Friday , July 20 2018
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Australia

Brexit’s final form increasingly important for Australia

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Australia : International economists and market traders are becoming increasingly uneasy with the way global trade is heading. A trade war between the world’s two largest economies is clearly escalating. Meanwhile, Britain’s Prime Minister Theresa May is negotiating an extraordinary political labyrinth in what’s being seen as a vain attempt to produce a soft exit from the European Union. As ... Read More »

Australian economy losing billions due to companies deliberately going broke

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Australia : Phoenixing by companies that deliberately go broke has a direct cost of up to $5bn a year on business, employees and government, including a whopping $3bn owed to other businesses, a PwC report says. Phoenixing is the deliberate and systematic liquidation of a company to avoid liabilities such as tax and employee entitlements then restarting the business to ... Read More »

Australia imposes new sales tax on international retailers

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Sydney : The tax, applicable to international retailers if they have a GST turnover of 75,000 Australian Dollars or more in a 12-month period, has come into force after the Australian Government decided to offer what it is calling “fairer trading for all retailers” to ensure that low value goods purchased by consumers in Australia will have the same tax ... Read More »

Box’s born Leader shares Australian growth mission

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Australia: Its growth in Australia to date has mostly come from the North America headquartered multi-nationals with bases here, or local businesses sourcing their solutions direct from the US. The company only established a permanent local presence – beginning with a single individual in Sydney – two years ago, but is now embarking on an ambitious growth mission in Australia ... Read More »

Australian Government Signs IBM Technology Deal

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Australia : The Australian government today has awarded IBM a A$1 billion ($746 million), five-year contract to be a major technology partner on government services such as transport security, defense, border control and emergency management. Australia aims to be one of the top-three digital governments in the world by 2025, and the deal involves IBM hardware, software and cloud-based solutions ... Read More »

Australia’s ban on Huawei would be an expensive call

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Sydney : Australia’s Huawei ban could be an expensive call. Fresh from passing a new law on foreign meddling in its politics, Canberra now looks set to block the Chinese telecom giant from working on its next-generation mobile network. There are valid concerns. But a ban carries costs too: Pricier 5G, and a longer route to improved ties with the ... Read More »

Ben Simmons graces cover of first-ever Australian NBA 2K19

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Sydney : Two weeks ago, news came out that Joel Embiid would be on the cover of NBA Live 19, meaning he is the first Sixer ever to be on the cover of that video game series. Thursday, we found out that Ben Simmons will be on the cover of NBA 2K19, on copies sold in Australia and New Zealand. ... Read More »

Dropped Containers Located on Seabed off Australian Coast

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Australia: Up to 50 of the 81 containers lost from the YM Efficiency have been identified on the ocean floor off the New South Wales (NSW) coast, a release from the Australian Maritime Safety Authority has stated. The identified containers have ranged in condition, with some being broken apart and some totally intact. The ship’s insurers contracted the Port of ... Read More »

China’s Didi steps up challenge to uber with Australia push

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Melbourne :Chinese ride-sharing giant Didi has intensified its drive for global business, launching in Melbourne Monday as it joins rivals Uber, Taxify and Ola in Australia’s taxi market. Didi Chuxing claims to be the world’s leading mobile transportation platform with more than 450 million users, and its latest expansion is part of attempts to rival American behemoth Uber. The Beijing-based ... Read More »

Australia to pass foreign interference bill amid tensions with China

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SYDNEY: Australia is expected to pass new legislation on Wednesday aimed at preventing interference by foreign governments, a move likely to further stoke tensions with major trading partner China. Mirroring similar laws in the United States, Australia’s Foreign Influence Transparency Scheme requires lobbyists working for foreign countries to register as foreign agents, who could also face criminal prosecution if they ... Read More »

JCDecaux announces deal to buy Australia’s APN outdoor

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Paris :French advertising giant JCDecaux said Tuesday it has reached a deal to acquire Australia’s APN Outdoor, a leader in the billboard publicity market, for 714 million euros ($835 million). Under the terms of the agreement, JCDecaux will pay Aus$6.70 (4.24 euros, $4.96) in cash for each APN Outdoor share, up from Aus$6.52 in its previous offer on June 20. ... Read More »

Labor will reverse Coalition’s cuts to ABC if elected, says Shorten

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Labor will move to reverse the latest cuts to the ABC’s funding if it wins government at the next federal election, as the public broadcaster shapes up as the latest battleground between the two major parties. After Mitch Fifield made his sixth complaint about ABC coverage in as many months, Labor stepped up its advocacy on behalf of the public ... Read More »

Investor lending falls almost $100 billion in 12 months as property market softens

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Australia : The steady strangulation of investors in the property market has intensified with the outstanding value of interest-only loans falling by almost $100 billion over the past year. Interest-only (IO) loans have now collapsed almost 60 per cent since APRA slammed the brakes on them in March 2017. Owner-occupiers have remained resolute, with loans up 3.1 per cent over ... Read More »

Australia telecom giant telstra to axe 8,000 jobs

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Sydney :Australia’s dominant telecommunications company Telstra Wednesday announced plans to axe 8,000 jobs — a quarter of its workforce — as part of a drastic new strategy to cope with an increasingly competitive industry. The decision by the company, one of Australia’s largest employers, is part of a shake-up targeting an extra Aus$1 billion (US$750 million) in cost-cutting by 2022, ... Read More »

Australian court fines Apple $6.7 million over iPhone ‘bricking’ case

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SYDNEY: An Australian court fined US electronics giant Apple Inc. A$9 million ($6.7 million) on Tuesday after a regulator accused it of using a software update to disable iPhones which had cracked screens fixed by third parties. The Australian Competitor and Consumer Commission (ACCC) sued the world’s biggest company by market value for “bricking” — or using a software update ... Read More »

Apple warns suppliers of lower parts orders for new iPhones

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Australia: Apple Inc. has asked its parts suppliers to manufacture about 20 percent fewer components for iPhones in the second half of 2018, the Nikkei on Friday reported, sending the iPhone maker’s stock down 2 percent. Apple expects total shipments of iPhones to be launched this year to be 80 million, less than the 100 million shipments that Apple planned ... Read More »

Amazon blocks Australia from global sites over tax

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Sydney, :US internet giant Amazon will block Australian shoppers from its international websites to counter new tax laws on online purchases, it announced Thursday. New rules require internet retailers like the American behemoth to collect a 10 percent goods and services tax on everything bought from overseas sites from July 1, including under the current tax-free threshold of Aus$1,000 (US$760). ... Read More »

Commonwealth Bank of Australia has agreed to pay a 530-million

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SYDNEY :Commonwealth Bank of Australia has agreed to pay a 530-million-U.S dollar fine on Monday, to resolve legal proceedings related to systemic breaches of money laundering and counter-terrorism financing laws. If the federal court accepts the proposal made by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the country’s biggest bank, it will be the largest civil penalty in ... Read More »

Airlines take aim at Australia’s airport privatization model

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SYDNEY: As more countries look to privatize airports two conflicting narratives have taken wing: airlines point to Australia’s big city airports as a cautionary tale of light regulation, while airports say they’ve found a winning formula for governments, investors and passengers. Two decades after airports in Sydney, Melbourne, Brisbane and Perth were sold to pension funds and infrastructure investors, they ... Read More »

Petrobras shares leap almost 11 percent

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Australia : Rio de Janeiro Petrobras shares leapt nearly 11 percent in trading in Sao Paulo on Tuesday, rebounding after a 14 percent plunge the previous day in reaction to a devastating truckers’ strike over high fuel prices. Ordinary shares were up 10.71 percent and preferential shares climbed 9.58 percent in mid-session trading. Read More »