Gina Rinehart

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THE NEWS WRAP: Shell cuts hundreds of jobs at Queensland LNG project

1:54PM | Monday, 20 January

Royal Dutch Shell has cut hundreds of jobs at its Arrow Energy coal seam gas venture in Queensland and agreed to sell its stake in the Wheatstone liquid natural gas project in Western Australia for $US1.135 billion.   The Australian Financial Review reports the job cuts appear to have doomed a $US20 billion-plus LNG project in Queensland.   It says the cuts were seen by sources within and outside the venture as a sign that Arrow’s gas is more likely to be sold to one of three other major LNG projects in the state.   Australian dollar falls as Chinese economy slows   The Australian dollar has fallen on the back of China’s slowing economy.   The dollar dropped to a new three-year low of 87.5 US cents Monday ahead of the release of China’s national accounts.   China’s annual growth figure of 7.7% for last year was the same as the previous year, although it was boosted by a stimulus package in September.   Rinehart pours more money into Roy Hill iron ore project   Gina Rinehart is continuing to spend millions of dollars on the Roy Hill iron ore project after securing loans in December.   The Australian Financial Review reports that documents filed with the Australian Securities and Investments Commission show that a subsidiary of Rinehart’s Hancock Prospecting made a $251.6 million down-payment.   The Roy Hill project is due to ship its first iron ore by September 2015.   Markets   US share markets were closed overnight for the Martin Luther King Jr public holiday. The Australian dollar is buying US88 cents.

NT SMEs sceptical about Labor’s small business tax cut

8:09AM | Friday, 16 August

While Labor has attempted to bump its business credentials on the campaign trail by promising the Northern Territory a business tax cut of 10 percentage points, local employers aren’t so enthusiastic.   Greg Bicknell, chief executive of business group Chamber NT, told SmartCompany this morning the organisation is “slightly cynical” about the plan.   The other states are, too – business groups in Victoria and around the rest of the country have already complained the government is playing favourites.   He says the announcement was just the latest in a long string of political promises.   “We’ve heard talk of plans for the Northern Territory coming since 1937, and we’ve yet to see any long-term strategic thinking and action.   Prime Minister Kevin Rudd announced the plan yesterday, saying the territory would receive a 10 percentage point cut in the company tax rate within five years. The Northern Territory would also be incorporated as part of a special economic zone – a plan which has also been endorsed by billionaire Gina Rinehart.   ''I believe in the Territory, I love the Territory,'' Rudd said.   However, the tax cut has not yet been costed, and as Bicknell says, there is no current plan for how the cuts will be targeted.   “There’s just not enough detail,” he says.   “Obviously, if it applies to everyone across the board, business would welcome that. But if it’s only for newcomers and putting existing companies at a disadvantage, we wouldn’t welcome it.”   In theory, Bicknell says, the cut is a good idea, and he welcomes the fact both sides of Parliament are paying more attention to the north.   But for now, he says, “we’re slightly sceptical”.   “There is a lot of talk about the Northern Territory…but the delivery of the promises seems to get lost.”   Meanwhile, however, other business groups and politicians have expressed frustration with the announcement.   The Victorian Employers’ Chamber of Commerce and Industry said if the announcement is good enough for the Northern Territory, it should be good enough for the rest of the country.   “Making the Northern Territory more attractive due to its company tax rate will be at the expense of Victoria and other states,” chief executive Mark Stone said in a statement.   The WA Chamber of Commerce and Industry has a made a similar statement, with chief executive James Pearson telling the ABC that any plan to boost the attractiveness of northern Australia “has to include Western Australia”.   This story first appeared on SmartCompany.

THE NEWS WRAP: News Ltd calls proposed media reforms a “sad day for democracy”

3:28AM | Friday, 15 March

Media companies have given a mixed response to new government proposals to overhaul the sector, with News Ltd by far the most critical of the move to shake up industry regulation.

Forbes’ Australian rich list pits innovators with miners

2:09AM | Tuesday, 5 February

Forbes Asia’s annual list of the richest Australians is littered with mining magnates, including Gina Rinehart in the top spot, but it also features a strong contingent of entrepreneurs who have made their fortunes in other fields.

THE NEWS WRAP: QBE set to axe around 700 jobs

3:08AM | Friday, 15 March

Insurance giant QBE is set to cut around 700 jobs as part of a push to save $200 million a year in operating costs.

THE NEWS WRAP: German high court approves $600 billion eurozone rescue fund

9:20PM | Wednesday, 12 September

Global financial markets have reacted with relief after Germany’s top court backed a $600 billion eurozone rescue fund that is aimed at staving off the region’s debt crisis.

THE NEWS WRAP: Rinehart pulls shares on the back of $2.7 billion Fairfax loss

8:18PM | Thursday, 23 August

Gina Rinehart has had to pull some of her shares in Fairfax Media from the selling block after a reported lack of interest – despite a reduced selling price.

THE NEWS WRAP: NAB boss says doom mongers are no good for the economy

7:27PM | Tuesday, 31 July

Business leaders should stop talking down the Australian economy or risk damaging confidence, the boss of NAB has warned.

THE NEWS WRAP: Cowin confident of resolution between Rinehart and Fairfax

7:22PM | Thursday, 19 July

Hungry Jack’s founder Jack Cowin is confident there will be a resolution between mining magnate Gina Rinehart and Fairfax Media that will allow her to join Fairfax’s board.

THE NEWS WRAP: Rinehart sells a portion of Fairfax shares, citing insurance issues

7:18PM | Thursday, 5 July

Mining magnate Gina Rinehart has sold part of her stake in Fairfax Media, although she remains the group’s largest shareholder with around 15% of the company.

THE NEWS WRAP: Fairfax says no to Gina

6:16PM | Wednesday, 27 June

Fairfax Media has told Gina Rinehart it is unable to extend an invitation for her to join its board, although chairman Roger Corbett said he hoped an agreement might be possible in the future.

THE NEWS WRAP: “White knight” Rinehart threatens to sell over Fairfax charter stoush

6:17PM | Monday, 25 June

Mining billionaire Gina Rinehart has threatened to sell her shares in Fairfax if she is not offered director positions at the business “without unsuitable conditions”.

THE NEWS WRAP: Rinehart pushes for Fairfax board seats

6:17PM | Monday, 18 June

Mining magnate Gina Rinehart has upped her stake in Fairfax to 18.7%, in the wake of the media company’s announcement yesterday that it will make 1,900 redundancies and close two printing plants.

THE NEWS WRAP: Rinehart increases her Fairfax stake to 15%

6:15PM | Thursday, 14 June

Gina Rinehart, Australia’s richest person, has lifted her stake in Fairfax to above 15%, further consolidating her position as the ailing media company’s largest shareholder.

THE NEWS WRAP: Business leaders urge PM to allow Rinehart's foreign workers

5:18PM | Sunday, 27 May

Business leaders have urged Prime Minister Julia Gillard to stick to her decision to allow 1,700 foreign workers to be employed by Gina Rinehart after Gillard stated that no Australian jobs will be replaced by overseas staff.

Catch of the Day debut on BRW Rich List with $240 million fortune

5:36AM | Thursday, 24 May

The founders of Smart50 entrant Catch of the Day, Gabby and Hezi Leibovich, have been revealed as being among the country's richest people, with a fortune of $240 million, according to the latest figures from BRW.

THE NEWS WRAP: Gina Rinehart named the richest woman in the world by BRW

5:22PM | Wednesday, 23 May

Gina Rinehart has been named the richest woman in the world on the BRW Rich List, with the mining magnate’s family legal woes failing to dent a huge leap in her personal wealth.

THE NEWS WRAP: Apple sued by US Justice Department

4:12PM | Wednesday, 11 April

The US Justice Department has sued Apple and five publishing houses, alleging a “conspiracy” to raise prices and limit competition for eBooks, but has already reached a partial settlement.

THE NEWS WRAP: Auto industry defends government handout

3:25PM | Thursday, 22 March

Car industry bodies have insisted that other businesses will benefit from the Federal Government’s latest handout to the ailing sector.

THE NEWS WRAP: Gillard launches Business Advisory Forum

3:26PM | Tuesday, 6 March

The Gillard government has set up a formal advisory group that will analyse the amount of red tape that small businesses have to deal with.   Prime Minister Julia Gillard will chair the inaugural Business Advisory Forum next month, which will feature about 25 business representatives.   Business lobby groups have welcomed the move, with Business Council of Australia president Tony Shepherd saying: "The different rules and regulations in our nine federal, state and territory jurisdictions are a major drag on our economy and a huge cost to business and consumers.”      Retailers question RBA rates decision   Businesses in the housing and retail sectors have questioned the Reserve Bank’s decision to keep interest rates on hold yesterday.   The RBA kept its cash rate at 4.25%, prompting industry representatives to call for further action to spur consumer confidence and lift spending.     Rinehart requests Fairfax board seat   Mining magnate Gina Rinehart has requested a seat on the Fairfax Media board, according to reports.   The Australian Financial Review said Rinehart wants to increase her influence within Fairfax, in which she has a 12.58% stake. The move came as Rinehart lost a second bid to supress details of a court battle with her children.   Overnight   The Dow Jones industrial average was down 218.30 points, or 1.68%, at 12,744.51. The Australian dollar fell to 105.30 US cents.

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