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Australia

Waste materials from Australia not illegal: Customs exec

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CAGAYAN DE ORO CITY — The nearly dozen container vans that arrived from Australia early this month were not toxic garbage but processed materials that will be used as fuel for a cement company’s manufacturing plants, an official of the Bureau of Customs (BOC) 10 (Northern Mindanao) said Thursday. Lawyer Roswald Joseph Pague, BOC-10 deputy customs collector, said the contents ... Read More »

Australia: Shares off on fears of protracted trade war; New Zealand edges up

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Australian shares slipped on Wednesday as investors worried that the lack of progress in talks between the United States and China could signal a protracted trade war and harm the Australian economy. The S&P/ASX 200 index fell 18.3 points or 0.3 per cent to 6,481.8 at 0106 GMT. The benchmark rose 0.4 per cent on Tuesday. China is Australia’s biggest ... Read More »

Huawei claims friction with Google won’t affect customers in Australia

A pedestrian talks on his phone while he walking past a Huawei store in Beijing on January 30, 2019. - Fraud, obstruction of justice and cloak-and-dagger trade theft -- a US rap sheet alleging systematic skullduggery by Chinese telecom giant Huawei has deepened the company's problems just as it sought to win back global trust. (Photo by WANG ZHAO / AFP)        (Photo credit should read WANG ZHAO/AFP/Getty Images)

Huawei Australia on Tuesday moved to assure its regional customers that US actions against the company will not impact services in Australia. The US has ramped up action against Huawei – the world’s largest telecommunications equipment producer – over concerns that its technology may be used as a backdoor for spying by the Chinese government. Huawei has repeatedly denied the ... Read More »

Australia-based tech company opening offices and lab in Ogden’s BDO

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OGDEN : An Australia-based technology company will soon open up shop in Ogden’s largest business park. According to an Ogden City press release, KordUSA, a subsidiary of the Australia-based KordTech, will open new office and lab facilities later this year at the Boyer Business Depot Ogden. A ribbon-cutting ceremony and open house is scheduled for 10:30 a.m. June 17 at ... Read More »

It’s all starting to look glum for the Australian dollar

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Australia’s dollar is under siege from an upcoming election, a trade war and a faltering economy. Nomura Holdings Inc advocates a short position ahead of Saturday’s general election. QIC Ltd has advised pension-fund clients to sell the Aussie against the dollar and yen, while AMP Capital Investors is equally pessimistic. The currency has declined around 2.2 per cent this month ... Read More »

Wiseway lowers earnings forecast owing to Chinese economic slowdown

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Chill winds from the Chinese economy have caused Australian freight forwarder Wiseway to downgrade its anticipated China/Australia freight volumes and earnings. Wiseway (ASX:WWG) downgraded its anticipated earnings before interest, taxation, depreciation and amortization for the year ended June 30, 2019 to A$3.0 million (US$2.07 million). That’s down 85.82 percent from the forecast of $8.5 million in its initial public offering ... Read More »

Citigroup names new head for Australia business

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May 15 (Reuters) – Citigroup Inc on Wednesday named senior executive Marc Luet as the head of its Australia business, at a time when the local units of global banks are facing cartel charges in the country. Australian authorities filed criminal charges in June last year against Citi, Deutsche Bank, Australia and New Zealand Banking Group and six senior bankers ... Read More »

A South African debt collector is coining it in Australia – where household debt has reached 199% of income

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South African company Transaction Capital is seeing “excellent results” from its debt collection operations in Australia. Its Australian subsidiary Recoveries Corporation Group collects outstanding debts on behalf of government, utilities as well as finance and telecommunication companies. Average household debt in Australia has reached 199% of personal income, which according to some estimates is the highest in the world. Household ... Read More »

Palmer protests QLD Government denial of Townsville port access

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Clive Palmer plans to pursue legal action against the Queensland Government for allegedly refusing to provide Queensland Nickel Resources with access to the Port of Townsville. The Townsville Port Authority has ignored continuous correspondence to restore Queensland Nickel’s access to Berth 2, relied upon by “large-scale ongoing exports”, according to Palmer. Queensland Nickel produces a range of nickel and cobalt ... Read More »

AFL Shanghai game helps connect China and Australia: Port Adelaide club CEO

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ADELAIDE:With the 2019 Australian Football League (AFL) China game approaching, the CEO of Port Adelaide Football Club Keith Thomas is expressing his hopes that the popular sport in his country can help promote exchanges and understanding between Australia and China. “It is a great vehicle for us to talk about Australia in China,” he said in a recent interview with ... Read More »

Chinese miner wants access to Australian Defence Department site

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Former Labor immigration minister Nick Bolkus is involved in a lobbying effort by Chinese mining interests to access a secretive Defence Department site where Australia and its allies conduct highly-sensitive military research. Corporate documents show Mr Bolkus, who served as immigration minister in Paul Keating’s government between 1993 and 1996, became a director of the Australian arm of Chinese steelmaker ... Read More »

Australia’s Pilbara Ports throughput drops 1 percent in April

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MELBOURNE : Australia’s Pilbara Ports Authority (PPA) said on Wednesday that throughput slipped 1 percent in April from year earlier. April’s throughput was 58.8 million tonnes, the PPA said in a statement. Iron ore exports from Port Hedland were 41.8 million tonnes, the statement said. That is up 15 percent from March when iron ore shipments from Australia were disrupted ... Read More »

China stepped up imports of Australian steelmaking coal in March: Australian data

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MELBOURNE : China stepped up purchases of Australian steelmaking coal in March after customs delays earlier this year, Australian government data showed on Tuesday, but exports of thermal coal to the world’s biggest consumer continued to fall. Chinese traders had cut back on purchases of both thermal and metallurgical coal from Australia in February due to lengthy quality checks on ... Read More »

Millionaires migrate to Australia and Canada from China and U.K. to seek business and avoid tax

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The world’s wealthy are increasingly on the move. About 108,000 millionaires migrated across borders last year, a 14 percent increase from the prior year, and more than double the level in 2013, according to Johannesburg-based New World Wealth. Australia, U.S. and Canada are the top destinations, according to the research firm, while China and Russia are the biggest losers. The ... Read More »

Uber faces class action lawsuit in Australia

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More than 6,000 taxi drivers and car-hire operators are suing Uber in Australia, signing on to a major class action lawsuit. The suit alleges that Uber defied regulations and operated illegally in Australia, giving it an unfair advantage over local taxi drivers and other industry players that complied with the law. Australian law firm Maurice Blackburn said it filed the ... Read More »

China Bars Australian Coal In Political Rift

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After months of concern over China’s curbs on coal from Australia, signs are growing that the imports have fallen victim to political disputes. Speculation over China’s motives has been rising since November, when reports first surfaced that Chinese ports had stopped clearing inbound coal shipments until the end of 2018 due to high inventories built up ahead of winter. While ... Read More »

China Bars Australian Coal in Political Rift

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After months of concern over China’s curbs on coal from Australia, signs are growing that the imports have fallen victim to political disputes. Speculation over China’s motives has been rising since November, when reports first surfaced that Chinese ports had stopped clearing inbound coal shipments until the end of 2018 due to high inventories built up ahead of winter. While ... Read More »

Canada’s Saputo buys Kirin’s cheese business in Australia for $179 million: Nikkei

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SYDNEY : Canada’s Saputo Inc. has purchased the Australian cheese business of Japan’s Kirin Holdings for about 20 billion yen ($179 million), the Nikkei reported on Friday, citing anonymous sources. Japanese beer and beverage maker Kirin Holdings said last September it was reviewing its Australia-based subsidiary Lion Pty Ltd’s dairy and drinks business, and was considering a possible sale. The ... Read More »

China’s `Friendly’ Neighbors Seize Coal Share From Australia

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China’s move to stifle coal imports from Australia is hurting its No. 2 supplier, with shipment figures showing the exporter conceding share in the world’s largest market. Cargoes from Australia accounted for 18 percent of China’s overseas purchases in March, near the lowest since 2012, according to customs data and Bloomberg calculations. Meanwhile, Russia and Mongolia steadily built their share ... Read More »

‘Australian first’: SME lender launches as bank in Australia

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The lender, Judo Capital, has now been granted a licence to operate as an authorised deposit-taking institution (ADI) under Australia’s Banking Act. As reported last week, the bank’s chief executive said that these plans were in the works from the outset. “We built it with the intention of eventually becoming a bank,” CEO Joseph Healy said. “We believe that, notwithstanding ... Read More »