AUSTRALIAN NEWSPAPER HIGHLIGHTS - MAY 18, 2011.

SYDNEY, May 18 Asia Pulse - Highlights of today's newspapers:

AUSTRALIAN FINANCIAL REVIEW:

- Global Swiss-based miner Xstrata will close its copper smelting activities at Mt Isa and refining in Townsville, in north Queensland, as part of a program to sustain its future operation in the area.

- Directors of businesses that lodge their tax returns more than three months late may become personally liable for the debts under a change in the federal budget.

- The Australian arm of British giant Lloyds Banking Group lost $1.6 billion last year - worse than the loss the unit recorded at the peak of the global financial crisis - mostly due to bad loans to the property sector.

- Treasury says it will heed submissions to a consultation paper on superannuation contributions for people over the age of 50.

THE AUSTRALIAN:

- Independent MP Rob Oakeshott wants petrol excluded from Labor's carbon tax, but says the multi-party climate committee is yet to make a final decision on the matter.

- Treasury chief Martin Parkinson has raised the spectre of China's boom turning to bust - with devastating consequences for Australia.

- The Australian dollar is the major currency most closely linked to buoyant sentiment, leaving it susceptible to a "vicious" decline.

- Global miner Xstrata says it will close down its copper smelting activities at Mt Isa and refining in Townsville by the end of 2016.

SYDNEY MORNING HERALD:

- Petrol prices will not rise under the new carbon tax after the multi-party committee accepted the federal government's argument it must narrow the cost of living impact of its climate policy in the face of relentless attacks by the Coalition.

- The judiciary has cleared the way for a public inquiry into the secretive NSW Crime Commission, accused by the police corruption watchdog of "systemic and long-standing" misconduct.

- The Defence Department is investigating allegations that security at Australian military bases and embassies has been jeopardised by a deliberate fabrication of information to speed up security clearances.

- The sprawling empire of bases and other facilities controlled by the Department of Defence will be underfunded by million over the next three years, a report by the national auditor says.

THE WEST AUSTRALIAN:

- A multi-million dollar proposal to hold a world-class golf tournament in Perth over the next three years is under threat because the PGA of Australia has refused to endorse it.

- Colliers International will present a prime clutch of WA retail, commercial and tourism-related properties to cashed-up overseas and interstate buyers via an internet auction next month in a move that represents a first for the local market.

- New receivers have been appointed to the heritage-listed Caves House in Yallingup in an apparent bid by St George Bank to kickstart the stalled sales process.

ASIA PULSE ry 18-05 1047