Territory Stories

The Northern Territory news Sat 25 Feb 2012



The Northern Territory news Sat 25 Feb 2012

Other title

NT news


The Northern Territory news; NewspaperNT




This publication contains may contain links to external sites. These external sites may no longer be active.




Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin

Publisher name

Nationwide News Pty. Limited

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Copyright. Made available by the publisher under licence.

Copyright owner

Nationwide News Pty. Limited



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38 NT NEWS. Saturday, February 25, 2012. www.ntnews.com.au P U B : N T N E W S D A T E : 2 5 -F E B -2 0 1 2 P A G E : 3 8 C O L O R : C M Y K BUSINESS l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l ntnews.com.au More seek bank alternatives SYDNEY: More Australians are considering alternatives to the big four banks for amortgage, a survey has found. Out of 500 people surveyed by Citibank, two-thirds said theres not enough competition in the banking sector. The same proportion of people said theywould look to an alternativemortgage provider for their home loan, the Citi Fin-Q survey found. The survey comes amid continuing criticism of the four major banks. Applewins name fight BEIJING: A court in China has ruled Apple can continue to sell its iPad tablet in Shanghai. The Shanghai casemarked a victory for Apple in a protracted and ongoing legal battle with the debt-laden Proview Technology over rights to the iPad name. The trademark injunction was filed by the struggling Chinese technology firm, which accused Apple of infringing on its trademark rights to the iPad name. Strong result for Troy PERTH: South America-focused gold and silver producer Troy Resources has posted a jump in firsthalf net profit after a production ramp-up at its new Casposo operation in Argentina and a strong performance at its Andorinhasmine in Brazil. Troy yesterday unveiled an impressive 76 per cent surge in net profit for the six months to December 31 to $10.7 million, up from $6.05 million for the previous corresponding period. Stevens denies all corruption claims HE SAID IT GLENN STEVENS Governor Reserve Bank of Australia There is no basis to those claims at all By EVAN SCHWARTEN SYDNEY: Reserve Bank of Australia (RBA) governor Glenn Stevens has rejected claims made that the central bank covered up evidence of corruption by its note printing subsidiaries. Seven former employees of the two subsidiaries, Securency International and Note Printing Australia (NPA) and the companies themselves have been charged with bribing foreign officials to secure contracts to print bank notes. Although no RBA officials or staff have been charged, the central bank has faced allegations it suppressed evidence of secret commissions paid to middle men hired by the subsidiaries to secure bank note contracts in Malaysia and Nepal. Mr Stevens told the federal House of Representatives Economics Committee in Sydney yesterday there had been no cover-up. There were a series of claims in the newspapers reports that people in the Reserve Bank sought to cover this stuff up, Mr Stevens told the committee. Let me be crystal clear, I unequivocally reject that that is not true. There is no basis to those claims at all. Mr Stevens said the RBA first learned of the bribery allegations when they were exclusively revealed by a newspaper in 2009. He said an earlier internal audit of Securencys practices had found no evidence of wrongdoing. The RBA owns 50 per cent of Securency and 100 per cent of NPA. It has since sought to sell its stake in Securency. Mr Stevens said he believed the RBAs handling of the matter had been appropriate, noting that the subsidiaries had referred the matter to police soon after they became aware of the claims. Meantime, Mr Stevens gave no hint as to whether or not another interest rate cut is on the cards, saying only monetary policy was about right for the moment. SWITCHEDOFF SYDNEY: Vodafone Hutchison Australia (VHA) says it does not expect the full benefit of its mobile network improvements to be realised until 2013 after poor customer service and network faults led to a drop in customer numbers last year. The problems that plagued VHA in 2011 and beforehand led to a 7 per cent drop in mobile-phone subscribers in the year to December 31. ONLINE SALES SYDNEY: Retailing giant Woolworths has unveiled ambitious plans to hit the $1 billionmark in online sales by late 2014. The chief executive, Grant OBrien, said the company was aggressively pursuing online sales, with new webbased strategies being rolled out across its businesses. RECORDNETPROFIT PERTH: Civil construction and mining services contractor NRW Holdings has booked a record interim net profit on the back of strong work in iron ore and coal, and says it expects to achieve a 75 per cent surge in full year revenue. Net profit of $45.3 million for the half year ending December 31 was up 123 per cent on the previous corresponding period. 5700 JOBS TOGO NEW YORK: Consumer products maker Procter & Gamble (P&G) says it plans to cut 5700 jobs over the next year and a half as part of a costcuttingmove. P&G said it planned to save $US10.06 billion ($9.38 billion) by the end of the fiscal year ending June 30, 2016. TYCOONOFFBOARD HONG KONG: US billionaire Steve Wynn has stepped up his feud with former business partner Kazuo Okada by removing the Japanese tycoon from the board of his Macau casino company. Wynn Macaus board voted yesterday to remove Kazuo Okada following allegations he made improper payments to overseas gambling regulators, a violation of US anticorruption laws. PROFITS PLUNGE MADRID: Spanish construction group Ferrovial saw net profits plunge by 41.3 per cent in 2011 after selling part of its stake in British airports operator BAA, it said.Tough market conditions squeezed profits for Air New Zealand despite sales rising AirNZ set to slash 400 jobs WELLINGTON: Air New Zealand is to cut more than 400 jobs after the airline posted an after-tax profit of $NZ38 million ($29.85 million) for the first-half of the year, down by $NZ60 million ($47.13 million) for the same period last year. Chief executive Rob Fyfe, who is to leave the airline at the end of the year, says the soaring cost of jet fuel and a weak global economy had taken its toll. He says 441 jobs will go before the end of the financial year, at the end of June. Of those, 266 were jobs or contracts that were not being replaced or renewed but the remaining 175 jobs will be through redundancies. Chairman John Palmer says tough market conditions had squeezed profits despite sales rising by 2.2 per cent to $NZ2.3 billion ($A1.81 billion). The airline has enjoyed a solid performance from the domestic network . . . but the international long-haul network continues to face a challenging time, he said. Crown ponders stake in Echo MELBOURNE: Casinos operator Crown says it has not yet decided whether it will increase its stake in fellow casinos firm Echo Entertainment Group. Crown said yesterday it now holds a 10 per cent interest in Echo, up from the 4.9 per cent interest it previously held. The announcement by Crown helped push up Echo shares by 50c, or 13.16 per cent, to $4.30. Echo operates The Star casino in Sydney, the Jupiters casino on the Gold Coast, the Treasury casino in Brisbane, and Jupiters at Townsville. Crown yesterday posted a $274.4 million net profit for the six months to December 31, 2011, up 79 per cent from the $153.1 million profit in the prior corresponding period. Crown said higher win rates against VIP gamblers at its Australian casinos and improved returns from its Macau joint-venture had helped boost the bottom line. Casino not a den of iniquity Sid Vaikunta MELBOURNE: The operator of Sydneys The Star casino says the facility is not a den of iniquity. Casino operator Echo Entertainment yesterday defended its reputation in the wake of The Star casinos managing director being sacked for alleged misconduct. Earlier this month, Echo announced it had sacked Sid Vaikunta, saying he had contravened the companys code of conduct. This week, a former Star employee told the Seven Network that the Sydney casino was plagued by a culture of parties, irresponsible gambling and sexual harassment. Another, unidentified, employee told Seven News there was chronic drug abuse within senior management. Echo chairman John Story yesterday said: Were not running a den of iniquity, and I think that is apparent to anyone who visits.

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