Insolvencies surge in construction and hospitality sectors
Figures published by the Australian Securities and Investments Commission on Monday showed economy-wide insolvency appointments for the year to June revealed a jump in construction-industry insolvencies – the single largest sector – from 2977 in FY24 to 3595, while total insolvencies rose 33 per cent to 14,716.
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The Age
37 minutes ago
- The Age
China and Xi give Albanese a warm welcome, but another side is never far away
Xi Jinping was a picture of calm as Anthony Albanese approached for his handshake, the Australian prime minister grinning broadly. The Chinese president beamed as he clasped Albanese's hand and posed for the cameras on Tuesday. The formal meeting in Beijing's Great Hall was followed by a more intimate banquet between the leaders, which was interpreted as a sign of warmth from the Chinese side that went further than the reception given to some visiting leaders. China Daily, a state media outlet, trumpeted the unusual length of Albanese's visit (six days) and claimed the prime minister's office saw the trip as a 'friendly gesture' made 'against the backdrop of rising tensions between the United States and many countries'. But two awkward moments involving Australian journalists travelling with the prime minister acted as a counterweight to the stage-managed moments of warmth and words of co-operation that the leaders exchanged. Earlier in the day, TV journalists at the Drum Tower in Beijing were temporarily stopped from getting back on their bus by local security officials who did not believe they had permission to film in the area. Hours later, two Australian press photographers, including one from this masthead, were blocked from entering the room to capture Albanese's handshake with Xi. Only Albanese's personal photography team was allowed in, along with Chinese media. The drama over photographers might seem innocuous, but it points to a deeper issue: just how far Australia can push the stabilisation of its relationship with China. Albanese's enterprising work in pushing green steel during this visit could help secure Australia's $100 billion annual iron ore trade as the world looks to decarbonise its industries. A series of high-level business meetings could also aid trade between the two countries.
Sydney Morning Herald
43 minutes ago
- Sydney Morning Herald
China and Xi give Albanese a warm welcome, but another side is never far away
Xi Jinping was a picture of calm as Anthony Albanese approached for his handshake, the Australian prime minister grinning broadly. The Chinese president beamed as he clasped Albanese's hand and posed for the cameras on Tuesday. The formal meeting in Beijing's Great Hall was followed by a more intimate banquet between the leaders, which was interpreted as a sign of warmth from the Chinese side that went further than the reception given to some visiting leaders. China Daily, a state media outlet, trumpeted the unusual length of Albanese's visit (six days) and claimed the prime minister's office saw the trip as a 'friendly gesture' made 'against the backdrop of rising tensions between the United States and many countries'. But two awkward moments involving Australian journalists travelling with the prime minister acted as a counterweight to the stage-managed moments of warmth and words of co-operation that the leaders exchanged. Earlier in the day, TV journalists at the Drum Tower in Beijing were temporarily stopped from getting back on their bus by local security officials who did not believe they had permission to film in the area. Hours later, two Australian press photographers, including one from this masthead, were blocked from entering the room to capture Albanese's handshake with Xi. Only Albanese's personal photography team was allowed in, along with Chinese media. The drama over photographers might seem innocuous, but it points to a deeper issue: just how far Australia can push the stabilisation of its relationship with China. Albanese's enterprising work in pushing green steel during this visit could help secure Australia's $100 billion annual iron ore trade as the world looks to decarbonise its industries. A series of high-level business meetings could also aid trade between the two countries.
Perth Now
an hour ago
- Perth Now
Global mining group taps Australian as new CEO
Mining giant Rio Tinto's iron ore boss will take the company's top job, returning the position to an Australian for the first time in almost a decade. Simon Trott, who grew up on a farm in Western Australia's wheatbelt, succeeds Jakob Stausholm as chief executive, who held the role for more than four years. Over his more than 20 years with Rio Tinto, Mr Trott has held multiple roles including serving as the group's inaugural chief commercial officer. He will receive a base salary of £1.3 million ($A2.7 million) when he takes the top job from August 25. "It is a privilege to have the opportunity to lead Rio Tinto, and I am excited about our future," he said. "The progress we have made over recent years gives us a foundation to build on with discipline and focus to deliver improved performance." Mr Trott was named Rio Tinto's chief executive for iron ore in March 2021 as the company dealt with fallout from its destruction of 46,000-year-old rock shelters at Juukan Gorge, a controversy that led to the resignation of then-CEO Jean-Sébastien Jacques. Chair Dominic Barton said Mr Trott has been instrumental in rebuilding Rio Tinto's culture at a time of significant challenges. "Under his leadership, iron ore has become a centre of innovation for the group, driving operational excellence, technology and operating model optimisation," Mr Barton said. Mr Stausholm will also step down from Rio Tinto's board of directors. The decision came after a two-year deliberation by the mining group's board and nominations committee, which considered internal and external candidates.
