Latest news with #Melbourne-based
Sydney Morning Herald
13 hours ago
- Business
- Sydney Morning Herald
The hidden nasty for Australian investors in Trump's ‘big, beautiful bill'
New York: A proposed new tax on foreigners buried in the 'big, beautiful bill' championed by US President Donald Trump has alarmed the Australian business community in New York, with multinationals, super funds and high-net-worth individuals all liable to be hit. Section 899 of Trump's key taxation bill, which has passed the US House of Representatives and now heads to the Senate, would impose 'increased rates of tax on foreign persons of discriminatory foreign countries', starting at 5 per cent and increasing annually to as high as 20 per cent. A number of Australian policies are considered unfair or discriminatory by the US government. The tax threat has unnerved Wall Street and rattled figures in the US-Australian business community, as well as at the highest levels of the Australian consulate in New York. American Australian Association president Steven Marshall said there was growing concern among Australian investors about the proposal, 'particularly its implications for cross-border investment and taxation'. But he noted the bill was not finalised. 'The full details and potential impact remain unclear. We'll have a better sense of the real consequences once the legislation progresses to the US Senate and more concrete provisions are released.' Michael Brown, a senior analyst at Melbourne-based broker Pepperstone, whose clients are largely Australian, said: 'If it ends up passing through the Senate and becoming law, it's going to be incredibly punitive to actually invest in the United States.' Brown said his firm had been flooded with inquiries from Australian and European clients about the proposed law, which escaped initial headlines about the 'big, beautiful bill' but has now become widely seen as a secret 'sting in the tail' of the legislation.
The Age
13 hours ago
- Business
- The Age
The hidden nasty for Australian investors in Trump's ‘big, beautiful bill'
New York: A proposed new tax on foreigners buried in the 'big, beautiful bill' championed by US President Donald Trump has alarmed the Australian business community in New York, with multinationals, super funds and high-net-worth individuals all liable to be hit. Section 899 of Trump's key taxation bill, which has passed the US House of Representatives and now heads to the Senate, would impose 'increased rates of tax on foreign persons of discriminatory foreign countries', starting at 5 per cent and increasing annually to as high as 20 per cent. A number of Australian policies are considered unfair or discriminatory by the US government. The tax threat has unnerved Wall Street and rattled figures in the US-Australian business community, as well as at the highest levels of the Australian consulate in New York. American Australian Association president Steven Marshall said there was growing concern among Australian investors about the proposal, 'particularly its implications for cross-border investment and taxation'. But he noted the bill was not finalised. 'The full details and potential impact remain unclear. We'll have a better sense of the real consequences once the legislation progresses to the US Senate and more concrete provisions are released.' Michael Brown, a senior analyst at Melbourne-based broker Pepperstone, whose clients are largely Australian, said: 'If it ends up passing through the Senate and becoming law, it's going to be incredibly punitive to actually invest in the United States.' Brown said his firm had been flooded with inquiries from Australian and European clients about the proposed law, which escaped initial headlines about the 'big, beautiful bill' but has now become widely seen as a secret 'sting in the tail' of the legislation.
West Australian
2 days ago
- West Australian
Melbourne commuter chaos looms for months as Metro Tunnel nears completion
Melbourne commuters can expect headaches for the rest of the year as the $15bn Metro Tunnel opens in stages. Passengers on three different train lines will have to switch at either of two different stations as the first trains carrying passengers through the new tunnel are opened to the public. Speaking to media on Saturday, Transport Infrastructure Minister, Gab Williams, said the amount of disruptions owing to the state's massive infrastructure projects was too long to list. 'You've probably already seen the media release with an outline of many of the disruptions that will be taking place over the winter break, because we have a huge winter of work,' she said. 'So I won't go through all of them. I will choose to single out a few, but in short, we are ensuring you know the final stretch and opening, getting ready to open, the Metro Tunnel project and of course as well the West Gate Tunnel.' On June 21, the train-carrying Metro Tunnel will run a 'dress rehearsal', however the tunnel hasn't yet been signed off to transport passengers. On this one rehearsal day, passengers on the Sunbury, Cranbourne and Pakenham lines will have to switch trains at Caulfield or Footscray stations. The empty trains will then continue on through the tunnel as a sort of dry run. There are two AFL games in Melbourne on that Saturday, being contested by four Melbourne-based teams. Ms Williams said staff will 'be out in force' at the stations where passengers have to get off the train to tell people where to go, on top of the usual announcements ringing out. This June 21 trial marks the first in a string of major transport disruptions over the next six months. Final works on the West Gate Tunnel will cause lane closures on outbound arterial routes later in the year. Sections of the Eastern Freeway will be shut during the weekends in August and buses will replace trains on the Hurstbridge line in July.
Perth Now
2 days ago
- Sport
- Perth Now
City braces for months of commuter chaos
Melbourne commuters can expect headaches for the rest of the year as the $15bn Metro Tunnel opens in stages. Passengers on three different train lines will have to switch at either of two different stations as the first trains carrying passengers through the new tunnel are opened to the public. Speaking to media on Saturday, Transport Infrastructure Minister, Gab Williams, said the amount of disruptions owing to the state's massive infrastructure projects was too long to list. 'You've probably already seen the media release with an outline of many of the disruptions that will be taking place over the winter break, because we have a huge winter of work,' she said. Victorian Transport Infrastructure Minister Gabrielle Williams acknowledges there will numerous disruptions in coming months. NewsWire / Andrew Henshaw Credit: News Corp Australia The Parkville Station is one of five new Metro stations. NewsWire / Andrew Henshaw Credit: News Corp Australia 'So I won't go through all of them. I will choose to single out a few, but in short, we are ensuring you know the final stretch and opening, getting ready to open, the Metro Tunnel project and of course as well the West Gate Tunnel.' On June 21, the train-carrying Metro Tunnel will run a 'dress rehearsal', however the tunnel hasn't yet been signed off to transport passengers. On this one rehearsal day, passengers on the Sunbury, Cranbourne and Pakenham lines will have to switch trains at Caulfield or Footscray stations. The empty trains will then continue on through the tunnel as a sort of dry run. Media got a look at the new Parkville Station on Saturday. NewsWire / Andrew Henshaw Credit: News Corp Australia There are two AFL games in Melbourne on that Saturday, being contested by four Melbourne-based teams. Ms Williams said staff will 'be out in force' at the stations where passengers have to get off the train to tell people where to go, on top of the usual announcements ringing out. This June 21 trial marks the first in a string of major transport disruptions over the next six months. Final works on the West Gate Tunnel will cause lane closures on outbound arterial routes later in the year. Sections of the Eastern Freeway will be shut during the weekends in August and buses will replace trains on the Hurstbridge line in July.
Yahoo
3 days ago
- Business
- Yahoo
Seacoast bets big on The Villages in $710.8M deal
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Arguably Florida's most acquisitive bank is making a move on the state's largest retirement community. Seacoast Banking Corp. agreed to acquire Villages Bancorporation in a transaction worth $710.8 million that's expected to close in the fourth quarter, according to a Thursday press release. VBI, the parent company of Citizens First Bank, touts a deposit share of more than 50% in the metro area that includes The Villages, the 150,000-person community in central Florida. The deal comes just two weeks after Seacoast announced it had received approval from the Federal Reserve and Office of the Comptroller of the Currency to buy Heartland Bancshares. That transaction, worth roughly $110 million and announced in February, is set to close July 11, Seacoast said this month. The VBI deal builds on Stuart-based Seacoast's strategy to expand in central Florida. Thursday's transaction would add 19 branches to Seacoast's brick-and-mortar footprint and boost its asset total by $4.1 billion, the bank said. Figuring in the Heartland deal, too, Seacoast will have $21 billion in assets, $17 billion in deposits and $12 billion in gross loans once the VBI transaction closes, it said. Seacoast CEO Charles Shaffer called the deal a 'rare partnership opportunity to continue the legacy of high quality service to the Villages community with a shared vision for the many years of growth that lay ahead.' Seacoast expects the transaction to be roughly 22% accretive to earnings per share in 2026. Its tangible book value dilution should be earned back in less than three years, the bank said. Under the deal, VBI shareholders can receive their choice of $1,000 in cash for each share they own, or 38.5 shares of Seacoast common stock. VBI shareholders alternately could opt for a mix of the two, such that they would get cash for 25% of the holdings and the remaining 75% would be exchanged for Seacoast stock. The deal's $710.8 million value stems from Seacoast's closing price from Wednesday of $24.91 per share, the bank said. 'Since its founding in 1992, VBI has been committed to providing the very best banking experience for our customers,' CEO Jay Bartholomew said in a statement Thursday. 'In partnership with Seacoast, we are positioned to further accelerate this commitment, creating a best-in-class banking experience supported by a great team of professionals.' Seacoast's history of acquisition stretches far back from 2025. The lender simultaneously announced two deals in 2021: for Sarasota-based Sabal Palm Bank and Melbourne-based Florida Business Bank. It followed that up in 2022 with a $168.3 million purchase of Miami-based Apollo Bank (which itself had earlier terminated a proposed tie-up with Suncoast Credit Union). Seacoast further cemented its Miami foothold in 2022 by acquiring Professional Bank for roughly $488.6 million.
