Australia Regulator Probes $20 Billion Private Credit Manager
The probe is part of a two-year review of private markets that the Australian Securities & Investments Commission is conducting across the industry. The regulator is giving more attention to Metrics and some of its transactions because of specific concerns about the firm's practices and in light of its substantial exposure to real estate, according to the people.
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Forbes
3 hours ago
- Forbes
Can Aurora Expeditions Make Polar Cruises Sustainable?
A rendering of Aurora's newest ship, the Douglas Mawson, which is scheduled to set sail in December. Aurora Expeditions Aurora Expeditions, a small Sydney-based cruise line, is on a mission to rewrite the cruise industry's sustainability narrative in a big way. With a focus on expedition cruises to the Arctic and Antarctic, the company is making bold claims about its environmental efforts, including becoming the first cruise line to get B Corporation bragging rights. But can Aurora truly deliver on its promises? And, in an industry notorious for pollution and waste, does sustainability even matter? Reality check: The cruise industry has long been criticized for its reckless environmental practices. For example, cruise ships in Europe emit as much sulfur dioxide as one billion cars, according to a recent study. From carbon emissions to waste disposal, the cruise industry's overall environmental record is downright awful. Against this backdrop, Aurora's claims of sustainability seem almost too good to be true. Sasha Buch, Aurora's sustainability manager, with a model of the Greg Mortimer, one of its expedition vessels. Christopher Elliott "Sustainability is who we are" Sasha Buch, Aurora's sustainability manager, met me at the company's headquarters in the Surry Hills neighborhood of Sydney, a quiet district filled with apartments, office buildings and cafes. One of the first things she told me was that Aurora is a different kind of cruise line. 'Sustainability is who we are,' she says, pointing to the company's founding in 1991 by mountaineer Greg Mortimer and his wife, Margaret, both passionate environmentalists. The B Corporation certification, which Aurora achieved last year, is a designation that requires companies to meet rigorous standards for social and environmental performance, accountability, and transparency. Becoming a B Corp is a journey, not a destination; standards are revised annually, keeping ever B Corp on its toes. Antarctica is one of the most environmentally fragile places on the planet. getty A closer look at Aurora's sustainability initiatives Aurora's actual sustainability efforts are wide-ranging. Here's a breakdown of their key initiatives: Innovative ships Aurora's fleet includes three state-of-the-art ships designed with sustainability in mind. Features like the X-BOW design, which reduces fuel consumption, and shore-based power systems promise to reduce the environmental impact of cruising. 'Our ships are a testament to what's possible when you prioritize sustainability,' Buch says. Climate action Aurora achieved a carbon-neutral certification in 2021, meaning it measures and offsets its carbon emissions. The company has also partnered with Trace, a green technology company, to map a path to net-zero emissions. 'We're not just offsetting,' Buch told me. "We're actively reducing our emissions." Education and enrichment Aurora's Citizen Science Program allows passengers to participate in data collection, from photographing whales to testing for microplastics. Buch says the educational initiatives deepen their passengers' understanding of the environment and, over time, will support a more sustainable cruising experience. Waste and water management The cruise line adheres to strict international standards for waste and water management, eliminating single-use plastics and using eco-certified cleaning products. Community engagement Aurora's Community Ambassador Program works with Inuit communities in the Arctic to promote cultural exchange and provide economic benefits to indigenous communities. Aurora's newest ship, the Douglas Mawson , also represents a leap forward. It will set the bar for conservation in the Antarctic when it launches in December. Programs such as waste minimization, carbon offset, and collaboration with leading conservation organizations will be built into the cruise experience. Aurora says the ship is designed to minimize environmental impact and will help travelers tread lightly on the fragile polar environment. The big picture: Does sustainability matter? The very nature of cruising — of transporting large numbers of people to remote and fragile ecosystems — is inherently destructive. And in this business, the most popular cruise lines are often the ones who can do it at the lowest price, not the most responsibly. Aurora seems to know that the deck is stacked against a company that puts sustainability rather than profitability in the captain's chair. And there's a sense you get in talking to someone like Buch that it actually likes that kind of challenge. "We're always trying to do more because there's always so much more that can be done,' she says. Buch emphasizes the importance of transparency and accountability in Aurora's sustainability efforts. The company is constantly making course corrections as it aims to become carbon-negative. She says the goal isn't just recycling, but regenerative tourism — going beyond minimizing harm to actively restoring and improving the environments they visit. 'It's about taking care of what we have now for future generations as well as repairing any damage that has been done,' she explains. The company has a checklist of accomplishments, outlined in its latest impact report. It includes becoming carbon-neutral, participating in the cleanups to remove marine debris from the coastlines of Iceland and Svalbard, and demonstrating a "dramatic" reduction of single-use plastics in its operations. The challenges ahead Despite Aurora's efforts, the fundamental question remains: Can an industry built on fossil fuels and mass tourism ever truly be sustainable? Buch is optimistic. 'We have a responsibility to inspire, educate, and advocate for the protection and preservation of the places we visit,' she says. Aurora is making giant strides in sustainability, and its B Corporation certification is a significant achievement. But the company's efforts represent only one step in the cruise industry's journey toward becoming green. And it won't happen unless passengers want it to, which means they're booking more cruises with a company like Aurora. 'We know there's a long way to go,' she says. Aurora's journey toward sustainability is a work in progress — one that will require ongoing accountability and scrutiny. In the meantime, the takeaway is clear for travelers: You have to carefully consider the effect of your next cruise on the environment. It may be worth spending a little extra to go with a company that is dedicated to long-term sustainability.
Wall Street Journal
3 hours ago
- Wall Street Journal
Trump Fast-Tracks Deregulatory Push at Consumer-Protection Bureau
WASHINGTON—In the final months of the Biden administration, the nation's largest credit union agreed to refund $80 million to U.S. service members and their families the government said it had illegally overcharged. Under President Trump, the Consumer Financial Protection Bureau, which had reached the settlement agreement with Navy Federal Credit Union, dropped the case. Now the credit union is no longer required to refund cash to members of the military it had previously agreed to reimburse.
Yahoo
5 hours ago
- Yahoo
Grant Thornton expands Brisbane tax with new appointment
Grant Thornton has appointed Matthew Lane as a corporate tax partner at its Brisbane office in Australia. Lane brings more than 20 years of experience in corporate tax advisory, having worked in-house, as an external consultant, and at two Big Four professional services firms. Lane's specialist experience in the financial services industry includes leadership roles in the tax and finance teams of a 'large' Australian superannuation fund, the professional services provider said. His expertise spans superannuation, insurance, funds management, and banking. Additionally, Lane has knowledge of tax matters related to financing arrangements, thin capitalisation, capital management, global tax compliance, and tax governance reviews. Lane's proficiency extends to providing transactional tax support, including tax due diligence, restructuring, and both domestic and international tax structuring advice. He also offers other M&A advisory services, catering to a clientele, including corporate groups, investment funds, and high-net-worth family offices. Grant Thornton head of tax in Brisbane Tim Hands said: 'Matt's business acumen, alongside his broad tax and financial services industry expertise and ability to navigate complex tax landscapes is a welcome addition to our team and will complement our already extensive client service offering.' Grant Thornton partner of corporate tax Matthew Lane said: 'I am excited to be joining Grant Thornton's Brisbane tax team and bring my specialist experience to add value to clients. 'I am particularly passionate about financial services and the future of fintech so it's pleasing to be able to apply my experience in a corporate tax setting. There's so much potential for change and growth in the Brisbane Fintech market and I am eager to have the opportunity to see the industry change and grow.' Last week, Grant Thornton UK collaborated with Teesside University to launch a skills development initiative. The 'AI and Digital Skills for Business Impact' programme aims to enhance key competencies within businesses. It focuses on digital technologies, change management, business process modelling, data essentials, and AI for operational improvements. The programme, co-developed by professionals from Grant Thornton and Teesside University, supports employees across different levels of experience and career progression. "Grant Thornton expands Brisbane tax with new appointment " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
