has heard the Australian Education Union (AEU) is not acting in the broad educational interest by threatening to boycott national literacy and numeracy tests.

More than 1.1 million year three, five, seven and nine students are scheduled to sit the NAPLAN test next week.

The AEU argues the test results data will be used to unfairly rank schools.

It is pressing ahead with plans for a test boycott despite a Fair Work Australia ruling yesterday finding that the proposed industrial action is unlawful.

Lawyers for the Government’s Fair Work ombudsman have told a Federal Court hearing in Melbourne that the union is acting only in the interests of teachers, rather than in broad educational interests.

The court has heard massive logistical preparations have been made to deliver the test and the matter is urgent.

The union’s lawyers told the court the data would be false and inaccurate and would lead to teachers being badgered by parents.

The hearing continues.

Any Federal Court ruling on Naplan test boycotts will only affect Victoria, the Northern Territory and the ACT, where teachers come under the federal award system.

Traditional owners to develop High Country MOU

Aboriginal elders have decided to develop a memorandum of understanding between traditional owners across the Australian Alps.

More than 100 traditional owners gathered at Jindabyne in the New South Wales South East at the weekend to discuss the role of Aboriginal people in the management of High Country national parks.

They decided that the memorandum will take a cross-border approach, involving working groups from New South Wales, Victoria, and the ACT.

A facilitator of the event, Uncle Ernie Innes, says all Aboriginal groups will be included.

“Whatever we put in place goes out to all of the traditional owner groups, so that everyone is informed of what the outcomes are, and there’s nobody left out,” he said.

“Everybody is represented.”

For more, go to the South East News blog at http://bit.ly/dgL1SN

Kiwi star Ross Taylor signs with Durham for 20-20 league

Wellington (New Zealand), Apr.21 (ANI): New Zealand star batsman Ross Taylor has signed up with English county champions Durham for the English Twenty20 league.

Taylor will join South African all-rounder Albie Morkel as the two overseas players for the Durham squad before their first fixture on June 4, the BBC reports.

He could also qualify for four teams in the lucrative Champions League tournament in India later this year.

He has already played for New Zealand Twenty20 champions Central Districts and Australian domestic winners Victoria while his Royal Challengers Bangalore team are through to the semifinals of the Indian Premier League. (ANI)

WA holding out over federal plan

The West Australian Premier Colin Barnett says he is still prepared to compromise in an effort to break the deadlock over the Federal Government’s health package.

He made the offer as he entered the second day of talks with the Prime Minister Kevin Rudd in Canberra.

On the second day of negotiations at the Council of Australian Governments’ COAG meeting in Canberra, Mr Barnett says he has put forward a compromise.

“Western Australia will not agree to handing over one third of the GST.

“We are prepared to hand over exactly the same amount but it will be paid in by Western Australia, not seized by the Commonwealth.”

Mr Barnett says his government is prepared to put $1.5 billion into the health fund.

Victoria and New South Wales had both earlier refused to give up a portion of GST but their Premiers subsequently reached a deal.

Mr Barnett says an agreement is within Kevin Rudd’s grasp but that today’s talks are going slowly.

Mr Rudd says he will press ahead to get a deal.

“We’ve got quite a bit more work to do and and I and the others are working very hard and there is still areas of continued disagreement but we intend to give this our best shot.”

WA Nationals President Colin Holt has urged the Premier to approach the health negotiations cautiously.

“I mean we’re a long way from Canberra and it’s difficult enough now to get funds coming from Canberra to WA.

Burns planned before Friday wind

Fire agencies hope favourable weather conditions will allow them to light 70 planned burns across Victoria this week.

Authorities say they plan to burn about 35,000 hectares if weather conditions permit.

Senior duty officer Andrew Graystone says the aim is to complete the burns before winds strengthen on Friday.

He says smoke may linger in some areas during the burns.

“With the weather conditions being quite still until about Thursday, there is the potential for smoke from our burns to hang around valleys and the lower lying areas and not ventilate very well into the atmosphere,” he said.

Survey to help create 3D carbon storage sites model

A seismic survey exploring the possibility of storing carbon in the offshore Gippsland Basin has been completed.

A ship has been surveying the Bass Strait sea floor since the middle of February.

The information gathered will be used to create a 3D model of possible carbon storage sites in the Gippsland Basin.

Victoria’s Energy and Resources Minister, Peter Batchelor, concedes it will be years until underground carbon storage becomes a reality.

But he says the survey is an important step.

“As this information is brought together scientists better understand what can happen,” he said.

“They’ll be then able to work out how much it will cost to store carbon dioxide underground and that’s when we’ll know when and how we’ll be able to commence the process of storing carbon dioxide underground, rather than in the atmosphere.”