Published on: Wednesday, March 09, 2016
- An Australian business and a member of Chinas Shanghai Pengxin Group are thinking about getting among Australias greatest beef manufacturers, S. Kidman amp; Co. Funds supervisor and agribusiness financier Australian Rural Capital (ARC) said on Tuesday that if the suggested deal is finished, ARC will hold a direct ownership stake in Kidman as a partner to the Shanghai Pengxin Group member. ARC plans to raise funds in Australia to provide Australian financiers an opportunity to purchase Kidman through a fund or a financial investment company handled by ARC. ARC stated the Shanghai Pengxin Group member had used to the Foreign Investment Review Board for approval of the proposed transaction. The application to the Foreign Investment Review Board (FIRB) consists of the proposed ownership and role of ARC in the proposed transaction. S. Kidman amp; Co runs a herd of 185,000 cattle and has pastoral leases covering 101,000 square kilometres in three states and the Northern Territory. Kidman livestocks stations produce grass-fed beef for export to Japan, the United States and Southeast Asia. (AAP).
- Fortescue Metals is in talks with bigger competing Vale to strike an offer that could give the Brazilian iron ore giant a stake in the Australian miner, and assist the two companies enhance their combined market share in China. The announcement comes a day after iron ore costs rebounded sharply on hopes of a brief term steel production increase in China, however follows an extended downturn in the sector that has actually cleaned out smaller manufacturers and injure the balance sheets of the biggest miners. Under the memorandum of understanding signed by the 2 companies, Vale could buy up to 15 % of Fortescues shares on market, and would also have the option of taking stakes in its existing or future mining possessions. Both companies will likewise form a joint venture for blending their iron ore at essential Chinese ports, which could help them match the benchmark quality in the biggest iron ore market, and help take share far from competitors BHP Billiton and Rio Tinto. This arrangement is about producing a long-term relationship in between the 2 business, and likewise guaranteeing long-lasting iron ore supplies for our customers, Fortescue chiefpresident Envy Power told reporters. (AAP).
- The Company Council of Australia (BCA) has backed changes to negative tailoring and superannuation tax concessions to fund company and individual income tax cuts. However, BCA president Catherine Livingston said a more competitive tax rate was non flexible since it would create the biggest growth dividend. The BCA issued a three-stage plan that would cut the 30 % business tax rate for all businesses to the present small-business rate of 28.5 % and after that drop it to 25.5 % by 2020 and 22 % by 2025. The BCA thinks this would deserve an extra $9 billion a year to the economy. It likewise desires to stop bracket creep for low and middle-income earners. It recommends raising the $80,000 limit to $87,001. This would indicate revenues would be taxed at 32.5 %. The BCA thinks that lifting the GST is not an alternative in the medium term and therefore the government and company would needhave to discover another practical technique such as the three-stage proposal by the BCA. (The AFR).
- Ladies will use up 50 % of Westpacs leadership by the end of next year, up from 46 % at the end of last year. We have set the target of having 50 % of ladies in management and I fully plan for us to fulfill the target, Westpac primary executive Brian Hartzer stated. Hartzer revealed the visit of the first executive designated under Westpacs Equilibrium program, introduced in 2014 to bring mid-level female executives from other markets into the bank. The bank has appointed previous Meat and Livestock Australia executive Michelle Gorman to head the little and medium business enterprise financing company. Hartzer said the program was developed to assist increase the ranks of ladies in the senior management of the banks 40,000 personnel. (The Australian).
- At 0645 AEDT on Wednesday, the share rate index was down 12 points at 5,099.