Latest news with #Chinese-linked
The Age
2 days ago
- Business
- The Age
Chalmers hits China-linked companies with landmark lawsuit over crucial military minerals
Treasurer Jim Chalmers has launched an unprecedented lawsuit against China-linked interests to force them to sell their stake in an Australian rare earths miner, whose products are crucial to warplanes, missiles and submarines. The lawsuit, filed in the Federal Court on Thursday against foreign investors in Northern Minerals, is also seeking financial penalties for allegedly refusing to obey Chalmers' direction to sell out of the company last year. The Australian-listed company is developing the Browns Range heavy rare earths project in remote northern Western Australia, which could be one of the first non-Chinese sources of the minerals used in military guidance systems, wind turbines and electric vehicles. Chalmers' court action against an entity called Indian Ocean International Shipping and Service Company Ltd and a former associate follows his order last year for five Chinese-linked groups to sell their shares in Northern Minerals to unconnected buyers by September. 'Foreign investors in Australia are required to follow Australian law,' Chalmers said in a statement. 'We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.' China's control of rare earths and critical products is an escalating cause of concern to the United States and countries like Australia, after Donald Trump's trade war prompted Beijing to restrict shipments of the materials. It has made similar moves before, including against Japan in 2010 during a territorial dispute. China controls nearly all of the world's heavy rare earth production and Australian Strategic Policy Institute senior fellow Ian Satchwell said the global superpower's interests were seeking to exert influence over Northern Minerals. 'Australia, with like-minded partner nations, is seeking to build alternative supply chains for rare earths and other critical minerals, and the Northern Minerals shenanigans are a very obvious example of China-linked bad faith investing to allegedly seek to disrupt those efforts,' Satchwell said. 'In Australia's case those rare earths are used for things such as F35 fighters, missiles attached to them and in the future, nuclear-powered submarines.'
Newsweek
3 days ago
- Business
- Newsweek
Georgia Laws Changing July 1: From Income Tax To Driver's Licenses
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. As the new fiscal year starts in Georgia on July 1, a slew of new laws will be coming into force, impacting residents across the Peach State. State Governor Brian Kemp has put his signature on hundreds of new bills, including a decrease in income tax rates, a boosted child tax credit, new rules on phones in schools, and access to new medical treatments for seriously ill Americans. Here's everything you need to know that's changing in Georgia starting next month: Money & Finance Georgia's flat income tax rate drops from 5.39 percent to 5.19 percent, with a plan to reach 4.99 percent over time. The child and dependent care tax credit is expanded, with a new $250 credit for each child under the age of 6. Sub-minimum wages for workers with disabilities are eliminated, ensuring equal pay. Law & Justice Sentences for fentanyl trafficking are now tougher, even for small quantities. Wrongfully convicted individuals can seek compensation; misconduct by prosecutors may trigger reimbursement of attorney fees. Survivors of domestic violence or trafficking can request reduced sentences for crimes committed under duress. Statue of former Governor and U.S. Senator Richard B. Russell on the grounds of the Georgia State Capitol on December 30, 2024. Statue of former Governor and U.S. Senator Richard B. Russell on the grounds of the Georgia State Capitol on December 30, 2024. GETTY Education & Children Regarding schools and families, the following changes have been made: Cell phones and devices must remain stored during K–8 school hours. Known as "Ricky and Alyssa's Law," there is a new law requiring all public K-12 schools to install mobile panic alert systems that connect directly to emergency services. School sports teams must be designated by sex assigned at birth, not preferred identity. Home-study students are guaranteed access to standardized exams from local schools. Schools can no longer expel students for chronic absences alone; supportive interventions are required. Public colleges must report funding from any Chinese-linked sources. Daycare and Head Start employees face stricter fingerprinting and registry checks. Public education funding increases from $300 million to $375 million under the Quality Basic Education Act. Motoring There are only a few changes for motorists starting in July. Some of these are: A phone wallet driver's license is legally valid—just remember to keep a physical copy, too. Heavier vehicles will be able to use local roads, with trucks permitted to be 4,000 lbs heavier (up to a limit of 84,000 lbs) on non-interstate roads. New "America First" specialty license plates will become available. Health In health and family policy, Georgia has: Legalized the use of fentanyl test strips to help prevent overdoses. Adult adoptees will have the right to request their original birth certificates without a court order—known as Andee's Law. Patients with serious illnesses will gain expanded access to experimental treatments. In vitro fertilization is now explicitly protected and defined under state law. Health insurers will be required to provide better coverage for gestational diabetes during pregnancy. Drug reimbursements under state health plans must reflect transparent pricing. State employee health plans must include high-deductible options. Military and Veterans For military families and veterans: Eligibility for burial in state veterans cemeteries has been expanded. Military retirees are now exempt from paying state income tax on their retirement income. Other Changes Some other notable laws include:
Reuters
3 days ago
- Business
- Reuters
Australia sues China-linked rare earths investors
SYDNEY, June 26 (Reuters) - Australia is suing a Chinese-linked company and a former associate over a breach of foreign investment laws linked with rare earths miner Northern Minerals ( opens new tab, the national treasurer said on Thursday, adding it was the first case of its kind. Indian Ocean International Shipping and Service Company was one of five foreign investors with ties to China subject to an order by Treasurer Jim Chalmers to divest shares on national interest grounds in June last year. Chalmers said in a statement he had lodged a legal action in the Federal Court and was seeking penalties, declarations and costs. 'Foreign investors in Australia are required to follow Australian law,' Chalmers said. 'We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.' The statement, which said the case was the first to be brought by a Treasurer before the Federal Court for an alleged breach of foreign investment laws, did not give details of the current stake holdings. It named Indian Ocean, but did not name the former associate. Indian Ocean International Shipping and Service Company could not immediately be contacted for comment. Australia has sought to build a rare earths supply chain to decrease China's dominance over the elements used in products from smartphones to wind turbines and missiles and radar systems. Northern Minerals, a supplier of rare earths to a refinery being built by Iluka Resources ( opens new tab in Western Australia, became a flashpoint for the contest after Australia blocked Singapore-based Yuxiao Fund from doubling its stake in the company to almost 20% in 2023. Yuxiao, controlled by Chinese businessman Wu Tao, along with four other entities, including Black Stone Resources of the British Virgin Islands and Indian Ocean International Shipping and Service Company based in the United Arab Emirates, were ordered in 2024 to sell shares worth 10.37% of Northern Minerals' share capital within three months to unconnected associates.
Hindustan Times
3 days ago
- Business
- Hindustan Times
Australia sues China-linked rare earths investors
By Christine Chen Australia sues China-linked rare earths investors SYDNEY, - Australia is suing a Chinese-linked company and a former associate over a breach of foreign investment laws linked with rare earths miner Northern Minerals, the national treasurer said on Thursday, adding it was the first case of its kind. Indian Ocean International Shipping and Service Company was one of five foreign investors with ties to China subject to an order by Treasurer Jim Chalmers to divest shares on national interest grounds in June last year. Chalmers said in a statement he had lodged a legal action in the Federal Court and was seeking penalties, declarations and costs. 'Foreign investors in Australia are required to follow Australian law,' Chalmers said. 'We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.' The statement, which said the case was the first to be brought by a Treasurer before the Federal Court for an alleged breach of foreign investment laws, did not give details of the current stake holdings. It named Indian Ocean, but did not name the former associate. Indian Ocean International Shipping and Service Company could not immediately be contacted for comment. Australia has sought to build a rare earths supply chain to decrease China's dominance over the elements used in products from smartphones to wind turbines and missiles and radar systems. Northern Minerals, a supplier of rare earths to a refinery being built by Iluka Resources in Western Australia, became a flashpoint for the contest after Australia blocked Singapore-based Yuxiao Fund from doubling its stake in the company to almost 20% in 2023. Yuxiao, controlled by Chinese businessman Wu Tao, along with four other entities, including Black Stone Resources of the British Virgin Islands and Indian Ocean International Shipping and Service Company based in the United Arab Emirates, were ordered in 2024 to sell shares worth 10.37% of Northern Minerals' share capital within three months to unconnected associates. This article was generated from an automated news agency feed without modifications to text.
Sydney Morning Herald
3 days ago
- Business
- Sydney Morning Herald
Chalmers hits China-linked companies with landmark lawsuit over crucial military minerals
Treasurer Jim Chalmers has launched an unprecedented lawsuit against China-linked interests to force them to sell their stake in an Australian rare earths miner, whose products are crucial to warplanes, missiles and submarines. The lawsuit, filed in the Federal Court on Thursday against foreign investors in Northern Minerals, is also seeking financial penalties for allegedly refusing to obey Chalmers' direction to sell out of the company last year. The Australian-listed company is developing the Browns Range heavy rare earths project in remote northern Western Australia, which could be one of the first non-Chinese sources of the minerals used in military guidance systems, wind turbines and electric vehicles. Chalmers' court action against an entity called Indian Ocean International Shipping and Service Company Ltd and a former associate follows his order last year for five Chinese-linked groups to sell their shares in Northern Minerals to unconnected buyers by September. 'Foreign investors in Australia are required to follow Australian law,' Chalmers said in a statement. 'We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.' China's control of rare earths and critical products is an escalating cause of concern to the United States and countries like Australia, after Donald Trump's trade war prompted Beijing to restrict shipments of the materials. It has made similar moves before, including against Japan in 2010 during a territorial dispute. China controls nearly all of the world's heavy rare earth production and Australian Strategic Policy Institute senior fellow Ian Satchwell said the global superpower's interests were seeking to exert influence over Northern Minerals. 'Australia, with like-minded partner nations, is seeking to build alternative supply chains for rare earths and other critical minerals, and the Northern Minerals shenanigans are a very obvious example of China-linked bad faith investing to allegedly seek to disrupt those efforts,' Satchwell said. 'In Australia's case those rare earths are used for things such as F35 fighters, missiles attached to them and in the future, nuclear-powered submarines.'
