Bob Jane says son reunion not on

Tyre king Bob Jane says he won't reconcile with his son after a bitter legal fight over his fortune. Source: AAP

TYRE tycoon Bob Jane says there is no chance of reconciling with his son Rodney following a bitter legal battle over his empire.

"I can say to you emphatically there is no going back," Bob Jane has told Fairfax Media's Good Weekend, of his relationship with his son.

The 83-year-old has accused Rodney Jane of robbing him of his tyre fortune and leaving him with only the roof over his head.

"My son doesn't love me," he says.

"Love is love: you don't take advantage of someone who is sick.

"I had 29 companies and trusts and a whole bunch of properties. The only property I have now is the one we are on today. Everything else is gone."

Bob's feud with his son played out in a Victorian Supreme Court civil case, where Rodney Jane claimed he saved the company from the brink of collapse at the request of his father.

The younger Jane won the battle this month when a judge ruled that Bob Jane Corporation had already paid the $2.4 million loan Bob Jane claimed he was owed and that $500,000 given by Bob to Rodney was a gift.

Rodney Jane tells the magazine his father, on his good side, is a "dear soul" but adds: "I've seen the brutality of him but, until now, never between us."

"His love is either amazing and right there with you, or it's not," he says.

"And if it's not, it's on the far side of love, it's hate. There's no grey bit in the middle.

"It's hard-wired into you. Parents are the most precious thing you've got.

"So you're torn between having to fight with a monster, but the monster is the person you love."

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Tourists, residents flee huge US wildfire

A out-of-control wildfire forced the evacuation of hundreds of homes inside Yosemite National Park. Source: AAP

A WILDFIRE in northern California has grown to more than three times the size of San Francisco as it spreads inside the border of Yosemite National Park.

The out-of-control flames have caused tourists to flee and forced the evacuation of hundreds from homes.

California Department of Forestry and Fire Protection spokesman Daniel Berlant said on Friday the blaze had grown to more than 427 square kilometres and was only 2 per cent contained.

Berlant said the fire threatens about 4500 residences.

While Yosemite remains open, the wildfire has caused the closure of one of three entrances on the west side, devastating areas that rely on tourism.

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Mirvac eyes residential property recovery

Property group Mirvac has seen its profit fall 66 per cent following asset writedowns. Source: AAP

PROPERTY developer Mirvac's residential portfolio is showing signs of recovery after a writedown on the value of some projects caused a 66 per cent fall in full year profit.

The company reduced the value of several apartment projects in Queensland and Western Australia by $273 million six months ago due to weaker housing markets.

That reduced its net profit in the 2012/13 financial year to $139.9 million, down from $416 million in the previous year.

But chief executive Susan Lloyd-Hurwitz said the outlook for the company's development division was strong, with major projects in inner-city Sydney and Melbourne set to deliver additional earnings in the next three years.

"Residential markets remain mixed in terms of current performance and outlook," she said.

"However, we are seeing signs of recovery as a result of improving housing affordability, population growth and low rental vacancy."

Mirvac's residential division delivers less earnings than its office and retail divisions, but Morningstar analyst Tony Sherlock said it was the area with the most growth potential.

"That's the bit that's going to get some higher growth in the year ahead," he said.

Mirvac has forecast earnings per security of between 11.7 cents and 12.0 cents in 2013/14, up from the 10.9 cents per security it achieved in 2012/13.

Mr Sherlock said most of that growth would come from Mirvac's residential business.

"The very positive rhetoric from Mirvac, it really points to a much more favourable outcome."

Mirvac's office sector posted income growth despite softening market conditions, maintaining a high occupancy rate.

The retail division turned its focus towards supermarket chains, helping it maintain a 99.2 per cent occupancy rate.

Mirvac's operating profit, which excludes one-off financial items such as project value writedowns, grew by three per cent in 2012/13 to $377.6 million.

Mirvac shares gained 2.5 cents to $1.665.

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Crown looks forward to Macau growth

CASINOS operator Crown expects its interests in the Asian gambling hub of Macau to grow into a major contributor to profit alongside its Australian venues.

Crown chief executive Rowen Craigie says the Macau gaming market is geared to the Chinese economy, which is growing three times faster than Australia's economy.

Premium mass market gaming in Macau, or the upper end of gaming offered to the general public, has grown by at least 10 per cent, he said.

"You can expect that the Macau market over the long term will grow more than the Australian market, which is relatively mature," Mr Craigie told reporters on Friday.

Crown holds a stake of almost 34 per cent in Melco Crown Entertainment, the operator of the City of Dreams casino resort in Macau, which Mr Craigie said is the market leader in the premium mass market sector.

Melco Crown has plans to build a fifth hotel tower at City of Dreams, starting at the end of 2013, and the group also has a 60 per cent stake in Studio City, a new casino and resort expected to open in mid-2015.

Melco Crown was a major contributor to growth in what Crown calls its normalised profit in the 2012/13 financial year, bringing in $152.3 million.

Normalised profit excludes variations in the theoretical win rate in VIP gaming, and rose 14 per cent in 2012/13 to $473.2 million.

Mr Craigie said Crown's casinos and resorts in Melbourne and Perth had a more mixed performance than its Macau interests.

Weak consumer sentiment and disruption caused by refurbishments resulted in revenue from its main gaming floor at Crown Melbourne edging just 0.9 per cent higher.

But VIP gaming revenue at Melbourne rose by 9.2 per cent.

At the newly expanded Perth casino, main floor gaming revenue grew by 9.7 per cent, and VIP revenue rose by 3.3 per cent.

"Perth's main gaming floor probably outperformed every other casino in the country last year," Mr Craigie said.

VIP revenue growth in Melbourne was "acceptable", but Perth needed to do better, he said.

Crown's net profit in 2012/13 was $395.8 million, down 23 per cent from the previous year.

The result was affected by a $69.6 million loss made on Crown's sale of its investment in rival Echo Entertainment Group, plus $25.6 million in refinancing and development costs at Melco Crown.

Crown shares gained 76 cents, or 5.6 per cent, to $14.34.

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Fortescue to start paying back debt

FORTESCUE Metals Group has turned the corner, notching up a 12 per cent increase in annual profit as it prepares to make its first major debt repayment.

The heavily indebted iron ore miner has grown annual profit by $1.75 billion on the back of higher iron or prices and strong steel demand, prompting the board to declare a better than expected dividend.

But the improved cash position has led analysts to question why the company needs to push ahead with the partial sale of its port and rail assets before repaying some of its $10 billion debt.

Chief executive Nev Power said now was a good time to increase the dividend to 10 cents per share, up from four cents at the same time last year.

"We felt the dividend was right on the mark," Mr Power told analysts on Thursday.

"It reflects the strong performance that we've had."

It comes as Fortescue approaches the end of its major expansion while the iron price hovers around $US140 per tonne.

"It also reflects the fact that we didn't pay an interim dividend," Mr Power said.

Fortescue's cash balance of $US2.2 billion ($A2.46 billion) at June 30 reflected a rapid decrease in capital expenditure, and effectively commenced the company's debt reduction program, he said.

The company said it's likely to begin paying hundreds of millions of dollars off its debt this calendar year.

The 155 million tonnes per annum (mtpa) production run rate was expected to be achieved by the end of December 2013, following the commissioning of Kings mine, the company said.

Fortescue added that its proposed sale of a minority share in The Pilbara Infrastructure, its rail assets in the Pilbara, would only be undertaken at the right price and under the right terms.

"We haven't had anybody meet our expectations in terms of value and terms," Mr Power said. The company would continue with non-core assets sales, he said.

Morningstar resources analyst Mathew Hodge said the strong result was not a surprise given the favourable iron ore price in the second half and a seven per cent boost in first half Chinese steel production.

"I would argue those kind of growth rates are completely unsustainable," Mr Hodge said.

Mr Hodge expects the iron ore price to fall as demand slows and large amounts of iron ore come to market.

"If the iron ore price goes back to $US100 the complexion of this company changes completely," he said.

Fortescue shares were up 16 cents, or 3.9 per cent, at $4.25 at 1600 AEST.

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Origin says discounts on energy set to end

Origin Energy's net profit fell 61% to $378 million for the year to June 30, from $980 million. Source: AAP

ENERGY bills are set to continue to rise as the nation's largest electricity retailer's boss says the industry can no longer afford the widespread discounting of recent years.

Origin Energy chief executive Grant King said customers had done well out of the discounting, despite the fact electricity bills have already grown.

Rising bills have not benefitted the energy providers, with Origin's underlying profit in the 2012/13 financial year falling 15 per cent to $760 million, at the bottom end of what it had forecast.

"The important point is it is a great time to be a customer in this business because of course all of the major competitors have been offering substantial discounts," Mr King told reporters.

"It is a tough time to be a competitor in this area, which is reflective of the competitive environment in which we operate.

"I don't think those discounts are sustainable going forward."

He also said all of the large retailers had withdrawn from doorknocking to try and convert customers.

Rival EnergyAustralia posted a $6.3 million loss last week, blaming a downturn in wholesale electricity prices.

The major contributors to higher electricity prices are the owners of the power grid infrastructure - both government and private companies - who are charging more, according to the Energy Users Association of Australia.

Mr King blamed ongoing regulation in some states, including NSW and Queensland, but the impact would reduce if and when those states removed regulation.

Carbon price and renewable energy prices were also driving the cost rises, he said.

Origin's 2012/13 net profit fell 61 per cent to $378 million, due to falls in the value of hedging derivatives, restructuring spending on newly acquired NSW energy assets, and the weaker retail market.

Origin lost 16,000 energy customers over the year but that was a better result than the 23,000 lost in the first half of the year.

The company declined to give any earnings guidance for 2013/14 due to the ongoing competitive discounting environment, and the fact that Mr King downgraded profit forecasts twice in the last year.

However Mr King was confident about the company's future as a gas producer.

He said the massive $24.7 billion Australia Pacific LNG (APLNG) in which it is an operating partner was on track to come online in 2015, which would double cashflow and revenue.

Origin also announced it had refinanced all of its existing debt with a $7.4 billion bank loan facility that takes advantage of low interest rates, and pushes out loan maturities to between four and five years away.

The deal sent Origin shares higher, gaining 71 cents, or 5.8 per cent, to $12.98.

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ACCI tells Rudd, Abbott to lift their game

AS the election campaign passes the halfway mark, a leading business group has told both major political leaders to lift their game on the economy.

The Australian Chamber of Commerce and Industry (ACCI) says both Prime Minister Kevin Rudd and Opposition Leader Tony Abbott promised the economy would be at the heart of their election pitches.

"I'm looking for a coherent set of policies, not just an announcement of some spending initiatives here and there," chief executive Peter Anderson told reporters in Canberra.

The chamber has proposed a priority reform agenda for the next federal government.

Whoever wins on September 7, the goal must be to get the budget back under control and spell out a clear pathway back to surplus, alongside a root and branch review of government spending.

Taxation reform should also include the GST, although Mr Anderson said this was not a "green light" to either to increase the rate of the impost or broaden its base.

"We are actually looking at the Australian government to repair its finances so that taxes in Australia can be lower," he said.

Treasurer Chris Bowen insists Labor already has a pathway to restore the budget surplus.

"By returning to surplus in 2016/17 against declining terms of trade, declining growth in government revenue, that's an improvement in the structure of the budget," he told reporters in Melbourne.

Mr Abbott also believes the coalition has the policies to build a stronger economy.

"If we get the economic fundamentals right, then we give our businesses generally, including our manufacturers, the best opportunity to invest, to employ, to compete to innovate and to succeed," he told reporters in Brisbane.

However, Mr Anderson is not impressed with Mr Abbott's $5.5 billion a year paid parental leave scheme, describing it as "excessive".

"We do think that Mr Abbott ought to have taken the opportunity of the deteriorating budget position, which has alarmingly deteriorated over recent months, to pare back what is an excessive scheme," he added.

New data suggests the winning political party will face a slowing economy.

The Westpac-Melbourne Institute leading index of economic activity indicates the likely pace of economic growth in three to nine months time.

The June reading points to an annualised growth rate of 3.6 per cent - a seven-month low.

While this is above the index's long-term trend of 2.9 per cent, it's below a recent peak of 5.3 per cent.

Furthermore, Westpac chief economist Bill Evans expects the June quarter national accounts on September 4 won't be overly positive.

There was brighter news on the employment front, with job advertisements on the internet rising by a seasonally adjusted 5.4 per cent in July.

However, the Department of Education, Employment and Workplace Relations warned this could be the impact of the MyCareer website moving to free job advertising from July 1.

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NSW MPs block govt super regulation

CROSSBENCH MPs in the NSW upper house have sided with Labor to pass a motion aimed at putting more money in public sector workers' pockets.

The opposition's disallowance motion blocks a June regulation that allowed the government to count superannuation rises towards a promised 2.5 per cent wage increase for nurses, teachers and other public sector workers.

The motion passed 21-16 with the help of the Greens and Shooters and Fishers Party.

Treasurer Mike Baird, whose government wanted a compulsory 0.25 per cent super increase to be absorbed in pay rises, said the action on Wednesday would lead to job losses.

"If the current superannuation increase is not absorbed into the existing wages policy, the cost will be an extra $800 million over the forward estimates, which is the equivalent of 8000 public sector jobs," Mr Baird said.

"The former Labor government left this state in a fiscal hole and now it is attempting to do the same thing from beyond the grave - we will not allow this to happen."

Mr Baird said the government was keeping its options open in response to Labor's move, including legal action or requiring further savings by departments under the labour expense cap introduced in the 2012-13 budget.

Opposition industrial relations spokesman Adam Searle told AAP the government could not back up its $800 million figure and was now being forced to stick to a promise to public sector workers.

"They've been sprung," he said.

"They've now been forced to abide by their own original policy."

He said the motion passed in the Legislative Council would translate to a 0.23 per cent boost in wages for affected workers.

Unions NSW Secretary Mark Lennon slammed the treasurer for threatening to axe 8000 public sector workers.

"To try and deny public sector workers the modest commonwealth super increase in the first place is wrong," he said.

"But to then angrily threaten their jobs when his plan fails is, frankly, disgraceful."

Mr Lennon said axing thousands of jobs would leave the public with highly compromised services in hospitals, schools, police and fire stations.

"Mr Baird has completely lost his moral compass on this issue," he added.

Mr Lennon said the move had already been denied by the Industrial Relations Commission - "and now by the NSW parliament. He should take the hint."

Mr Lennon praised Labor, the Shooters and Fishers Party and the Greens for supporting the motion and "sticking up for decency".

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Milne labels parental scheme too generous

GREENS leader Christine Milne has joined the growing chorus of people labelling the coalition's "fully costed" paid parental leave scheme too generous.

Ms Milne made the comment at her party's WA campaign launch in Perth on Tuesday, calling on Opposition Leader Tony Abbott to release costings for the $5.5 billion-a-year scheme.

"Tony Abbott must now come clean with what he is going to cut or where he is going to get the money to be able to do this," she said.

Ms Milne also denounced Mr Abbott's policy of giving states and territories more power over the environmental approval processes, citing the Supreme Court ruling on Monday that declared the WA government's nod for Woodside's Browse gas project unlawful.

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Bolivian may be world's oldest person

COULD this be the world's oldest person?

Carmelo Flores Laura lives high in the Bolivian mountains, chews coca leaves, cooks on open fires and says he's 123 years old.

He was born on July 16, 1890, according to his government identification card. Bolivia's Electoral Tribunal has confirmed his identity and his age.

"His residence is in Frasquia, and as a profession he is a farmer," the office says.

According to the document, the Bolivian Methuselah was born the same year as Charles de Gaulle and Ho Chi Mihn, and 13 years before the Wright brothers flew at Kitty Hawk.

According to the Guinness World Records, the world's oldest person whose age could be verified was a French woman, Jeanne Calment, who died in 1997 at 122.

The official world's oldest man is 112 year-old Salustiano Sanchez Blazquez, a Spaniard living in New York.

Government officials in La Paz say they will approach Guinness to update their records with information on their aged compatriot.

Flores Laura speaks only speaks Aymara, the language of the Andean natives of Peru and Bolivia.

He is 1.6 metres tall, has no teeth and walks with some difficulty but without a cane. He does not wear glasses.

When outside he wears a wool cap known as a chullo that covers his ears under his broad-brimmed hat - protection from both the bitter cold and bright sunlight of the Bolivian altiplano.

Frasquia is a quiet cluster of adobe-brick buildings 4050 metres above sea level and about 100 kilometres northwest of La Paz.

The hamlet is near Lake Titicaca, the world's highest navigable lake, and at the foot of the snow-capped Mount Illampu.

There is a school, a small clinic and access to electricity, but the nearest grocery is a three-hour walk away in the town of Arista. Onions, potato and broad beans are grown, watered by runoff from Illampu's snow.

Flores Laura arrived in Frasquia as a young man from a nearby village searching for work, and fell in love with a local widow. The couple married and had three children.

"She died a long time ago," Flores Laura said, speaking through an interpreter.

His wife was 107 years old when she died, according to Flores Laura's 27-year-old grandson.

Two of the old man's children have also died.

"I only have one surviving son, Cecilio," Flores Laura said. He lives in the working class town of El Alto, just outside of the capital La Paz.

Flores Laura also has 14 grandchildren, and 39 great-grandchildren.

With a mouth full of coca leaves, Carmelo Flores Laura recounts passages of his long life in short bursts, speaking slowly and with difficulty.

When he was young he worked as a farmhand for a wealthy landowner named Mollinedo.

Later he fought in the 1932 to 1935 Chaco War between Bolivia and Paraguay.

He also recalls participating in many of the uprisings and coups that shook Bolivia in the 20th century.

However, his memory has faded and he doesn't remember any of the causes or leaders he fought for.

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NSW cyclist dies after being hit by truck

A CYCLIST has died after he was hit by a truck and became trapped underneath it in Newcastle.

The truck collided with the 36-year-old man on Minmi Road at Wallsend just after 8am (AEST) on Sunday morning.

Emergency services were called but the man died at the scene.

The truck driver was not hurt.

Police are continuing to investigate the circumstances surrounding the incident.

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Hunt for parents of NSW 3yo girl

POLICE are searching for the parents of a three-year-old child found wandering along a street on the NSW Central Coast.

The little girl was discovered alone on a road at Springfield about 10am (AEST) on Sunday.

No one has reported a missing child, police said.

She is described as having shoulder-length blonde hair, green eyes and pierced ears.

Police said they were becoming increasingly concerned for the welfare of the child's parents after a canvas of the local area failed to locate them.

The child has told officers her name is Nikki, or Monique, and she attends pre-school but she hasn't been able to give any more information.

The Department of Family and Community Services (FACS) has been notified.

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