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08/11/2024

ASIC seeks feedback on proposed guidance on regime

ASIC has today released a draft regulatory guide on the sustainability reporting regime for consultation with stakeholders.

From 1 January 2025, many large Australian businesses and financial institutions will need to prepare annual statutory sustainability reports containing climate-related financial disclosures.

The draft Regulatory Guide 000 Sustainability reporting (Draft RG 000) includes guidance on who must prepare a sustainability report, how the regime will interact with existing legal obligations and how ASIC will administer the sustainability reporting requirements. This includes specific guidance on ASIC’s approach to granting relief from the regime and use of its new directions power....
https://bit.ly/40CE6cf

Via asic.gov.au

07/11/2024

’s proposed acquisition of raises concerns

The ACCC has outlined preliminary competition concerns with the proposed acquisition of I’rom Group Co Limited by Blackstone Group (HK) Limited (Blackstone) in a Statement of Issues published today.

Nucleus Network Pty Limited, which is indirectly owned by Blackstone, and CMAX Clinical Research Pty Ltd, which is owned by I’rom, are the two largest suppliers of phase 1 clinical trial services in Australia.

Phase 1 clinical trials are an important step in trialling new therapeutic products such as medicines. They are generally conducted with volunteers and are focused on testing the safety and tolerability of medicine.

“We are concerned that the proposed acquisition would be likely to have the effect of substantially lessening competition in the supply of phase 1 clinical trials in Australia,” ACCC Commissioner Dr Philip Williams said.....
https://bit.ly/4hz0BET

Via accc.gov.au

06/11/2024

Assistant treasurer cosied up to banks, tech giants say

Assistant Treasurer Stephen Jones is under fire for his handling of the draft scam prevention legislation after the lobby group representing tech giants, including Meta and Google, said the federal government had cosied up to the banks on the proposed laws.....
https://bit.ly/4fuBy3O

David Swan
Via www.smh.com.au

04/11/2024

Give grain storage a pre-harvest health check

Grain growers are being encouraged to ensure storage silos have a ‘clean bill of health’ as attention turns to winter crop harvest.

The advice comes from the GRDC Grain Storage Extension team. GRDC has a long-standing investment in on-farm grain storage and extension to support best practice management to growers.

GRDC Grain Storage Extension team project lead Chris Warrick said the biggest challenge of storing grain is dealing with insects (weevils) - and prevention is always better than cure.

“Controlling insects once they infest grain requires fumigation or controlled atmosphere, both of which require gas-tight, sealable storage. For un-sealable storage, prevention is our only option (short of transferring grain into gas-tight sealable storage for batch fumigation),” he said.

“Hygiene is the first line of defence and goes beyond just the storage area and its surroundings. Whole-farm hygiene includes cleaning any equipment that handles or holds grain, such as stock feeding equipment....
https://bit.ly/4faU9Cv

Grains Research and Development Corporation

03/11/2024

Reportable Situations Regime - 12,298 reports submitted | ASIC insights

The reportable situations regime (formerly known as ‘breach reporting’) requires ASIC to publish information about the reports we receive from Australian financial services (AFS) licensees and Australian credit licensees (credit licensees) about self-reported matters (reportable situations).

This publication provides high-level insights into the trends we observed in the reports lodged by licensees between 1 July 2023 and 30 June 2024 (the reporting period). It is the third publication of the information we’ve received under the regime.

During the period, licensees submitted 12,298 reports. Of these, 79% had a financial and/or nonfinancial impact on customers. As at 30 June 2024, licensees reported that they had paid a total of around $92.1 million in compensation to approximately 494,000 customers in relation to the breaches reported during the reporting period

Key insights from the reporting period

Volume of reports

12,298 reports were submitted during the period, averaging around 1,025 reports per month. Licensees also lodged 7,762 updates, bringing the total number of lodgements received to 18,934.

Subject of reports and root causes of breaches

31% of reports were about credit product lines, closely followed by general insurance

(25%). There was an increase in reports relating to superannuation (7% of reports, compared to 4% during the previous reporting period).

38% of reports were about false or misleading statements. This was a decrease of 6 percentage points compared to the previous reporting period. This decrease was primarily due to the release of ASIC Corporations and Credit (Amendment) Instrument 2023/589. The next most common issues were related to general licensee obligations (19%) and lending (17%).

60% of reports specified a root cause of staff negligence and/or error. This was a decrease of 8 percentage points compared to the previous reporting period (though partly driven by the change in composition of reports as a result of ASIC Instrument 2023/589).
https://bit.ly/3Alhz93

ASIC Connect

03/11/2024

to refund customers for allegedly misleading hashtag subscription cancellation charge

Online stock photography company Getty Images has committed to refunding about $78,000 to more than 200 customers, after imposing charges for cancellation of iStock subscriptions which the ACCC alleges were greater than those outlined in its online terms and conditions.

The ACCC was concerned that between November 2023 and February 2024, Getty Images may have misled customers by stating in its online iStock terms and conditions that cancelling a subscription after a one-month free trial period would only incur an “administrative charge”.In fact, this charge amounted to 50 per cent of the remaining cost of the customer’s annual subscription and could not be fully explained by the administrative costs of processing the cancellation.

“We were concerned that Getty Images was charging more than customers would have reasonably expected to cancel their paid annual subscription after a one-month free trial, having regard to its online iStock terms and conditions,” ACCC Commissioner Liza Carver said
https://bit.ly/4fpVfKa

ACCC

31/10/2024

Researchers target breeding to boost crops

A research team led by The University of Queensland is on track to solve a major problem for Australian farmers using targeted breeding to improve yields for sorghum crops.

The work is part of a five-year $12 million research investment collaboration with industry and government to reduce sorghum lodging.

Professor Andrew Borrell from the Queensland Alliance for Agriculture and Food Innovation said sorghum lodging occurs when the plant doesn’t have enough water and costs growers an average $12 million a year in yield.

“Lodging is where the stem breaks just before harvest, usually as a result of drought that occurs during grain filling,” Professor Borrell said......
https://bit.ly/4f4B2tM

Qaafi UQ
The University of Queensland

30/10/2024

BIS and Central Bank Partners Demonstrate That Policy Compliance Can Be Embedded in With

- Project Mandala addresses the significant challenges in maintaining compliance with disparate regulatory and policy frameworks across jurisdictions.

- Project Mandala successfully demonstrates the automation of compliance procedures for cross-border financial transactions.

- Project Mandala is a collaboration between the BIS Innovation Hub, the Reserve Bank of Australia, the Bank of Korea, Bank Negara Malaysia and the Monetary Authority of Singapore.

The Bank for International Settlements (BIS) and its central bank partners have successfully demonstrated with Project Mandala that regulatory compliance can be embedded in cross-border transaction protocols.

This experimental project is a collaboration between the BIS Innovation Hub Singapore Centre, the Reserve Bank of Australia, the Bank of Korea, Bank Negara Malaysia and the Monetary Authority of Singapore.

The project, which has now reached proof of concept stage, aligns with the G20 priority actions for enhancing cross-border payments, as it has the potential to reduce costs and increase transaction speed, while preserving regulatory compliance.“Mandala is pioneering the compliance-by-design approach to improve cross-border payments without compromising privacy or the integrity of regulatory checks,” said Maha El Dimachki, Head of the BIS Innovation Hub Singapore Centre....
https://bit.ly/3UvskMN

A collab. between the BIS Inno. Hub
Reserve Bank of Australia

28/10/2024

Accolade's proposed acquisition of ’s wine business not opposed

The ACCC will not oppose the proposed acquisition of Pernod Ricard Winemakers by Australian Wine HoldCo Limited, through its subsidiary Accolade.

Accolade’s acquisition relates to Pernod Ricard Winemakers’ BrandCo division, which owns and manages a portfolio of Australian, New Zealand and Spanish wines including Campo Viejo, St Hugo, Church Road, Stoneleigh, and Jacob’s Creek.

Accolade owns wine brands including Berri Estates, Grant Burge, Petaluma, Hardys and St Hallett.....
https://bit.ly/40pfFyH

Via accc.gov.au

25/10/2024

‘We have turned a corner’: boss says airline is winning back the hearts of customers

Qantas chief executive Vanessa Hudson has told investors at its annual meeting in Hobart that the embattled airline is succeeding in its campaign to win back the hearts of customers as the airline assured travellers that a strike by hundreds of its engineers would not disrupt services.

“I acknowledge we do not always get it right” Hudson said in her address to shareholders. “But the feedback from customers and what we hear when travelling suggests we have turned the corner.”...
https://bit.ly/3YEIC8J

Colin Kruger
Via www.smh.com.au

24/10/2024

’s proposed acquisition of raises preliminary concerns

The ACCC has published a Statement of Issues outlining preliminary competition concerns with Qube Holdings Limited’s (ASX:QUB) proposed acquisition of Melbourne International RoRo & Auto Terminal Pty Ltd (MIRRAT).

The ACCC is also seeking views on a court-enforceable undertaking offered by Qube, which it has put forward to remedy competition concerns.

MIRRAT operates the automotive/Roll-on Roll-off terminal at Webb Dock West in Melbourne. The proposed acquisition would permit Qube to acquire sole operating rights for roll-on roll-off trade through the Port of Melbourne.....
https://bit.ly/4e1RSYR

Via accc.govt.au

22/10/2024

Ex CEO of crypto exchange charged with fraud

On 21 October 2024, the ex-CEO of ACCE Australia Pty Ltd (ACCE), Grant Colthup, appeared in the Magistrates Court at Ipswich charged with one count of fraud contrary to section 408C of the Criminal Code 1899 (QLD) following an ASIC investigation in connection with a $2.2 million cryptocurrency transaction in July 2022.Between May 2019 and September 2022 ACCE operated a digital asset exchange platform and offered cryptocurrency trading services to customers under the name ‘Mine Digital’......
https://bit.ly/4eJnEel

Via asic.gov.au

18/10/2024

Risk and security report a ‘wake-up call for CFOs and executives’:

Australian leaders are vulnerable to global security issues a McGrathNicol risk and security report has found. Nine out of 10 Australian business leaders believe risk and security issues are going to get worse in 2025, with cyber security ranked as a top concern. Yet many organisations are unprepared, leaving them exposed and vulnerable.

McGrathNicol Advisory has released a report detailing perceptions and attitudes of Australian business leaders towards various risks.

In partnership with YouGov, the advisory firm surveyed over 300 C-Suite executives and Board-level directors from Australian businesses with a workforce of 50 or more employees.

The report found that while Risk and Security Report awareness is growing, many businesses are not ready for future geopolitical, insider, cyber, supply chain, regulatory, and financial threats....
https://bit.ly/4ha3Cv6

Women on Boards

17/10/2024

and customers report third day of difficulties accessing internet banking

Customers with Westpac and St George have experienced difficulties accessing their internet banking for the third day in a row.

Westpac restored services on the same day the outages were reported on Monday and Tuesday this week, but did not elaborate on what caused the issues.....
https://bit.ly/4hcE54D

Kate Ainsworth | Stephanie Chalmers
Via www.abc.net.au

16/10/2024

Australia’s biggest oil refinery is struggling as profit sinks

Petrol station owner Ampol is headed for a $100 million profit hit after the margin it earns for processing crude oil into road fuels collapsed by a worse-than-feared 83 per cent.The Lytton refinery in Brisbane – one of just two oil refineries left in Australia and the nation’s largest – has been struggling from a sharp deterioration in global refining margins,....
https://bit.ly/3BXPWTG

Nick Toscano
Via www.smh.com.au

14/10/2024

Australia still a contender in race, says

Global energy giant BP is pushing on with three ambitious renewable hydrogen projects in Australia and says it remains optimistic about the fuel’s future demand even as high costs and a lack of customers are forcing others to cancel local production plans......
https://bit.ly/4dJOOjY

Nick Toscano
Via www.smh.com.au

13/10/2024

Help shape the future of air travel

The establishment of a new independent Aviation Industry Ombuds (AIO) Scheme was announced in the Aviation White Paper: Towards 2050 in August 2024.The White Paper’s recommendations followed extensive consultation with industry, state and territory governments and the Australian community. It highlighted that many customers are dissatisfied with how Australian airlines and airports have been handling their obligations to customers.....
https://bit.ly/40lyjHZ

AusGov Infrastructure

12/10/2024

Australia lays groundwork to protect international waters trawled by NZ

Conservation measures in the high seas have become a point of contention between Australia and New Zealand in the past year

The Australian Government has taken the first steps towards creating a marine conservation park in international waters currently bottom trawled by New Zealand......
https://bit.ly/4f2rFKI

Andrew Bevin
Via newsroom.co.nz

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#Aeromedical Base at #BrisbaneAirport gets green light -Federal Government grants approval - New BNE home for Royal Flying Doctor Service, LifeFlight, Queensland Health, QGAir -Tenders about to be called so construction can begin soon - New medical gateway to assist more than 5,000 Queensland patients each year In great news for Queenslanders, Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King has granted approval for the construction of the Queensland Regional Aeromedical Base at Brisbane Airport. The $72 million hub will connect Queenslanders to major hospitals and life-saving medical treatment, with new patient transfer facilities to care for people as they transition between aircraft and ambulance transfers. It will also feature state-of-the-art hangers for aeroplanes, helicopters, administration and a medical base for regional patients and donor transfers. “Brisbane Airport plays an essential role in the 24/7 connection of Queensland to urgent medical care. The Aeromedical Base will bring all providers together into one innovative world-class hub, with a transfer facility providing patients on the move with the very best clinical care possible, "according to Martin Ryan, Executive General Manager of Commercial at Brisbane Airport Corporation. The 14,470m2 multi-tenanted facility will be located between Brisbane Airport’s two runways to accommodate speedy access for the Royal Flying Doctor Service (RFDS), LifeFlight and Queensland Health.... Brisbane Airport #Australia #Brisbane #Aviation #Airports #HealthCare

First ever flights between Vietnam and #Queensland 50 years after Australia established diplomatic relations with Vietnam, the first non-stop flights connecting the rapidly developing nation and Queensland will launch in June. Vietjet will operate twice weekly services between Ho Chi Minh City (SGN) and Brisbane Airport (BNE), with Eco-Class fares staring from $AUD200 one-way (plus taxes & fees). The flights are predicted to inject $25.6 million into Queensland’s visitor economy and support 240 jobs in the first year of operation. The three-year deal will support the planned growth of flights to four services per week by year three. Brisbane Airport Corporation Chief Executive Officer Gert-Jan de Graaff says the arrival of Vietjet enhances BNE’s role as a key Asia-Pacific Gateway. “Vietnam is a rapidly growing market for Queensland and we are delighted to have Vietjet join the BNE family. To have Vietnam and the Sunshine State connected for the first time by non-stop flights will deliver benefits in two countries.” “This historic new service from Vietjet will enable family and friends in Vietnam easy connection to Queensland and will cut hours off a journey.” Tourism Minister Stirling Hinchliffe said this is another big win for Queensland’s $200 million aviation war chest which is tipped to add 1.18 million direct international inbound seats to Queensland and almost a billion dollars for the visitor economy. “Visitors from Vietnam sharing Queensland’s great lifestyle benefits accommodation and hospitality providers and tourism operators, while growing more good Queensland jobs. “It’s Queensland’s time to shine on our golden decade of tourism opportunity to the Brisbane 2032 Olympic and Paralympic Games.”..... https://bit.ly/3JIloqF #HoChiMinhCity [#HCMCity] (#SGN) <-> #Brisbane (#BNE) Vietjet #Australia #Aviation #Vietnam ✈️ #SoutheastAsia

‘A lot of box-ticking’: What will it be like to travel overseas again? Just hours after Prime Minister Scott Morrison announced on October 1 that he would soon reopen Australia’s international border, Madhu Tamilarasan was online booking a flight to London. “The law still doesn’t allow me to actually leave but I’ve taken a punt to book a ridiculously expensive flight,” she says..... https://infoblaze.tiny.us/82391 #Australia #Travel #Aviation Patrick hatch Via www.smh.com.au