Australia

Australia competition watchdog takes GSK, Novartis over misleading marketing

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.

Continue reading

Australia: Glencore involved in Paradise Papers

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).

Continue reading

UBS warns: Australian housing market built on $500 bn of liar loans

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.

Continue reading

Glencore: Superior proposal for Rio Tinto’s coal mines

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.

Continue reading

Australia fights against paedophiles with passport ban

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.

Continue reading

Australia to replace passports with facial recognition

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.

Continue reading

Australia: over 340 citizens linked with Swiss bank accounts

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.

Continue reading