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Tag Archives: In Australia

BHP Billiton says to cut 380 jobs at Olympic Dam copper, uranium mine in Australia

SYDNEY: BHP Billiton said on Sunday it would cut 380 jobs at its Olympic Dam copper and uranium mine in Australia, citing global market conditions in the resources sector and a desire to ensure the project was sustainable. The decision was “driven by the global challenges in the resources sector, and the need to transform Olympic Dam into a sustainable ... Read More »

Bank of Tokyo Mitsubishi UFJ wants to lend more in Australia

CANBERRA: The Bank of Tokyo-Mitsubishi UFJ, Japan’s largest bank, held a grand dinner at the Museum of Contemporary Art in Sydney on Tuesday night to celebrate 30 years since it was awarded a banking licence in Australia. Each of the 200-plus guests received a bottle of Australian-made sake, from the Go-Shu Australian Sake Brewery  in the Blue Mountains, which the ... Read More »

Bank of Tokyo Mitsubishi UFJ wants to lend more in Australia

CANBERRA: The Bank of Tokyo-Mitsubishi UFJ, Japan’s largest bank, held a grand dinner at the Museum of Contemporary Art in Sydney on Tuesday night to celebrate 30 years since it was awarded a banking licence in Australia. Each of the 200-plus guests received a bottle of Australian-made sake, from the Go-Shu Australian Sake Brewery  in the Blue Mountains, which the ... Read More »

AMP Bank stops lending to property investors, jacks up interest rates in Australia

CANBERRA: AMP Bank will stop writing new loans to property investors and is jacking up interest rates for existing investor customers sharply – the most dramatic bank response so far to a clampdown on lending to landlords. AMP on Wednesday said it would increase variable interest rates for all its investor borrowers by a hefty 0.47 percentage points, significantly more ... Read More »

AMP Bank stops lending to property investors, jacks up interest rates in Australia

CANBERRA: AMP Bank will stop writing new loans to property investors and is jacking up interest rates for existing investor customers sharply – the most dramatic bank response so far to a clampdown on lending to landlords. AMP on Wednesday said it would increase variable interest rates for all its investor borrowers by a hefty 0.47 percentage points, significantly more ... Read More »

Endemol Shine commence compound business in Australia

CANBERRA: The leadership team of content producer and distributor Endemol Shine Australia has been officially unveiled by joint CEOs, brothers Mark and Carl Fennessy. “We are truly excited about leading the newly merged business at such an extraordinary period of change within the Australian television landscape. Such a unique combination of personnel and resources brings together the country’s most talented ... Read More »

Adani Mining says suspension of work on A$10b Carmichael coal mine in Australia

SYDNEY: Adani Mining said the latest suspension of work on its A$10 billion ($7.4 billion) Carmichael coal mine in Australia was due to delays in government approvals for the project, which environmentalists say could damage the Great Barrier Reef. Output from the mine, one of a handful under development in the Galilee Basin of Queensland state, will be mostly exported ... Read More »

Asian investors moves beyond property, natural resources in Australia

CANBERRA: Asian investors are moving beyond property and natural resources in Australia and looking at companies in the service, technology, agriculture and manpower sectors. Other than attractive prices due to a depreciating Australian dollar, funds are cheaper to borrow due to lower interest rates. The proprietary technology available in Australian companies is also a reason for the increased interest. Australian ... Read More »

New Trade at Gladstone Ports on track second largest log export operation in Australia

CANBERRA: New Trade at the Gladstone Ports Corporation’s Auckland Point Terminal has enabled it to become the second largest log export operation in Australia. The GPC has projected its growth to handle nearly 145 million tonnes of trade within the next five years. It says the Port of Gladstone is on track to be Australia’s largest multi-cargo port by the ... Read More »

LG TV’s sales first 4K OLED in Australia

CANBERRA: A potent cocktail of OLED, 4K, and a curved screen have come together in two new LG TV’s that are going on sale in Australia. At an event held at the harbourside mansion of architect the late Harry Seidler, LG announced two new OLED TVs, a 55-inch model costing $5999, and a 65 -inch one costing $9999. Both EG960T ... Read More »

Global pharmaceutical companies pay tax $85m in Australia on $8bn revenue

CANBERRA: Global pharmaceutical companies paid tax of just $85 million in Australia on revenues of more than $8 billion, including $3.5bn from taxpayer-subsidised drugs, Labor senator Sam Dastyari says. “What is so extraordinary is that you’ve had companies that have been able to arrange their affairs to be able to drive down their revenue to such an extent that their ... Read More »

New home sales in Australia drop 2.3% in May

SYDNEY: New Australian home sales have recorded their first monthly fall for 2015, with a drop in sales of detached houses. New home sales slipped 2.3 percent in May, the Housing Industry Association’s (HIA) new home sales report showed on Tuesday. The month’s negative result comes after a run of four monthly rises. “This is a softer result at face ... Read More »

Smoking ban triggers around 300 prisoners in Australia

CANBERRA: Around 300 prisoners in Australia’s Victoria state staged a protest, a day before a state-wide ban on smoking in prisons comes into effect. Inmates of the Metropolitan Remand Centre in Ravenhall, 20 km from Melbourne, wore masks, carried sticks and tore down the inner perimeter of the jail, setting fire to bins in the premises, The Age reported. Police ... Read More »

Collins Foods, value of Sizzler by $37.5m as restaurant chain’s revenue fell 8.5% to $88.5m in Australia

CANBERRA: Sizzler restaurants, the popular family steak houses of the 1990s, are on their way out. Its owner, Collins Foods, today wrote down the value of Sizzler by $37.5 million as the restaurant chain’s revenue fell 8.5% to $88.5 million. The company will not be investing any more money in the chain, which is famous for its all-you-can-eat salad bar, ... Read More »

Adani Mining suspends preparatory engineering work on its Carmichael project in Australia

CANBERRA: Adani Mining has suspended preparatory engineering work on its Carmichael project in Australia, one of the world’s biggest untapped thermal coal deposits. The Indian company said, however, that it remains committed to the A$16bn project in Queensland that has become a potent symbol of the battle between environmentalists and the fossil fuel industry. “As a result of changes to ... Read More »

SunEdison plans to instal 50 MW of rooftop PV in Australia

CANBERRA: US renewables developer SunEdison Inc (NYSE:SUNE) is planning to instal in Australia some 50 MW of rooftop photovoltaic (PV) capacity in the next 12 months, Bloomberg said Friday. The company will focus particularly on commercial projects at airports, universities and retirement homes, local managing director, Jeremy Rich, said in a phone interview with the news agency. SunEdison is interested ... Read More »

Bank recovery leads the ASX to weekly rise in Australia

CANBERRA: Australian shares enjoyed a broad-based recovery rally on Friday, thanks to strong gains on Wall Street and firmer commodity prices, pushing the local market into positive territory for the week despite lingering uncertainty over the Greek debt crisis. On Wall Street the Dow Jones jumped and the Nasdaq Composite set a record intraday high, as traders shrugged off concerns ... Read More »

China increases investment in Australia; spends on roads, bridges, other infrastructure

CANBERRA: Chinese investment in Australia has moved to the real estate market and infrastructure. It is yet another sign that Australia’s once strong mining industry is weakening, as Chinese businesses look for new places to invest. For the first time, almost half of all Chinese investment in Australia is in real estate. Spending on roads, bridges and other infrastructure has ... Read More »

China increases investment in Australia; spends on roads, bridges, other infrastructure

CANBERRA: Chinese investment in Australia has moved to the real estate market and infrastructure. It is yet another sign that Australia’s once strong mining industry is weakening, as Chinese businesses look for new places to invest. For the first time, almost half of all Chinese investment in Australia is in real estate. Spending on roads, bridges and other infrastructure has ... Read More »

China increases investment in Australia; spends on roads, bridges, other infrastructure

CANBERRA: Chinese investment in Australia has moved to the real estate market and infrastructure. It is yet another sign that Australia’s once strong mining industry is weakening, as Chinese businesses look for new places to invest. For the first time, almost half of all Chinese investment in Australia is in real estate. Spending on roads, bridges and other infrastructure has ... Read More »