Drillsearch ups bid for Ambassador

DRILLSEARCH has taken a controlling stake in energy junior Ambassador Oil and Gas after topping up its share swap offer with cash.

DRILLSEARCH moved to combat a rival offer from Magnum Hunter Resources in the US by adding five cents per share to its bid of one Drillsearch share for every 5.4 Ambassador shares.

Ambassador said the bid was superior to Magnum Hunter's, due to various conditions placed on the US proposal, and recommended it in the absence of a superior deal.But Ambassador chief executive Guistino Guglielmo told AAP the process was not over, and Magnum may well increase its offer.Drillsearch's bid is valued at $48 million, a similar value to Magnum Hunter's bid, depending on share prices.Ambassador later revealed that nearly 33 per cent of its shareholders had accepted Drillsearch's new offer.That included Ambassador chairman David Shaw and chief executive Guistino Guglielmo, who together hold a 6.34 per cent stake.Drillsearch already owned 19.9 per cent of Ambassador.Ambassador's exploration assets are in South Australia's Cooper and Eramonga onshore oil and gas basins, alongside the larger Drillsearch's assets in the same region.Drillsearch chairman Jim McKerlie said the offer would allow shareholders to own shares in an Australian entity rather than New York-listed Magnum."Drillsearch, through its sole focus on the Cooper Basin, provides Ambassador's shareholders with a broader exposure to this major Australian region, whereas Magnum Hunter is focused primarily on US shale gas," he said.Market analysts predict a ramp-up in takeover activity in the energy space due to gas demand, with Origin Energy agreeing earlier in June to pay up to $US800 million ($A865.57 million) for Karoon Gas's interest in the Poseidon discovery in WA's Browse Basin.Ambassador shares gained half a cent to 33 cents, and Drillsearch shares fell 4.5 cents, or 2.9 per cent, to $1.51.

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Aquila Resources receives fresh interest

MINING contractor Mineral Resources looks set to make another move on iron ore explorer Aquila Resources.

AQUILA is the target of $1.4 billion takeover bid from Chinese steelmaker Baosteel and rail operator Aurizon, as they look to kickstart the stalled $10 billion West Pilbara Iron Ore Project in Western Australia.

But last week Mineral Resources bought a near $200 million, 13 per cent stake in Aquila Resources, in a bid to deal itself into the large-scale iron ore project.Another purchase of shares looks likely, with shares in Mineral Resources and Aquila halted from trade on Monday ahead of an announcement from each company regarding "a potential corporate transaction".Baosteel and Aurizon said late last week they would not be increasing their offer for Aquila as a result of Mineral Resources' acquisition.

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Nicole Kidman for top Shanghai honour

NICOLE Kidman is to be honoured with an outstanding contribution award at the Shanghai International Film Festival in China.

HUGH Grant and John Woo will present the Australian actress with her latest accolade at the opening ceremony on Saturday, while artist Qin Yi will honour actor and director Jiang Wen with the Outstanding Contribution to Chinese Film Award.

Kidman will be hoping the festival will be a better experience than her visit to Cannes last month, when her new film Grace of Monaco was savaged by critics.Kirsten Dunst, John Cusack, Hayden Christensen, Jackie Chan, Tony Leung, Li Bingbing and Korean superstar Rain are expected to attend the opening gala, according to The Hollywood Reporter.The film festival will open with a restored version of 1964 movie Two Stage Sisters and close with Transformers: Age of Extinction.A jury led by actress Gong Li will decide the winner of the Golden Goblet from the 15 films in competition.

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Get out of Iraq now, warns Bishop

Australia ready to help with humanitarian crisis in Iraq, but no troops envisaged says Julie Bishop. Source: AAP

AUSTRALIANS have been told to leave Iraq immediately by Foreign Minister Julie Bishop, who has described the escalating crisis as deeply disturbing.

INSURGENTS from the Islamic State of Iraq and the Levant (ISIL) have taken a swathe of mostly Sunni Arab territory in northern Iraq in an offensive that has brought fighting to within 80km of Baghdad.

The worsening crisis prompted Ms Bishop to urge Australians to leave "immediately".

"The airport in Baghdad is still open. Commercial flights are still operating out of Baghdad," she told the Ten Network. 

"But if Australians must stay in Iraq, they must ensure that their personal circumstances and their security is absolutely safe." 

The Australian embassy in Baghdad would be "very constrained" in the support it could provide, she said. 

On Saturday US Defence Secretary Chuck Hagel ordered an aircraft carrier into the Persian Gulf as President Barack Obama considers possible military options, after he ruled out sending troops into Iraq. 

Speaking to reporters in Houston, Prime Minister Tony Abbott said he would wait to see how the US responds to the situation before developing an Australian response. 

Ms Bishop said the US would take the lead when it came to any military action. 

"I didn't envisage a circumstance where we would be sending in troops," she said. 

"But we certainly stand ready to support the humanitarian crisis should a request be made." 

She defended the 2003 military intervention in the country, which she supported as a member of the Howard Government. 

"I thought Saddam Hussein was one of the worst dictators on the planet at that time. His removal was a good thing," she said. 

Greens leader Christine Milne said following the US into Iraq was not going to "fix" the violence in the country. 

"We do not want to follow the United States blindly as John Howard did (in 2003)," Senator Milne told ABC Television. 

"Clearly it didn't work last time in Iraq and it won't work this time." 

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Rally calls for Tas forest protection

5000 protesters have rallied in Hobart to oppose the delisting of Tasmania's World Heritage forests. Source: AAP

OPPONENTS of the Abbott government's bid to wind back Tasmania's World Heritage wilderness have rallied outside state parliament.

THE protest aims to pressure the government ahead of a World Heritage Committee meeting in Doha, Qatar, from Sunday.

Prime Minister Tony Abbott promised to wind the World Heritage Area (WHA) back during last year's election campaign and Environment Minister Greg Hunt applied to UNESCO in February.But green groups say 90 per cent of the area is intact and its listing ensures the integrity of the 1.6 million hectare World Heritage Area's border.The rally called on the World Heritage Committee to follow the recommendations of its expert advisors and reject the government's application when it meets in Doha next week."(The federal government's) primary argument is that it is so degraded by logging that it detracts from the rest of the property," Wilderness Society Tasmania campaign director, Vica Bayley, told AAP."But they have been hideously exposed over the last few months by expert advice, and some of their own internal advice, that says around 90 per cent of the area of the land they are proposing to excise is intact forest or other natural vegetation."Two advisory bodies to the committee say excising this forest from the WHA, as sought by the government, should not proceed, he said.A decision on the Tasmania application is expected on Friday or Saturday next week.Mr Bayley, part of a delegation of conservationists heading to Doha, said it was not too late for the government to withdraw its submission.The area slated for delisting is part of 172,000 hectares added last year as a result of a historic peace deal.The deal swapped forest reserves for green groups' support for the ailing logging industry.Federal government forestry spokesman and Tasmanian senator Richard Colbeck accused green groups of trying to dupe the community about the wilderness values of the forest by claiming it is "pristine, untouched old growth forest, when clearly it is not".

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Israel combs West Bank for missing teens

Israeli security forces are combing the West Bank in search of three missing teenagers. Source: AAP

ISRAELI security forces are searching for three teenagers who went missing near a West Bank settlement, the army says, amid media speculation they may have been kidnapped by Palestinians.

THE three, all students at a Jewish seminary, went missing late Thursday as they were hitchhiking between Bethlehem and Hebron.

"Search activity, both operational and in terms of intelligence, is continuing," a spokeswoman said on Saturday, refusing to confirm speculation about a possible kidnapping."For us, these three youths are missing," was all she would say.An AFP journalist said the army had set up roadblocks in the southern West Bank and was searching vehicles.Troops also closed the main crossings into the Gaza Strip to prevent the three, one of whom also holds US citizenship, from being smuggled out of Israel.A rocket was fired from the territory into Israel early Saturday without causing any casualties or damage, the army said.Prime Minister Benjamin Netanyahu spoke with US Secretary of State John Kerry Friday, and said he holds Palestinian president Mahmud Abbas responsible for the teenagers' safety.Kerry also telephoned Abbas, a Palestinian source said.A spokesman for the Palestinian Authority's security services, General Adnan al-Damiri, called Netanyahu's suggestions "mad."Damiri said that the PA had no authority over the sprawling Gush Etzion settlement bloc, which is under full Israeli control."Even if there was an earthquake, Netanyahu would blame the Palestinian Authority," he told AFP.Another Palestinian official said the authority's security services were "cooperating" with Israeli agencies to gather information on the teenagers' disappearance.

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Jail term cut for WA teen's murder attempt

A WEST Australian teenager who changed his mind about killing an acquaintance after repeatedly stabbing him and attacking him with a brick has had his sentence reduced.

THE young man was aged 17 and drunk when he and two acquaintances went to a shed at the rear of an abandoned house in the southern Perth suburb of Hilton in the early hours of October 20, 2012 after a party.

While the victim slept on a couch, the offender told the other acquaintance of his murderous plans.He was adamant and resisted attempts to talk him out of it.The offender, who cannot be named, plunged a 8cm fold-out knife into the victim's chest at least four times.He then threw a brick at the victim's head but missed."There's been a change of plans. (The victim) is still alive and I'm going to let him live," the teen told the other acquaintance, who was standing outside the shed.He then got the victim to call an ambulance, instructing him to tell police that a homeless man had caused the injuries.Before leaving, the offender stole the victim's pants, backpack and laptop computer.He then ditched the knife at a quarry in nearby Beaconsfield.The third youth told police what had happened two days later.On Friday in the West Australian Court of Appeal, it was argued the teenager's sentence of seven years and six months in jail was excessive.Justice Robert Anthony Mazza said the sentence was "erroneously long"."The length of the sentence imposed upon the appellant was of a severity one would have expected to have been imposed upon an adult," he said."The sentence was more than was required to provide protection of the public, proper punishment and denunciation and did not sufficiently reflect the appellant's youth and his prospects of rehabilitation."The offender was re-sentenced to six years' imprisonment, backdated to October 23, 2012.He will be eligible for parole.

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Millions for homeless but refuges in doubt

WOMEN'S refuges fear they are days away from closing their doors, despite the NSW government's new promise to pump money into homeless support and restore funding for inner-city shelters.

THE government had foreshadowed cuts to inner-city areas through its Going Home, Staying Home reforms, which aimed to end homelessness where it starts with a focus on early intervention.

The plan sparked outcry from advocates who were concerned women who'd survived physical or sexual abuse or had complex needs would be forced into one-size-fits-all shelters.Community Services Minister Gabrielle Upton argued that the previous approach of pouring money into crisis services in the city was not working - but after reconsidering, she has agreed to wind back mooted cuts.Two months after taking on the portfolio, Ms Upton said on Friday she would restore $8.6 million in annual funding that had been on the chopping block, including $2 million a year for inner-city women's services."Let me be clear: the government was never planning to do away with women's specialist services, nor were there plans to have men and women sharing crisis accommodation," she said."However, I have listened to the legitimate concerns of many inner-city providers and the right decision was to restore funding."Kate Timmins from SOS Women's Services said the new minister was "trying to listen", however, some organisations were scrambling to avoid turning women away from June 30.The government has also promised a new fund so that NGOs who missed out during the tender process can apply for 18 months of extra funding. But Ms Timmins says defunded services are already losing vital accommodation facilities."We've been involved in the tender process since November last year. So to hear today that the government is still not making a commitment to maintain the network of specialist services, and that they'll be eligible to reapply without any guarantee of success, throws the sector into a state of chaos," she said."It's not about services losing tenders, it's about vulnerable women losing services."Ms Upton said next week's budget would include a record $148 million for NGOs delivering specialist homelessness services, up from $135 million.Communities in the Hunter-New England district and on the mid-north coast, Illawarra and Sydney's northern beaches will receive some of the biggest boosts."These reforms are about providing early-intervention services so that there won't be the crisis that we currently have, represented by people coming to the city in search of a safe and secure home," Ms Upton said.Deputy Labor leader Linda Burney says the funding reprieve for inner Sydney comes too late for some organisations."Many of them have already lost their buildings, lost their computers and lost their infrastructure," she said.

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Jobless rate steady for third month

Unemployment is tipped to have risen in May, amid job losses linked to the wind down in mining. Source: AAP

AUSTRALIA'S jobless rate is steady, but only because people are dropping out of the race for a job.

UNEMPLOYMENT remained unchanged at 5.8 per cent in May, beating economists' expectations of a rise to 5.9 per cent.

The static result came despite the economy having shed almost 5,000 jobs last month, the first fall in five months.AMP Capital chief economist Shane Oliver says while the jobless rate has held for three months, it "significantly understates" the current weakness in the job market.That's because the participation rate - which includes those in work, looking for work and ready to start work - continues to fall.It dropped to 64.6 per cent in May."If the participation rate had remained at its 2011 average level the unemployment rate would now be seven per cent," Dr Oliver said.Australia's participation rate has been trending lower since the global financial crisis."We've got the ageing population, people are retiring, leaving the labour force," JP Morgan economist Tom Kennedy said."There could also be disgruntled workers leaving the labour force, and we are also seeing young people staying in education for longer, going to university and TAFE instead of actively seeking work."Today's data fits with the theme that the labour market is still a little bit soft, still losing jobs, and unemployment is likely to move higher as we progress through 2014."Dr Oliver said a dip in jobs growth was to be expected following a strong start to the year, with more than 100,000 positions created in the first four months of 2014.While some economists believe the jobless rate has peaked, Dr Oliver believes unemployment could return to six per cent before the labour market picks up later in the year."While the hit to confidence from the federal budget has increased the level of uncertainty, forward looking indicators for the labour market, including the ANZ job ads survey and employment intentions in the monthly NAB business survey point to stronger jobs growth ahead," he said.Thursday's figures from the Australian Bureau of Statistics showed full-time employment rose 22,200 in May while part-time employment fell 27,000.That shows the jobs market is playing out nicely and running pretty much to plan, CommSec chief economist Craig James said."We seem to have gone through the first stage of recovery with more part time jobs coming on and now we are starting to see more full time workers coming through and part time workers being converted to full time staff," Mr James said."The solid lift in full-time job creation in 2014 should provide a boost to consumer sentiment... more full-time jobs lead to higher consumer spending.The figures should allow the Reserve Bank to keep interest rates on hold, unless the federal budget and warm autumn weather robs momentum from the economy, Mr James said.

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Govt providing certainty for jobs: Hockey

A FURTHER rise in full-time employment comes at an opportune time for Joe Hockey as he continues to peddle his poorly received budget.

THE jobless rate also remained at 5.8 per cent for a third straight month in May when economists had expected it to tick up to 5.9 per cent.

The treasurer dismissed suggestions that more than 100,000 full-time jobs were created since the turn of the year due to Labor leaving the economy in good nick, noting the former government left office with a forecast of a 6.25 per cent unemployment rate."It quite clearly appears that we have turned around the trajectory," Mr Hockey told reporters in Darwin on Thursday.New data showed the number of people in full-time employment grew 22,200 in May.However, overall employment eased 4800 because of a 27,000 drop in part-time workers.Mr Hockey took aim at Bill Shorten, saying the opposition leader had been proved "dead wrong" by claiming high-profile job cuts at Ford, Holden, Toyota, SPC Ardmona and Qantas would be the "end of all time"."Our decisions to provide stability, certainty and predictability have been proven right," he said.Labor's employment spokesman Brendan O'Connor said the steady jobless rate was more to do with people giving up on finding a job.At 64.6 per cent the participation rate of those in work or actively seeking employment was lower than during the 2008-2009 global financial crisis."People have given up looking for work because of the ... lack of confidence in the economy and in this government to provide opportunities for work," Mr O'Connor told reporters in Melbourne.Earlier Mr Hockey told ABC radio the drop in consumer sentiment in response to the budget was entirely predictable."You will see over time that we will deliver on a stronger economy ... things are going to get better".In a speech on Wednesday, he lashed out at claims his budget is unfair saying the government must reward the lifters and discourage the leaners.Too many Australians rely on government payments, he told the Sydney Institute."It should not be taboo to question whether everyone is entitled to these payments," he said.Mr Shorten accused the treasurer of cynically dividing Australians with a budget that puts big business ahead of individuals.He also told the ACOSS annual conference in Brisbane the government's lax approach to tax evasion was especially galling at a time when it is making cruel and unfair cuts to pensions, schools and hospitals.Union "Bust the Budget" protest marches were held in Sydney on Melbourne on Thursday.

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