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☆ 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's Crown Resorts fined $77 million by regulators
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Nov 7 (Reuters) - Australian casino operator Crown Resorts has been fined A$120 million ($77.3 million) for serious misconduct, regulators of the state of Victoria said on Monday. Some of the breaches included failing to prevent gambling harm by allowing players to gamble continuously for 12 hours or more without observation or interaction, with some customers allowed to gamble continuously for well over 24 hours, it said. The casino operation also allowed large numbers of customers in the problem gambling category to escape attention, the report added. Australia's gambling industry has been in the spotlight in recent years, with public inquiries lashing its biggest casino operators due to lapses in money laundering protections. read more($1 = 1.5533 Australian dollars)Reporting by Praveen Menon and Byron Kaye; Editing by Himani Sarkar and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Saudi Arabia considers new mining index in diversification push
▼ + stars: | 2022-11-04 | by ( Praveen Menon | ) www.reuters.com time to read: +3 min

Mining Minister Bandar bin Ibrahim al-Khorayef told Reuters in an interview in Sydney that his team met with Australian counterparts to learn more about a mining index, similar to Australia's ASX 300 Metals & Mining (XMM) sub-index (.AXMM) that lists metals and mining firms including producers of gold, steel and precious metals. "We have a secondary stock market in Saudi...its still evolving. "The whole idea (of a mining index) is to ensure that we have something that financing companies or financial institutions like banks can have good visibility on," he said. "We want to encourage people who offer services to mining companies to come to Saudi either directly or through partnering with some local people. Saudi is hosting the Future Minerals Forum in Riyadh in January, where it hopes to announce more details of its plans for the mining sector.

SYDNEY, Nov 3 (Reuters) - Australia on Thursday urged its multi-billion dollar mining industry to support the government's plans for a referendum to give the country's Indigenous people a voice in parliament. The proposal to enshrine an Indigenous voice in parliament was a pledge Albanese's Labor party took to the May general election where it ended almost a decade of conservative Liberal-National coalition government. "I urge the resources sector to play a positive and energetic role in ensuring voice campaign is a success. After all, First Nations people of Australia were the first to inherit the extraordinary natural endowment this continent and the resources sector owes First Nations people so very much." A successful referendum would bring Australia in line with Canada, New Zealand and the United States in formally recognising indigenous populations.

☆ Miner BHP warns of inflation risks in 2023, says China demand to stabilize
▼ + stars: | 2022-11-01 | by ( Praveen Menon | ) www.reuters.com time to read: +2 min

"We do expect the lag effect of inflationary pressures to remain a persistent challenge through the 2023 financial year," Agar said. Mining firms have been warning high inflation could hit short-term demand and slow growth plans, although earlier this year skyrocketing prices for iron ore and other resources buoyed profits. Prices of iron ore have since fallen due to a gloomy outlook for China, the world's biggest steel producer. Agar said Europe and the U.K. are "almost certainly going to experience recession", and the U.S. economy will slow down. "We think China will be a source of stability for commodity demand over the next 12 months, as stimulus policies progressively take effect," Agar said.

SYDNEY, Oct 26 (Reuters) - The cryptocurrency industry said on Wednesday it was disappointed with Australia's decision to continue treating digital currencies as assets for tax purposes, and not as foreign currency. The government said in its budget announcement on Tuesday it would introduce legislation to enshrine the treatment of digital currencies such as Bitcoin as an asset. This means investors would pay capital gains tax on profit from selling crypto assets through exchanges and when they trade digital assets. The crypto sector is largely unregulated in Australia and the Treasury said in August it would prioritise ‘token mapping’ work, which will help identify how crypto assets and related services should be regulated. "Europeans are going to be pulling ahead, the U.K. now has a prime minister who is familiar with central bank digital currencies," Bowler said.

☆ Australia promises billions for renewable projects to 'rewire' power grid
▼ + stars: | 2022-10-19 | by ( Praveen Menon | ) www.reuters.com time to read: +2 min

SYDNEY, Oct 19 (Reuters) - Australia on Wednesday announced plans to build renewable energy zones, wind projects and underwater electricity interconnectors, as it looks to build its renewable power capabilities and bring more clean energy into its national grid. The announcements come ahead of the annual budget announcement next week by Prime Minister Anthony Albanese's centre-left Labor government, which won power this year promising climate reforms. The state of Victoria, which will have an election next month, will get A$1.5 billion ($947.85 million) of concessional financing for Renewable Energy Zones (REZ) and offshore wind development projects, the government said in a statement. The announcements were the first in Labor's A$20 billion "rewire the nation" policy to modernise and rebuild Australia's national power grid. The government also announced a $1 billion loan for Tasmania’s Tarraleah Power Station redevelopment and Lake Cethana Pumped Hydro project.

☆ Singapore's GIC says global recession scenario possible, eyes Australia opportunities
▼ + stars: | 2022-10-18 | by ( Praveen Menon | ) www.reuters.com time to read: +3 min

SYDNEY, Oct 19 (Reuters) - Singapore sovereign wealth fund GIC, one of the world's biggest investors, said it is factoring in the potential for a global recession and was prepared to stress-test its portfolio if need be. Register now for FREE unlimited access to Reuters.com RegisterFears of a global recession continue to grow amid challenges posed by Russia's invasion of Ukraine, an inflation-driven cost-of-living crisis and a sharply slowing Chinese economy. Lim also said, however, that he was confident global central banks could contain inflation and eventually bring it down. GIC is ranked as the world's fifth-biggest sovereign investor with $690 billion in assets, according to research firm Global SWF. "If there are suitable projects or assets in Australia, our infrastructure team will definitely want to look at it very closely," he added.

☆ Australia's Star says regulator-named manager to run Sydney casino
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Star's Sydney casino license to be suspended on Oct. 21Manager appointed for Sydney casino for 90 daysFine after Star failed to prevent money laundering, criminal activityStar fined $62 million as part of disciplinary actionSYDNEY, Oct 17 (Reuters) - Australia's Star Entertainment Group (SGR.AX) said on Monday a regulator-appointed manager would be stepping in to run its Sydney casino after an investigation by an independent commission found it had failed to prevent money laundering and criminal activity. The firm was fined A$100 million ($62 million) by the New South Wales Independent Casino Commission (NICC), which also suspended its license to operate the casino in Sydney, effective Oct. 21, Star said in a statement. Register now for FREE unlimited access to Reuters.com RegisterThe suspension period will be crucial for Star to prove its merit to hold a casino license. Weeks' authority as a manager of Star's assets are limited to the operational needs of the casino. Australia's gambling industry has been in the spotlight in recent years, with public inquiries lashing its biggest casino operators due to lapses in money laundering protections.

☆ Australia casino firm Star to be fined $62 million following inquiry
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Oct 17 (Reuters) - Australian casino firm Star Entertainment Group (SGR.AX) was fined A$100 million ($62 million) on Monday following an independent inquiry which found it failed to prevent money laundering and criminal activity in its Sydney casino. The New South Wales Independent Casino Commission (NICC) also cancelled Star's licence to operate the Sydney casino effective Friday, and will appoint a person to manage the casino pending the return of its licence. "The appointment of the manager means that the Star Casino will remain open and all staff will remain employed," NICC Chief Commissioner Philip Crawford said during a media conference. The decision to slap Star with the maximum fine possible comes on the first day on the job for Star's new chief executive, Robbie Cooke. Australia's gambling industry has been in the spotlight in recent years, with public inquiries lashing its biggest casino operators due to lapses in money laundering protections.

☆ EU crisis opens opportunity for Australian green energy exports -Fortescue
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Oct 13 (Reuters) - The energy crisis in Europe presents a huge opportunity for Australia to export more green energy, the chief financial officer at Fortescue Future Industries (FFI) said on Thursday. European nations are pushing to boost renewable energy resources amid an energy crisis to move away from Russian gas. read more"There is a huge opportunity for us to export green energy into Europe ... They are absolutely demanding it," said Guy Debelle, chief financial officer at Fortescue Future Industries, at the Citi Annual Investment Conference in Sydney. Fortescue signed a memorandum of understanding with Germany's largest energy group E.ON (EONGn.DE) earlier this year to explore shipping green hydrogen.

Online gambling has also been the focus of inquiries, but with its increasing prevalence, the government has answered consumer advocates with a pledge to take a deeper look. Australia overtook Britain, which has nearly three times its population, to rank third by online loss, behind the United States and Japan, said H2. The new centre-left federal government this month said it will hold a parliamentary inquiry into online gambling, though some recommendations of a 2015 inquiry are yet to take effect. "At their fingertips they have 24-hour access to gambling online. Wareham, the coffee technician, said he no longer uses poker machines and that family responsibilities help him control his online betting.

☆ Collectors clamor for rare Queen Elizabeth coins and notes
▼ + stars: | 2022-09-21 | by ( Julie Gordon | ) www.reuters.com time to read: +5 min

A Canadian $20 note from 1935, featuring a portrait 8-years-old Princess Elizabeth (later Queen Elizabeth), which will be auctioned later this month is seen in this undated handout picture provided September 20, 2022. In a separate online auction, a 1935 $20 bill featuring Elizabeth was being bid at C$2,100 with 10 days to go. He is also eager to see the first coins featuring Charles as king. Central banks in Canada, Australia and New Zealand have all said bills featuring Queen Elizabeth will remain in circulation for years to come. Indeed, Commonwealth countries looking to use King Charles' image on coins and notes will likely find themselves in a queue behind Britain.

☆ Man arrested following gunshots at Canberra airport
▼ + stars: | 2022-08-14 | by ( Praveen Menon | ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSYDNEY, Aug 14 (Reuters) - Australian capital Canberra's airport was evacuated and a man arrested after gunshots were heard in the main terminal building, police said on Sunday. Register now for FREE unlimited access to Reuters.com Register"The Canberra Airport terminal was evacuated as a precaution and the situation at the airport is contained," the statement said. Videos posted on social media earlier in the day showed police detaining a man inside the airport as travellers look on. Media and onlookers also gathered outside the airport following the evacuation. Register now for FREE unlimited access to Reuters.com RegisterReporting by Praveen Menon; Editing by Jacqueline Wong and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

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