Qld approves $82m coal mine expansion
TOWNSVILLE, AAP – The Queensland government has approved an $82 million expansion of Stanmore’s Isaac Downs coal mine. The project near the central Queensland town of Moranbah, which will only produce metallurgical coal used in steelmaking, got the final nod on Tuesday night. Resource Minister Scott Stewart says the Isaac Downs East extension will produce…
Post-lockdown cash splash for Vic business
MELBOURNE, AAP – Victorian businesses hit hard by repeated coronavirus lockdowns are being given a $400 million helping hand. The joint state and federally-funded package announced on Wednesday includes $5000 grants for about 30,000 businesses hit by capacity limits under the current public health restrictions. Twenty-four sectors are eligible including gyms, cafes, restaurants, catering services…
Curbs on mortgage lending work: RBA paper
CANBERRA, AAP – The Reserve Bank of Australia says past measures to curb a deterioration in lending standards at a time of a housing price boom have been successful. Australia’s financial regulators, including the RBA, having been closely monitoring developments in the housing market for some months as home prices recorded strong gains across the…
IAG forecasts loss for FY21
SYDNEY, AAP – Insurer IAG is headed for a full-year loss from COVID-19 but company leaders say there is more certainty in the economic outlook. Preliminary earnings issued on Friday showed a full-year net loss of $427 million, largely due to the impact of the virus. The insurer collected less in premiums, although this was…
NSW building lockdown adds to economy woes
CANBERRA, AAP – Economists believe the first contraction in the national economy since the depths of the COVID-19 pandemic is increasingly likely after the NSW government further tightened lockdown restrictions at the weekend. All non-essential retailing is now closed in Greater Sydney and the construction industry is shut down until July 30, the first time…
Telstra weighs takeover of Pacific telco
CANBERRA, AAP – Telstra is considering taking over the Pacific operations of a communications service provider in partnership with the Australian government, which would block China from buying the assets. The telco confirmed its discussions with Digicel Pacific on Monday. Telstra said it was initially approached by the Australian government to provide technical advice in…
Telstra fends off vaccine cyber threats
CANBERRA, AAP – Telstra is monitoring COVID-19 supply chains for cyber threats to help out the federal government. “We’re very, very attuned to it, because it’s a critical supply chain to protect,” Telstra chief executive Andy Penn told the National Press Club on Thursday. A supply chain for a vaccine starts with the pharmaceutical company…
Twitter suspends fake accounts it verified
NEW YORK CITY, RAW – Twitter says it mistakenly verified some fake accounts that the social media company has now permanently suspended, months after restarting its verification program. The company in May relaunched verifications after a years-long freeze on public submissions for the site’s blue check marks, saying only “notable” users would be awarded the…
Industry funds chase super-sized nest eggs
CANBERRA, AAP – One of Australia’s largest industry funds has thrown its weight behind calls for superannuation to get to 15 per cent. The compulsory super levy for employers increased to 10 per cent last week and is legislated to step up to 12 per cent over the next four years, despite a campaign by…
Lew ups stake in Myer, wants board out
SYDNEY, AAP – Retail magnate Solomon Lew has called for the board of the troubled Myer chain to resign after his company increased its ownership. Mr Lew, chairman of Myer’s biggest shareholder Premier Investments, said he and fellow shareholders had heard nothing from the company eight months after then-chair Garry Hounsell resigned. At the time,…
