Latest news with #FutureFund
The Advertiser
a day ago
- Business
- The Advertiser
City of Newcastle spends $12m on Wollongong property
CITY of Newcastle has entered the Wollongong property market, snapping up a $12 million property in the Illawarra. The council fought off interest from more than 140 registered parties to buy the Sonic HealthPlus site at 21-23 Denison Street, Wollongong. The property is fully leased to subsidiaries of Sonic Healthcare, Illawarra Radiology Group and Sonic HealthPlus. It's City of Newcastle's second unusual property purchase in recent weeks - in late April, it bought a Bunnings site at Taree. So why is Newcastle council buying a hardware store and a Wollongong health facility? It's about investing in the future - quite literally, the council says. The purchases are part of what the council calls its Future Fund strategy, where surplus funds are used to buy the properties and benefit from the financial returns via rents and leases. A City of Newcastle spokesperson said the money raised for the Future Fund is to be used to maintain council infrastructure. "The Future Fund is acquiring appropriate commercial properties as an additional investment opportunity because they offer inflation protection and stable returns, allowing City of Newcastle to diversify its revenue base to cater for both the growing population and ageing assets," the spokesperson said. "The Future Fund allows us to increase investment of our cash reserves into a diverse portfolio of land, buildings and City of Newcastle's commercial operations. "The Wollongong purchase was vetted by City of Newcastle's Future Fund Governance Committee in line with its adopted investment strategy and follows the review of more than 20 properties during the past 12 months." The SonicHealth facility is the only Wollongong property owned by the City of Newcastle. It's a different approach compared to Wollongong City Council, which doesn't seem to be looking into the Newcastle property market. According to the most recent investment report released by Wollongong council, it prefers to invest its surplus money with banks and managed funds. The report shows it has $176 million invested in various funds and trusts with maturity dates years in the future. CITY of Newcastle has entered the Wollongong property market, snapping up a $12 million property in the Illawarra. The council fought off interest from more than 140 registered parties to buy the Sonic HealthPlus site at 21-23 Denison Street, Wollongong. The property is fully leased to subsidiaries of Sonic Healthcare, Illawarra Radiology Group and Sonic HealthPlus. It's City of Newcastle's second unusual property purchase in recent weeks - in late April, it bought a Bunnings site at Taree. So why is Newcastle council buying a hardware store and a Wollongong health facility? It's about investing in the future - quite literally, the council says. The purchases are part of what the council calls its Future Fund strategy, where surplus funds are used to buy the properties and benefit from the financial returns via rents and leases. A City of Newcastle spokesperson said the money raised for the Future Fund is to be used to maintain council infrastructure. "The Future Fund is acquiring appropriate commercial properties as an additional investment opportunity because they offer inflation protection and stable returns, allowing City of Newcastle to diversify its revenue base to cater for both the growing population and ageing assets," the spokesperson said. "The Future Fund allows us to increase investment of our cash reserves into a diverse portfolio of land, buildings and City of Newcastle's commercial operations. "The Wollongong purchase was vetted by City of Newcastle's Future Fund Governance Committee in line with its adopted investment strategy and follows the review of more than 20 properties during the past 12 months." The SonicHealth facility is the only Wollongong property owned by the City of Newcastle. It's a different approach compared to Wollongong City Council, which doesn't seem to be looking into the Newcastle property market. According to the most recent investment report released by Wollongong council, it prefers to invest its surplus money with banks and managed funds. The report shows it has $176 million invested in various funds and trusts with maturity dates years in the future. CITY of Newcastle has entered the Wollongong property market, snapping up a $12 million property in the Illawarra. The council fought off interest from more than 140 registered parties to buy the Sonic HealthPlus site at 21-23 Denison Street, Wollongong. The property is fully leased to subsidiaries of Sonic Healthcare, Illawarra Radiology Group and Sonic HealthPlus. It's City of Newcastle's second unusual property purchase in recent weeks - in late April, it bought a Bunnings site at Taree. So why is Newcastle council buying a hardware store and a Wollongong health facility? It's about investing in the future - quite literally, the council says. The purchases are part of what the council calls its Future Fund strategy, where surplus funds are used to buy the properties and benefit from the financial returns via rents and leases. A City of Newcastle spokesperson said the money raised for the Future Fund is to be used to maintain council infrastructure. "The Future Fund is acquiring appropriate commercial properties as an additional investment opportunity because they offer inflation protection and stable returns, allowing City of Newcastle to diversify its revenue base to cater for both the growing population and ageing assets," the spokesperson said. "The Future Fund allows us to increase investment of our cash reserves into a diverse portfolio of land, buildings and City of Newcastle's commercial operations. "The Wollongong purchase was vetted by City of Newcastle's Future Fund Governance Committee in line with its adopted investment strategy and follows the review of more than 20 properties during the past 12 months." The SonicHealth facility is the only Wollongong property owned by the City of Newcastle. It's a different approach compared to Wollongong City Council, which doesn't seem to be looking into the Newcastle property market. According to the most recent investment report released by Wollongong council, it prefers to invest its surplus money with banks and managed funds. The report shows it has $176 million invested in various funds and trusts with maturity dates years in the future. CITY of Newcastle has entered the Wollongong property market, snapping up a $12 million property in the Illawarra. The council fought off interest from more than 140 registered parties to buy the Sonic HealthPlus site at 21-23 Denison Street, Wollongong. The property is fully leased to subsidiaries of Sonic Healthcare, Illawarra Radiology Group and Sonic HealthPlus. It's City of Newcastle's second unusual property purchase in recent weeks - in late April, it bought a Bunnings site at Taree. So why is Newcastle council buying a hardware store and a Wollongong health facility? It's about investing in the future - quite literally, the council says. The purchases are part of what the council calls its Future Fund strategy, where surplus funds are used to buy the properties and benefit from the financial returns via rents and leases. A City of Newcastle spokesperson said the money raised for the Future Fund is to be used to maintain council infrastructure. "The Future Fund is acquiring appropriate commercial properties as an additional investment opportunity because they offer inflation protection and stable returns, allowing City of Newcastle to diversify its revenue base to cater for both the growing population and ageing assets," the spokesperson said. "The Future Fund allows us to increase investment of our cash reserves into a diverse portfolio of land, buildings and City of Newcastle's commercial operations. "The Wollongong purchase was vetted by City of Newcastle's Future Fund Governance Committee in line with its adopted investment strategy and follows the review of more than 20 properties during the past 12 months." The SonicHealth facility is the only Wollongong property owned by the City of Newcastle. It's a different approach compared to Wollongong City Council, which doesn't seem to be looking into the Newcastle property market. According to the most recent investment report released by Wollongong council, it prefers to invest its surplus money with banks and managed funds. The report shows it has $176 million invested in various funds and trusts with maturity dates years in the future.
The Independent
4 days ago
- Politics
- The Independent
Fury as Mauritius uses UK Chagos deal cash to pay for debts instead of indigenous resettlement
It comes after Chagossian campaigners submitted a formal legal communication to the United Nations Human Rights Committee as part of an attempt to challenge the legitimacy of the deal. The agreement, signed last month, will see the UK give up sovereignty of the island territory to Mauritius and lease back the US-UK military base on Diego Garcia at a cost of £101m per year for 99 years. Under the deal, a £40 million 'Future Fund' trust was established by the UK, to help resettle indigenous Chagossians and 'create wealth for future generations', after hundreds of people native to the islands were deported more than half a century ago when the British and US governments built the military base there. It is set to be funded by the UK and established by Mauritius, but the Mauritian budget for 2025/26 indicates ministers will use any money for the trust fund until three years into the agreement. The budget, presented to the Mauritian parliament on Wednesday, stated 'the revenue from Chagos… will be used for debt repayment for the first 3 years'. It adds that the government will 'start the groundwork to set up a Future Fund, to which receipts from the Chagos deal will be transferred as from year four. But the budget contains no details of how much money will be put towards it each year. The revelation comes despite both countries saying they wanted to 'recognis[e] the wrongs of the past' and are 'conscious that past treatment of Chagossians has left a deeply regrettable legacy, and [they are] committed to supporting the welfare of all Chagossians'. There are none left on the islands to consult or to take part in a referendum. In a shameful episode during decolonisation, they were deported, with most settling in Mauritius, the Seychelles and the UK. Many oppose the deal, but their legal actions have failed. Jean Francois-Nellan, of campaign group Chagossian Voices, told The Independent he is 'appalled but not surprised'. 'Chagossians are being erased from both the history and future of Mauritius. The government is more interested in using our suffering to balance its books than in delivering justice,' he said. 'Instead, the budget outlines development priorities for Rodrigues and Agalega regions, rightly deserving of investment, but completely omits the Chagossians, the very people whose displacement gave rise to the international legal fight Mauritius continues to wage.' He added: 'Despite repeated claims of sovereignty and responsibility over the Chagos archipelago, the government of Mauritius has once again failed to acknowledge or prioritise the rights and welfare of the Chagossian people in its 2025/26 national budget.' The case, being brought to the UN by campaigners Bernadette Dugasse and Bertrice Pompe, criticises the UK-Mauritian deal for having been 'negotiated and concluded without the participation or consent of the Chagossian people, who remain displaced from their homeland since the orchestrated deportation carried out between 1965 and 1973'. The campaigners add: 'It explicitly bars their return to Diego Garcia, historically the most populous island, and entrenches the colonial and strategic use of the territory by leasing it for up to 99 years to the United States. 'The agreement constitutes the crystallisation of a historical injustice and threatens to make permanent the exclusion of an entire people from their native land.' While the committee's decision is not legally binding, it carries significant moral and legal authority. As a quasi-judicial body, its rulings shape international legal norms and state obligations - meaning that if they rule in favour of the Chagossians, it would significantly undermine the government's decision to sign the treaty. Ms Pompe said: 'The fight is not over. There is nothing in that treaty for Chagossians and we will fight.' She added: 'I pity the poor souls in the No.10 Press Office who are being ordered to justify Keir Starmer's betrayal of the Chagossian people. We're looking forward to the explanation of why the UN Human Rights Committee doesn't matter. Not pausing the Chagos deal until the Committee rules is indefensible.' The deal was signed in May after months of legal wrangling, and even an overnight legal challenge the night before brought by indigenous campaigners, which initially put the treaty on pause but was later dismissed.
Russia Today
02-06-2025
- Automotive
- Russia Today
Tesla execs ‘questioned' Musk over denial of company plans
Some senior Tesla executives 'questioned' CEO Elon Musk after he publicly dismissed a Reuters story last year that the company had dropped plans for a low-cost electric vehicle, the news agency reported on Monday. Musk accused Reuters of 'lying (again)' in April 2024, following a report that Tesla had quietly shelved development of the so-called Model 2 EV and shifted its focus to self-driving robotaxis. According to people familiar with the matter, Tesla executives had already been told weeks earlier that the project was dead. Musk's denial post on X caught some managers off guard, prompting them to ask whether he had reversed course. He reportedly confirmed the plan was still shelved, leaving staff unsure of how to respond to suppliers and investors. The Model 2 was part of Musk's longstanding goal to bring affordable electric cars to the masses. First teased in 2020, it was expected to start at $25,000 — well below Tesla's current entry-level Model 3, which sells for $42,500. A year after Musk's denial, no such car has materialized, and neither Musk nor Tesla has confirmed that the project is canceled. Tesla is instead preparing stripped-down versions of the Model 3 and Model Y, now expected in 2025 after delays. 'The key is they'll be affordable,' engineering chief Lars Moravy told investors this April. Gary Black, a Tesla investor who manages money for the Future Fund LLC, said he didn't view Musk's statement as a 'denial' at the time, noting that Musk often makes 'brief and abrupt' comments that 'can be about anything.' Some Tesla executives reportedly raised concerns that denying the Model 2 was dead could mislead the public and even draw scrutiny from the US Securities and Exchange Commission (SEC). Musk settled with the SEC in 2018 over a tweet about taking Tesla private, agreeing to have certain posts pre-approved by a lawyer – a requirement he reportedly ignores. The development comes as Chinese auto giant BYD has overtaken Tesla in global EV sales. The company's $10,000 Seagull hatchback helped BYD outsell Tesla in Europe for the first time in April. Musk dismissed BYD in a 2011 Bloomberg interview, questioning its quality and technology. Last week, the tech mogul, who had been leading the US Department of Government Efficiency (DOGE), announced he would step down from the role to refocus on his companies, including Tesla, SpaceX, xAI, Neuralink, and X.
Yahoo
29-05-2025
- Business
- Yahoo
Future Fund spending revealed in new report
PIERRE, S.D. (KELO) — The 18 lawmakers who oversee South Dakota state government's budget will have an opportunity on Friday to discuss a required report on a multi-million-dollar funding program that the governor exclusively controls. Container homes face challenges in Sioux Falls market The Legislature's Appropriations Committee will look at how former Gov. Kristi Noem spent from the Future Fund in the final months before she left office in January. Businesses are required to pay into the program, which lawmakers established in 1987 at the suggestion of then-Gov. George S. Mickelson as a means to supplement research and economic development. Lawmakers in 2024 passed legislation requiring semi-annual reports on the Future Fund's use be submitted to the Appropriations Committee. The current report shows that Noem distributed millions from the fund in the weeks before she resigned as governor to become the new federal Homeland Security secretary. Sioux Falls Development Foundation received $15 million on December 9, 2024. The report says the funding was to 'offset the costs associated with siting and constructing the CJ/Schwans facility in Sioux Falls.' South Dakota Community Foundation received $16.8 million on December 17, 2024, for the Build Dakota Scholarship Program, up from $10 million in the original agreement. South Dakota Chamber of Commerce and Industry received $50,000 on December 17, 2024. The report says the funding was 'for winners of the Giant Vision Business Awards Competition to encourage entrepreneurial activity within the state.' South Dakota Trade Association received $3 million on December 27, 2024, to support 'their effort to expand international trade for South Dakota businesses,' according to the report. That was up from an agreed-upon original amount of $600,000. South Dakota Department of Labor and Regulation received $13,940,211 on January 14, 2025, as 'support for the Registered Apprenticeship Program to expand its impact,' according to the report. That was up from an original amount of $7,940,211. The Appropriations Committee meeting starts at 10 a.m. CT. The Future Fund report is the third item on the agenda. A cover letter from Bill Even, who recently was appointed commissioner for the Governor's Office of Economic Development by Gov. Larry Rhoden, states that GOED 'is committed to providing comprehensive and transparent information to the Joint Committee on Appropriations, in line with legislation and South Dakota's economic development goals.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Epoch Times
23-05-2025
- Business
- Epoch Times
Coalition Set to Reunite as Liberals Agree to Nationals' Demands
The Coalition is expected to be back on track after a brief but high-stakes split, with the Liberal Party agreeing to all four conditions put forward by Nationals leader David Littleproud. The agreement was reached during a Liberal Party room meeting on May 23, ending days of public tension and speculation over the future of the long-standing conservative alliance. 'Well done David Littleproud! Liberals back down on all requests,' Nationals Senator Matt Canavan confirmed the move in a post on X. 'We continue the fight to use all our energy resources, protect small businesses and farmers and deliver better services. Great win for the Nationals and Regional Australia. We will always fight hard for you!' The key demands centered on support for nuclear energy, new powers to break up supermarket monopolies, and the creation of a $20 billion regional Future Fund—issues Littleproud argued were sidelined in recent Coalition discussions. Breakup Followed by Reconciliation Just days earlier, Littleproud had formally announced the Nationals' decision to walk away from the Coalition agreement, citing a 'mismatch in priorities' between the two parties. The move triggered strong reactions from the Liberal leadership, with newly elected party leader Sussan Ley and her deputy Ted O'Brien issuing a joint response on May 20. Related Stories 5/22/2025 5/21/2025 'It is disappointing that the National Party has taken the decision to leave the Coalition today,' the statement read. While Liberals suggested continuing to work together in opposition to the government, they said that any new shared policies would need to go through their own internal review process. This means that even though they were willing to cooperate, they still wanted time to think through their future plans carefully—especially after their recent election defeat. Third Major Split in Coalition's History This brief separation marked only the third time the Coalition partners have formally split at the federal level. While temporary divisions are not unprecedented, the speed of the re-alignment underscores both the political stakes and the urgency for unity ahead of the next election. Littleproud described the decision to walk away as the 'hardest political decision' of his career but said it was necessary to ensure the Nationals could define their identity and advocate fully for regional Australia. Despite the temporary split, the Liberal Party had left the door open for reconciliation. 'The Liberal Party's door remains open to the Nationals should they wish to rejoin the Coalition before the next election,' the statement read. With today's decision, the Coalition appears poised to move forward as a united opposition.
