News Wrap

IN THIS morning’s News Wrap: coal activist hoaxer unlikely to face jail over fake ‘ANZ’ email; Abbott finally cuts deal to axe carbon tax; and BHP on track to surge past iron ore export target.

Lou Caruana

Coal activist hoaxer unlikely to face jail over fake ‘ANZ’ email

An anti-coal campaigner who sent out a fake ANZ media release causing a $A314 million slump in the sharemarket value of Whitehaven Coal is unlikely to spend time in jail, according to the Sydney Morning Herald.

Jonathan Moylan, 26, of Newcastle, pleaded guilty in May to one offence of contravening s1041E of the Corporations Act for disseminating false information to the market.

The maximum penalty is 10 years in jail or a fine of up to $765,000, or both. However, Moylan could be assessed for an intensive correction order, which is similar to home detention, and requires the offender to wear an electronic bracelet and adhere to other conditions.

Abbott finally cuts deal to axe carbon tax

The federal government has cut a deal with Clive Palmer which it believes removes any more excuses to block the repeal of the carbon tax, the Coalition’s No. 1 election promise, according to the Australian Financial Review.

At the weekend, Palmer and the government agreed to changes to his key demands for stiff penalties and price disclosure provisions to ensure they would apply only to energy suppliers, not all businesses.

The government was prepared on Thursday to vote for Palmer’s original demands in return for his support to repeal the carbon tax.

BHP on track to surge past iron ore export target

BHP Billiton looks set to easily beat its iron ore export target for the 2014 financial year, after data published by its Port Hedland neighbours indirectly shed light on BHP’s performance, according to the Australian Financial Review.

Australia’s biggest company needed to export about 54 million tonnes of iron ore during the June quarter – including tonnes owned by joint venture partners – to meet its full-year target of exporting 217Mt.

The miner appears to have easily achieved that, after Fortescue Metals Group and Atlas Iron illuminated Port Hedland data by both publishing their export numbers earlier than expected last week.

topics

loader