Monthly Archives: June 2019

post by admin | | Closed

Robbie McEwen tells UCI to deal with clenbuterol in China

Australian cycling legend Robbie McEwen says the International Cycling Union (UCI) has to take some responsibility for any positive tests to clenbuterol in China, despite the cycling body’s claims it has put measures in place to protect cyclists competing there.

Canberra cyclist and three-time world champion Michael Rogers remains provisionally suspended after testing positive to clenbuterol at the Japan Cup in October, a week after competing in the Tour of Beijing in China.

Rogers has claimed he never ”knowingly or deliberately ingested clenbuterol” and says he fears the adverse result may be from contaminated meat in China.

Belgian cyclist Jonathan Breyne also tested positive after competing in China in October and November. He attempted suicide after being notified of the result.

The cycling union has acknowledged it knew about issues with clenbuterol in Chinese meat since the Beijing Tour began in 2011 and had put measures in place by employing a ”dedicated cook to supervise food” in the riders’ hotels.

Having originally called for racing in China to be suspended, McEwen said meat for future events should be imported.

”If they’re saying they’ve taken this precaution so it doesn’t happen, and then it does happen, then they’ve got to take some sort of responsibility,” he said. ”They’ve got to at least acknowledge there’s a bigger problem and they’ve got to look at another solution.

”Having dedicated cooks in the kitchens makes zero difference, it’s where the meat is coming from,” he said.

”Assuming the meat is the problem – and I see that as being odds-on that it is – they’ve got to do one of two things: either make races in China vegetarian, you eat meat at your own risk; or you take a bit more responsibility as organisers of the race and import meat from somewhere they know is safe.

”It’s fairly simple.”

McEwen took to Twitter after Rogers’ positive test and questioned whether some riders would be cautious about returning to China in 2014.

McEwen said Breyne’s story highlighted the importance of the UCI fixing the problem. ”It can spell the end of someone’s career, but it nearly spelt the end of his life,” he said. ”That’s how hard he took it.”

UCI spokesman Louis Chenaille said the union would work with the World Anti-Doping Agency.

”The Tour of Beijing organisers, the UCI, the local authorities and the teams have been discussing the issue of food safety since the first edition of the race in 2011,” he told website VeloNation.

”Measures put in place as a result of these discussions include the employment by the organisers of a dedicated cook to supervise food in all the hotels which house the riders during the race.

”The UCI will be discussing this issue with all parties concerned, particularly with WADA, to see if there are improvements which can be made to the current regulatory structure and the arrangements in place at the race.”

If you need someone to talk to, contact Lifeline on 13 11 14.

This story Administrator ready to work first appeared on 苏州美甲美睫培训学校.

post by admin | | Closed

Warrnambool Cheese & Butter takeover battle to take further twists in 2014

Unresolved: Takeover tussle.Warrnambool Cheese & Butter chief David Lord did not get his Christmas wish, with the takeover battle for his company failing to finish in 2013.

And the cheese war looks set to heat up this year as former bidder Bega Cheese seeks the best possible price for its stake, and speculation mounts that a Chinese bidder will enter the fray.

WCB, the fourth-largest dairy processor, collecting 900 million litres of milk a year, has been the subject of a three-way takeover battle between Bega Cheese, Canada’s Saputo and Australia’s biggest dairy exporter, Murray Goulburn.

The bidding war has pushed WCB’s market value from $200 million to $520 million as dairy players jostle for position to capitalise on soaring Asian demand.

Bega Cheese kicked off the wheeling and dealing with its cash-and-scrip bid (worth $5.78 at the time) in September.

Saputo is offering an unconditional $9 a share in cash plus 20¢ a share each time Saputo passes acceptance hurdles of 50.1 per cent, 75 per cent and 90 per cent.

The Montreal-based dairy company’s offer has the backing of WCB’s board.

Murray Goulburn has an offer of $9.50 cash on the table, conditional on getting 50.1 per cent of WCB and regulatory approval from the Australian Competition Tribunal.

Bega is now out of the race after letting its offer of $2 cash and 1.5 Bega shares close on December 20.

According to its latest substantial shareholder filing, Bega is the largest single shareholder in WCB, with an 18.8 per cent stake.

Murray Goulburn and Saputo, which have respective WCB shareholdings of 17.7 per cent and 17.9 per cent, will be scrambling to sweet talk Bega’s Barry Irvin about his stake, but rumours of another bidder wading into the takeover battle mean Bega could be better off waiting.

Media reports last week said China Investment Corporation is backing a Chinese food group that is looking to acquire WCB.

Demand for dairy products in China is outstripping supply and domestic production growth.

Any Chinese bidder would have to contend with the crowded WCB register. Alongside Bega, Murray Goulburn and Saputo, Lion – a subsidiary of Japanese food and beverages company Kirin – is the fourth strategic investor, with 10 per cent.

This story Administrator ready to work first appeared on 苏州美甲美睫培训学校.

post by admin | | Closed

Retailers are expected to receive a $15 billion post-Christmas windfall in consumer spending

Clothing sales are tipped to rise by 3.9 per cent in the post-Christmas period. Photo: Max Mason-HubersRetailers are set to get their share of festive cheer this holiday season, with after-Christmas sales expected to surge past $15 billion.

Consumers are projected to spend about $15.1 billion from Boxing Day to mid-January, a 3.8 per cent rise from last year, the Australian Retailers Association and Roy Morgan Research said.

”[It’s] a positive sign for the retail sector,” said association executive director Russell Zimmerman. ”It is also great to see all states and territories predicted to experience positive growth this post-Christmas period.”

The boost to retailers’ coffers is expected to be driven by a 6.2 per cent lift in spending at cafes, followed by a 3.9 per cent rise in clothing sales.

Spending on food, the largest category in the post-Christmas sales, is tipped to increase by 3.8 per cent to $6.2 billion.

The gain is expected to be shared across the country, with the Northern Territory leading the way with year-on-year growth estimated at 6.1 per cent.

Western Australia is forecast to record the weakest growth, at 2 per cent, reflecting the effect of the peak in the resources investment boom.

Last week, the Australian National Retail Association released a slightly higher forecast of $17.6 billion for spending during the post-festive period.

Internet spending was expected to soar by 13.8 per cent to $2.8 billion.

The retail sector has had a difficult 2013. Retail sales grew strongly in January and February, but remained weak through most of the year despite two interest rate cuts in May and August.

But retail sales figures for September and October jumped a better than expected 0.9 per cent and 0.5 per cent respectively. Economists said it was growing evidence that the rate cuts were stimulating non-mining sectors.

The initial boost to consumer and business confidence after the federal election, the sharemarket’s best performance in four years, and the strong rise in house prices in some capital cities also increased retailers’ expectations the sector could be recovering.

Even so, consumers continue to be cautious, with the savings ratio at its highest in recent years, and as wage growth remains slow. The household savings rate rose by almost 1 percentage point to 11.1 per cent in the third quarter of 2013, figures released by the Bureau of Statistics showed.

At the same time, credit growth remains soft. Private-sector credit rose by a weaker than expected 0.3 per cent in November, taking the annual growth rate to 3.8 per cent, Reserve Bank data showed.

”Overall, the pace of credit growth continues to run well below the longer-run average rate of around 12 per cent per annum,” Commonwealth Bank senior economist Michael Workman said.

”Since the [financial crisis] the new norm is for quite modest household credit growth and very weak business credit growth.”

Mr Workman said consumers and businesses were reluctant to increase their leverage as fears about job security and profitability continue. The jobless rate is expected to rise past 6 per cent this year as mining investment weakens and the economy continues to grow below trend.

The Australian Retailers Association again called for the RBA to cut the cash rate to lift consumer spending. But the central bank has appeared reluctant to ease monetary policy further.

This story Administrator ready to work first appeared on 苏州美甲美睫培训学校.

post by admin | | Closed

Forget houses; shrewd investors are turning to warehouses

The boom in e-commerce and the rising use of the internet will bring boom-time conditions to the industrial property sector in the coming year, according to logistics leasing experts.

With internet sales tipped to top $20 billion in Australia this year, owning a distribution facility and warehouse will be a priority for many investors, from super funds and real estate investment trusts to small investors.

New research from Jones Lang LaSalle and Colliers International shows the already scarce supply of suitable industrial assets will be even tighter this year.

According to Richard Thompson at Jones Lang LaSalle, as e-commerce logistics models develop, they will drive huge changes in physical distribution networks comparable with previous changes generated by the rise of global sourcing, or the earlier centralisation of deliveries to retail stores via retailer-controlled distribution centres.

”This will give rise to a new class of logistics and distribution properties, including mega e-fulfilment centres, parcel hubs and delivery centres, local ‘urban logistics’ depots for rapid order fulfilment, and returns processing centres,” he said.

Malcom Tyson, managing director (industrial) at Colliers International, said logistics would dominate leasing in the coming year.

”During the second half of 2013, the industrial market featured some notable leasing transactions undertaken by logistics specialists,” he said.

”This occurred as retailers and logistics firms continue to come under increasing pressure to adapt to the next phase in e-commerce.”

Mr Tyson said some examples included Blue Star Logistics lease for 13,799 square metres in Acacia Ridge in Brisbane, and DB Schenker’s 31,220 sq m in Redbank, also in Brisbane, and SCF Group’s take up of 50,000 sq m in Tottenham.

”These larger transactions are set to increase in 2014 as business and transport-cost pressures continue to rise and the attraction of a tenancy in rail, road and port hubs grows,” he said.

This story Administrator ready to work first appeared on 苏州美甲美睫培训学校.

post by admin | | Closed

PTTEP in court challenge to resource tax bill ruling

The Thai company responsible for one of Australia’s worst oil spills, PTTEP, is challenging its petroleum resource rent tax (PRRT) bill in the full Federal Court.

PTTEP, which runs the Montara oilfield in the Timor Sea, north of Western Australia, has appealed against a November Federal Court ruling knocking out tax deductions it claimed at its former Jabiru and Challis projects.

The company ran into trouble in 2009 when a 74-day spill at Montara gushed 29,600 barrels of oil into the Timor Gap, causing a 90,000-square-kilometre slick.

Despite the spill, 18 months later the then resources minister, Martin Ferguson, gave PTTEP the green light to expand its operations in Australia.

In a court case that goes to the heart of how PRRT liabilities are calculated, PTTEP claims it should be allowed to deduct about $3.7 million from its tax bill for ”interest value amounts” credited to its customer between 2006 and 2008.

The PRRT, introduced in 1987, applies to the production of oil and gas. The Rudd government initially modelled its controversial mining tax on the PRRT, but it was heavily altered before being introduced in 2012 and the Abbott government has promised it will be repealed.

In appeal notices filed with the Federal Court last month, PTTEP said between 2006 and 2008 it sold about $293 million worth of crude oil from Jabiru and Challis to Singaporean-registered company Petro Summit, a subsidiary of Japanese conglomerate Sumitomo.

The price paid by Petro Summit was based on the expected number of barrels to be shipped and the average Tapis crude price for the month in which the oil was supplied.

But the price for each shipment was then adjusted using a complex formula that took into account the actual number of barrels supplied.

If the calculation revealed Petro Summit had paid too much, it was entitled to interest on the overpayment amount of 2 per cent above Libor, the London interbank offered rate.

PTTEP told the court the ”interest value amount” was ”an expense incurred in connection with the actual sale process” and therefore should be allowed as a tax deduction under the PRRT law.

Justice Michelle Gordon rejected the submission, saying the law required a ”close connection between the expense and the sale transaction”.

She said the interest value amounts ”were the cost of obtaining an advance of funds based in anticipated sales, not an expense in relation to a particular sale”.

PTTEP has asked the full Federal Court to set aside Justice Gordon’s ruling, saying the payments ”constituted expenses payable … in relation to the sale of a marketable petroleum commodity” under the PRRT law.

”The interest value amounts were incurred by the appellant [PTTEP] in carrying on the project,” it said in its notice of appeal.

A preliminary hearing is set for February 2.

This story Administrator ready to work first appeared on 苏州美甲美睫培训学校.