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Tag Archives: Australia

Australia’s Blood Sport, Politics: Turnbull Ousts Abbott

As the sun set in Canberra today, another Shakespearean-worthy political plot was thickening. Prime Minister Tony Abbott’s colleagues in his Liberal Party rallied around a former Goldman Sachs banker and the member of parliament from Wentworth, Malcolm Turnbull. Members caucused and voted 54-44 to oust an increasingly unpopular Abbott and …

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Fulton Hogan 1H earnings dip on weak Aussie economy

Fulton Hogan, the privately held construction firm, says first-half pre-tax earnings dropped 10 percent as Australia’s economic woes kept a lid on spending in the resources and state sectors, while the strong kiwi dollar eroded profit earned across the Tasman. Pre-tax net profit fell to $83.4 million in the six months …

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ACCC appeals Air NZ, PT Garuda win in Australian cartel case

The Australian Competition and Consumer Commission is appealing am Australian Federal Court ruling clearing carriers Air New Zealand and PT Garuda Indonesia of fixing prices for international air freight services. The competition regulator’s appeal is focusing solely on the court’s finding that the activities did not occur in the Australian market, it …

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Freightways buys Australian legal information firm LitSupport for up to A$30M

Freightways, the listed courier and data management company, will spend up to A$30 million on Australian information management firm LitSupport. The Auckland-based company paid A$17.1 million upfront, and will add potential earnouts of up to A$12.1 million based on LitSupport’s 2017 performance, in a deal that’s expected to generate A$17 million of …

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RBA says Australian dollar near 4 1/2-year low needs to fall further

The Reserve Bank of Australia said its currency, near a 4 1/2-year low, remains over-valued and needs to decline further to assist the economy across the Tasman, which is growing at a moderate pace. The central bank kept its cash rate unchanged as expected at a record low 2.5 percent, where it has …

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Vital Healthcare flags A$15.5M of Australian developments, sells NZ property

Vital Healthcare Property Trust, the country’s biggest listed medical and healthcare property investor, has signalled development plans totalling A$15.5 million in Australia, and has sold a New Zealand property as it looks to exit low-growth assets. The property investor has a A$9.5 million redevelopment plan to expand its Belmont Private …

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Infratil downgrades guidance after Australian energy assets sale

Infratil, the infrastructure investor, has lowered earnings guidance for the coming year by as much as $40 million, reflecting the sale of its Australian energy assets. The Wellington-based company now expects annual earnings before interest, tax, depreciation, amortisation and asset valuation changes will be between $520 million and $545 million in the year …

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