THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)

Santo Rizzuto, chief executive of engineering consultants Sinclair Knight Merz, yesterday said the company was not unfamiliar with mergers or acquisitions, having conducted 65 takeovers "in the last 10 or 15 years in various shapes and sizes". "The capital options that we are looking at are a means to an end. If it means a merger of equals is the right answers, we'll do it and if it means that a merger with a bigger group is the answer then we'll do that instead," he added. Page 15.

- - - -

The Australian Competition and Consumer Commission's decision to conditionally approve pay television operator Foxtel's A$1.9 billion takeover of rival Austar United Communications has drawn criticism from telecommunication groups like iiNet and Optus, who described the regulator's ruling as a failure to competition. Stephen Dalby from iiNet said the decision had not addressed the market dominance that Foxtel would inherit as a result of the merger. Page 15.

- - - -

Conglomerate Fairfax Media is reportedly in negotiations to acquire a controlling stake in the publisher of The Eureka Report investment newsletter and the Business Spectator website, Australian Independent Business Media (AIBM). Fairfax received exclusivity over two financial investors and Fairfax's rival, News Corporation. AIBM was founded five years ago with television host Alan Kohler, journalists Robert Gottliebsen and Stephen Bartholomeusz, and venture capitalist Mark Carnegie as its shareholders. Page 15.

- - - -

Brian Flannery, chief executive of White Energy, yesterday said the coal producer was certain to successfully receive more than A$100 million in damages from Bayan Resources . Bayan was White's former Indonesian joint venture partner in the latter's coal upgrading facility, but it demanded A$43.6 million for its 49 percent holding when the joint venture collapsed. Page 17.

- - - -

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

Foxtel has not included Sky Sports, the XYZ and Showtime channels on a list of channels that the pay television (TV) operator has agreed not to seek exclusive internet protocol TV rights for. The undertaking was part of a move by the operator to secure the Australian Competition and Consumer Commission's approval for its takeover of local rival Austar United Communications. Page 19.

- - - -

A former employee at broker Bell Potter Securities was yesterday charged with 15 counts of fraudulent conduct for the misuse of more than A$1 million in clients' funds. 44-year-old Glenn Evans appeared in Downing Centre local court in Sydney, New South Wales, where the corporate regulator argued that he used clients' money as his own rather than honouring an agreement to invest it in the local stockmarket. Page 19.

- - - -

The West Australian and Federal Government has given oil and gas producer Woodside Petroleum a further 12 months to decide whether to proceed with its A$40 billion liquefied natural gas venture in the state. The extension on the final investment decision was requested by Woodside last year, but the move has raised concerns about whether the project will go ahead. Page 19.

- - - -

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

The International Monetary Fund has predicted commodity prices to substantially fall in the 2012-13 financial year due to turmoil in the global economy. The stance contradicts the view held by the Reserve Bank of Australia and the Federal Treasury and comes after the Australian Bureau of Statistics revealed last week that mineral exports had dropped to A$14.3 billion in February from A$17.3 billion in August last year. Page B1.

- - - -

Some of Australia's most prominent business leaders, including Gail Kelly from Westpac Banking Corporation and David Thodey from telecommunications giant Telstra, will meet tomorrow at the first Council of Australian Government Business Advisory Forum. The meeting, being held before the start of this week's Council of Australian Governments meeting, will talk about methods that governments can use to lift productivity. Page B3.

- - - -

Transpacific Industries yesterday reached a A$35 million settlement with irate shareholders who sued the waste management firm over a number of alleged continuous disclosure breaches. "We took the decision to participate in a structured mediation process having regard to the likely costs involved, and the uncertainties and risks that are inevitably associated with claims of this nature," Gene Tilbrook, chairman of Transpacific, said. Page B3.

- - - -

The head of Energy Watch, Ben Polis, is facing investigations by the Australian Securities and Investments Commission and the Fair Work Ombudsman over allegedly not paying workers' entitlements and the closure of an earlier version of the energy broker. Officers for the corporate regulator are reviewing whether assets from Polis Australia were transferred to Energy Watch for free. Page B3.

- - - -

THE AGE (www.theage.com.au)

Australia and New Zealand Banking Group yesterday announced a 1 percent increase in the number of job advertisements in March, culminating in a 12 percent rise so far this year. "Another increase in the job ads next month would be a clear sign that things are turning around," Justin Fabo, senior economist at the bank, said. Despite analysts' predicting higher jobs growth, however, unemployment is still tipped to grow beyond its current level of 5.2 percent. Page B4.

- - - -

Skywest is now partially owned by airline Virgin Australia after the latter outlaid A$8 million to acquire a 10 percent stake in the regional carrier. The purchase is Virgin's first investment in a listed company and a move to boost profits. "This [equity stake in Skywest] is just another step in bringing the companies closer  it cements the relationship," Sankar Narayan, chief financial officer of Virgin, said. The two airlines operate four ATR 72 planes under the Virgin brand. Page B5.

- - - -

The Victorian branch of the Property Council of Australia yesterday released a report that found that the property sector was the largest industry in Victoria, contributing 12.2 percent to the state's A$301.4 billion economy. The sector was also the second largest employer in the state behind manufacturing, directly hiring 312,156 full-time workers. Economic consultants AEC Group, which prepared the analysis for the council, added that property was also responsible for more than 12 percent of jobs in the state's regional areas. Page B9.

- - - -

Big-box hardware retailer Bunnings is set to open an additional 10 stores in Victoria as part of an A$1.5 billion expansion program, despite coming at a time when the housing industry is experiencing a downturn. John Gillam, managing director of Bunnings, responded to concerns by saying "business and economies all have cycles and we are pretty comfortable to invest now for what we see coming in the next few years". Page B10.

- - - -

• A Permanent Economic Emergency