Glencore shifts $30b in assets to Australia in major restructure
Glencore has shifted more than $30 billion in foreign assets into an Australian subsidiary in a huge restructure designed to make it easier to strike a future mega-merger with a rival commodities giant.
Coal mines in Canada, South Africa and Colombia, a copper resource in Argentina and a South African manganese, chrome and vanadium business are among the assets shifted into the local Glencore Investment Pty Ltd.
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The Advertiser
an hour ago
- The Advertiser
Newcastle Airport's transformation is a golden opportunity for region
Newcastle Airport has come a long way since commercial flights began operating out of a tin shed in 1948. It is not among the signature rural or remote airfields that provide limited, but essential, services for emergency, flight training, charter flights and industry. Newcastle Airport instead services a catchment of more than 1.1 million, connecting 1.2 million passengers a year to capital cities, regional centres and tourism hotspots. It directly supports more than 5700 local jobs and generates $1 billion in economic impact. With scale comes complexity and risk, and the airport has a corporate structure, board and a big balance sheet. The reporting that readers have seen provides insights into governance and risk management frameworks in action. As a government-owned asset, the airport also reports to councils under frameworks mandated by the Local Government Act. Aviation is one of the most regulated sectors in Australia, bringing heavy compliance and reporting obligations. Add requirements under the Corporations Act, Newcastle Airport is not a business that can avoid transparency and accountability: to shareholders, markets, regulators or the public. As the airport expands, so do the obligations, revenue and operational costs, requiring more ambitious investment to maintain standards and competitiveness. More flights to more destinations, more competition on airfares, more freight options for NSW suppliers, more jobs, and the option to avoid driving to Sydney or risk a domestic connection to another city for an international flight. Newcastle Airport is advanced in plans to be the airport we deserve, with investment in an international runway and terminal. This week, direct flights to Perth were announced, providing one-stop links to London and Europe. No different to strategies progressed by most major airports, the airport is investing in property development that diversifies services and income. A 2023 Deloitte Access Economics report shows employment and economic contribution from Australian airport precincts eclipsing that of core aviation activities. Even land owners near Newcastle Airport get the opportunity, as complementary development proposals are pursued. Air freight is also an economic driver, comprising 13 per cent of Australian exports. We expect the airport to review opportunities to build this, as they have in partnership with the Joint Organisation of Councils in the proposal for an air cargo terminal. The region has much more at stake in the success of the airport than just securing that coveted flight to Singapore or the US, made possible by airport upgrades. We are a $91 billion economy entering structural adjustment as the contribution of coal declines, with 55,000 jobs at risk over the next 15 years. These government figures are not modelled on demand for coal. They reflect the supply-side hard baked into our future, including dates for the closure of coal-fired power stations and planning approvals for mines. You can hear the urgency from Upper Hunter mayors as they join advocacy for investment in the airport as part of the solution. When developments in the airport precinct, international upgrades and a cargo terminal are realised, these collectively will replace more than 16 per cent of the predicted jobs deficit. This is not a game for our region. Real jobs, communities and economic security are at risk. The committee is advocating hard with government and business for focus and investment, including the airport, positioning the region as grown-up, unified, professional and a sure bet. But the expression of local politics on airport matters shows that narrower interests are at play. In an own goal for the Hunter, this has bled into federal politics, with the Opposition threatening to air the matter in Senate Estimates. This is damaging negotiations on airport deals to secure the partnerships we need. The entire region, not just Newcastle, has an interest in the success of the airport. With the new terminal opening within months, now is the time to back-in one of the region's most important economic engines. Efforts should be focused on how to increase the feasibility of this generational opportunity and maximise benefits for Hunter residents, businesses and the economy. Newcastle Airport has come a long way since commercial flights began operating out of a tin shed in 1948. It is not among the signature rural or remote airfields that provide limited, but essential, services for emergency, flight training, charter flights and industry. Newcastle Airport instead services a catchment of more than 1.1 million, connecting 1.2 million passengers a year to capital cities, regional centres and tourism hotspots. It directly supports more than 5700 local jobs and generates $1 billion in economic impact. With scale comes complexity and risk, and the airport has a corporate structure, board and a big balance sheet. The reporting that readers have seen provides insights into governance and risk management frameworks in action. As a government-owned asset, the airport also reports to councils under frameworks mandated by the Local Government Act. Aviation is one of the most regulated sectors in Australia, bringing heavy compliance and reporting obligations. Add requirements under the Corporations Act, Newcastle Airport is not a business that can avoid transparency and accountability: to shareholders, markets, regulators or the public. As the airport expands, so do the obligations, revenue and operational costs, requiring more ambitious investment to maintain standards and competitiveness. More flights to more destinations, more competition on airfares, more freight options for NSW suppliers, more jobs, and the option to avoid driving to Sydney or risk a domestic connection to another city for an international flight. Newcastle Airport is advanced in plans to be the airport we deserve, with investment in an international runway and terminal. This week, direct flights to Perth were announced, providing one-stop links to London and Europe. No different to strategies progressed by most major airports, the airport is investing in property development that diversifies services and income. A 2023 Deloitte Access Economics report shows employment and economic contribution from Australian airport precincts eclipsing that of core aviation activities. Even land owners near Newcastle Airport get the opportunity, as complementary development proposals are pursued. Air freight is also an economic driver, comprising 13 per cent of Australian exports. We expect the airport to review opportunities to build this, as they have in partnership with the Joint Organisation of Councils in the proposal for an air cargo terminal. The region has much more at stake in the success of the airport than just securing that coveted flight to Singapore or the US, made possible by airport upgrades. We are a $91 billion economy entering structural adjustment as the contribution of coal declines, with 55,000 jobs at risk over the next 15 years. These government figures are not modelled on demand for coal. They reflect the supply-side hard baked into our future, including dates for the closure of coal-fired power stations and planning approvals for mines. You can hear the urgency from Upper Hunter mayors as they join advocacy for investment in the airport as part of the solution. When developments in the airport precinct, international upgrades and a cargo terminal are realised, these collectively will replace more than 16 per cent of the predicted jobs deficit. This is not a game for our region. Real jobs, communities and economic security are at risk. The committee is advocating hard with government and business for focus and investment, including the airport, positioning the region as grown-up, unified, professional and a sure bet. But the expression of local politics on airport matters shows that narrower interests are at play. In an own goal for the Hunter, this has bled into federal politics, with the Opposition threatening to air the matter in Senate Estimates. This is damaging negotiations on airport deals to secure the partnerships we need. The entire region, not just Newcastle, has an interest in the success of the airport. With the new terminal opening within months, now is the time to back-in one of the region's most important economic engines. Efforts should be focused on how to increase the feasibility of this generational opportunity and maximise benefits for Hunter residents, businesses and the economy. Newcastle Airport has come a long way since commercial flights began operating out of a tin shed in 1948. It is not among the signature rural or remote airfields that provide limited, but essential, services for emergency, flight training, charter flights and industry. Newcastle Airport instead services a catchment of more than 1.1 million, connecting 1.2 million passengers a year to capital cities, regional centres and tourism hotspots. It directly supports more than 5700 local jobs and generates $1 billion in economic impact. With scale comes complexity and risk, and the airport has a corporate structure, board and a big balance sheet. The reporting that readers have seen provides insights into governance and risk management frameworks in action. As a government-owned asset, the airport also reports to councils under frameworks mandated by the Local Government Act. Aviation is one of the most regulated sectors in Australia, bringing heavy compliance and reporting obligations. Add requirements under the Corporations Act, Newcastle Airport is not a business that can avoid transparency and accountability: to shareholders, markets, regulators or the public. As the airport expands, so do the obligations, revenue and operational costs, requiring more ambitious investment to maintain standards and competitiveness. More flights to more destinations, more competition on airfares, more freight options for NSW suppliers, more jobs, and the option to avoid driving to Sydney or risk a domestic connection to another city for an international flight. Newcastle Airport is advanced in plans to be the airport we deserve, with investment in an international runway and terminal. This week, direct flights to Perth were announced, providing one-stop links to London and Europe. No different to strategies progressed by most major airports, the airport is investing in property development that diversifies services and income. A 2023 Deloitte Access Economics report shows employment and economic contribution from Australian airport precincts eclipsing that of core aviation activities. Even land owners near Newcastle Airport get the opportunity, as complementary development proposals are pursued. Air freight is also an economic driver, comprising 13 per cent of Australian exports. We expect the airport to review opportunities to build this, as they have in partnership with the Joint Organisation of Councils in the proposal for an air cargo terminal. The region has much more at stake in the success of the airport than just securing that coveted flight to Singapore or the US, made possible by airport upgrades. We are a $91 billion economy entering structural adjustment as the contribution of coal declines, with 55,000 jobs at risk over the next 15 years. These government figures are not modelled on demand for coal. They reflect the supply-side hard baked into our future, including dates for the closure of coal-fired power stations and planning approvals for mines. You can hear the urgency from Upper Hunter mayors as they join advocacy for investment in the airport as part of the solution. When developments in the airport precinct, international upgrades and a cargo terminal are realised, these collectively will replace more than 16 per cent of the predicted jobs deficit. This is not a game for our region. Real jobs, communities and economic security are at risk. The committee is advocating hard with government and business for focus and investment, including the airport, positioning the region as grown-up, unified, professional and a sure bet. But the expression of local politics on airport matters shows that narrower interests are at play. In an own goal for the Hunter, this has bled into federal politics, with the Opposition threatening to air the matter in Senate Estimates. This is damaging negotiations on airport deals to secure the partnerships we need. The entire region, not just Newcastle, has an interest in the success of the airport. With the new terminal opening within months, now is the time to back-in one of the region's most important economic engines. Efforts should be focused on how to increase the feasibility of this generational opportunity and maximise benefits for Hunter residents, businesses and the economy. Newcastle Airport has come a long way since commercial flights began operating out of a tin shed in 1948. It is not among the signature rural or remote airfields that provide limited, but essential, services for emergency, flight training, charter flights and industry. Newcastle Airport instead services a catchment of more than 1.1 million, connecting 1.2 million passengers a year to capital cities, regional centres and tourism hotspots. It directly supports more than 5700 local jobs and generates $1 billion in economic impact. With scale comes complexity and risk, and the airport has a corporate structure, board and a big balance sheet. The reporting that readers have seen provides insights into governance and risk management frameworks in action. As a government-owned asset, the airport also reports to councils under frameworks mandated by the Local Government Act. Aviation is one of the most regulated sectors in Australia, bringing heavy compliance and reporting obligations. Add requirements under the Corporations Act, Newcastle Airport is not a business that can avoid transparency and accountability: to shareholders, markets, regulators or the public. As the airport expands, so do the obligations, revenue and operational costs, requiring more ambitious investment to maintain standards and competitiveness. More flights to more destinations, more competition on airfares, more freight options for NSW suppliers, more jobs, and the option to avoid driving to Sydney or risk a domestic connection to another city for an international flight. Newcastle Airport is advanced in plans to be the airport we deserve, with investment in an international runway and terminal. This week, direct flights to Perth were announced, providing one-stop links to London and Europe. No different to strategies progressed by most major airports, the airport is investing in property development that diversifies services and income. A 2023 Deloitte Access Economics report shows employment and economic contribution from Australian airport precincts eclipsing that of core aviation activities. Even land owners near Newcastle Airport get the opportunity, as complementary development proposals are pursued. Air freight is also an economic driver, comprising 13 per cent of Australian exports. We expect the airport to review opportunities to build this, as they have in partnership with the Joint Organisation of Councils in the proposal for an air cargo terminal. The region has much more at stake in the success of the airport than just securing that coveted flight to Singapore or the US, made possible by airport upgrades. We are a $91 billion economy entering structural adjustment as the contribution of coal declines, with 55,000 jobs at risk over the next 15 years. These government figures are not modelled on demand for coal. They reflect the supply-side hard baked into our future, including dates for the closure of coal-fired power stations and planning approvals for mines. You can hear the urgency from Upper Hunter mayors as they join advocacy for investment in the airport as part of the solution. When developments in the airport precinct, international upgrades and a cargo terminal are realised, these collectively will replace more than 16 per cent of the predicted jobs deficit. This is not a game for our region. Real jobs, communities and economic security are at risk. The committee is advocating hard with government and business for focus and investment, including the airport, positioning the region as grown-up, unified, professional and a sure bet. But the expression of local politics on airport matters shows that narrower interests are at play. In an own goal for the Hunter, this has bled into federal politics, with the Opposition threatening to air the matter in Senate Estimates. This is damaging negotiations on airport deals to secure the partnerships we need. The entire region, not just Newcastle, has an interest in the success of the airport. With the new terminal opening within months, now is the time to back-in one of the region's most important economic engines. Efforts should be focused on how to increase the feasibility of this generational opportunity and maximise benefits for Hunter residents, businesses and the economy.
The Advertiser
an hour ago
- The Advertiser
'Unjustified': tariff hike risks damaging Aussie steel
Australia risks becoming a dumping ground for cheap steel as pressure mounts for the prime minister to meet with Donald Trump following his "unjustified" doubling of tariffs on steel imports. Mr Trump on Saturday announced plans to increase tariffs on foreign imports of steel from 25 to 50 per cent to "further secure the steel industry in the United States". The decision could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Its peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." Trade Minister Don Farrell says the tariffs are unjustified and not the act of a friend. "They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade," he said on Saturday. "We will continue to engage and advocate strongly for the removal of the tariffs." Opposition trade spokesman Kevin Hogan said the latest move was concerning for Australian jobs The coalition expected the US to honour its obligations under both nations' free trade agreement, he added. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," Mr Hogan said in a statement. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." Labor has sought to temper expectations on whether it can land a deal with the US to remove the tariffs, like it did after nine months of lobbying in the first Trump administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Australia will continue to push for Mr Trump to drop his tariffs after a US federal court blocked his Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia risks becoming a dumping ground for cheap steel as pressure mounts for the prime minister to meet with Donald Trump following his "unjustified" doubling of tariffs on steel imports. Mr Trump on Saturday announced plans to increase tariffs on foreign imports of steel from 25 to 50 per cent to "further secure the steel industry in the United States". The decision could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Its peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." Trade Minister Don Farrell says the tariffs are unjustified and not the act of a friend. "They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade," he said on Saturday. "We will continue to engage and advocate strongly for the removal of the tariffs." Opposition trade spokesman Kevin Hogan said the latest move was concerning for Australian jobs The coalition expected the US to honour its obligations under both nations' free trade agreement, he added. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," Mr Hogan said in a statement. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." Labor has sought to temper expectations on whether it can land a deal with the US to remove the tariffs, like it did after nine months of lobbying in the first Trump administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Australia will continue to push for Mr Trump to drop his tariffs after a US federal court blocked his Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia risks becoming a dumping ground for cheap steel as pressure mounts for the prime minister to meet with Donald Trump following his "unjustified" doubling of tariffs on steel imports. Mr Trump on Saturday announced plans to increase tariffs on foreign imports of steel from 25 to 50 per cent to "further secure the steel industry in the United States". The decision could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Its peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." Trade Minister Don Farrell says the tariffs are unjustified and not the act of a friend. "They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade," he said on Saturday. "We will continue to engage and advocate strongly for the removal of the tariffs." Opposition trade spokesman Kevin Hogan said the latest move was concerning for Australian jobs The coalition expected the US to honour its obligations under both nations' free trade agreement, he added. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," Mr Hogan said in a statement. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." Labor has sought to temper expectations on whether it can land a deal with the US to remove the tariffs, like it did after nine months of lobbying in the first Trump administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Australia will continue to push for Mr Trump to drop his tariffs after a US federal court blocked his Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia risks becoming a dumping ground for cheap steel as pressure mounts for the prime minister to meet with Donald Trump following his "unjustified" doubling of tariffs on steel imports. Mr Trump on Saturday announced plans to increase tariffs on foreign imports of steel from 25 to 50 per cent to "further secure the steel industry in the United States". The decision could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Its peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." Trade Minister Don Farrell says the tariffs are unjustified and not the act of a friend. "They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade," he said on Saturday. "We will continue to engage and advocate strongly for the removal of the tariffs." Opposition trade spokesman Kevin Hogan said the latest move was concerning for Australian jobs The coalition expected the US to honour its obligations under both nations' free trade agreement, he added. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," Mr Hogan said in a statement. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." Labor has sought to temper expectations on whether it can land a deal with the US to remove the tariffs, like it did after nine months of lobbying in the first Trump administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Australia will continue to push for Mr Trump to drop his tariffs after a US federal court blocked his Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency".
7NEWS
2 hours ago
- 7NEWS
'Unjustified': Donald Trump's tariff hike risks damaging Aussie steel
Australia risks becoming a dumping ground for cheap steel as pressure mounts for the prime minister to meet with Donald Trump following his 'unjustified' doubling of tariffs on steel imports. Trump on Saturday announced plans to increase tariffs on foreign imports of steel from 25 to 50 per cent to 'further secure the steel industry in the United States'. The decision could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Its peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. 'The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel,' Australian Steel Institute chief executive Mark Cain said. 'And it could exacerbate the surge in imported low-priced steel that is damaging the industry.' Trade Minister Don Farrell said the tariffs are unjustified and not the act of a friend. 'They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade,' he said on Saturday. 'We will continue to engage and advocate strongly for the removal of the tariffs.' Opposition trade spokesman Kevin Hogan said the latest move was concerning for Australian jobs. The Coalition expected the US to honour its obligations under both nations' free trade agreement, he added. 'The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers,' Mr Hogan said in a statement. 'This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries.' Labor has sought to temper expectations on whether it can land a deal with the US to remove the tariffs, like it did after nine months of lobbying in the first Trump administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Australia will continue to push for Mr Trump to drop his tariffs after a US federal court blocked his Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs.
