Australian Government secures gas supply
The Australian Government has signed a new Heads of Agreement with East Coast LNG Exporters to prevent a gas supply shortfall and secure competitively priced gas for the domestic market. The negotiations ensure additional gas supply, improving security and affordability of domestic gas supplies in future years, while also introducing transparency measures to improve the…
China rolls out measures to tackle housing challenge
Some halted housing projects in China have resumed construction as local governments and financial firms are helping out real estate developers with liquidity-activating solutions. The solutions come in different forms ranging from relief funds, policy banks’ special loans, takeover by creditors, bond auctions, and credit assignment to trusteeship of partners. In Zhengzhou, capital of central…
ACCC seeks further views on Telstra, TPG mobile network deal
The ACCC has released a statement of preliminary views on the authorisation sought by Telstra and TPG for their proposed regional mobile network arrangements. The ACCC is calling for further submissions and looks forward to hearing from stakeholders about its preliminary views. Telstra and TPG are asking the ACCC to provide authorisation for the deemed acquisition of…
Conflicted remuneration proceedings against banks dismissed
The Federal Court has dismissed proceedings brought by ASIC alleging breaches of conflicted remuneration laws, finding Colonial First State Investments Limited (Colonial) did not breach the law when it agreed to pay the Commonwealth Bank of Australia (CBA) to distribute Essential Super. The arrangements between Colonial and CBA regarding the distribution of Essential Super was…
CommSec morning report Friday
In US economic data, the economy, as measured by GDP, contracted at a 0.6% annualised rate in the June quarter (third estimate, survey: -0.6%). Initial jobless claims fell by 16,000 to a 5- month low of 193,000 last week (survey: 215,000). European sharemarkets tumbled on Thursday as a host of companies, including Swedish fashion retailer…
Evening markets report Thursday
A rally on Wall Street overnight – which saw it snap a six day losing streak – helped foster buying sentiment in the local sharemarket, as the ASX 200 rose by 1.44 per cent or 93 points to 6555 – its strongest gain in three months. The Energy sector rose by 2.8 per cent, boosted…
Recycling Investment Brings New Products And Jobs
The Albanese Labor Government and Andrews Labor Government are combatting climate change and reducing waste while creating new jobs and industries by co-investing in Victoria’s recycling systems. Federal Minister for the Environment and Water Tanya Plibersek and Victorian Minister for the Environment and Climate Action Lily D’Ambrosio today announced $14.26 million of funding for new…
Entrepreneur loan program to kickstart startups
Joint media release with Minister for Education the Hon Jason Clare MP The Albanese Government is engaging key stakeholders to deliver on an election promise for a new program to help the next generation of young Australian entrepreneurs bring their ideas to life. The Startup Year program will provide up to 2000 HECS-style loans each…
THL’s proposed acquisition of Apollo not opposed
The ACCC will not oppose the proposed acquisition of Apollo (ASX:ATL) by THL, after accepting a court-enforceable undertaking that requires Apollo to divest a large proportion of its newest motorhome fleet. THL and Apollo are involved in the rental, sale and manufacture of recreational vehicles (RVs), such as motorhomes and campervans. “THL and Apollo are…
ASIC sues Nuix and its board
ASIC has commenced proceedings in the Federal Court against Nuix Limited (ASX:NXL) for alleged continuous disclosure breaches and misleading or deceptive conduct. ASIC has also brought proceedings against members of the Nuix board for breaches of their directors’ duties. ASIC alleges that Nuix made misleading or deceptive statements when reaffirming its Prospectus financial year 2021…
