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ExxonMobil, Chevron, Shell paid no tax in Australia for 2016 - The Sydney Morning Herald

Exxon Mobil Corp and Chevron Corp paid no tax in Australia in the 2016 financial year, the third year in a row, despite reporting billions of dollars in income from operations in the country, a report from the Tax Office showed on Thursday.

Exxon Mobil, which has oil and gas production in the Bass Strait and a stake in the giant Gorgon LNG project among other assets in Australia, reported $6.7 billion in income, but it reported a loss for taxable income and paid no tax, similar to the previous two years.

Fed to signal rate hike in 2018

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Read more: ExxonMobil, Chevron, Shell paid no tax in Australia for 2016 - The Sydney Morning Herald
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ExxonMobil, Chevron, Shell paid no tax in Australia for 2016 - The Sydney Morning Herald

Exxon Mobil Corp and Chevron Corp paid no tax in Australia in the 2016 financial year, the third year in a row, despite reporting billions of dollars in income from operations in the country, a report from the Tax Office showed on Thursday.

Exxon Mobil, which has oil and gas production in the Bass Strait and a stake in the giant Gorgon LNG project among other assets in Australia, reported $6.7 billion in income, but it reported a loss for taxable income and paid no tax, similar to the previous two years.

Fed to signal rate hike in 2018

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Read more: ExxonMobil, Chevron, Shell paid no tax in Australia for 2016 - The Sydney Morning Herald
Tags: sydney,morning,herald,2016,australia,chevron,shell,paid,tax,exxonmobil

Damaging winds, large hailstones forecast for parts of Queensland - ABC Online

Dark clouds over Brisbane, as seen from the entrance to the Brisbane River

Wind gusts of up to 81 kilometres per hour have been recorded in Beaudesert as severe thunderstorms bear down on south-east Queensland.

The Bureau of Meteorology (BOM) has warned that areas between the Sunshine Coast, north of Brisbane, and Coolangatta on the border are at risk of damaging winds this afternoon.

Dark clouds seen from Brisbane backyard

In the latest severe weather warning, BOM said thunderstorms had been detected in Cleveland, Caboolture, Narangba and Burpengary.

They are moving towards the north-east.

Thunderstorms approaching Brisbane's Fortitude Valley

They are forecast to affect Redcliffe, Beachmere, Bribie Island and Beerburrum and Caloundra, the area south-west of Caloundra, waters off Bribie Island and northern...


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Read more: Damaging winds, large hailstones forecast for parts of Queensland - ABC Online
Tags: queensland,abc,online,parts,forecast,winds,large,hailstones,damaging

Damaging winds, large hailstones forecast for parts of Queensland - ABC Online

Dark clouds over Brisbane, as seen from the entrance to the Brisbane River

Wind gusts of up to 81 kilometres per hour have been recorded in Beaudesert as severe thunderstorms bear down on south-east Queensland.

The Bureau of Meteorology (BOM) has warned that areas between the Sunshine Coast, north of Brisbane, and Coolangatta on the border are at risk of damaging winds this afternoon.

Dark clouds seen from Brisbane backyard

In the latest severe weather warning, BOM said thunderstorms had been detected in Cleveland, Caboolture, Narangba and Burpengary.

They are moving towards the north-east.

Thunderstorms approaching Brisbane's Fortitude Valley

They are forecast to affect Redcliffe, Beachmere, Bribie Island and Beerburrum and Caloundra, the area south-west of Caloundra, waters off Bribie Island and northern...


Read full article on News GN Business


Read more: Damaging winds, large hailstones forecast for parts of Queensland - ABC Online
Tags: queensland,abc,online,parts,forecast,winds,large,hailstones,damaging

Containers stranded at sea as Maritime Union strike blockades Port of Melbourne - ABC Online

Union members march to Webb Dock during an industrial action dispute in Melbourne, Friday, December 8, 2017.

Victorian supermarket shelves could be empty and fresh food could rot at sea if a union-backed blockade at the Port of Melbourne does not end soon, the Victorian Transport Association has warned.

About 50 workers from the Maritime Union of Australia have shut down the Victoria International Container Terminal (VICT) over the alleged treatment of one of its members.

The dispute has been ongoing for 10 days, forcing precious cargo to be diverted to Adelaide and then taken by road to Melbourne.

"There are goods coming directly into the shelves, there are goods being bought left right and centre," said the association's chief executive, Peter Anderson.

"Unfortunately the supply chain will be disrupted by this action."

Accusations of company bullying and intimidation

The long-running...


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Read more: Containers stranded at sea as Maritime Union strike blockades Port of Melbourne - ABC Online
Tags: melbourne,port,abc,online,blockades,strike,stranded,sea,maritime,union,containers

Containers stranded at sea as Maritime Union strike blockades Port of Melbourne - ABC Online

Union members march to Webb Dock during an industrial action dispute in Melbourne, Friday, December 8, 2017.

Victorian supermarket shelves could be empty and fresh food could rot at sea if a union-backed blockade at the Port of Melbourne does not end soon, the Victorian Transport Association has warned.

About 50 workers from the Maritime Union of Australia have shut down the Victoria International Container Terminal (VICT) over the alleged treatment of one of its members.

The dispute has been ongoing for 10 days, forcing precious cargo to be diverted to Adelaide and then taken by road to Melbourne.

"There are goods coming directly into the shelves, there are goods being bought left right and centre," said the association's chief executive, Peter Anderson.

"Unfortunately the supply chain will be disrupted by this action."

Accusations of company bullying and intimidation

The long-running...


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Read more: Containers stranded at sea as Maritime Union strike blockades Port of Melbourne - ABC Online
Tags: melbourne,port,abc,online,blockades,strike,stranded,sea,maritime,union,containers

Chinese firm lobs higher takeover bid for AWE - The Sydney Morning Herald

China Energy Reserve and Chemical Group (CERCG) has made a second, higher takeover bid for AWE, following the withdrawal of its initial offer earlier this week.

The new $463 million all-cash bid is pitched at 73¢ a share, up 2¢ a share on its previous offer.

CERCG laid out what it believes are the many challenges ahead if AWE shareholders do not accept its revised bid. CERCG laid out what it believes are the many challenges ahead if AWE shareholders do not accept its revised bid. Photo: James Davies

It represents a 33 per cent premium to AWE's 54¢ trading price on November 29 - the day before the initial offer lobbed - but only 12 per cent above its Friday midday trading price of 65¢.

Last month, the Chinese state-owned company made an unsolicited, non-binding takeover proposal for AWE at 71¢ a share, a 30 per cent premium on its 54¢ trading price at the time.

While AWE did not reject the original offer, its board said at the time "its initial reaction is that the indicative proposal is not...


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Read more: Chinese firm lobs higher takeover bid for AWE - The Sydney Morning Herald
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Chinese firm lobs higher takeover bid for AWE - The Sydney Morning Herald

China Energy Reserve and Chemical Group (CERCG) has made a second, higher takeover bid for AWE, following the withdrawal of its initial offer earlier this week.

The new $463 million all-cash bid is pitched at 73¢ a share, up 2¢ a share on its previous offer.

CERCG laid out what it believes are the many challenges ahead if AWE shareholders do not accept its revised bid. CERCG laid out what it believes are the many challenges ahead if AWE shareholders do not accept its revised bid. Photo: James Davies

It represents a 33 per cent premium to AWE's 54¢ trading price on November 29 - the day before the initial offer lobbed - but only 12 per cent above its Friday midday trading price of 65¢.

Last month, the Chinese state-owned company made an unsolicited, non-binding takeover proposal for AWE at 71¢ a share, a 30 per cent premium on its 54¢ trading price at the time.

While AWE did not reject the original offer, its board said at the time "its initial reaction is that the indicative proposal is not...


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Read more: Chinese firm lobs higher takeover bid for AWE - The Sydney Morning Herald
Tags: sydney,morning,herald,awe,bid,firm,lobs,higher,takeover,chinese

Uber will increase fares in Melbourne to pay its drivers better - Brisbane Times

Similar increases will apply to UberXL and Select rides, and in other Victorian cities.

The rate hike is the latest of a series of tweaks the Silicon Valley giant has made to its drivers' conditions as it faces ongoing complaints about pay and working conditions.

The company's Victorian general manager Lucas Groeneveld said the fare increase was the result of feedback about how challenging driving for the company could be.

"With this in mind, we’re making changes to better reflect the time and effort involved in getting riders where they need to go," he said. 

Last month Uber introduced fees if passengers kept drivers waiting for longer than 2 minutes, a "no thanks" button so drivers can more easily decline jobs, and a "long trip notification" to warn drivers if a job is going to take longer than 45 minutes.

It comes as the Fair Work Ombudsman continues to investigate whether Uber's...


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Read more: Uber will increase fares in Melbourne to pay its drivers better - Brisbane Times
Tags: brisbane,times,drivers,pay,increase,fares,melbourne,uber

NRMA to purchase Manly Fast Ferry service - NEWS.com.au

THE NRMA has announced plans to purchase the Manly Fast Ferry.

Subject to customary approvals, Australia’s peak road association will take control of the rapid Manly to city service suggesting the “blue highways” are part of its future.

Founders and operators Richard and Will Ford will continue in their roles as chief executive officer and chief operating officer respectively.

NRMA chairman Tim Trumper said he was committed to investing in more transport solutions in a bid to ease the burden on road networks.

“This significant announcement sends a clear message that while our history was

around the automobile our future represents this and much more,” Mr Trumper said.

“Manly Fast Ferry made the area instantly accessible to the rest of Sydney via a comfortable 18 minute boat ride and the benefits to the local economy and tourism are evident along the wharf and the broader northern...


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Read more: NRMA to purchase Manly Fast Ferry service - NEWS.com.au
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NRMA to purchase Manly Fast Ferry service - NEWS.com.au

THE NRMA has announced plans to purchase the Manly Fast Ferry.

Subject to customary approvals, Australia’s peak road association will take control of the rapid Manly to city service suggesting the “blue highways” are part of its future.

Founders and operators Richard and Will Ford will continue in their roles as chief executive officer and chief operating officer respectively.

NRMA chairman Tim Trumper said he was committed to investing in more transport solutions in a bid to ease the burden on road networks.

“This significant announcement sends a clear message that while our history was

around the automobile our future represents this and much more,” Mr Trumper said.

“Manly Fast Ferry made the area instantly accessible to the rest of Sydney via a comfortable 18 minute boat ride and the benefits to the local economy and tourism are evident along the wharf and the broader northern...


Read full article on News GN Business


Read more: NRMA to purchase Manly Fast Ferry service - NEWS.com.au
Tags: news,service,ferry,purchase,manly,fast,nrma

'Wall of money' pushes bitcoin over $US14,000 - NEWS.com.au

BITCOIN is smashing through milestones at an ever-increasing pace.

Less than a day after cracking $US12,000, the cryptocurrency surged another 17 per cent to pass first through $US13,000 and then $US14,000 on Wednesday US time, according to research site CoinDesk.

The volatile currency has now skyrocketed in value by more than 1300 per cent since the start of the year, bringing its total market capitalisation — the price multiplied by the number of coins in circulation — to just under $US244 billion, according to Coinmarketcap.

“Bitcoin now seems like a charging train with no brakes,” ASR Wealth equities and derivatives adviser Shane Chanel said in a note on Thursday.

“There is an unfathomable amount of new participants piling into the cryptocurrency market. It’s basic Economics 101, with such strong demand and limited supply, there’s only one way this can go. Exchanges are reporting...


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Read more: 'Wall of money' pushes bitcoin over $US14,000 - NEWS.com.au
Tags: news,000,$us14,money,pushes,bitcoin,wall

Five ways blockchain could revolutionise the sharemarket - The Sydney Morning Herald

On Thursday morning, the Australian Stock Exchange announced that it intends to use blockchain or distributed ledger technology to replace the current Clearing House Electronic Sub Register System (CHESS) to settle share trades.

The CHESS system is the current digital middleman that acts as an intermediary between two participants exchanging legal ownership of an equity holding for cash payment.

Volkswagen executive sentenced

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Volkswagen executive sentenced

Volkswagen executive sentenced

A Volkswagen senior...


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Read more: Five ways blockchain could revolutionise the sharemarket - The Sydney Morning Herald
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NRMA to purchase Manly Fast Ferry service - NEWS.com.au

THE NRMA has announced plans to purchase the Manly Fast Ferry.

Subject to customary approvals, Australia’s peak road association will take control of the rapid Manly to city service suggesting the “blue highways” are part of its future.

Founders and operators Richard and Will Ford will continue in their roles as chief executive officer and chief operating officer respectively.

NRMA chairman Tim Trumper said he was committed to investing in more transport solutions in a bid to ease the burden on road networks.

“This significant announcement sends a clear message that while our history was

around the automobile our future represents this and much more,” Mr Trumper said.

“Manly Fast Ferry made the area instantly accessible to the rest of Sydney via a comfortable 18 minute boat ride and the benefits to the local economy and tourism are evident along the wharf and the broader northern...


Read full article on News GN Business


Read more: NRMA to purchase Manly Fast Ferry service - NEWS.com.au
Tags: news,service,ferry,purchase,manly,fast,nrma

Retailers, don't be relieved: Amazon's second act is yet to come - The Sydney Morning Herald

It sure was an inauspicious start to Australia’s retail revolution. Cyclone Amazon didn’t flood the market with incredible discounts, didn’t blow over shoppers with its range of products, or smash competitors with its availability and delivery times.

But it did deliver one thing - a false sense of security that its rivals are safe, and so are their shareholders.

Amazon says its launch in Australia has beat its own expectations. Amazon says its launch in Australia has beat its own expectations. Photo: Joe Armao

After all the fear and anticipation of the past year, shares in many listed Australian retailers rose on Amazon's launch day, and some, such as JB Hi Fi and Harvey Norman, actually soared more than 6 per cent.

Even the beleaguered Myer share price moved up, while Super Retail Group and Premier Investments, experienced solid gains.

Certainly there was some rationale in the view that Amazon was not going to be the Grinch this Christmas.

But...


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Read more: Retailers, don't be relieved: Amazon's second act is yet to come - The Sydney Morning Herald
Tags: sydney,morning,herald,act,don,relieved,amazon,retailers

Regional health and education suffering amid small town professional shortages - ABC Online

Allegations that it's "nearly impossible" for some regional people to access essential health services has prompted calls for a rethink of government spending.

The think tank Regional Australia Institute (RAI) has today released a score card assessing services in towns with fewer than 5,000 people.

Chief executive Jack Archer said, without improvements, regional people worried for the survival of their towns.

"It means that either you don't have access to service or you've got to travel a long way," he said.

"We know we have really significant mental health issues in regional areas.

"Often people are forced to leave these places and move somewhere else if they've got a really significant health or education need, which really undermines the ability of these towns to be successful."

The RAI's Small Towns Report Card gave small town access to psychologists, pre-school teachers and dentists...


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Read more: Regional health and education suffering amid small town professional shortages - ABC Online
Tags: shortages,abc,online,professional,town,health,education,suffering,small,regional

Regional health and education suffering amid small town professional shortages - ABC Online

Allegations that it's "nearly impossible" for some regional people to access essential health services has prompted calls for a rethink of government spending.

The think tank Regional Australia Institute (RAI) has today released a score card assessing services in towns with fewer than 5,000 people.

Chief executive Jack Archer said, without improvements, regional people worried for the survival of their towns.

"It means that either you don't have access to service or you've got to travel a long way," he said.

"We know we have really significant mental health issues in regional areas.

"Often people are forced to leave these places and move somewhere else if they've got a really significant health or education need, which really undermines the ability of these towns to be successful."

The RAI's Small Towns Report Card gave small town access to psychologists, pre-school teachers and dentists...


Read full article on News GN Business


Read more: Regional health and education suffering amid small town professional shortages - ABC Online
Tags: shortages,abc,online,professional,town,health,education,suffering,small,regional

GSK and Novartis sued following claims Voltaren packaging 'misleads' consumers - In-PharmaTechnologist.com

The Australian Competition & Consumer Commission (ACCC) has taken legal action against GlaxoSmithKline Healthcare Australia (GSK) and Novartis Consumer Health Australasia for their over-the-counter (OTC) pain relief products Voltaren Osteo Gel and Voltaren Emulgel.

GSK acquired Novartis’ portfolio of Voltaren products in 2016.

Both anti-inflammatory drugs contain diclofenac diethylammonium gel 11.6mg/g, but the ACCC said the firms “represented that Osteo Gel was specifically formulated for treating osteoarthritis conditions, and was more effective than Emulgel to treat those conditions, when the two products are identically formulated.”

“We allege that consumers are likely to have been misled into purchasing Osteo Gel thinking that it is different to Emulgel and more effective for treating osteoarthritis conditions, when this is not the case,” ​said ACCC Chairman Rod Sims in a...


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Read more: GSK and Novartis sued following claims Voltaren packaging 'misleads' consumers -...
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GSK and Novartis sued following claims Voltaren packaging 'misleads' consumers - In-PharmaTechnologist.com

The Australian Competition & Consumer Commission (ACCC) has taken legal action against GlaxoSmithKline Healthcare Australia (GSK) and Novartis Consumer Health Australasia for their over-the-counter (OTC) pain relief products Voltaren Osteo Gel and Voltaren Emulgel.

GSK acquired Novartis’ portfolio of Voltaren products in 2016.

Both anti-inflammatory drugs contain diclofenac diethylammonium gel 11.6mg/g, but the ACCC said the firms “represented that Osteo Gel was specifically formulated for treating osteoarthritis conditions, and was more effective than Emulgel to treat those conditions, when the two products are identically formulated.”

“We allege that consumers are likely to have been misled into purchasing Osteo Gel thinking that it is different to Emulgel and more effective for treating osteoarthritis conditions, when this is not the case,” ​said ACCC Chairman Rod Sims in a...


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Read more: GSK and Novartis sued following claims Voltaren packaging 'misleads' consumers -...
Tags: misleads,consumers,in-pharmatechnologist,packaging,voltaren,novartis,sued,claims,gsk

Clive Palmer avoids raids after handing over Queensland Nickel documents - ABC Online

Liquidators will not need to raid Clive Palmer's company Mineralogy after the billionaire complied with a court-imposed deadline to hand over financial documents.

Transactions under scrutiny:

  • $34.4 million in payments from Queensland Nickel to Palmer-owned company Mineralogy
  • $4.5 million in payments from Queensland Nickel to a Chinese worker
  • $7.7 million payment from Queensland Nickel to Mr Palmer's father-in-law
  • $14.3 million payment from Queensland Nickel to Mr Palmer's personal account
  • $14.3 million payment from Queensland Nickel to a resort owned by Mr Palmer's wife

It means liquidators FTI Consulting are unlikely to follow through with threats to have Mr Palmer held in contempt of court, after they grew frustrated with their investigation being stalled.

Mr Palmer was ordered to be in the Federal Court on Thursday, but was coy about whether he...


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Read more: Clive Palmer avoids raids after handing over Queensland Nickel documents - ABC Online
Tags: documents,abc,online,nickel,queensland,palmer,avoids,raids,handing,clive

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