CORRECTED - CORRECTED-PRESS DIGEST-Australian Business News - Dec 29

(Corrects attribution of first items to The Australian, not the Australian Financial Review, which was not published Dec 29)

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

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

The corporate regulator is investigating advice Storm Financial gave investors following claims 300 clients of the Queensland-based financial advisory firm owe their margin lenders a total of A$20 million. Following significant falls in the Australian sharemarket, the firm in October advised clients to switch to cash from predominantly Storm-branded index funds or risk 'permanent, irrecoverable losses.' The Australian Securities and Investments Commission said it was working closely with Storm as it probed the matter. Page 16.

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Liquefied natural gas developer LNG Ltd (LNG.AX) has selected Norway-listed shipping company Golar (GOL.OL) as its preferred gas buyer, according to the latter. Golar chief executive Gary King indicated yesterday that his company was close to sealing a deal 'to secure LNG offtake from the Gladstone LNG project,' although LNG Ltd declined to name its preferred buyer. If the deal proceeds, Golar is expected to acquire a 40 percent stake in the project, with LNG Ltd having an equal stake and Arrow Energy 20 percent. Page 16.

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Telstra's (TLS.AX) Sensis division has shrugged off dire predictions about the future of the print version of its Yellow Pages, posting robust revenue growth from its print directories business. Sensis recorded 5.4 percent growth in print revenue last financial year, with Yellow Pages earnings growing 3.7 percent and White Pages 10.8 percent. Charles Laughlin at research firm Kelsey Group said the result showed 'Sensis is bucking the trend' of a global shift from print directories to online. Page 16.

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