Archive for May, 2019

  • Fed delivers Xmas cheer for investors

    Date: 2019.05.19 | Category: 杭州夜生活 | Response: 0

    Australian shares rallied for a second straight day as investors welcomed the first rise in US interest rates in almost a decade.

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    The ASX jumped 1.5 per cent on top of two per cent increase on Wednesday, raising hopes that the battered S&P/ASX200 will finish the year close to its 2014 closing level of 5,411.

    “We’ve got positive momentum now,” said CMC Markets chief market strategist Michael McCarthy.

    “We will build towards the top of the trading range and we’ll finish somewhere between 5,300 and 5,400.”

    Inspired by a positive Wall St response to the US Federal Reserve’s decision to raise interest rates by 0.25 percentage points from near zero, the local bourse soared nearly two per cent during Thursday’s session.

    Healthcare, utilities and IT stocks led the drive up, while the telcos and financials also performed strongly.

    Telstra ended two per cent higher, while the big four banks also rose by a similar level.

    The gains add to hopes that the market will enjoy a Santa Claus rally before investors unwrap their presents on Christmas Day.

    “Markets had been on tenterhooks ahead of this Fed’s meeting and now that’s out of the way I think investors have realised that the hike’s not as bad as been feared,” said AMP Capital chief economist Shane Oliver.

    “They’ve realised it’s a sign that the US ecosystem is stronger, and future hikes by the Fed will be gradual and conditional on continued improvement in the US economy.”

    Dr Oliver said buyers could now pile into the discounted Australian market, which saw massive sell-offs in August and October.

    “Compared to alternative investments like cash and bonds, the sharemarket is quite cheap,” he said.

    He said year-end salary bonuses and a feeling of Christmas spirit coupled with the tapering off in share volumes would all help drive the buying enthusiasm.

  • SA to post record December heatwave

    Date: 2019.05.19 | Category: 杭州夜生活 | Response: 0

    Adelaide is on track to post a record December heatwave with four consecutive days topping 40C.

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    Such a stretch of extreme heat has never before been recorded in December, the Bureau of Meteorology has confirmed.

    In January 2009 Adelaide had six days above 40C and four above 43C during a heatwave that lasted 16 days.

    On Wednesday the mercury reached 41.1C, topped 42C on Thursday and is forecast to reach similar highs on Friday and Saturday before a cool changes sweeps through South Australia on Sunday.

    The scorching conditions prompted warnings from health authorities for people to take particular care of the elderly and the very young who were most vulnerable.

    SA Health chief medical officer Paddy Phillips said so far only a handful of people had presented to local hospitals with heat-related issues.

    “Heat can be a killer and we don’t want to see that,” he said.

    The SA Ambulance Service said its workload had not increased so far, but that was expected to change as the heatwave continued.

    The Red Cross also began calling about 1000 vulnerable people to check on their wellbeing.

    If calls go unanswered or if a person is in distress, emergency services will be contacted.

    The extreme conditions are the result of a stationary high in the Tasman Sea which is pushing hot air from central Australia down into SA.

    “It’s ground to a stop and it’s pouring the inland heat down across our state,” Bureau of Meteorology acting regional director John Nairn said.

    “It’s sitting there and it’s unrelenting.”

    Fortunately for the state an end is in sight, with the latest forecast models confirming the change early Sunday morning.

    But Mr Nairn said the extreme conditions could return until the onset of the northern monsoon which would act to cool inland soils.

    In other responses to the heat, Adelaide Metro warned the heat could damage train lines or force trains to go slow, impacting schedules and services.

    The city’s airconditioned central bus station was to remain open 24 hours a day to offer some people relief.

    TRACKING THE TEMPERATURE IN ADELAIDE ON THURSDAY:

    *6am: 25.0

    *7am: 25.4

    *8am: 31.8

    *9am: 34.9

    *10am: 37.3

    *11am: 38.5

    *12pm: 39.9

    *1pm: 41.2

    *2pm: 42.1

    *3pm: 41.4

    *3:55pm: 42.9 (max)

    *4pm: 42.1

  • More than 100 charged over Vic jail riot

    Date: 2019.05.19 | Category: 杭州夜生活 | Response: 0

    About 40 prisoners will be the first people in Victoria charged with sabotage for their role in a jail riot sparked by a smoking ban in the state’s prisons.

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    They are among more than 100 current and former inmates to be charged over the violence at the Melbourne Remand Centre in Ravenhall, which began on June 30, the day before the smoking ban took effect.

    That includes 13 former inmates who were arrested on Thursday and will be charged on summons over their alleged role in the riot, which caused up to $12 million damage.

    The arrests follow investigation by Taskforce Gallium, formed the day after the riot, which gathered more than 300 witness statements and viewed hours of CCTV footage to identify the rioters, many of whom were disguised.

    Assistant Commissioner Steve Fontana say all will be charged with riot, with about 40 to be charged with sabotage and others face offences such as criminal damage.

    Sabotage offences were introduced by the Victorian government in 2003 as an anti-terror measure.

    Another six former inmates will be arrested in coming days, but most accused are still in custody.

    “I think this is a bit of a wake up to those contemplating something like this in the future,” Mr Fontana said.

    “I think some of the people looking at those charges will be quite nervous.”

    Prisoners broke doors and furniture, set fires and torched bedding, wrecked staff areas and smashed toilet bowls and basins before heavily armed police quelled the 12-hour uprising early on July 1.

    Inmates remained in lockdown for more than two months as riot damage was repaired.

    Precautionary lockdowns, or other restricted regimes, were put in place at other big prisons to prevent copycat flare-ups.

    WHAT IS SABOTAGE?

    Damaging a public facility by committing a property offence or by causing an unauthorised computer function.

    Offenders will be deemed to have intended to cause major disruption to government functions; or major disruption to the use of services by the public; or major economic loss.

    MELBOURNE REMAND CENTRE RIOT BY THE NUMBERS

    Damage bill: up to $12m

    Arrests: 13 on Thursday, six to come

    Police involved in arrests: around 50

    Total number to be charged; more than 100

    Sabotage charges: about 40

    Witness statements collected: more than 300

    Source: Victoria Police

  • Info fail caused fire deaths: Vic coroner

    Date: 2019.05.19 | Category: 杭州夜生活 | Response: 0

    No operations officer had enough information to know to pull two Victorian firefighters out of danger while they were battling a bushfire in a remote Alpine region, an inquest has found.

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    Steven Kadar, 34, and Katie Peters, 19, were back burning part of the Harrietville bushfire on February 13, 2013, when a giant alpine ash tree fell on their truck and killed them.

    The inquest into their deaths was previously told they could have been pulled out of Pheasants Creek Track if the operations manager had known a storm cell was approaching.

    Coroner John Olle said on Thursday the purpose of his inquiry was to identify areas for improvement not attribute blame but he couldn’t reasonably criticise those who were in charge.

    He found there was sufficient information available for Incident Control Centre staff to act but “not one person was in possession of all the fragments”.

    “I find that each of these individuals expressed reasonable judgment with the information available to them,” Mr Olle said.

    Sector Commander Michael Ritchie, Deputy Operations Officer Brian Leith McKenzie, Divisional Commander Craig Hore and Incident Controller Anthony Long could not reasonably be criticised for not withdrawing Mr Kadar and Ms Peters that day, Mr Olle said.

    “In hindsight, I find the system failed to ensure all available information was collated and considered as a whole, by ground and operational managers,” he said.

    “However, I am unable to find that, if the information had been collated, the decision to withdraw fire crews would have been made clearer.”

    Mr Olle said it was not reasonable to expect even an experienced firefighter to have marked the tree in question as hazardous because of its position on the down slope about 25 metres from the track.

    Mr Olle made 10 recommendations, including designing fire trucks better able to withstand falling trees, and to avoid sending firefighters into alpine ash forests unless absolutely necessary.

    Australian Workers Union Secretary Ben Davies said workers should always leave when they feel in danger.

    “It’s not about weighing up risks: it’s about saying this is a place you shouldn’t be, you need to go right now and you don’t need managerial approval to do that,” he told reporters on Thursday.

  • ATO has powers to hunt tax dodgers:O’Dwyer

    Date: 2019.05.19 | Category: 杭州夜生活 | Response: 0

    New ATO figures show that more than a third of all large public and foreign companies in Australia with an income of $100 million or more paid no tax last year.

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    The ATO’s tax transparency report released on Thursday published the names of the 579 firms which paid no tax.

    Among them are Qantas Airways, which earned $14.9 billion, ExxonMobil Australia ($9.617 billion), Virgin Australia ($4.3 billion) and General Motors Australia ($4.138 billion).

    Assistant Treasurer Kelly O’Dwyer said just because some entities haven’t paid tax doesn’t mean they are avoiding their tax obligations.

    “There are some reasons why it would be some companies are not paying tax at all, particularly in circumstances where there might be losses,” she said.

    The report does not specify the circumstances of each company, but tax is usually paid on profits after paying all expenses including wages, machinery and equipment replacement, supplier costs, fleet costs and other operating expenses.

    The report also says the economic impact of the global financial crisis, followed by the worst world recession since WWII, has been costly and long-lasting, with effects still being seen in 2013/14.

    Tax commissioner Chris Jordan believed it is a step forward in improving corporate tax transparency.

    “Most large corporates, particularly domestic Australian companies, meet their tax obligations, notwithstanding that we do have some significant disputes with some of them,” he said in statement.

    But Opposition Leader Bill Shorten was not impressed, describing the results as “remarkable”, coming at a time when the government in this week’s mid-year budget changed the bulk billing arrangements for cancer payments.

    “Why is the Turnbull government hard on patients and soft on large companies?” Mr Shorten said.

    Chartered Accountants Australia and New Zealand raised concerns about “naming and shaming” the tax arrangements of big business.

    The group’s tax leader Michael Croker said it appears tax morality concerns have outweighed the privacy principle.

    “Name and shame reporting will add to the disclosure costs of those companies which seek to mitigate the reputational damage of ill-informed reporting,” he said.

    Business Council of Australia boss Jennifer Westacott said the report was an important input to the transparency and integrity of the tax system, but agreed the data should be interpreted carefully.

    “Many small and medium sized businesses, in particular, do not make a profit in a given year, and even large businesses go through cycles where profits from large investments take time to be realised,” she said.

    The Minerals Council of Australia also stepped in before the ATO released its report, releasing a commissioned survey by Deloitte Access Economics that shows the mining sector paid nearly half of every dollar of profit as royalties and company tax in 2013/14.

    Top ten Australian companies paying no tax

    Firms are listed in descending order, alongside 2013/14 annual 

    income.

    Qantas Airways, earned 14.9 billionGHP 104 160 689 Pty Ltd, earned $11.731 billionExxonMobil Australia, earned $9.617 billionLend Lease Corporation, earned $7.683 billionCitic Resources, earned $5.051 billionMitsubishi Development, earned $4.615 billionGlencore Investment, earned $4.612 billionHope Downs Marketing, earned $4.445 billionVirgin Australia, earned $4.3 billionGeneral Motors Australia, earned $4.138 billion

    (Source: ATO)

    Why some companies don’t pay taxTaxable income may be $0 depending on impact of “adjustments” such as income not being assessable under tax law, expenses being tax-deductible and tax losses being carried forward.Tax payable is reduced by tax offsets such as franking credits for dividends received and credit for foreign taxes paid.Special rules apply to calculate tax paid by some companies, such as insurance firms.