Australia

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Australian Banks Admit Attempted Cartel Conduct

Two of Australia’s biggest banks have agreed to pay a combined fine of 15 million Australian dollars (€10.5 million) after admitting to attempted cartel conduct aimed at rigging the benchmark rate for the Malaysian ringgit, the Irish Times reported. ...

Daily Headline - global.abi.org - 11/27/2016 - 18:13 - 0 comments

Arrium's Moly-Cop Sold For $1.23 Billion To Private Equity Firm

Insolvent Australian industrial group Arrium Ltd's U.S. based Moly-Cop division has been sold to private equity firm American Industrial Partners for $1.23 billion, two sources close to the deal said, ending a drawn out sale process, Reuters reporte ...

Daily Headline - global.abi.org - 11/03/2016 - 20:34 - 0 comments

Australia Flags China’s Debt Mountain As Risk To Stability

China’s growing debt mountain poses a risk to Australia’s financial stability, a senior politician has warned, just weeks after the continent celebrated a quarter century of growth without a recession. China is Australia’s largest trading partner, accoun ...

Daily Headline - global.abi.org - 10/31/2016 - 18:43 - 0 comments

Australia Flags China’s Debt Mountain As Risk To Stability

China’s growing debt mountain poses a risk to Australia’s financial stability, a senior politician has warned, just weeks after the continent celebrated a quarter century of growth without a recession. China is Australia’s largest trading partner, accoun ...

Daily Headline - global.abi.org - 10/30/2016 - 17:10 - 0 comments

Australia Celebrates 25 Years Since Last Recession

Australia marked 25 years without a recession in the second quarter, another step closer to the Dutch record for the longest developed-economy expansion of recent decades, The Wall Street Journal reported. The economy grew 0.5% in the second quarter from the first and by 3.3% from a year earlier—the ...

Daily Headline - global.abi.org - 09/07/2016 - 20:50 - 0 comments

Clive Palmer Fell Out With Queensland Nickel Administrators When Jet Seized, Court Told

A breakdown in Clive Palmer’s relationship with administrators of his Queensland Nickel business was evident around the time a dispute flared over a private jet, the company’s former financial chief has told the federal court, The Guardian reported. ...

Daily Headline - global.abi.org - 09/06/2016 - 22:01 - 0 comments

Mater Private’s €300 Million Debt Refinancing Led By Macquarie

The owners of the Mater Private hospital, who recently pulled a sale of the business for the second time in 14 months, have secured a €300 million refinancing deal led by Australian bank Macquarie. The Sydney-based bank’s Macquarie Lending unit in London ...

Daily Headline - global.abi.org - 08/22/2016 - 18:41 - 0 comments

Woolworths Tipped To Report Heavy Loss On Back Of Restructuring, Masters Exit

When Woolworths reports its full-year results on Thursday, expect to see a loss of about $1 billion, analysts say, after restructuring costs and its exit from the disastrous Masters hardware business, The Sydney Morning Herald reported. Credit Suisse ...

Daily Headline - global.abi.org - 08/22/2016 - 05:19 - 0 comments

Global Miner BHP Billiton Slumps To Record Loss

BHP Billiton reported a record $6.4 billion annual loss on Tuesday, hammered by a bad bet on shale, a dam disaster in Brazil and a commodities slump, but said it expects its free cash flow to more than double this year. “While commodity prices are expect ...

Daily Headline - global.abi.org - 08/16/2016 - 21:41 - 0 comments

ATO And ASIC Raid 13 Properties Linked To “Pre-Insolvency” Firms Allegedly Encouraging Phoenix Activity

The Australian Tax Office and the Australian Securities and Investments Commission have conducted raids on 13 businesses and residences across the country in a bid to crack down on “pre-insolvency” firms that advise clients on how to avoid tax, SmartComp ...

Daily Headline - global.abi.org - 08/14/2016 - 16:02 - 0 comments

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