Wednesday , March 29 2017
Breaking News


Maersk Australia hints at on-land expansion


CANBERRA: Container shipping company, Maersk, is reportedly looking to expand into on-land logistics operations in Australia, while also adding other services to its port calls as it battles low freight rates and financial losses. “We’ve got a vision to be the global integrator of container logistics,” Gerard Morrison, Maersk Managing Director – Oceania, recently told The Australian Financial Review (AFR). ... Read More »

Australia’s ‘Google tax’ has been approved


CANBERRA: A 40% tax rate on multinational companies that use overseas tax havens to avoid paying tax in Australia was passed by the Senate last night. The diverted profits tax (DPT), also known as the “Google tax”, was a key part of treasurer Scott Morrison’s budget measures last year and will begin on 1 July, 2017. The government hopes it ... Read More »

Australia’s Suncorp to sell A$250m hybrid issue


SYDNEY: Australian insurer Suncorp Group plans to raise around A$250 million (S$266.77 million) of hybrid securities to strengthen its capital base, it said on Monday, with the bank hoping to tap piles of cash looking for a higher-yielding home. The offer consists of additional tier one capital, a form of capital required by financial regulators to ensure banks have sufficient ... Read More »

Australia to triple chilled beef exports to China

beef export

CANBERRA: A new agreement between China and Australia means the number of processors allowed to send chilled, or refrigerated and cryovaced beef cuts to China will more than triple. Specifically, the number of meat processors permitted to export chilled beef to China will increase from 10 to 36, with another 15 expected to have pending approvals fast-tracked. Currently, Australia is ... Read More »

Unpaid, Laing quits troubled $34bn Australian LNG project


CANBERRA: UK-based contractor Laing O’Rourke has become the second major contractor this year to quit a project to build a gargantuan liquid natural gas (LNG) processing facility in Darwin, Australia. Saying it had not been paid in months, the company announced last week that it had demobilised approximately 800 of its people from the US$34bn Ichthys scheme, being developed by ... Read More »

Australia seeks national point of consumption online betting tax


CANBERRA: Australia’s federal government wants to harmonize state-level online sports betting point-of-consumption taxes (POCT), potentially dealing a blow to the Northern Territory’s status as the country’s premier online licensing jurisdiction. On Friday, Federal Treasurer Scott Morrison (pictured) held a meeting with his state and territory counterparts to discuss the upcoming 2017 federal budget. Following the meeting, Morrison told local media ... Read More »

Cannabis stocks soar more than 130% in Australia


CANBERRA: There’s a buzz in Australia’s stock market. Shares of companies involved in the cultivation, production and research of medicinal marijuana have on average soared more than 130 percent in Sydney this year. That’s six times higher than their peers in the U.S. and Canada. The surge was sparked by Australia easing restrictions on imports of cannabis to treat illnesses ... Read More »

Australian banks hike home loan rates as regulators tighten screws


SYDNEY: Two of Australia’s largest banks jacked up mortgage rates for speculative buyers on Friday as part of an intensifying campaign by regulators to hose down a heated housing market. The out-of-cycle hikes come at a time when the central bank held rates steady for an eighth straight month in March, citing the “build-up of risks” in home prices and ... Read More »

Australian oil stocks rise as crude recovers despite bloated market

profit rises

CANBERRA: Australia energy index rises as much as 1.46 pct to 8,863.5 points. Index down 3.4 pct this year, as of Wednesday’s close; it rose 13 pct in 2016 after falling for two straight years. Oil prices rose on Thursday, despite the market being oversupplied Brent crude futures were at $50.96 per barrel, up 0.63 pct, after brent briefly dipped ... Read More »

Australia sets its sights on Indonesia for fresh produce exports


CANBERRA: The Australian Horticulture Exporters’ Association (AHEA) has ensured that Australian horticultural industries were well represented in Jakarta during the recent Australia-Indonesia Business Week. The trade mission, led by Minister for Trade, Tourism and Investment, Steve Ciobo, brought together Australian and Indonesian business leaders, industry and government to strengthen trade ties between the two countries. A discussion forum convened by ... Read More »

Nufarm swings to first-half profit, eyes full-year earnings lift


CANBERRA: Agricultural chemical company Nufarm has swung to profit in the first half, benefiting from a comparison to the previous year’s result which was weighed by over $100 million in restructuring charges. For the six months to January 31, Nufarm (NUF) booked net profit after tax of $20m, up from a loss of $91m last year. Its underlying earnings — ... Read More »

Commonwealth Bank’s Bankwest in corporate banking retreat


CANBERRA: Commonwealth Bank subsidiary Bankwest will shut its corporate banking services outside of its home state as it retreats to its core customers in Western Australia. Bankwest revealed on Wednesday it would be rolling “relationship managed” business clients based outside of WA into its parent company’s business and private banking division. The bank will still offer corporate banking in WA ... Read More »

Australian Taxation Office looks at high net worths


CANBERRA: The Australian Taxation Office (ATO) has over 260 audits under way directed at private groups and wealthy Australians, including high net worth individuals, according to the Tax Commissioner, Chris Jordan. Addressing the Tax Institute, Jordan said the ATO’s work on private groups and wealthy Australians including high wealth individuals (HWI), trusts and promoters was continuing with over 260 audits ... Read More »

Chevron likely to end Australian LNG megaprojects


CANBERRA: Chevron (NYSE:CVX) signals an end to major new liquefied natural gas projects in Western Australia and is unlikely to sanction an expansion of its Gorgon and Wheatstone export developments, Bloomberg reports. The climate for developing large greenfield LNG projects has shifted to smaller developments given the drop in crude oil prices back below $50/bbl, says Nigel Hearne, a managing ... Read More »

Port of Newcastle to fund community projects


SYDNEY: Port of Newcastle isn’t just a colossus of coal exports; it is also supporting of its local community. Since its inception in mid-2014, the Port’s Community Partnership Program helps local organisations in need of a helping hand with a community event or project. Applications for the next round of funding through the port’s Community Partnership Program are now open, ... Read More »

Australia, Zambia in trade talks


CANBERRA: Zambia’s High Commissioner to Australia George Zulu says government is negotiating with the Australian states on the possibility of relaxing rules to allow Zambian goods to enter that country. Mr. Zulu says Australia has stringent import restrictions which have limited Zambian agriculture produce from being exported there. He has told ZNBC News in Melbourne, Australia that talks on the ... Read More »

Adani’s Australian project to generate $22 bln in taxes and royalty


CANBERRA: Adani Group’s $16.5 billion Carmichael mine project in Australia is expected to generate around $22 billion in state mining taxes and royalties in just the first half of the project life, the group said in a statement on Friday. “The benefits will extend locally, regionally and across Queensland providing much needed job opportunities. It will assist public funding to ... Read More »

Australia-Pakistan need to explore new avenues to expand trade


CANBERRA: The Lahore Chamber of Commerce & Industry (LCCI) has celebrated “Australia Day” at a prestigious cake-cutting ceremony here at the Lahore Chamber of Commerce & Industry on Friday. Participants of the ceremony including High Commissioner of Australia to Pakistan Ms. Margaret Adamson, the LCCI President Abdul Basit, Senior Vice President mjad Ali Jawa, Salman Basit, Ali Hassam Asghar, Tehmina ... Read More »

Australia expects large tax recoveries from seven multinational firm audits


CANBERRA: The Australian Taxation Office (ATO) expects to conclude tax audits of at least seven major multinational firms by June 30, likely assessing combined tax liabilities in excess of AUS $2 billion (~USD 1.5 billion), Taxation Commissioner Chris Jordan said March 16. The audits involve four multinational firms in the e-commerce sector and three in the energy and resource industries. ... Read More »

Australian fodder exports total $299.1m


CANBERRA: Australian fodder exports totalled 74,831 tonnes for September, bringing the nine-month, year-to-date export volume total to 744,595t, according to ABARES data. September Australian fodder exports were valued at $29.3 million. The 2016 nine-month, year-to-date value of Australian fodder exports totals $299.1m. Japan remains Australia’s number one customer for fodder exports, taking nearly 40,000t in September, or 53 per cent ... Read More »