Company plugging Copper String mk II
THE Commonwealth Bank has suggested 53,000 alleged breaches of money laundering laws listed in a case brought against it by regulators could be treated as a single matter because they all stemmed from the same IT error. Following the launch of civil proceedings against CBA by the Federal Government’s financial intelligence unit AUSTRAC last Thursday, the bank yesterday outlined a software problem it said was the cause of more than 53,000 transactions not being flagged to authorities as required. As CBA boss Ian Narev gave media interviews on Sunday and yesterday warned against jumping to conclusions about the breaches, the bank’s share price rose almost 1 per cent to $ 81.52 as it recovered some of the heavy falls suffered on Friday. JOB ads have lifted for five months in a row as labour market conditions improve but the pace of improvement is expected to ease. ANZ’s latest jobs ads survey shows that the number of ads rose by 1.5 per cent in July, adding to June’s 2.7 per cent increase in seasonally adjusted terms. The survey also shows that since the start of the year, job ad numbers are up 6.5 per cent, while July’s reading is 12.8 per cent better than a year ago. ANZ’s head of Australian economics, David Plank, says recent data has shown that the labour market has improved, which is consistent with improved business conditions, profitability and capacity utilisation. The strength in fulltime employment and a lift in hours worked have helped lift consumer confidence. THE development company which proposed the $ 1.5 billion Copper String transmission line project between Townsville and Cloncurry is back assessing another similar project.
A director of CuString Pty Ltd, John O’Brien, confirmed the company was revisiting the concept for the 700km line, although on a smaller scale, and was engaging with stakeholders who could benefit or be impacted by the project.
Mr O’Brien said the circumstances in the national electricity market, and particularly the changing mix of gener- ation, were creating an opportunity to revisit the project.
“The original proponent of the Copper String project is progressing what could be called Copper String mark II,” Mr O’Brien said.
He said it was similar to the original scheme but too early to provide details on what was planned.
“The investment vehicle for the project, CuString, is still in place,” Mr O’Brien said.
“We spent $ 30 million on Copper String version 1. Our capacity to leverage off that to quickly identify the feasibility of Copper String mark II is really A FORMER Bush administration official and World Bank boss has warned that US President Donald Trump’s approach to international trade holds greater risks than current concerns about global security alliances.
Robert Zoellick, the president of the World Bank from 2007 to 2012 and a former official in both Bush administrations, says US protectionist instincts could directly impact strong. We have that process.”
Mr O’Brien said the original project mostly was about benefiting energy users in northwest Queensland by connecting the region to the national electricity market.
“Because of the changes in the generation mix on the east coast, there’s an opportunity for value to flow both ways. Copper String mark II will potentially deliver value to the east and west,” Mr O’Brien said.
Mount Isa to Townsville Economic Development Zone CEO Glen Graham said they believed in the concept. some countries’ growth prospects and capacity to overcome poverty.
Speaking at the Diggers and Dealers mining conference in Kalgoorlie, Western Australia, Mr Zoellick said the US had been the leader in world trade for around 70 years.
“If it moves away from that or worse starts to take protectionist actions, it will have a trigger effect,” he told the conference yesterday. Since taking started working on
“Like any concept to develop northwest Queensland, it is worth putting on the table and examining,” Mr Graham said.
CuString was involved in a joint venture with Leighton Contractors to develop the $ 1.5 billion transmission line project in 2010. But without the support of major consumers Ergon Energy and then Mount Isa Mines operator Xstrata, the project stalled.
The project had the potential to provide the lifeline for a host of wind, solar and biogas projects along its route where more than 700MW of capacity had been proposed. INCREASED purchases of honey by more health- conscious consumers has boosted demand in Australia by nearly 4 per cent over the last financial year, says producer Capilano.
That has helped Capilano Honey lift net profit 9 per cent to $ 10.3 million for 2016- 17 as the company increases its supplier base and focuses on producing more premium products – such as manuka honey and floral varieties from Western Australia.
Managing director Ben McKee says increased demand – 3.9 per cent growth, in volume terms, in the grocery channel over the last financial year – reflects the greater consumer interest in natural, healthy foods.
“It is pleasing to see that growth in the honey category is being driven by an increase in purchase frequency,” Mr McKee said.
He said recent rainfall in production areas had boosted winter honey supplies and the company was optimistic about increased production.
At the close of the 2017 financial year Capilano’s honey stocks were 5953 tonnes up from 4960 tonnes a year earlier. charge in January, President Trump has pulled his country out of the Trans- Pacific Partnership ( TPP) trade group as well as the Paris accord on climate change, and has threatened punitive trade actions against Mexico, Germany, China and Japan.
Mr Zoellick said it would be instructive to see how the Trump administration treats countries that have a trade deficit with the US.
“Economists don’t believe bilateral trade deficits are important, but for Trump and Wilbur Ross ( US commerce secretary) a trade deficit is like negative net income, its like losing,” he said.
Mr Zoellick said he was less concerned on the issue of US security alliances. “I am a bit more worried about the trade area, or areas like climate change, where the institutions are undeveloped,” he said.