CHINA’S endless demand for Australian dairy and baby formula is behind the butter price rises — and it will soon force bakeries to switch from using butter to margarine to survive. Many sausage rolls, Swiss rolls, biscuits and croissants will start tasting different as bakeries deal with a 30 per cent increases in the cost…
Month: October 2017
Murray Goulburn sold to Canadian – owned Saputo for $1.3 billion
CANADIAN family dairy company Saputo Inc has won the battle for Victorian-based dairy co-operative Murray Goulburn. Murray Goulburn has announced it has entered into a binding agreement to sell to Saputo Dairy Australia Pty Ltd, the Australian arm of the Canadian dairy giant, for $1.3 billion. The deal is subject to approval from the Foreign…
Government assures China over Adani mega- mine approvals
China has officially been informed the controversial Adani coal mine in Central Queensland has received all government approvals, Federal Attorney-General George Brandis has told Senate Estimates. Senate crossbenchers have questioned officials from the Department of Foreign Affairs and Trade (DFAT) in Senate Estimates. The questions were sparked by a Freedom of Information request to DFAT…
ASIO warns Government needs to be ‘very conscious’ of foreign interference in Australian universities
The head of Australia’s domestic intelligence agency has warned that the Federal Government needs to be “very conscious” of foreign interference in universities. ASIO boss Duncan Lewis was not willing to say which foreign governments were active on Australian campuses, or give any examples of deliberate intrusions. But he made it clear that Australian spies…
China buys QLD’s The Real Pet Food Company for $1bn
A Chinese-led consortium has struck a billion-dollar deal to buy a Queensland-based pet food giant to exploit the growth of “pet humanisation” in the United States and ultimately China. The majority owner of The Real Pet Food Company (TRPC), Quadrant Private Equity, has sold its interests to the Beijing-based Hosen Capital, China’s largest agribusiness company…
Lie, cheat, steal . . . and leave: Australia’s $3m visa scam
A corrupt Immigration Department official and her husband helped run a $3 million criminal migration racket that involved making more than 1000 fraudulent visa applications. Fairfax Media can also reveal that Reetika Ajjan and her husband Jeetender were able to flee Australia three days after their home was raided by immigration and federal agents in October 2011…
Contaminated risk for western Sydney water due to poorly planned housing developments
POORLY planned housing developments in Western Sydney are contaminating the water supply and could contribute to a citywide shortage in future, NSW government documents warn. Documents obtained by The Daily Telegraph can reveal WaterNSW and Sydney Water have voiced concerns that Sydney’s urban sprawl and booming population are putting increasing pressure on the water system,…
Chinese developers buy one-third of Australia’s sites in 2016
Chinese developers bought almost 40 per cent of the total $5 billion spent on Australia’s residential development sites in 2016, with a clear trend towards buying up land in far-flung Sydney and Melbourne suburbs, new research shows. Knight Frank’s report, The Rise of Chinese Developers in Australia, found Chinese developers bought $2.4 billion of residential development sites in…
Sydney’s new trains will be built in China in a $1.7 billion deal
New trains for Sydney’s rail work will be built in China under a $1.7 billion contract. Engineering group Downer EDI Ltd announced today that it had been awarded the Sydney Growth Trains contract by Transport for New South Wales. Downer shares were up 2.2% to $5.79 in early trade. The contract includes 24 double-deck trains…
Former Goldman Sachs banker announced as new ASIC boss
The Federal Government has scrambled to appoint former Goldman Sachs banker James Shipton to replace Greg Medcraft as chairman of the Australian Securities and Investments Commission (ASIC). Financial Services Minister Kelly O’Dwyer said Mr Shipton brings more than 20 years’ experience to the corporate regulator after roles at Goldman Sachs as a managing director and…
China’s state power grid sinks $5bn in Jemena tests Australia’s receptiveness to Chinese government-backed takeovers
A $5 billion-plus investment by China’s state power grid into Australian electricity and gas assets is set to test the country’s receptiveness to Chinese government-backed takeovers and could pave the way for larger acquisitions. State Grid Corporation of China , the world’s biggest utility, said on Friday it would take a 19.99 per cent stake…
Grazier says mega-mine could ruin water
HAVING lived his whole life on the land, grazier Bruce Currie is determined to leave the country he’s farmed in better shape for future generations. But he’s worried Adani’s planned Carmichael mega-mine will have irreversible effects on the only source of fresh water for much of inland Australia. Mr Currie said it was uncertain what…
