Greens' Mehreen Faruqi to take NSW MLC job

THE NSW Greens have announced academic Mehreen Faruqi will replace upper house MP Cate Faehrmann when she resigns later this year.

Ms Faehrmann is leaving state politics to run for a seat in the senate.

She entered parliament in 2010 and is the NSW Greens spokeswoman on environment, transport, roads and sport.

In a statement, the party introduced Dr Faruqi as the academic director of the Master of Business & Technology Program and an associate professor at the University of NSW Australian Graduate School of Management.

She migrated from Pakistan with her family in 1992 and describes herself on her Twitter page as an "environmental engineer, climate change and education activist, proud union member and feminist".

Dr Faruqi last year ran and lost against former Botany mayor Ron Hoenig for the state seat of Heffron, which was vacated by former premier Kristina Keneally.

Dr Faruqi and Ms Faehrmann will front a Sydney press conference together on Sunday.

AA

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7.1 quake rocks Indonesia

A MAJOR 7.1-magnitude earthquake struck Indonesia's Papua on Saturday, the US Geological Survey said, but no tsunami warning was issued.

The quake struck on land at 1.42pm local time at a depth of 75km, 237km east of Enarotali, the USGS said.

Local seismologists had measured the quake at 7.2.

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Mirvac finance director to leave group

PROPERTY developer Mirvac says its finance director Greg Dyer will stand down after only eight months in the job.

Mr Dyer will vacate the position immediately as the board looks for a replacement.

However, he will remain in an executive capacity to assist in transitional arrangements until September, the company said.

Mirvac chief executive Susan Lloyd-Hurwitz said Mr Dyer had provided good support to the executive leadership team and the board since his appointment on August 6 last year.

"Greg has played a key role in assisting the group through the CEO leadership transition," Ms Lloyd-Hurwitz said.

Ms Lloyd-Hurwitz, who joined Mirvac late last year, reshuffled her senior executive team in January, abolishing the chief operating officer's role and creating a new group strategy position.

In February Ms Lloyd-Hurwitz declined to rule out a play for property developer Australand, as rival property group GPT kept alive its own takeover option.

Australand last month confirmed several companies were interested in buying all or part of its business.

Mirvac is believed to be one of the parties.

In February Mirvac reported a net profit of $55.2 million for the six months to December 31, down from $176.6 million for the previous corresponding first half.

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DLP Senator on way to East Timor

AUSTRALIA'S only Democratic Labor Party (DLP) Senator John Madigan is off to East Timor on a fact-finding visit to get a better understanding of the problems facing fledgling nation.

The privately organised and funded trip is the Senator's second venture outside Australia. He visited Europe last year.

He goes to East Timor on Monday and returns on Thursday.

Senator Madigan, elected at the 2010 poll, was the first DLP federal senator in almost four decades. He said the party had long been concerned about the plight of East Timor and also West Papua.

"I felt that to do the subject justice, to help us to have a better understanding of the plight of the East Timorese and the fledgling nation, it was incumbent upon me to go there," he told AAP.

"This my attempt to help shape the DLP's outlook on what's there. It's a part of practising what you preach."

During the visit, Senator Madigan will meet various East Timorese government officials and representatives of schools, churches and non-government organisations.

"I think the best thing to do is to talk to the people at the coalface," he said.

Senator Madigan's visit follows that of Defence Minister Stephen Smith who was in Dili on Friday, meeting the country's leaders including President Taur Matan Ruak and Prime Minister Xanana Gusmao.

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Leno-Fallon changeover talk of TV town

US TV host Jay Leno (L) will leave the Tonight Show after 22 years as Jimmy Fallon (R) takes over. Source: AAP

THE coming Jay Leno-Jimmy Fallon Tonight handover is the talk of late-night TV shows in the US.

David Letterman poked fun at Leno and NBC. Leno poked fun at Letterman and NBC. Jimmy Kimmel mocked himself. Fallon played it cool. And Conan O'Brien took the high road after NBC said on Wednesday Fallon will inherit Tonight from Leno in 2014 - as O'Brien did in 2009, before Leno took it back.

"I want to congratulate Jimmy. That is a really fun gig," O'Brien said on his TBS talk show, drawing laughs from the studio audience.

"It is," he said, protesting, then added, "And Jimmy is the perfect guy to do it. Congratulations, Jimmy."

It was short and sweet. Letterman, on the other hand, made a three-course meal out of the news on CBS' Late Show, starting with his monologue.

"NBC, God bless 'em, announced the official date for Jay Leno's departure - no mention of his official date of return, however," he said.

"I happen to know Jay's got another job on network that has greater viewership, higher ratings: Univision."

Then Letterman settled behind his desk for more.

"Good luck to Jay. I know he'll be out on the road, getting it done and taking care of business. And congratulations on a nice long run there at the Tonight Show, if in fact you're not coming back," he said.

And there was a "things we'll miss about Jay Leno" top 10 list, including No. 4: "Can't remember the name of the bit, but it's the one where Jay is walking."

Leno, who won the Tonight job over Letterman in 1992, was ready with a monologue to mark the newly announced transition.

"Folks, I got to be honest with you, I had a really awkward day today. I had to call David Letterman and tell him he didn't get the Tonight Show again," Leno said.

Then came NBC's turn to get jabbed.

"I just have one request for Jimmy: We've all fought, kicked and scratched to get this network up to fifth place. Now we have to keep it there. Jimmy, don't let it slip into sixth!" Leno said, according to a network transcript.

Kimmel, whose move to 11.35pm Eastern on ABC helped trigger the NBC switch, played it safe with a mild monologue joke about himself.

"As you probably heard ... I will take over as new host of the Tonight Show, he said, only to be interrupted by a producer's whispered correction.

"Ummm, apparently it was a different Jimmy. Does anyone know what the return policy is on yachts?" Kimmel asked.

Fallon, who has about a year to ponder his future promotion, was succinct.

"Welcome! This is Late Night with Jimmy Fallon ... for now," he said.

"You guys probably heard the news: I'm going to be taking over the Tonight Show next February! But don't worry. Until February, our focus is right here on whatever this show is called."

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Cyprus bank workers to strike over pension

Finance minister Harris Georgiades has vowed to do "whatever it takes" to sort out Cyprus' economy. Source: AAP

BANK employees in Cyprus have stopped work over fears pensions are at risk under the country's crippling bailout, as the new finance minister vows to do "whatever it takes" to right the economy.

Bank employees' union ETYK called a two-hour stoppage on Thursday over concerns pension funds at Laiki and Bank of Cyprus are not being protected under the island's 10 billion-euro ($A12.30 billion) bailout deal with the International Monetary Fund, European Commission and European Central Bank.

The strike comes despite reassurances last week from President Nicos Anastasiades that every effort would be made to preserve pension funds at the two banks.

There has been no labour unrest in Cyprus so far but the terms of the bailout will force the island to make painful reforms, raising taxes, downsizing the public-sector workforce, privatising some state-owned firms and drastically reducing the size of its bloated banking sector.

The country's new Finance Minister Haris Georgiades vowed on Wednesday to implement the bailout terms in full and warned of "difficult days ahead".

"We ... shall do whatever it takes to fix our public finances and put our economy back on track for growth," he said after being sworn in to his new post.

"Even though today's circumstances might be bleak, the medium- and long-term prospects remain excellent. We have received a blow but I'm absolutely confident we shall overcome."

Georgiades, 40, is a British-educated economist who had been serving as labour minister.

He takes over from Michalis Sarris, who announced on Tuesday he was resigning to co-operate with a judicial probe into the causes of the crisis.

Sarris had been chairman last year of failed bank Laiki, the collapse of which was a major contributor to the crisis.

Cyprus is already in recession, with unemployment at around 15 per cent and expected to grow sharply this year and next.

Forecasts before the deal was agreed saw GDP contracting by 3.5 per cent this year.

The deal will see Cyprus receive a 10-billion-euro loan with an interest rate of between 2.5 and 2.7 per cent, repayable over 12 years after a grace period of 10.

Under the final agreement, Cyprus won a two-year extension, from 2016 to 2018, to get its public finances in order.

It should get the first payment next month after the rescue is formally ratified, the European Commission said.

Banks have been operating under stringent capital controls since they reopened last Thursday, after a near two-week lockdown prompted by fears of a run on deposits.

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Stocks to watch at close on Wednesday

STOCKS to watch on the Australian stock exchange at close on Wednesday:

ANZ - ANZ BANKING GROUP - down 55 cents at $28.27

CBA - COMMONWEALTH BANK - down 50 cents at $68.45

NAB - NATIONAL AUSTRALIA BANK - up 16 cents at $31.11

WBC - WESTPAC - up 13 cents at $31.15

New home sales tumbled 5.3 per cent in February, snapping a four-month run of increases. The Housing Industry Association's latest report found sales of stand-alone houses fell four per cent, while sales of new units and apartments backpedalled 11 per cent.

ORG - ORIGIN ENERGY - down 25 cents at $13.20

Origin Energy says it won't redeem $1.6 billion worth of hybrid securities despite ratings agency Standard & Poor's decision to revise how it assigns equity content to such securities.

STO - SANTOS - down 26 cents at $12.11

Santos boss David Knox has rejected claims one of its major Queensland coal seam gas projects wasn't subjected to a rigorous approval process.

WPL - WOODSIDE PETROLEUM - down 23 cents at $35.77

Woodside Petroleum's $40 billion Browse gas project could be delayed by up to a decade if it does not come to a final investment decision by June.

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Man killed in crash on Steve Irwin Way

A man has died in a crash on the Steve Irwin Way, on the Sunshine Coast. Picture: Nine News Source: Supplied

POLICE are investigating a fatal car crash involving a B-double semi-trailer at the Glasshouse Mountains on the Sunshine Coast.

It is believed one man has been killed and a woman critically injured in a multi-vehicle smash on Steve Irwin Way about 2pm.

The crash outside the Matilda service station near Bowen Rd involved a B-double semi-trailer and two other cars.

An elderly woman has been taken to an unknown hospital and four other patients were treated for minor injuries at the scene.

Police have advised Steve Irwin Way has been closed in both directions until further notice.

They are urging motorists to seek an alternative route.

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Coalition pressures Labor on super changes

OPPOSITION Leader Tony Abbott has homed in on divisions within federal Labor over possible superannuation changes in the May budget.

But the coalition isn't saying whether an Abbott government would keep the changes in place and pocket the savings as it sought to deliver a surplus.

It is expected Treasurer Wayne Swan will raise the tax rate on superannuation earnings for wealthy Australians in the May 14 budget, to find extra money for schools and disability services.

The debate came as a state-by-state analysis of Newspoll data showed the coalition could gain 16 seats at the election, including Mr Swan's Brisbane seat of Lilley.

Mr Abbott addressed a retirees' forum in Sydney on Tuesday and reiterated the coalition's plan not to make any "further adverse changes" to superannuation in the first term of a coalition government.

Former Labor minister Simon Crean says the government needs to spell out its proposals as soon as possible to ensure certainty for retirees.

He says he supports making the system more sustainable over the long term and winding back tax breaks for high-income earners.

But Mr Crean would not rule out crossing the floor of parliament to "make common sense prevail".

"This has to be fought on two fundamental grounds," Mr Crean told the Nine Network.

"One ... is it a retrospective application? If it is, it should be rejected.

"Second, do we need to make it more sustainable? But also on the basis that we continue to grow the adequacy of the superannuation pool."

Mr Abbott said retirement savings should not be raided to prop up the budget.

"Our message to the government in the lead-up to the budget is, 'Hands off people's superannuation,'" he said.

However, the coalition would scrap the low-income superannuation tax offset funded by the mining tax.

And Mr Abbott declined to say whether he would reverse any new measures.

"We want to do the right thing by the Australian people, but what I keep saying is that it is impossible to undo all the damage that this government is doing straightaway," he told reporters in Sydney.

Assistant Treasurer David Bradbury said no details would be released before budget day next month, despite the speculation.

However, in a sign the criticism was starting to bite, Mr Bradbury said the government was taking on board concerns raised by MPs, lobby groups and the public.

"That is an important part of the democratic process," he told reporters in Sydney.

"I say to all of those people, I always listen to what they say, take it on board and we will certainly factor all of those considerations into our deliberations as we make budgetary decisions."

Trade Minister Craig Emerson questioned whether the budget could sustain tax concessions for high-income earners.

"People who are fabulously wealthy are gaining an advantage by putting their money into super while everyday Australians face a tax rate of 30 per cent," Dr Emerson told ABC radio.

The debate came as ABC election analyst Antony Green, using quarterly Newspoll data, predicted the coalition would win government with 89 seats to Labor's 59 and two crossbenchers, Andrew Wilkie and Bob Katter.

Key casualties would be Mr Swan and Mr Bradbury.

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SA happy to reveal help to Holden

THE South Australian government will reveal the amount of cash provided to local carmakers over the past decade.

Mr Weatherill said he was happy to detail the support offered to both Holden and Mitsubishi before it closed its assembly operations in Adelaide.

The final figure is still being calculated, but the premier says the government remains proud of the support it has offered to a key part of the state's manufacturing sector.

He said assisting Mitsubishi for some years had sustained employment, while support for Holden had ensured the future of its manufacturing operations in Adelaide until at least 2022.

"I'm more than happy to reveal the sorts of government assistance that has been provided to Holden and Mitsubishi over the life of this government," Mr Weatherill said on Tuesday.

"We know from the research that we did 16,000 jobs are at risk should General Motors (Holden) close.

"So our assistance has leveraged up a very substantial economic benefit for South Australia."

In recent years SA committed $50 million to Holden to develop two new vehicles as part of a state and federal package of support worth $275 million.

But Holden chairman Mike Devereux has revealed to The Australian Financial Review that total government support for the company over the past 12 years was worth $2.2 billion.

Mr Devereux said without the assistance it would be "absolutely impossible to make cars in this country".

Industry Minister Greg Combet's office defended the federal government's assistance to the sector saying it was providing "jobs, technologies, investment and other economic benefits".

Mr Weatherill said the question of future support for Holden was an important debate, but the state government had made a judgment that sustaining the car company was "absolutely crucial to the South Australia's economic future".

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