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☆ Tech giants like Meta, Google to be forced to pay for Australian news
▼ + stars: | 2024-12-12 | by ( Story Reuters | ) edition.cnn.com time to read: +2 min

Sydney Reuters —Australia plans new rules to “create a financial incentive” for big tech firms to pay Australian media companies for news content on their platforms, Assistant Treasurer and Minister for Financial Services Stephen Jones announced on Thursday. The move, described as a “news bargaining initiative,” piles pressure on global tech giants like Facebook-owner Meta Platforms and Google to pay publishers for content or face the risk of paying millions to continue operations in Australia. The platforms at risk of the charge will be significant social media platforms and search engines with an Australian-based revenue in excess of 250 million Australian dollars (about $160 million), he said. The charge will be offset for any commercial agreements that are voluntarily entered into between the platforms and news media businesses, he added. Australia in 2021 passed laws to make the US tech giants, such as Alphabet’s Google and Meta, compensate media companies for the links that drive readers - and advertising revenue - to their platforms.

Persons: Financial Services Stephen Jones, ” Jones, Jones, Meta Organizations: Sydney Reuters, Financial Services, Facebook, Meta, Google, News Corp, Australian Broadcasting Corp Locations: Australia, Australian

☆ Qantas flight makes emergency landing after engine failure
▼ + stars: | 2024-11-08 | by ( ) edition.cnn.com time to read: +2 min

Sydney Reuters —A Qantas Airways plane bound for Brisbane suffered an engine failure after takeoff on Friday and circled for a short period of time before returning safely to Sydney Airport, the Australian airline said. The airline said its engineers had conducted a preliminary inspection of the engine and confirmed it was a contained engine failure, meaning the internal engine parts stayed within the protective housing designed to keep them safely enclosed. Uncontained engine failures, where engine fragments fly out of this housing, can result in serious damage to the main body of an aircraft. Qantas flight QF520 took off from Sydney at 12:35 p.m. (8.35 p.m. Thursday ET), circled a few times and diverted to land at Sydney, tracking data from Flightradar24 showed. Qantas said the plane landed safely after appropriate procedures were conducted and added it would be investigating the cause of the engine issue.

Persons: Mark Willacy, QF520, “, France’s Safran Organizations: Sydney Reuters —, Qantas Airways, Sydney Airport, ABC, Qantas, Sydney, Boeing, CFM International, GE Aerospace Locations: Brisbane, Sydney, Flightradar24

☆ Britain’s King Charles and Queen Camilla attend church on Australia tour
▼ + stars: | 2024-10-19 | by ( ) edition.cnn.com time to read: +2 min

Sydney Reuters —Britain’s King Charles and Queen Camilla met large, cheering crowds in Sydney after attending a church service on Sunday, the first event of their Australia tour. The royal couple were greeted at St Thomas’ Anglican Church by the archbishop of Sydney, Kanishka Raffel, and children from the church’s Sunday school who waved Australian flags. Traveling across Sydney Harbour, Charles visited the New South Wales parliament, marking the 200th anniversary of Australia’s oldest legislature. He will attend the Commonwealth Heads of Government Meeting in Samoa after the six-day Australia tour. King Charles III, Queen Camilla and Anglican Archbishop of Sydney Reverend Kanishka Raffel attend a church service at St. Thomas's Anglican Church on October 20, 2024 in Sydney, Australia.

Persons: Sydney Reuters — Britain’s King Charles, Queen Camilla, Kanishka Raffel, Camilla, Anna Valentine, Ellie Mantle, ” Camilla, Charles, Australia’s, ”, King Charles III , Queen Camilla, Sydney, Dean Lewins Organizations: Sydney Reuters —, St Thomas ’ Anglican, New South, Church, Association of Commonwealth Universities Locations: Sydney, Australia, Britain, Australia’s, Sydney Harbour, New South Wales, Samoa, St, Thomas's, Pacific, Commonwealth

☆ Australian gold miner Newcrest backs Newmont’s $17.8 billion offer
▼ + stars: | 2023-05-17 | by ( ) edition.cnn.com time to read: +2 min

Sydney Reuters —Australian gold miner Newcrest Mining said on Monday it would back Newmont A$26.2 billion ($17.8 billion) takeover offer in one of the world’s largest buyouts so far this year. Newcrest (NCMGF) shareholders would receive 0.400 Newmont share for each share held, with an implied value of A$29.27 a share, higher than a previous exchange ratio of 0.380 that Newcrest (NCMGF)’s board rejected in February. “This transaction will combine two of the world’s leading gold producers, bringing forward significant value to Newcrest shareholders through the recognition of our outstanding growth pipeline,” said Newcrest Chairman Peter Tomsett. Newcrest shareholders will be able to choose to receive New York Stock Exchange-listed Newmont shares or Australian-listed CHESS Depository Instruments (CDIs) as payment. The deal requires Australia’s Foreign Investment Review Board (FIRB) approval as well as Newcrest and Newmont shareholders to vote in support the transaction, among other regulatory requirements.

☆ Australia’s central bank signals more tightening ahead after hiking rates to decade high
▼ + stars: | 2023-02-07 | by ( ) edition.cnn.com time to read: +3 min

Markets were surprised by the hawkish tone of the RBA which shattered any expectations of an imminent pause to the tightening campaign. Three-year government bond yields jumped 15 bps to 3.254% while ten-year yields also surged 15 bps to 3.615%. There are signs that consumers are finally pulling back on spending as the cost of living surges and rate increases bite. “High inflation makes life difficult for people and damages the functioning of the economy. And if high inflation were to become entrenched in people’s expectations, it would be very costly to reduce later,” warned Lowe as he signaled the bank’s intention to extend the tightening cycle.

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