Australia

Morrison government toughens foreign investment scrutiny to protect ‘national security’

The Morrison government will significantly strengthen its scrutiny of foreign investment to protect sensitive national security technology and information and further ring fence the nation’s critical infrastructure. It will insert a new “national security test” on bids, in a sweeping overhaul of the foreign investment regime. The action follows mounting public concern about Chinese investment, although the government – already ...

Read More »

Virgin Australia bidders narrowed down to two: Bain and Cyrus Capital Partners

Virgin Australia went into voluntary administration and now new bidders are circling. Virgin Australia has narrowed the shortlist of bidders for the troubled airline down to two: Boston-based private investment firm Bain Capital, and global investor Cyrus Capital Partners,which has links to British billionaire and Virgin founder Richard Branson. Virgin administrator Deloitte, led by Vaughan Strawbridge, has spent two days ...

Read More »

NAB axes Genworth from LMI offering

The big four bank has decided not to extend its LMI contract with Genworth in a bid to “simplify” its home lending business. In February, NAB submitted a request for proposal (RFP) to Genworth Mortgage Insurance Australia and QBE Insurance, which currently hold supply and service contracts with the bank for the provision of lender’s mortgage insurance (LMI). After reviewing ...

Read More »

Virgin Australia investment by the Queensland Government may not be the best use of taxpayer money

Close of business on Friday May 15 is the deadline for interested parties to lodge the first “non-binding indicative offers”. Rumours have been circulating for weeks about who could step in as the new owner of Australia’s second major airline. Ever since Virgin Australia went into administration on April 21, owing about $7 billion in debt, the speculated list of contenders ...

Read More »

Brookfield mulls teaming up with QIC for joint Virgin play

It’s indicative bid eve for scrambling Virgin Australia buyers. Queensland’s new treasurer Cameron Dick has confirmed the state government’s intention to make a play at Virgin.  AAP And amid the chaos of a fast-approaching deadline, there are some intriguing team-up discussions taking place. As first reported by Street Talk on Thursday, Canadian investor Brookfield and the state-owned Queensland Investment Corporation are mulling joining ...

Read More »

Australia sets new record for single govt bond issue

The Australian government has created a new record for a single bond issue less than a month after breaking its previous record, attracting record bids and selling a record A$19 billion of bonds. The Australian Office Of Financial Management issued $19 billion of 1 percent 21 December 2030 bonds after receiving record bids of over $53.5 billion. The bond was ...

Read More »

Coronavirus Government Global Briefing: May 14

Welcome to Coronavirus Government Global Briefing, Mandarin Premium’s morning update on everything in local and global government responses to the COVID-19 outbreak. When “red tape” actually is red tape During crises like COVID-19, it’s understandable to see bids to slash elements of bureaucracy that, one way or another, were designed for longer, calmer periods of deliberation; see, for example, any of the emergency powers ...

Read More »

Brookfield shapes up as union favourite in Virgin race

The influential Transport Workers Union says it will support the Virgin Australia bidder with a long-term investment profile and track record of supporting workers, placing Canada’s Brookfield Asset Management in the box seat for crucial union support. The Queensland government says its interest in buying a stake in Virgin is about ensuring Australia has a second full-service carrier. The TWU ...

Read More »

QUEENSLAND GOVERNMENT BIDS FOR VIRGIN

A Virgin Blue Boeing 737-700 departs from Brisbane in 2006. Speculation had raised the prospect that Virgin Australia could return to its roots. (Craig Murray) The Queensland government has announced it’s set to bid for Virgin Australia. Queensland’s new Treasurer Cameron Dick has already appointed an investment company and said the financial package could take the form of a “direct ...

Read More »

Labor and the Greens push to extend eligibility for jobkeeper scheme

Bids to broaden scheme come as Liberal backbenchers debate ending it early and employers and unions unite in warning against cuts Sign up for Guardian Australia’s daily coronavirus emailDownload the free Guardian app to get the most important news notifications  Australian prime minister Scott Morrison in parliament Photograph: Mike Bowers/The Guardian Two controversial changes to the jobkeeper program that excluded ...

Read More »

Australia’s Ai-Media Buys US-based ASL Interpreting Provider ACS

On May 11, 2020, Ai-Media announced that it had acquired US-based ASL interpreting and captioning company Alternative Communications Services (ACS). Ai-Media is an Australia-based CART (communication access real-time translation, a.k.a. real-time captioning) provider. Ai-Media used funds from its latest investment round for the acquisition; a round that drew AUD 10.3m (USD 6.7m) from new and existing investors, such as UK-based private equity ...

Read More »

Australian state launches enquiry into Anglo coal mine blast

The accident took place 15 months after another Anglo American worker was killed at a nearby mining complex and comes just months after a review called for tighter regulation of the sector that has seen at least 48 deaths since 2000 MELBOURNE: Australia’s Queensland on Monday ordered an independent enquiry into an explosion at a coal mine run by Anglo American in ...

Read More »

Green Gigs and Gov tenders: WaterNSW specialist team, NSW forests, irrigation and school infrastructure

Your guide to what’s on offer by way of government tenders this week. School infrastructure advising If you want to teach sustainable development, designers should go right to the source: schools. Queensland’s Department of Education is looking for its next Principal Consultants Panel to deliver new building solutions and refurbishment projects across state schools. The panel will certainly require environmental ...

Read More »

Virgin Australia Seeks $130M To Remain Operational

Just how cash-strapped Virgin Australia was when it collapsed is now becoming clear. There are reports the airline was down to avgas fumes in its last days, going into voluntary administration with under USD$20 million in spare cash. As a result, Virgin Australia’s administrators, Deloitte, are going to borrow approximately USD$129 million to keep the airline flying. Virgin Australia’s administrators ...

Read More »