The Australian Competition and Consumer Commission (ACCC) on Wednesday said it is taking local units of GlaxoSmithKline and Swiss healthcare company Novartis to court over false or misleading representations in the marketing of pain relief products. It claims they represented Osteo Gel on its packaging and online as specifically formulated for treating osteoarthritis and was more effective than Emulgel, when they had identical formulas.
Glencore, the FTSE 100 mining giant, is facing fresh questions about the way it conducts its business following a massive data leak called the ‘Paradise Papers’. More than 120,000 people and companies have been named in 13.4 million files, many of them leaked from offshore law firm Appleby. The documents have been reviewed by the German newspaper Süddeutsche Zeitung and the International Consortium of Investigative Journalists (ICIJ).
The UBS banking team has released its annual survey on factual inaccuracies in Australian mortgage applications, and the results aren't pretty. The latest detailed survey of more than 900 people who took out a home loan in 2017 has found that only 67 per cent responded that their mortgage was "completely factual and accurate", down from 72 per cent of 2016 borrowers.
Glencore has sharply raised the stakes in the bidding war for Rio Tinto’s Hunter Valley coal mines by delivering a fresh $2.675 billion offer for the assets. In an announcement in London, Glencore said it would increase its offer by $125 million in an attempt to trump Yancoal’s $2.45 billion bid, which had been selected by Rio Tinto. However, in a major sweetener Glencore said it would expedite payment to Rio Tinto with a cash settlement once the deal is completed.
Announced as a ‘world premiere’, the new legislative project will soon reach the Parliament and its main purpose is to stop the psychopaths who were convicted from leaving the Australian territory. The measure will lead to the cancellation of 20.000 passports belonging to individuals who have served their sentence for pedophilia but are still in the forefront of some judicial services.
Australia has started implementing biometric facial, iris and fingerprint recognition in airports, allowing passengers to go through without showing a passport or even talking to anyone. The "Seamless Traveler" project is aimed at creating a "fast, seamless self-processing experience for up to 90 percent of travelers," so that border control can focus on high-risk passengers. The Seamless Traveler system was budgeted to spend $94 million over five years to make the airport process more efficient. For about 10 years, automatic passport scanning stations have been used the 40 million travelers to the land down under.
Australia has identified more than 340 individuals with links to Swiss banking relationship managers alleged to have actively promoted and facilitated tax evasion schemes, a federal minister said on Friday. The Serious Financial Crime Taskforce said the joint investigation had identified 346 nationals with links to Swiss banking relationship managers alleged to have promoted and facilitated tax evasion schemes.
The Reserve Bank of Australia (RBA) has left interest rates on hold at an historic low of 1.5% as widely expected and flagged that some "slowing in the year-ended growth rate is likely" before picking up again. The RBA has cut rates twice this year, in May to 1.75 per cent and in August to its current historic low. The last time the official cash rate increased was November 2010. All 64 economists polled by Reuters expected the RBA to keep rates on hold at today's meeting, the last of the year.
Ford Australia will close its production line in Broadmeadows on Friday, 91 years on, the final Ford Falcon will roll off the production line. On the same day, Ford's rival Holden will close Cruze production in Adelaide, and Ford will shutter its engine plant in Geelong. In the course of the next year, Australia’s three car makers, Toyota too, will shut down completely. In all, more than 5,000 production jobs, plus many more white collar and supplier positions, will be lost. Ford will reportedly continue operations in Australia, with product development, research and parts sales to carry on.
Australia confirms its flexible inflation target in the range 2-3%. In a joint statement, the Reserve Bank of Australia and the Australian Government reaffirmed the view that the flexible inflation target represents the right way to achieve price stability in the medium term, Treasurer Scott Morrison said in a statement. The stance comes in response to the debate on the correctness of this objective, in view of the sharp slowdown in inflation.
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