Lex Greensill was ‘dishonest', IAG alleges in $7b court battle
ASX-listed IAG and its former subsidiary Bond & Credit Co – now owned by Japanese insurer Tokio Marine – are fighting creditors of Lex Greensill's collapsed financing empire in Federal Court and trying to finalise defence statements ahead of a trial slated for August 2026 in Sydney.
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Sydney Morning Herald
28 minutes ago
- Sydney Morning Herald
‘A very big threat': Australia defends PBS as Trump flags 250% tariffs on medicines
Health Minister Mark Butler is planning to speed up medicines approvals as United States President Donald Trump threatens to put tariffs of up to 250 per cent on pharmaceutical products, which could affect $2 billion worth of Australian exports. Butler said Trump's latest threat would not change the discount Australians received on medicines through the Pharmaceutical Benefits Scheme, but revealed he would get advice within days about accelerating the approvals process for new drugs in Australia – a key issue that US pharmaceutical giants have raised with Trump. Speeding up the timeframe for US medicines to land on pharmacy shelves could improve the Australian government's standing with the Trump administration, although it does not deal with the White House's bigger concern that Americans pay more for medicines than citizens of other countries. Trump's anger with what he called 'foreign freeloading nations' prompted him to threaten tariffs of up to 250 per cent on drug imports this week. Butler said it was a 'a very big threat'. 'It's one we're working very hard to engage with the Americans on,' Butler said on Thursday. Loading 'The numbers are jumping around … They were 200 per cent a couple of weeks ago, and now they're 250 per cent potentially. They are very, very big tariffs. 'We are making the case very strongly, but I'm not going to pretend that the US Administration doesn't appear to be pretty serious about this.' Australia's PBS – under which the government subsidises drugs and Australians can buy expensive medicines for a maximum price of $31.60, soon to become $25 – has been brought up repeatedly during Trump's trade wars as US pharmaceutical companies push the president to punish countries that limit their market access.
The Age
28 minutes ago
- The Age
‘A very big threat': Australia defends PBS as Trump flags 250% tariffs on medicines
Health Minister Mark Butler is planning to speed up medicines approvals as United States President Donald Trump threatens to put tariffs of up to 250 per cent on pharmaceutical products, which could affect $2 billion worth of Australian exports. Butler said Trump's latest threat would not change the discount Australians received on medicines through the Pharmaceutical Benefits Scheme, but revealed he would get advice within days about accelerating the approvals process for new drugs in Australia – a key issue that US pharmaceutical giants have raised with Trump. Speeding up the timeframe for US medicines to land on pharmacy shelves could improve the Australian government's standing with the Trump administration, although it does not deal with the White House's bigger concern that Americans pay more for medicines than citizens of other countries. Trump's anger with what he called 'foreign freeloading nations' prompted him to threaten tariffs of up to 250 per cent on drug imports this week. Butler said it was a 'a very big threat'. 'It's one we're working very hard to engage with the Americans on,' Butler said on Thursday. Loading 'The numbers are jumping around … They were 200 per cent a couple of weeks ago, and now they're 250 per cent potentially. They are very, very big tariffs. 'We are making the case very strongly, but I'm not going to pretend that the US Administration doesn't appear to be pretty serious about this.' Australia's PBS – under which the government subsidises drugs and Australians can buy expensive medicines for a maximum price of $31.60, soon to become $25 – has been brought up repeatedly during Trump's trade wars as US pharmaceutical companies push the president to punish countries that limit their market access.
AU Financial Review
28 minutes ago
- AU Financial Review
Redcape buys $30m Queensland pub, launches capital raise
Redcape Hotel Group has bought The Orion Hotel in south-east Queensland for $30 million and launched a capital raising to fund more deals as it swings back strongly into expansion phase. It's the latest in a string of acquisitions by the hotel fund over the past 12 months, totalling around $250 million. The unlisted fund, one of the biggest of those managed by ASX-listed MA Financial, has accumulated a $1 billion portfolio of hotels in NSW and Queensland.
