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GM could face another fine

Written By Unknown on Sabtu, 21 Juni 2014 | 13.23

AN old email from a General Motors employee warning of a "serious safety problem" could help trigger another government fine against the automaker.

THE email, dated August 30, 2005, surfaced Wednesday during a House subcommittee hearing on GM's delayed recall of 2.6 million small cars with ignition switch problem. This email outlined a similar issue with a larger car.

Employee Laura Andres wrote that she was driving a 2006 Chevrolet Impala home from work when she hit a bump and the engine stalled on a busy road near Detroit. The car behind her had to swerve to avoid a crash. A GM mechanic told her the cause was likely a faulty ignition switch."I think this is a serious safety problem ... I'm thinking big recall," Andres wrote in an email to 11 GM colleagues.Yet it wasn't until Monday that GM recalled the Impalas, Buick LaCrosses and other models with the same switch, almost nine years after Andres' email. Safety regulators received dozens of similar complaints about the cars during that time.GM said that excess weight on a keychain could cause the ignition switch to move out of the "run" position if the car is jarred, like when it hits a pothole. The engine stalls, and the drivers loses power steering and power brakes.Under federal law, automakers must notify the National Highway Traffic Safety Administration within five business days of determining a safety defect exists. A maximum $35 million fine is possible if the agency finds an automaker took too long to report a problem.GM paid a $35 million fine last month for its 11-year delay in reporting defective ignition switches in the Chevrolet Cobalt and other small cars.Multiple fines are not without precedent. From 2010 through 2012, NHTSA fined Toyota Motor Corp. four times for a total of $66 million due to safety-related violations.GM wouldn't comment Thursday on the possibility of another fine. NHTSA also wouldn't comment on the Impala case, but said it reviews all recalls to make sure they comply with the notification law and it takes "appropriate action" when it finds problems.Andres's e-mail alone isn't enough to trigger the five-day rule, because it only suggests the ignitions are unsafe. But it's proof that some GM employees knew about a potential problem for almost a decade. GM has not yet submitted a required timeline to NHTSA that will say when it officially determined the Impala switches were defective.Andres, who still works for GM in design and engineering, could not be reached for comment. But in her 2005 email, she urged engineers to build a "stronger" switch.Andres' warning was brushed off by GM engineer Ray DeGiorgio, who replied that he had recently driven a 2006 Impala and "did not experience this condition." He also noted that the Impala had "a completely different column/ignition switch" than the one that was causing problems in GM's small cars.DeGiorgio is a central figure in the small-car recall saga. GM says he approved using the switches even though they failed to meet company specifications, and then took actions that hid the defect for years.Andres's email wasn't the only indication of problems. NHTSA's Web site lists more than 100 complaints about stalling for 2006-2009 Impalas alone. Those are complaints GM would have had access to.In one 2012 complaint, an Impala stalled in the middle of a large intersection. The owner took it to a dealer four times but couldn't get it repaired."I'm fearful I will be the one causing a fatal pile-up," the driver wrote.

13.23 | 0 komentar | Read More

Man charged over NSW south coast death

FURTHER charges could be laid against a man accused of assaulting another man who was found dead in a NSW south coast home a day after he was attacked.

THE 41-year-old's body was on Thursday found in a Moruya unit and "officers were told the deceased man had been assaulted at the location the previous day," police said.

The man accused of assaulting the dead man and his 60-year-old male housemate was on Friday arrested and charged with two counts of assault occasioning actual bodily harm.But more serious charges could be laid against him."We're waiting on the results of the post mortem," a police spokeswoman told AAP.Police wouldn't say if the death was suspicious, whether the men were known to officers or if they were related.The accused was denied bail in Batemans Bay Local Court on Saturday and is due to reappear on Monday.Forensic officers are continuing their investigation and a report is being prepared for the coroner.

13.23 | 0 komentar | Read More

Man bashed at Sydney motel

A man has serious head injuries after being assaulted at a motel west of Sydney. Source: AAP

A MAN has serious head injuries after being assaulted at a NSW motel.

POLICE found the 28-year-old man at a motel reception at Warwick Farm, west of Sydney, on Friday night.

The man had serious head and limb injuries and was taken to hospital.Police say the man was assaulted but officers have not yet been able to speak to him.A crime scene has been established in one of the motel rooms.

13.23 | 0 komentar | Read More

Westfield gets restructure gets go-ahead

Written By Unknown on Jumat, 20 Juni 2014 | 13.23

Westfield's shareholders are set to approve a $70 billion restructure of the company. Source: AAP

WESTFIELD will leave its Australian shopping centres behind in search of growth opportunities overseas after winning a tough shareholder battle over its $70 billion restructure.

THE restructure got the green light on Friday after shareholders in Westfield Retail Trust, which owns half of the shopping centre giant's Australian and New Zealand assets voted in favour of the controversial plan.

Westfield Group will be split in two from June 25, pending final approval from the NSW Supreme Court, with the new Westfield Corporation taking on the company's international business and the Australian and New Zealand shopping centres transferred to a new company called Scentre.Both companies will be chaired by Westfield founder Frank Lowy and the Lowy family will maintain holdings in both businesses.But Australian shoppers won't notice any difference, with the Westfield brand to be maintained under Scentre Group.The move gives Westfield greater freedom to focus solely on growth opportunities overseas, without the distraction of its Australian shopping centre business, which has little room left to expand."The strategy of Westfield Corporation is to own, develop and operate iconic shopping centres in some of the world's great cities," co-chief executive Steven Lowy told reporters on Friday.That includes the massive Westfield World Trade Centre development, a planned development in Milan which the company is billing as "the best shopping centre in Europe" and major centres in the UK.But the move almost didn't go ahead.Westfield Group shareholders overwhelmingly backed the move at a meeting last month, but WRT investors looked set to vote down the proposal, with only 74.1 per cent of proxy votes cast in favour of the restructure.On Friday, the total vote was 76 per cent in favour.A significant minority of shareholders in WRT, which was itself spun off from Westfield in 2010, opposed the move on the grounds it would create a higher risk business with more debt than the passive property trust they bought into.Australian Shareholders Association spokesman Stephen Mayne said Westfield had run a well orchestrated campaign to win over institutional investors in the past few weeks."Ultimately they ran a very successful lobbying campaign against those institutions that voted against it or didn't vote," he told AAP."The question is, who flipped?"Steven Lowy downplayed concerns about debt levels, noting credit ratings agencies S&P and Moody's had already given Scentre A ratings."We felt that debate was well overplayed," he said on Friday.Fellow co-chief executive Peter Lowy said Westfield Corp would maintain its listing on the Australian stock exchange but is looking at the possibility of a dual listing overseas.

13.23 | 0 komentar | Read More

Vic building workers face drug tests

BUILDING workers on Victorian government projects will face random drug and alcohol testing from July 1.

VICTORIAN Finance Minister Robert Clark said requiring all building companies that tender for taxpayer-funded projects worth $10 million or more to test workers for drug and alcohol use among measures he said would cut substance abuse, intoxication and drug dealing on building sites.

Head contractors must perform a minimum number of random tests on workers each month and identify what methods they will use, Mr Clark said on Friday.Contractors will determine the level of intoxication they deem unsafe and how workers will be sanctioned if drugs or alcohol are detected in their systems, he said.Tenderers will have to list site security measures, which may include CCTV, a swipe card access system and photographic or biometric security systems in a bid to stamp out criminal activity."We believe this will save taxpayers' money and it will help ensure law-abiding workplaces," Mr Clark said."We are introducing these guidelines to ensure that every contractor that tenders for Victorian government construction projects needs to commit to have processes in place to guard against drug and alcohol abuse in their workplaces and also to ensure site security."When the guidelines were first announced, Construction Forestry Mining and Energy Union (CFMEU) Victorian secretary John Setka said the guidelines would unfairly single out construction workers."There is no epidemic of drug taking on construction sites," he said.

13.23 | 0 komentar | Read More

Troops off to Iraq to protect Aussie staff

The Australian government is continuing to monitor the situation in Iraq. Source: AAP

AUSTRALIA has sent soldiers to protect embassy staff in Baghdad as Prime Minister Tony Abbott warns that nobody should underestimate the threat posed by terrorists bearing down on the Iraqi capital.

DEFENCE on Friday confirmed a small unit of Australian Defence Force personnel had been sent to Baghdad to bolster security at the embassy, where a skeleton staff of diplomats remains.

The situation in Iraq has deteriorated significantly since jihadists from the Islamic State of Iraq and the Levant (ISIL) routed government forces from two major cities a week ago.Up to 100 Australians are believed to have left the country to fight alongside jihadists in Iraq and Syria - including with ISIL - and some have been accused of committing atrocities.In his strongest warning yet, Mr Abbott vowed that "murderous potential terrorists" trying to return to Australia would be locked up to protect the community."These people should have no place in our country, and we will do our best to keep them out," he told reporters in Sydney on Friday."If they can't be kept out, they will be taken into detention because we are not going to allow people who are an obvious threat to our safety and security to roam loose in Australia."Australia has not received calls for assistance from the United States or other parties, but Mr Abbott said if any such request was made, it would be taken seriously.For now the safety of Australia's remaining diplomatic personnel in Baghdad remained a top priority, as ISIL - also known as ISIS - militants continue their push south towards the capital.Australia began withdrawing its officials from the strife-torn country this week, leaving an "essential core" of embassy staff in place.The federal government has warned there is little they can do to assist those Australians in Iraq, estimated at possibly more than 2000.The terrorist group stunned the world last week when it seized the major Iraqi cities of Mosul and Tikrit in a lightning offensive, sending government forces and civilians fleeing for safety.Shadow minister for defence Stephen Conroy said Labor supports the decision to send an ADF liaison unit to Baghdad to provide additional security for Australian embassy officials."Given the unstable security situation in Iraq, this is an appropriate course of action to take," he said in a statement.

13.23 | 0 komentar | Read More

$A at the mercy of two central banks

Written By Unknown on Kamis, 19 Juni 2014 | 13.24

DOVES are meant to symbolise peace, but the Australian dollar is getting caught in a tug of war between two of them.

IN financial jargon, a dove is a central banker who prefers interest rates to stay low.

Record low interest rates in Australia should be helping Reserve Bank governor Glenn Stevens guide the stubbornly high Australian dollar lower to help the local economy.However his aim is being frustrated by interest rates in the US that are even lower, with Federal Reserve boss Janet Yellen signalling they will remain low for a "considerable time".The Aussie fell to a two-week low of 93.22 US cents on Tuesday after minutes of the RBA's June board meeting showed it wants to keep the cash rate at a record low of 2.5 per cent "for some time yet", and included a downbeat assessment on Australia's economic growth prospects.But the dollar bounced back up through 94 US cents early Thursday morning after Dr Yellen wound up the Fed's two-day policy meeting saying she would keep the federal funds rate steady despite a recent spike in inflation."There were some expectations that they would hint that they were concerned about inflation, but they didn't, and they reiterated they are maintaining their dovish stance," Easy Forex currency dealer Tony Darvall said.Mr Darvall said it was unclear if the Aussie dollar will rise to 94.60 US cents, its highest level this year, or fall towards 92 US cents if commodity prices remain under pressure."You'd think that the RBA at the next meeting would continue with the dovish talk," he said."The June minutes were crafted to try and stop the Aussie from rallying and if we get above 95 US cents it will probably be more explicit about the concern."BK Asset Management managing director Kathy Lien said investors were disappointed by Dr Yellen's policy announcement."When pressed for a definition of `considerable time' she refused to provide any details, saying only that there is no formula for what considerable time means," Ms Lien said."In other words, unlike other central banks that have recently expressed their desire to become more active, the Fed remains comfortable with their current course and has no desire to alter the market's expectations."

13.24 | 0 komentar | Read More

House prices tipped to continue to rise

ONE of the country's largest property developers believes house prices will continue to rise for years to come, with the Sydney market set for a "golden decade".

STOCKLAND chief executive Mark Steinert expects nationwide house prices to rise by four to five per cent on average for the foreseeable future, with Sydney leading the charge.

Despite a sharp rise in house prices in the past 12 months, an undersupply of property and improving confidence meant the growth was set to continue, he said."At the moment it is fair to say there is at least three years of undersupply in every major capital city," Mr Steinert said."Because of this demand-supply fundamental, we anticipate at least four to five per cent compound growth in new house prices for the foreseeable future."Mr Steinert said the NSW government's efforts to increase housing supply and infrastructure plans would boost Sydney's new property market."We are particularly bullish on Sydney," he said."I think it's fair to say that we are going to see Sydney and to a certain extent NSW have a golden decade."Mr Steinert's optimism contrasts with warnings from economists and analysts that house prices are likely to flatten or slide over the next few years.Credit Suisse analyst James Ellis has said a collapse in prices was unlikely, but he expects prices to remain flat for several years, which would amount to a decrease in prices in real terms, relative to incomes."Our base case scenario is one of real erosion of house prices," he said.Recent figures from the bureau of statistics suggest the housing market boom is cooling, with no growth in home loan approvals in April.Meanwhile, house prices suffered their biggest monthly fall in five years in May, dropping 3.6 per cent across capital cities, according to research from RP Data.But prices remain substantially higher than a year ago, especially in Sydney, were prices have risen 16.6 per cent in the past 12 months.

13.24 | 0 komentar | Read More

JB Hi-Fi weathers the retail storm

Entertainment retail chain JB Hi-Fi expects its sales will be up by 5.3% for the year. Source: AAP

JB Hi-Fi is proving more resilient to slumping consumer confidence than other retailers.

THE electronics retailer remains on track to lift annual profit by about 10 per cent, despite winding back its sales expectations since the end of March.

Analysts say JB Hi-Fi is performing better than other retailers as it is not exposed to seasonal factors such as unusually warm weather, and due to its expansion into new product areas.The company said on Thursday it expects a 5.3 per cent rise in annual sales for 2013/14, weaker than its previous forecast of six to eight per cent growth.But it is sticking to its previous forecast of a $126-$129 million net profit for the year, a rise of between 8.3 and 10.8 per cent.That is in contrast to several other major retailers, who in recent weeks have warned of a sales slump amid consumer worries about spending cuts announced in May's federal budget.Shares in JB Hi-Fi soared in early trade, but fell back during afternoon trade, and closed 22 cents higher, up 1.2 per cent, at $18.95.CBA retail analyst Andrew McLennan said JB Hi-Fi was performing well during a period of disastrous consumer sentiment, continuing with store expansions and branching out into new categories such as coffee machines and other household appliances."For them to have held to a positive sales growth number in the fourth quarter is actually a good outcome," Mr McLennan said."More recently JB Hi-Fi have expanded into their JB Home category of household electronics products, including whitegoods and small appliances, and that appears to be enhancing their underlying sales growth off a relatively small base."This strategy had differentiated JB Hi-Fi from some of its competitors as CD and DVD sales continued to slide, Mr McLennan said.JB Hi-Fi was also not as exposed to seasonal factors as apparel retailers, who were experiencing difficult sales conditions due to warm weather in the lead-up to winter, he said.Meanwhile, JB Hi-Fi chief executive Terry Smart has confirmed he will retire on June 30.Mr Smart announced his plans to step down in April, and will hand over the reins to chief financial officer Richard Murray.

13.24 | 0 komentar | Read More

Vic Nats upset by Liberal bid for Euroa

Written By Unknown on Rabu, 18 Juni 2014 | 13.24

THE Liberals' decision to run against the Nationals in the Victorian seat of Euroa is "most unfortunate", state Nationals leader Peter Ryan says.

THE Nationals asked the Liberal Party not to field a candidate in the new seat, created after a redrawing of the Benalla electorate being vacated by retiring Nationals MP Bill Sykes, Mr Ryan said.

"The Liberal Party has apparently chosen to stand, although they have not spoken formally to me about it. We think that is a most unfortunate decision," Mr Ryan told reporters in Ballarat on Wednesday.The deputy premier said the Nationals believe the Liberal move is a breach of their coalition agreement."The very basis and foundation for having a coalition agreement is to ensure we don't see this sort of waste of resources occur," he said."We saw this all happen in the recent federal election in the seat of Mallee and here we go again."The Liberals ran a candidate in Mallee at last year's federal election, which was being vacated by National John Forrest.The Nationals' Andrew Broad won the seat.Stephanie Ryan will run as a Nationals candidate for Euroa at the November 29 state election."We are very confident of being able to win the seat," Mr Ryan said."We have not asked the Liberal Party to stand, indeed we have asked the Liberal Party not to stand."Premier Denis Napthine says decisions about running candidates are up to the party's administrative wing, which is in regular contact with the National Party administration."Peter Ryan and I work well professionally, we're also personally good friends. The coalition is a great working team," he told reporters.Dr Napthine said running Liberal and National candidates in the same seat gives voters a choice, but also maximises the Liberal-National vote."With regard to this seat, I think the National Party has selected a very, very good candidate and I'm sure Stephanie Ryan will do very well."

13.24 | 0 komentar | Read More

Newcrest hit with $1.2m fine by ASIC

ASIC has fined Newcrest Mining $1.2 million for breaching continuous disclosure obligations in 2013. Source: AAP

GOLD miner Newcrest Mining has been fined $1.2 million in Australia's largest ever penalty for selectively providing market sensitive information.

NEWCREST, the nation's largest gold miner, admitted withholding the information from the wider investment market for at least a week in 2013.

In a settlement with the Australian Securities and Investments Commission (ASIC), it admitted to two contraventions of continuous disclosure rules, which dictate companies make available any information than can impact its share price.The Federal Court will now decide whether to approve the settlement.It is more than double the country's previous largest disclosure rules penalty of $500,000, and only the fifth such litigation by ASIC in a decade.The Newcrest penalty relates to selective briefings given by the company's then investor relations manager Spencer Cole to analysts from investment banks, alerting them to large cuts in gold production and capital expenditure.That sparked a suspicious raft of broker downgrades of the stock, and a 15 per cent slump in Newcrest's share price in the three days before the market was informed of production and spending cuts.Newcrest also announced on June 7 more than $6 billion in impairments, partly related to its struggling PNG operations at Lihir.ASIC said Newcrest's selective disclosures had generated confusion, speculation, media attention and a loss of confidence in market integrity and the company's shares.Anyone who traded in Newcrest shares between May 28 and June 7 when analysts were informed and the public was not had been materially prejudiced, it said.ASIC acknowledged Newcrest's budgeting process at the time was difficult, with its cash flow under threat in the wake of gold's most dramatic price fall in 30 years.Commercial law expert Ian Ramsay, from the University of Melbourne law school, described the judgment as rare and significant.While Newcrest has not admitted knowingly or intentionally breaching its corporate obligations, it has still admitted liability, he said."What's got ASIC excited is not just the fact that Newcrest is one of the world's biggest mining companies, it is the seriousness of it," Professor Ramsay told AAP."He (Mr Cole) wasn't off on a frolic, it looks as though what he was doing was run past senior management."Newcrest may now also want to settle a shareholder class action related to its announcement of writedowns and the resulting share price falls.Slater & Gordon lawyers, representing Newcrest shareholders, are reviewing the ASIC settlement.Newcrest chairman Peter Hay said the company regretted the contraventions, and pointed out it had since revised and tightened its governance structure.Newcrest shares were up 20 cents to $10.17 at 1530 AEST.

13.24 | 0 komentar | Read More

Carbon policy pits Aus against US: Garnaut

AUSTRALIA is setting itself against the US and will become a drag on global climate change efforts with the repeal of the carbon tax, prominent economist Ross Garnaut says.

THE former government adviser says China, Europe and the US are gearing up for another big effort to address climate change and by scrapping its detailed and sophisticated carbon laws, Australia is going against this.

"With our existing policies, we're not ahead of any game yet but we're part of the game. We will be doing our fair share," Professor Garnaut said on Wednesday."With the repeal of the carbon laws, and in the absence of anything in their place, then we won't be doing our fair share."We will be a drag on the international system."He said the move was particularly puzzling when the world's two big emitters, China and the US, whose inaction had previously been a problem, were committing themselves to very strong action."We have set ourselves against our ally the United States on a major question of policy in a way that we haven't done since the Ottawa conference in 1931," Prof Garnaut said.The comments came at the release of a report by the Committee for Economic Development of Australia (CEDA) into the economic trouble Australia could face without an appropriate response to climate change.The report says Australia faces the risk of growing repair bills from extreme weather and barriers to major project investment.CEDA chief executive Stephen Martin said policy makers need to recognise climate change is an economic issue, not just an environmental issue."Statistics show that the number of catastrophic weather events is increasing and the economic losses associated with these events are also trending up," Prof Martin said.He said Cyclone Yasi, Black Saturday, the Queensland floods and other weather events have had a direct impact on industry and on most Australians' hip pocket.Professor Martin said the federal government needs to introduce a national risk register that includes strategies to manage risks of extreme weather."Australia is reliant on foreign capital to fund major projects and new developments in international climate change policy are likely to impact international capital flow and investment decision making," Prof Martin said.

13.24 | 0 komentar | Read More

Kiwi gains against weak Aussie dollar

Written By Unknown on Selasa, 17 Juni 2014 | 13.23

THE New Zealand dollar has climbed against its trans-Tasman counterpart after the Reserve Bank of Australia minutes for its last meeting showed an expectation of slower growth as the country's mining boom winds down.

THE kiwi climbed as high as 92.54 Australian cents shortly after the release of the central bank's minutes and was trading at 92.48 cents at 5pm in Wellington, up from 92.25 at 8am and 92.31 cents at 5pm on Monday.

The kiwi fell to 86.58 US cents at 5pm, from 86.78 cents at 8am and 86.85 cents on Monday."The RBA released its minutes this afternoon. They didn't say much different about the currency, but there were some hints that they were slightly less positive on the economy," said Raiko Shareef, a currency strategist at Bank of New Zealand."The kiwi/Aussie has had a bit of a move, and that's largely driven off the weakness of the Aussie dollar."In contrast, the Reserve Bank of New Zealand is hiking interest rates to curb inflationary pressures, while Thursday's gross domestic product figures are expected to show the economy growing at a 3.1 annual pace in the first quarter."From a global investors perspective New Zealand has pretty good appeal from the interest rate side and also combined with the fact the New Zealand dollar currency volatility is at an all time low," Mr Shareef said.The kiwi slipped to 63.84 euro cents from 64.12 cents on Monday and to 88.26 yen from 88.34.The trade-weighted index fell to 80.70 from 80.85.

13.23 | 0 komentar | Read More

Land Rights Act not an impediment: Peris

Nova Peris has rejected claims the Aboriginal Land Rights Act is holding indigenous people back. Source: AAP

NORTHERN Territory Senator Nova Peris has rejected claims the Aboriginal Land Rights Act is holding indigenous people back.

THE NT Minister for Community Services Bess Price said at a development conference in Darwin on Monday the Act has locked Aboriginal land away.

"It's clear it has now become outdated and a hindrance to moving forward in our communities," she said."I plead with the Prime Minister Tony Abbott and Senator Nigel Scullion (Minister for Indigenous Affairs) to give Aboriginal people their land back. When Aboriginal people are free to trade and deal with their lands, social, business and economic opportunities will flow."But Senator Peris said there were a number of things preventing Aboriginal economic development, such as a lack of infrastructure."For someone in Bess Price's position, when she opens her mouth she does speak for Aboriginal people but what she's saying is totally untrue," she told ABC radio, but admitted the approvals process was too slow.Under the Land Rights Act in the NT, landowners must negotiate with a land council for an Indigenous Land Use Agreement before they can sell or use their land for commercial purposes, and lending institutions prefer longer 99-year leases in order to guarantee funds for people to buy their own homes or launch businesses, which can only be approved by the federal minister.But land councils do not always act in the interests of traditional owners, said Senator Nigel Scullion."Sometimes a land council has a particular agenda and can assist with economic development; other land councils have other agendas and perhaps might not be so helpful because they have some fundamental opposition to independence from particular groups," he told ABC."There's no doubt that the system needs some adjustment but I don't agree with Bess that it's in the actual Land Rights Act. I can't see any circumstance that the (Act) can't assist with; it's supposed to be enabling legislation."Both the Northern Land Council and the Central Land Council have indicated that they don't like 99-year township leases "and they're actively working against the interests of traditional owners in some cases", Senator Scullion said."It's my task to make sure that land councils as commonwealth agencies dance to the beat of the traditional owners' drum, that's their role."They should be facilitators, not necessarily having particular fundamentalist views themselves."Indigenous people around the world would love to have a piece of legislation like the Land Rights Act to protect them, said Northern Land Council CEO Joe Morrison."The Land Rights Act is a very unique piece of legislation ... I know indigenous people around the world would love to have something like (it) that gives them communal property rights," he told AAP."We need to maintain that position and work on the strengths of the Land Rights Act to empower people."He said Ms Price and her government have been preventing Aboriginal people from participating in economic advancement by not setting up a strategic water reserve for indigenous people to access water allocations from an aquifer to irrigate and develop their lands."Because there's a separation of land and water titles, just having land doesn't mean you can develop it, you need water to be able to develop agricultural enterprises and the NT government's position has been to effectively shut out Aboriginal people from that process," Mr Morrison said.

13.23 | 0 komentar | Read More

Shell to sell most of Woodside stake

Woodside, Australia's largest oil and gas company, has placed its shares in a trading halt. Source: AAP

AUSTRALIA'S largest oil and gas company Woodside Petroleum will spend nearly $3 billion to get Royal Dutch Shell off its share register.

WOODSIDE'S largest shareholder, petroleum giant Shell announced plans on Tuesday to sell 19 per cent of its $6.3 billion stake.

The desire to split is mutual, with Woodside keen to remove the overhang that has capped its share price for years and Shell in the middle of a $15 billion global asset sale, including Australian refineries and service stations.Former treasurer Peter Costello blocked Shell's attempted $10 billion takeover of Woodside in 2001 on national interest grounds - one of only two such rejections in Australian history.Woodside will buy back 78.3 million of its shares - or 9.5 per cent of the company - from Shell for $US2.68 billion ($A2.90 billion) or $A36.49 a share, if shareholders back the deal.Another 78.3 million shares will be sold to institutional investors at $A41.35 per share.Shell will be left with a 4.5 per cent stake.Its chief executive Ben van Beurden said it would net $US5 billion ($A5.41 billion) from the deal.Woodside, which operates six of Australia's seven LNG processing plants predominantly in WA, described it as a new chapter.It was a natural transition in the evolution of the company, Woodside chief executive Peter Coleman told an investor briefing."It is the first time in many, many years we have not had a substantial shareholder on the register," he said."We now look very much like most of our peers in the marketplace."I think that it is a really good thing, the market will be able to fully value us, we will get full value on our ASX listing with respect to our weighting on the index as well."Shell had increasingly flagged its desire to sell over the years, reducing the incentive for other institutional investors to buy in until that happened, Royal Bank of Canada analyst Andrew Williams said."Who knows if the stock may have been at current share price levels earlier if that overhang had been removed," he told AAP.Shell reduced its stake by 10 per cent for $A42.23 a share in 2010, well above Tuesday's sale prices.Woodside's shares are in a halt and last traded at $42.85.Woodside will cancel the 9.5 stake it is buying back, delivering real value to shareholders through enhanced earnings per share, cash flow and dividends, Mr Coleman said.It can afford to do that, he said, through existing cash and debt, low gearing and last month's collapse of its planned $US2.6 billion ($A2.81 billion) share in the Israeli Leviathan gas project, freeing up capital.Woodside could now be vulnerable to a takeover, although Mr Coleman said that was not part of the company's plans.Mr Williams said the market remained concerned about Woodside's growth prospects, given the uncertainty around what new proposed projects would emerge to replace their North West Shelf and Pluto projects that would eventually decline.

13.23 | 0 komentar | Read More

Iraq tensions weigh on kiwi dollar

Written By Unknown on Senin, 16 Juni 2014 | 13.23

THE New Zealand dollar may fall this week as growing Middle East tensions weigh on investor confidence.

THE kiwi increased to 86.84 US cents at 5pm in Wellington from 86.68 at 8am and 86.66 cents at 5pm in Wellington on Friday. The trade-weighted index edged up to 80.85 from 80.68 last week.

Investors have sought relatively safe assets, lifting the price of gold to a three-week high, as increasing violence in Iraq has markets nervous OPEC's second biggest producer of crude oil may plunge deeper into conflict."The kiwi will remain elevated, but I think the risk-off trade will be more of a problem in the market" as investors are spooked by the rising Middle East tensions, said Martin Rudings, senior advisor at OMF."The market is already long on New Zealand dollars so it'll be like a fire in a cinema, the first one out the door or a rush for the exit, so I am a wee bit wary, and I certainly wouldn't be buying kiwi dollars up at these levels with what's going on."Government data on Thursday is expected to show the economy grew 1.2 per cent in the first quarter of the year, from a 0.9 per cent pace in the fourth quarter of 2013, according to economists polled by Reuters."We're expecting a good number from GDP, even if it is slightly less than what's expected, it is still probably a pretty strong number compared to most other countries around the world," said Mr Rudings.The kiwi rose to 92.31 Australian cents at 5pm in Wellington from 91.99 cents on Friday, was almost unchanged at 88.32 yen from 88.31 yen and advanced to 64.09 euro cents from 63.92 cents.

13.23 | 0 komentar | Read More

34 die in militant attack on Kenya town

SOMALI militants wielding automatic weapons have attacked a small Kenyan coastal town, killing at least 34 people as they sprayed bullets into the street, assaulted the police station and set two hotels on fire, officials say.

KENYA'S top police commander, David Kimaiyo, also said that the gunmen attacked a bank. The assault came late Sunday night as town residents were watching World Cup matches on TV. Authorities blamed al-Shabab, Somalia's al-Qaeda-linked terror group.

The attack occurred in the town of Mpeketoni about 20km southwest of the tourist centre of Lamu. Any tourism in Mpeketoni is mostly local, with few foreigners visiting the region. The town is about 100km from the Somali border.Kenya has experienced a wave of gunfire and explosive attacks in recent months. The US, UK, France, Australia, and Canada have all recently upgraded their terror threat warnings for the country. US Marines behind sandbag bunkers are now stationed on the roof of the US Embassy in Nairobi.The Red Cross, which said it had personnel on the ground, put the death toll at 34. Kimaiyo had earlier said it was 27 but that it could rise.The Interior Ministry said that at about 8pm on Sunday two minivans entered the town. Militants disembarked and began shooting. Kenya's National Disaster Operations Centre said military surveillance planes were launched shortly afterward.The nearby town of Lamu is a UNESCO World Heritage Site and is the country's oldest continually inhabited town. The region saw a spate of kidnappings of foreign tourists in 2011 that Kenya said was part of its motivation for attacking Somalia. Since those attacks and subsequent terror warnings tourism has dropped off sharply around Lamu.Al-Shabab has vowed to carry out terror attacks to avenge the Kenyan military presence in Somali. At least 67 people were killed in September when four al-Shabab gunmen attacked an upscale mall in the Kenyan capital, Nairobi. Kenya sent troops to Somalia in October 2011.

13.23 | 0 komentar | Read More

NZ stocks edge higher despite tensions

NEW Zealand shares have edged higher as growing violence in Iraq kept markets nervous and as local investors mulled a spate of new initial public offerings.

THE NZX 50 Index rose 8.292 points, or 0.2 per cent, to 5178.8 on Monday.

Within the index, 28 shares rose, 13 fell and nine were unchanged. Turnover was a smaller-than-usual $94.9 million."Until things are sorted out in Iraq, and it's not going to be a quick fix, it will remain a concern. It will affect oil prices which affects every economy in the world so no one is isolated from the Iraqi situation," said Grant Williamson, director at Hamilton Hindin Greene."Unfortunately investors are getting very much used to these sort of conflicts over in the Middle East and even Eastern Europe."Xero climbed 0.6 per cent to $29.31 after the cloud-based accounting software firm said it hit annualised sales of $100m for the first time in May.Fletcher Building dropped 0.5 per cent to $8.93 after it said it faces an $11m charge on the sale of its Australian-focused construction materials distribution business Hudson Building Supplies for $20m to HTH Stores.Stock market operator NZX advanced 0.8 per cent to $1.30 after more companies announced plans to list.Hirepool said it plans to raise as much as $262m in an initial public offering and list on the Australian and New Zealand stock exchanges next month with a market capitalisation of as much as $340m.Pushpay, the mobile payment app developer, said it will raise $9m in a private share issue before it seeks a compliance listing on the New Zealand Alternative Index in July.Two other tech companies Serko and Gentrack plan to list later this month."With the spate of IPOs that are on the table at the moment, we may see one or two stocks weaken a little bit as investors look to liquidate funds to pay for the IPOs," Mr Williamson said.Pacific Edge was the best performer on the day, climbing 3.5 per cent to 88 cents.

13.23 | 0 komentar | Read More

Afghan voters defy Taliban threat

Written By Unknown on Minggu, 15 Juni 2014 | 13.24

Afghans have braved threats of violence and searing heat to vote in the presidential elections. Source: AAP

THE United States praised millions of Afghan voters who defied Taliban threats and attacks to vote in a presidential run-off election securing the country's first democratic transfer of power, with counting set to begin.

WITH turnout higher than expected after a largely peaceful day of voting, Washington hailed the polls as a "significant step" for the country's democracy, commending "the voters, electoral bodies and security forces for their commitment to the democratic process".

"These elections are a significant step forward on Afghanistan's democratic path, and the courage and resolve of the Afghan people to make their voices heard is a testament to the importance of these elections to securing Afghanistan's future," the White House said.Ahead of the ballot, which decides the next president of the country ahead of the withdrawal of NATO troops later this year, the Taliban had threatened to kill voters and officials, saying the election was an American plot "to impose their stooges".Polling day saw no major attacks in cities, but there were at least 150 minor attacks - including a Taliban rocket that hit a house near a polling station, killing five members of the same family.Eleven voters in the western province of Herat had their fingers - which were dipped in ink to register their ballot - cut off by insurgents, Deputy Interior Minister Ayoub Salangi said on his Twitter account.The polls result, due out next month, will confirm whether former foreign minister Abdullah Abdullah or ex-World Bank economist Ashraf Ghani will lead Afghanistan into a new era of declining international military and civilian assistance.The two candidates came top of an eight-man field in the April first-round election, triggering the run-off as neither reached the 50 per cent threshold needed for outright victory.Abdullah secured 45 per cent of the vote with Ghani on 31.6 per cent.Counting the ballot will take weeks. The preliminary result is due on July 2 and a final result on July 22.The United Nations also praised the elections, congratulating the "courageous" Afghans who set out to cast their ballots in the face of Taliban threats."With the same determination, resilience and courage the world saw in the first round of elections, the people of Afghanistan today once again decided to take their destiny in their own hands and demonstrate their desire for a peaceful, prosperous, and united Afghanistan," the UN Secretary-General's Special Representative for Afghanistan, Jan Kubis, said.While high turnout may lend legitimacy to the winner if the gap between the two candidates is clear, a close count could mean a contested outcome.Both candidates swiftly alleged fraud after the closure of the polls Saturday."We know there has been fraud, you have seen it, we have seen it," Abdullah said.Ghani called for a full investigation into vote-rigging, saying "unfortunately there were cases of security forces involved in fraud, we have the evidence".A smooth handover in Afghanistan's first democratic transfer of power would be a major achievement for the 13-year US-led effort to establish a functioning state after the depredations of the Taliban era.President Hamid Karzai, who has ruled Afghanistan since 2001 and was re-elected in a 2009 vote marred by ballot-box stuffing, is constitutionally barred from a third term in office.

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Qld chief justice critics told to shut up

Queensland science minister has lashed out at critics of Tim Carmody's appointment to chief justice. Source: AAP

A QUEENSLAND government minister has lashed out at critics of Chief Magistrate Tim Carmody's appointment to chief justice, saying they should "shut up".

SCIENCE Minister Ian Walker, a former lawyer, says the "war of words" over Mr Carmody's promotion to chief justice of Queensland has got to stop.

"People have got to put a sock in it, they've got to shut up, and they've got to let Justice Carmody get on with the job," he told reporters in Brisbane on Sunday."He deserves a fair go at the job, the debate should stop and Justice Carmody should be allowed to get on with the job that he's been appointed to do."Mr Walker's comments follow calls for Attorney-General Jarrod Bleijie to step down over the appointment, which has caused great unrest in legal circles.Bar Association of Queensland president Peter Davis quit on Friday saying private discussions with Mr Bleijie in which he didn't recommend Mr Carmody for the job were leaked to others, including Mr Carmody.Australian Bar Association president Mark Livesey said it was accepted practice that consultation before any appointment is kept confidential."The Attorney-General of Queensland must consider whether the breakdown in trust can be repaired," Mr Livesey told The Sunday Mail."If confidentiality in the judicial appointment process cannot be assured he must reconsider whether he can continue in his position."State Opposition leader Annastacia Palaszczuk said Mr Bleijie couldn't be trusted and wasn't fit to hold office.Mr Carmody's appointment has been criticised by senior Queensland legal figures who question his experience and say he's too close to the government.It's been revealed that days after Mr Carmody was appointed chief magistrate in September 2013, he and Mr Bleijie had a private dinner at an upmarket Brisbane restaurant.The attorney-general has described the meeting as a social catch-up.

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Firies cancer law not ruled out: Vic govt

Volunteer firefighters rally in Melbourne for access to compensation for cancer contracted at work. Source: AAP

THE Victorian government says it hasn't ruled out changing the way firefighters access cancer compensation as hundreds rallied in Melbourne to try to break down barriers to claims.

THE government says it simplified cancer claims for firefighters and encouraged both career and volunteer firefighters to lodge a claim if they believe they had contracted cancer as a result of their duties.

"The Victorian government is not ruling out presumptive legislation and will continue to consider new medical and scientific evidence as it becomes available," a government spokesperson said.Volunteer Fire Brigades president Bill Watson said firefighters wanted a law that lists the 12 typical "firefighter" cancers and presumes them to be work-related, providing the firefighter has enough years of service behind him or her and relevant risk exposure.Mr Watson said there is plenty of evidence firefighters are more likely to suffer certain cancers, but it can be difficult to prove which fire or chemical incident caused their illness."It's not like a broken bone where you know exactly when and where it happened," Mr Watson said."The burning car or house fire you attended today may cause a cancer that doesn't show up for decades, which makes it nearly impossible to prove it was work related."The federal government introduced presumptive legislation in 2011.Tasmania, Western Australia and South Australia also have laws that recognise the link between firefighting and cancer.Mr Watson said any legislation would have to include eligibility guidelines."We're not after a free ride," he said."We just want to make sure they're looked after if they get sick."The Victorian government has been under pressure to make changes to the way compensation is accessed after a 2012 report found firefighters who trained at the CFA Fiskville site had been exposed to dangerous chemicals going as far back as the 1970s.Last year they introduced a review panel to assist both volunteer and career firefighters seeking compensation for cancer caused by their work.Opposition leader Daniel Andrews said Labor would introduce the legislation if elected in November."I have committed to the introduction of presumptive rights," Mr Andrews said.

13.24 | 0 komentar | Read More
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