Chalmers sues China-linked investor for defying sell order on stock
Treasurer Jim Chalmers is suing an alleged China-linked investor in ASX-listed Northern Minerals, a strategic rare earth miner, for defying a Commonwealth order to sell its stock due to national interest concerns.
Chalmers lobbed the case in the Federal Court on Thursday against Indian Ocean International Shipping and Service Company Ltd and its former associate for not complying with Australia's foreign investment law.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
11 hours ago
- Sky News AU
Horror new details revealed after multi-millionaire CEO allegedly killed by teen while Brisbane house party took place
Shock new details have been revealed after 58-year-old CEO Greg Josephson was allegedly fatally stabbed at a house party in Brisbane. Mr Josephson, the co-founder of the popular Universal Store clothing chain, was allegedly murdered when an altercation occurred at a party involving 30 young teens which took place downstairs in a $5.4 million mansion in Clayfield. Mr Josephson was found critically injured on the top floor of his palatial property shortly after 8pm on Thursday and later died. The teen was then arrested at 8:15pm in a nearby street after calling triple-0. He was later charged with one count of domestic violence murder. New CCTV vision obtained by 7News allegedly showed the teen riffling through bins behind a café in Ascot about 8pm, shortly before he turned himself to authorities. Multiple investigators and the dog squad were later seen carrying out searches at the Ascot café on Friday afternoon. Detectives claimed Mr Josephson had been on the floor for hours, while over 30 teenagers partied downstairs unaware that the horrific crime had taken place. The children at the party had their phones confiscated and were taken to the police station to be interrogated about the incident. Neighbours who spoke to said partygoers were frantically attempting to leave the house and that the party was so quiet they did not realise anyone was home. 'They were just like 'we want to go home, and we're not allowed to leave'," the neighbour said, adding that the children were 'devastated.' Police said the scene was 'chaotic' and 'confronting' and that the children were visibly shaken. 'We are still establishing the timeline of what has happened at this address. There were about 30 young people here,' Inspector Jane Healy said. Detective Acting Superintendent Craig Williams also confirmed on Friday that police had located the household implement allegedly used to commit the murder and that no other persons of interest had been taken into custody. 'It's very early days and understanding exactly why it has occurred and what has happened, the investigation is still under way,' Supt Williams said. Mr Josephson co-founded the popular youth focussed clothing brand Universal Store with his brother Michael in 1999 and sold the business to a wealthy private equity firm in 2018 with the deal reportedly worth over $100 million. Over the next two decades the company expanded to 53 stores nationwide and raked in an annual turnover of $244 million in 2024. It holds a market cap of around $570 million on the ASX. Mr Josephson also worked as a leasing executive for Westfield, Jones Lang LaSalle and Lend Lease and since 2018 was serving as chief executive of Josephson Holdings Pty while keeping a relatively low public profile. The sprawling north Brisbane property along with the neighbouring lot was listed for sale on the market earlier this month, after Mr Josephson and his wife Tamra purchased the home in 2016 for $1.91 million. The three-storey home boasts six bedrooms, six bathrooms, an outdoor pavilion, an alfresco dining area, and a pool, and was listed for expressions of interest on May 15. The property also recently featured in a Courier Mail article, where Mr Josephson talked up renovations he and his wife had made in 2022, stating the makeover made the estate feel like a 'five-star-resort.' 'We love the fact it's six bedroom and there's just so much space, with all these breakout areas that you can enjoy. My wife and I can go and sit by our fireplace in the parents retreat and the kids can head to the casual downstairs area on the ground floor," he said. 'We were looking for a big family home and this was in very original condition. We're sad to sell but we're relocating to Noosa where we have a house and business interests. But we're proud that we went all out to create a once in a lifetime forever home, and that's what's on offer for someone now.' The well-known entrepreneur also owned a $13.9m Noosa Reef Hotel, a group of cottages in Cooran worth $3.5m, a Noosa hinterland estate purchased for $5m in 2020 and $6.5m worth of properties on Eumundi Noosa Rd, Doonan. Magistrate Megan Power ordered the defence to provide evidence no later than August 22, with the case adjourned to September 2 while the boy remained in custody after being refused bail. Under Queensland's new "adult time adult crime laws", the teenager could face life behind bars if found guilty.
West Australian
15 hours ago
- West Australian
Trump Administration eyes September deadline to finalise major trade agreement, says Bessent
Trade deals between US President Donald Trump's administration and other countries could be done by the September 1 Labor Day holiday, US Treasury Secretary Scott Bessent says. Mr Bessent on Friday cited talks with 18 main United States trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. 'So we have countries approaching us with very good deals,' Mr Bessent said on Fox Business Network. 'We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day,' Mr Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or have tariffs spike higher, but has previously said that countries negotiating in good faith could get deals. Mr Trump told reporters at the White House on Friday that he could extend the tariff deadline or 'make it shorter,' adding that within the next week and a half, he would notify countries of their tariff rates. 'I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent' tariffs, Mr Trump said in an apparent joke. Mr Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. As part of its retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to car makers, aerospace manufacturers, semiconductor companies and military contractors around the world. During US-China talks in May in Geneva, China committed to removing the measures imposed since April 2 but those critical materials were not moving as fast as agreed, Mr Bessent said, so the US put countermeasures in place. 'I am confident now that we - as agreed, the magnets will flow,' Mr Bessent said, adding that these materials would go to US firms that had received them previously on a regular basis. He did not disclose details of the latest agreement, which Trump administration officials said was reached earlier this week. Efforts to resolve the dispute included a phone call between Mr Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes 'very seriously' and has been vetting buyers to ensure that materials are not diverted for US military uses, according to an industry source. This has slowed down the licensing process. Indian government sources told Reuters that a trade delegation from New Delhi was back in Washington DC on Friday aiming to sew up a limited US trade deal ahead of the July 9 deadline. Trump administration officials frequently count India among countries with which trade talks are at an advanced stage, along with Japan. But early optimism about a simple deal to reduce India's high tariffs has hit roadblocks over disagreements on US import duties for car parts, steel and farm goods, Indian officials with direct knowledge said. Mr Trump said that his administration was looking to get a 'full trade barrier dropping' deal with India. 'I'm not sure that that's going to happen but as of this moment, we've agreed to that - go into India and trade,' Mr Trump said.
Perth Now
15 hours ago
- Perth Now
US trade deals may be finalised by September
Trade deals between US President Donald Trump's administration and other countries could be done by the September 1 Labor Day holiday, US Treasury Secretary Scott Bessent says. Mr Bessent on Friday cited talks with 18 main United States trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. 'So we have countries approaching us with very good deals,' Mr Bessent said on Fox Business Network. 'We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day,' Mr Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or have tariffs spike higher, but has previously said that countries negotiating in good faith could get deals. Mr Trump told reporters at the White House on Friday that he could extend the tariff deadline or 'make it shorter,' adding that within the next week and a half, he would notify countries of their tariff rates. 'I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent' tariffs, Mr Trump said in an apparent joke. Mr Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. As part of its retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to car makers, aerospace manufacturers, semiconductor companies and military contractors around the world. During US-China talks in May in Geneva, China committed to removing the measures imposed since April 2 but those critical materials were not moving as fast as agreed, Mr Bessent said, so the US put countermeasures in place. 'I am confident now that we - as agreed, the magnets will flow,' Mr Bessent said, adding that these materials would go to US firms that had received them previously on a regular basis. He did not disclose details of the latest agreement, which Trump administration officials said was reached earlier this week. Efforts to resolve the dispute included a phone call between Mr Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes 'very seriously' and has been vetting buyers to ensure that materials are not diverted for US military uses, according to an industry source. This has slowed down the licensing process. Indian government sources told Reuters that a trade delegation from New Delhi was back in Washington DC on Friday aiming to sew up a limited US trade deal ahead of the July 9 deadline. Trump administration officials frequently count India among countries with which trade talks are at an advanced stage, along with Japan. But early optimism about a simple deal to reduce India's high tariffs has hit roadblocks over disagreements on US import duties for car parts, steel and farm goods, Indian officials with direct knowledge said. Mr Trump said that his administration was looking to get a 'full trade barrier dropping' deal with India. 'I'm not sure that that's going to happen but as of this moment, we've agreed to that - go into India and trade,' Mr Trump said.
