PRESS DIGEST-Australian Business News - Nov 6

Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.

THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)

Department store retailer Myer (MYR.AX) yesterday released sales figures for the October quarter, with sales growing by 5.2 percent to A$717.1 million. According to analysts, Myer's less expensive product range helped the company's sales growth, which outstripped that of rival David Jones. However, both companies' inclusion of sales from recently refurbished stores in like-for-like sales figures has been criticised as confusing by investors and analysts. Page 43.

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Construction group Leighton Holdings (LEI.AX) yesterday held its annual general meeting in Sydney, with chief executive Wal King reporting a 25 percent increase in net profit for the September quarter, to A$130.9 million. Mr King, who has been criticised recently for receiving A$12.6 million in remuneration last year, said the company had a record A$38.2 billion in orders as of September. Page 43.

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Power generation company Energy Developments yesterday held its annual meeting in Brisbane, with shareholders protesting against the company's executive salaries. Energy Developments' remuneration report was rejected by 60.3 percent of votes, including those of New Zealand infrastructure group Infratil, which owns 32 percent of the company. Managing director Greg Pritchard last year earned A$1.47 million, a 62 percent increase from the previous year. Page 43.

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Mining company Xstrata's (XTA.L) A$120 million lawsuit against steel maker BlueScope Steel, for allegedly rejecting contracted coal shipments last year, is unlikely to be a precursor to widespread legal action, according to legal commentators. Rick Malone, a partner at Johnson Winter and Slattery, said the case involving Xstrata and BlueScope (BSL.AX) is unusual as the contract was coming to an end at the time. However, the case may lead to the re-examination of contracts within the industry. Page 45.