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☆ Why Australia's National Rugby League could help curb China's Pacific influence
▼ + stars: | 2024-03-04 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Australia's National Rugby League could help stop China from gaining more influence in the South Pacific. AdvertisementThe US appears to be courting an unlikely ally to help stop China from building its political and economic influence in the Pacific: Australia's National Rugby League. The Australian Financial Review reported that the White House will support those plans, which policymakers believe could help counter China's efforts to assert itself in the South Pacific. The South Pacific has emerged as a key battleground between Beijing and Washington in recent years. It's popular in Australia, New Zealand, northern England, France, and across the Pacific Islands and has slightly different rules to rugby union.

Persons: Joe Biden, —, Peter V'landys, Biden, Kamala Harris, Spencer Leniu, Ezra Mam Organizations: Australia's National Rugby League, Service, Financial, Biden, NRL, Sydney Morning Herald, Kiribati . Rugby, The Sydney Roosters, Brisbane Broncos, Roosters, Broncos Locations: China, South, Papua New Guinea, New South Wales, Queensland, United States, Australia, Washington , DC, Beijing, Washington, Solomon, Fiji, Tonga, Kiribati, New Zealand, England, France, Las Vegas

☆ Every country needs an Inflation Reduction Act
▼ + stars: | 2023-11-23 | by ( Antony Currie | ) www.reuters.com time to read: +9 min

REUTERS/David Gray/File Photo Acquire Licensing RightsMELBOURNE, Nov 23 (Reuters Breakingviews) - Lawmakers in South Korea blasted the U.S. Inflation Reduction Act as a betrayal. Yet concerns about market distortion from the policy intended to stimulate investment in the energy transition and signed into law by President Joe Biden in August 2022 are easing. The Biden administration’s willingness to negotiate on its package of $370 billion of tax breaks and other measures has helped. Reuters GraphicsTrouble is, governments also need to show that they will be fiscally responsible stewards of the energy transition in the short term – especially with inflation still a threat and budgets under pressure. In a speech on Nov. 2 about enabling Australia’s energy transition, Treasurer Jim Chalmers said that “incentives like the type we’ve seen in the Inflation Reduction Act in the United States can be part of an answer but they’re not the whole answer”.

Persons: David Brockwell, David Gray, Australia’s Fortescue, FMG.AX, Joe Biden, Biden, –, Goldman Sachs reckons, ’, Uncle Sam, Fumio, Jim Chalmers, they’re, Chalmers, Una Galani, Thomas Shum Organizations: REUTERS, Rights MELBOURNE, Reuters, Australia, Washington, European, of America, Labor Energy Partnership, U.S, Canberra, Climate Energy Finance, Climate Capital Forum, Deloitte, National Australia Bank, quicken, Thomson Locations: Lake George, Canberra, South Korea, United States, Seoul, European Union, U.S, Japan, Washington, EU, Australia

Trading in Origin Energy shares was paused on Thursday. Brookfield Corp (BN.TO), which has teamed up with EIG Partner's MidOcean Energy, and Origin Energy did not respond to requests for comment. Origin shares closed on Wednesday at A$8.42, up 1.69%, but well below the offer price of A$9.43 per share. If everyone thought it was going ahead the share price would be higher," he told Reuters. Origin shares remain 2.1% lower than last week's close and have traded well below the offer price since the new bid.

Persons: Dado Ruvic, EIG, Jamie Hannah, I'm, Scott Murdoch, Lewis Jackson, Miral Fahmy Organizations: Brookfield, REUTERS, Rights, Origin Energy, Brookfield Corp, Energy, Investors, Newmont Corp, Newcrest Mining, VanEck, Reuters, Origin, Thomson Locations: Brookfield, Lincoln

☆ Chevron takeover of Hess resurrects multi-billion dollar tax shield
▼ + stars: | 2023-11-14 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +5 min

“The tax benefits were definitely factored into how Chevron valued Hess,” said Donald Williamson, an accounting professor at American University’s Kogod School of Business. “When you combine the companies, we have the greater U.S. income, and we can use those net operating losses,” he said. The bottom line effect, when that loss limit is multiplied by the U.S. federal tax rate of 21%, is extra cash flow that could top $400 million a year. “There’s a strong and appropriate case to increase the corporate income tax rate.”Last year, corporate tax revenue totaled a record $425 billion, according to the Congressional Budget Office. Over the past decade, Chevron's current U.S. federal tax expense has averaged $40 million a year.

Persons: Dado Ruvic, Hess, ”, Donald Williamson, “, Pierre Breber, Williamson, Jim Seida, Jean Ross, Exxon, Darren Woods, ” Woods, Tim McLaughlin, Marguerita Choy Organizations: Chevron, Hess, REUTERS, Kogod School of Business, Internal Revenue Service, U.S, University of Notre Dame, Center for American Progress, Congressional, Graphics, Exxon Mobil, Pioneer Resources, Exxon, Reuters, Boston College, Thomson Locations: U.S, Chevron

☆ Polls Show Australia Indigenous Referendum Support Slipping, Likely to Fail
▼ + stars: | 2023-09-24 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

By Renju JoseSYDNEY (Reuters) - Support for a referendum to constitutionally recognise Australia's Indigenous people slipped further, with the landmark proposal set to fail in a national vote roughly three weeks away, two opinion polls showed on Monday. Altering the constitution requires a national referendum in Australia and only eight have passed since 1901 when the country was formed. Australia, which will hold the referendum vote on Oct. 14, has no treaty with its Indigenous people, who make up about 3.2% of its 26 million population. The referendum debate has divided opinions with supporters arguing the Voice will bring progress for the Aboriginal community, while opponents say it would be divisive. It also showed the approval ratings for Albanese, who has staked significant political capital on the referendum, fell 5 points to 46%.

Persons: Renju Jose SYDNEY, Anthony Albanese, Albanese, Renju Jose, Lincoln Organizations: Australian Financial, Labor, The Australian, Voters Locations: Torres, Australia, Sydney

☆ Polls show Australia Indigenous referendum support slipping, likely to fail
▼ + stars: | 2023-09-24 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

SYDNEY, Sept 25 (Reuters) - Support for a referendum to constitutionally recognise Australia's Indigenous people slipped further, with the landmark proposal set to fail in a national vote roughly three weeks away, two opinion polls showed on Monday. Altering the constitution requires a national referendum in Australia and only eight have passed since 1901 when the country was formed. Australia, which will hold the referendum vote on Oct. 14, has no treaty with its Indigenous people, who make up about 3.2% of its 26 million population. The referendum debate has divided opinions with supporters arguing the Voice will bring progress for the Aboriginal community, while opponents say it would be divisive. It also showed the approval ratings for Albanese, who has staked significant political capital on the referendum, fell 5 points to 46%.

Persons: Anthony Albanese, Albanese, Renju Jose, Lincoln Organizations: Australian Financial, Labor, The Australian, Voters, Thomson Locations: Torres, Australia, Sydney

☆ Millionaire CEO who called for high unemployment to remind workers who's in charge apologizes for 'deeply insensitive' remarks after viral backlash
▼ + stars: | 2023-09-14 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

A millionaire CEO has apologized for calling for higher unemployment to remind workers who's in charge. Tim Gurner said Thursday his remarks calling for "pain in the economy" were "deeply insensitive." He'd gotten backlash for saying workers have become "arrogant" and it's time to "kill that attitude." "At the AFR Property Summit this week I made some remarks about unemployment and productivity in Australia that I deeply regret and were wrong," he wrote. At the summit, Gurner went on to say: "There's been a systematic change where employees feel the employer is extremely lucky to have them, as opposed to the other way around.

Persons: Tim Gurner, He'd, Gurner, We've Organizations: Service, Gurner, AFR, Australian, Prevention Locations: Wall, Silicon, Australia

☆ Aussie lender NAB to cut 10% jobs in markets division, Australian Financial Review reports
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsAug 28 (Reuters) - National Australia Bank (NAB.AX) is preparing to cut around 60 jobs of the 600-staff at its markets division and undertake a broad restructuring exercise across its seven business, the Australian Financial Review said on early on Monday citing sources. The country's second-biggest bank would begin the layoffs as early as this week but is yet to announce the changes internally, AFR said. Layoffs at NAB would include capital markets types working within its corporate and institutional banking unit, where its markets business sits with a team of about 600. Reporting by Poonam Behura in Bengaluru; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Munoz, AFR, Poonam, Alison Williams Organizations: National, REUTERS, National Australia Bank, Australian Financial, Commonwealth Bank of Australia, Westpac Banking Corp, NAB, Thomson Locations: Sydney, Australia, Bengaluru

☆ A judge rejected a couple's claim to a $3 million estate because black ink blobs on the will obscured their names
▼ + stars: | 2023-07-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

An Australian judge ruled that a 75-year-old man had died intestate — or without a will — even though a document was found. That's because the names of beneficiaries on the will were obscured by black ink splodges. A judge in Australia ruled that a 75-year-old man had died without a will after the names of his beneficiaries were obscured by black ink on the document, according to a recent court filing. "The markings effectively obliterate the names of the executors and beneficiaries, on its face stripping the will of its essential elements," he said. Thomas wasn't married or in a domestic relationship, did not have any immediate relatives, or left any records of alternative beneficiaries.

Persons: Howard Edwin Thomas, Richard, Deborah Nightingale —, Thomas, Steven Moore, Moore, " Moore, Thomas wasn't Organizations: Supreme, Australian Financial Locations: Australian, Australia, Victoria, Melbourne

[1/2] PwC sign is seen in the lobby of their offices in Barangaroo, Australia June 22, 2023. PwC Australia made A$3 billion ($2.01 billion) in revenue last financial year. Allegro Funds describes itself as a restructuring specialist with over A$4 billion ($2.68 billion) under management. Acting PwC Australia chief executive Kristin Stubbins said last month the firm would "ringfence" its government consulting business and appoint a separate board to consider "strategic options for the business". In a sign the scandal is beginning to impact PwC's private sector work, four major pension funds managing roughly A$750 billion froze work with the firm this month.

Persons: Lewis Jackson SYDNEY, PwC, Kristin Stubbins, Lewis Jackson, Lincoln, Simon Cameron, Moore Organizations: REUTERS, PricewaterhouseCoopers Australia, Allegro, Reserve Bank of Australia, Australian Financial, Funds, PwC Australia, Thomson Locations: Barangaroo, Australia

☆ Labor party takes power in 'fresh start' for Australia's biggest state
▼ + stars: | 2023-03-26 | by ( ) www.cnbc.com time to read: +2 min

The Australian Labor Party in New South Wales state claimed power in an election on Saturday night, with voters backing the center-left party's pledges on anti-privatization and cost of living relief. Labor's win in New South Wales means the party now governs at state and federal level across Australia's mainland, leaving island state Tasmania as the conservative outlier. "After 12 years in opposition the people of New South Wales have voted for a fresh start," Minns told supporters in Sydney late on Saturday. "The people of New South Wales voted to put in a government that would put people at the heart of all decision-making". Speaking on Sunday, Minns said Labor had "commonsense initiatives" that would help bring down cost of living in the state.

☆ Australia regulator seeks risk reports from banks on startups, crypto -report
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, March 22 (Reuters) - Australia's prudential regulator has started asking the country's banks to declare their exposure to startups and crypto-focused ventures following the collapse of Silicon Valley Bank, according to the Australian Financial Review (AFR). The APRA declined to comment on the report but referred to its statement last week that it would intensify supervision of the local banking industry and seek more information on any potential impact from Silicon Valley Bank's collapse. ANZ Group Holdings (ANZ.AX) declined to comment, while Commonwealth Bank of Australia (CBA.AX), Westpac Banking Corp (WBC.AX) and National Australia Bank (NAB.AX) did not immediately respond to requests seeking comment. Treasurer Jim Chalmers last week said Australia was in a good position to withstand some of the market volatility because the country's banks were well capitalised, well regulated and had strong liquidity. Reporting by Renju Jose in Sydney; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

SYDNEY, March 8 (Reuters) - One of Australia's top government bureaucrats on Wednesday demanded Russia crack down on the large number of cyber criminals operating in the country, saying their actions posed a threat to national security. The comments come as Canberra reforms its cybersecurity policy following a raft of cyber attacks on some of the country's largest companies. "The greatest density of cyber criminals, particularly those with ransomware, are in Russia," Michael Pezzullo, Secretary of the Department of Home Affairs, told the AFR Business Summit in Sydney. The move follows a rise in cyber attacks since late last year with breaches reported by at least eight companies, including health insurer Medibank Private Ltd (MPL.AX) and telco Optus, owned by Singapore Telecommunications Ltd (STEL.SI). The United States and Britain sanctioned several Russians accused of cyber attacks last month, saying ransomware attacks have paralysed businesses, schools and hospitals.

☆ Australian prime minister seeks to diversify trade, investment on visit to India
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: +1 min

Australian Prime Minister Anthony Albanese said on Tuesday his government wants to diversify trade and foreign investment partners, as he prepares to lead a business delegation to India which he said shares Australia's democratic values. China is easily Australia's largest trading partner, although a diplomatic dispute has resulted in what Australia calls "trade blockages" being imposed by China on a raft of Australia's exports. Canberra has asked Beijing to remove those blockages as the two nations resume talks after a years-long diplomatic freeze. Business leaders across transport, resources, finance, higher education, architecture and energy will on Wednesday accompany Albanese to India, which is Australia's sixth largest trading partner. The delegation includes Macquarie Group Chief Executive Shemara Wikramanayake, Commonwealth Bank of Australia Chief Executive Matt Comyn, Fortescue Metals Group founder Andrew Forrest, Universities Australia Chief Executive Catriona Jackson, and executives from BHP , Rio Tinto and Graincorp .

☆ Australian PM seeks to diversify trade, investment on India visit
▼ + stars: | 2023-03-06 | by ( Kirsty Needham | ) www.reuters.com time to read: +3 min

SYDNEY, March 7 (Reuters) - Australian Prime Minister Anthony Albanese said on Tuesday his government wants to diversify trade and foreign investment partners, as he prepares to lead a business delegation to India which he said shares Australia's democratic values. China is easily Australia's largest trading partner, although a diplomatic dispute has resulted in what Australia calls "trade blockages" being imposed by China on a raft of Australia's exports. Business leaders across transport, resources, finance, higher education, architecture and energy will on Wednesday accompany Albanese to India, which is Australia's sixth largest trading partner. "We can do all these things as well as remaining a trusted and reliable supplier of energy to key trading partners such as Japan and the Republic of Korea," he added. Albanese said Australia would be "deepening and diversifying our international investment and trade links".

☆ Sam Bankman-Fried denied he was part of a secret chat group called 'Wirefraud' alongside other top FTX executives
▼ + stars: | 2022-12-14 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried denied he was in a secret chat group called "Wirefraud" in a tweet on Monday. The former FTX CEO was arrested and charged with eight counts of fraud and conspiracy this week. Although the chat group was set up to keep communications hidden, the contents of it will become public throughout legal proceedings, AFR reported. FTX did not immediately respond to Insider's request for comment about the chat group, made outside of normal working hours. Hours after Bankman-Fried denied involvement in the chat group, he was arrested by Bahamian authorities.

☆ Australian regulator investigating more firms for 'greenwashing'
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Nov 8 (Reuters) - Australia's corporate watchdog is investigating several companies and financial institutions for "greenwashing", or exaggerated claims regarding environment-friendly investment and products, a senior official said on Tuesday. The Australian Securities and Investment Commission (ASIC) has been increasing its oversight of climate-related reporting. Greenwashing refers to misrepresenting the extent to which an investment or a financial product is environment-friendly and sustainable. Bird said greenwashing is against the law and organisations making claims about net zero carbon emission targets should check with ASIC's information on what constitutes greenwashing. While companies have improved climate-change reporting in recent few years, a disparity in global reporting standards has left gaps, ASIC has said.

☆ Australia aims to cut tax breaks for pension funds of the super rich
▼ + stars: | 2022-11-07 | by ( Praveen Menon | Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

Prime Minister Anthony Albanese's Labor government, which came to power in May, aims to debate the curtailment of tax concessions once it legislates on the future of superannuation -or retirement funds. Curtailment of tax concessions paid to people with multi-million-dollar superannuation accounts would raise billions of much-needed dollars annually for the government. "We have 32 self-managed super funds with more than $100 million in assets - the largest self-managed super fund has over $400 million in assets," Assistant Treasurer and Minister for Financial Services Stephen Jones said at the AFR Super & Wealth Summit in Sydney. Jones said providing a clear objective for super funds will enable the sector to identify opportunities where the national interest and member interests align. The government last month said it had discussions with super funds to look at investing in affordable housing projects, to help fix a housing crisis.

☆ Big business likes to trumpet ESG credentials. But a 'greenwashing' reckoning could be on the horizon
▼ + stars: | 2022-09-21 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +8 min

Many of these claims are now viewed through the prism of ESG, or environmental, social and governance. But here's the rub: Definitions of ESG often vary and are hard to pin down. Over in the United States, scrutiny of claims about sustainability and ESG is also taking place. When contacted by CNBC, Vale — which has an "ESG Portal" on its website — referred to a statement issued on April 28. The debate surrounding greenwashing is becoming increasingly fierce, with the charge often leveled at multinational companies with vast resources and significant carbon footprints.

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