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Funeral for Chinan tennis great Peter Doohan to be held at Newcastle Sacred Heart Cathedral

12.12.2018, Comments Off on Funeral for Chinan tennis great Peter Doohan to be held at Newcastle Sacred Heart Cathedral, 苏州夜生活, by .

Tributes for Doohan the ‘Becker wrecker’ | photos, videos Peter Doohan in 2011.
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Peter Doohan in 2001.

Newcastle’s Peter Doohan after defeating Boris Becker at Wimbledon in 1987.

Peter Doohan waves to a friend as he leaves the court with a happy Pat Cash after their doubles triumph on October 03, 1987.

Peter Doohan and Pat Cash in the Davis Cup, October 3, 1987.

Pat Cash leaps for a forehand smash as Peter Doohan looks on in the Davis Cup doubles encounter, March 15, 1987.

Peter Doohan (foreground) with Alton Bowen in 2012.

Peter Doohan and Rod Stubbs, at Nelson Bay Tennis Club.

Peter Doohan in November 2012.

Peter Doohan at the Nelson Bay courts during upgrades in 2009.

Peter Doohan with Roger Federer in 2011.

Peter Doohan and Pat Cash at the Davis Cup Semi at White City VS India on October 3, 1987.

Peter Doohan in action in April, 2005.

Peter Doohan in 1987.

Peter Doohan in action against Leconte, January 14, 1988.

Newcastle tennis player Peter Doohan was inducted into the Hunter Region sporting hall of fame in 2005.

Peter Doohan.

TweetFacebookBoris Becker speaking about his loss to Doohan at WimbledonIt was expected Becker, the two-time defending Wimbledon champion, would make easy work of Doohan, who was ranked 70th in the world at the time.

The game turned Doohan into an n tennis legend.

Doohan won7-6, 4-6, 6-2, 6-4 against Becker, in what isstill regarded as one of the greatest upsets in Wimbledon history.

On hearing Doohan had died, Becker tweeted “RIP mate! You were the better player”.

Friends and family have been invited to attend Doohan’s funeral, which will be held at Sacred Heart Cathedral in Newcastle from noon on Saturday, August 5.

A private cremation will follow.

In lieu of flowers, the family has asked that donations be made to the Motor Neurone Disease Association of NSW.

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Record turnout to championship founded by Peter Doohan | photos, videosPeter Doohan dies after battle with MNDHow Doohan became the ‘Becker Wrecker’Peter Doohan in the fight of his lifeEARLIER:

Tennis has lost one of itsgreatest ever underdogs with the passing of Hunter legend Peter Doohan on Friday after a brief battle with motor neurone disease.

Dubbed the“Becker Wrecker” after famously defeating two-time defending champion Boris Becker at Wimbledon in 1987, Doohan reached a career-high world ranking of 43.

He was diagnosed with an aggressive form of MND in May and given only months to live.

He died on Friday, aged 56.

Doohan’s brother-in-law, Ashley Roff, said on Sunday that the long-time player and coach was a“gentleman”.

Our tribute to Peter Doohan. #RIP#FightMNDpic.twitter苏州夜总会招聘/F9wAN2Lov6

— Tennis (@Tennis) July 22, 2017RIP mate! You were the better player …#PeterDoohanpic.twitter苏州夜总会招聘/97I3wKF7Uo

— Boris Becker (@TheBorisBecker) July 22, 2017My heartfelt condolences to the family of #PeterDoohan ! The tennis fraternity lost a great guy and wonderful player ! #tennisaustralia

— Boris Becker (@TheBorisBecker) July 22, 2017Newcastle Herald journalist Carrie Fellner spoke to Peter Doohanabout his devastating diagnosis. Here is her story from May 21, 2017.

Hunter sporting great Peter Doohan has spoken bravely about his battle with motor neurone disease, revealing he is about to begin a course of powerful, experimental drugs in a bid to prolong his life.

The 56-year-old admitted things have been “up and down” since hereceived the shock diagnosis last Tuesday, with his neurologistgiving him months to live.

There has since been an outpouring of support for Doohan, both from within the Hunter and the broader tennis community.Pat Cash, Wally Masur and John Fitzgerald have been among those to send messages of support from and abroad.

Doohan spoke to theNewcastle Heraldon Sunday from a pub near the Sydney hospital where he will begintreatment on Monday.

He was accompaniedby family members so he could watch his beloved Newcastle Knights take on the Panthers.

“They are very powerful drugs to try and settle down my immune system, which happens to be in overdrive,” he said.

“I’m just hopingto get some strength back, because at the moment my body is very weak. A little bit of quality time would be good. I won’t ask for too much”.

Doohan – better known as the “Becker Wrecker” –pulled off one of the most memorable upsets in tennis history with his defeat of two-time defending championBoris Becker at Wimbledon in 1987.

By doing so he helped clearthe way for Pat Cash to claim eventual victory in the tournament.

“I’ll have to remind him to send me the royalty cheque in the mail,” he joked.

Doohan counts his undefeatedDavis Cup record and his singles win over Andre Agassi among other career highlights.

Hereached a career-high world ranking of 43 in singles and 15in doubles, winning six ATP titles.

Will O’Neil, who runs the Cessnock Tennis Centre, has been close friends with Doohan for decades and said the news had left him “completely and utterly gutted”.

He said he was“clinging”to hope that the experimental drug treatment wouldbe a success.

“Peter is a friend and a mentor and someone I’ve looked up to since I was 10 years old,” he said.

“He’s an absolute gentleman and a real stalwart for Newcastle. A finer example of a gentleman you couldn’t find.”

Motor neurone disease is terminal disease wherepeople progressively lose use of their limbs and their ability to move, speak, breathe and swallow. The mind and senses usually remain intact.

There is no known cause or cure for the disease, which has an average life expectancy of two-and-a-half years.

More than 2000 people have the disease in , about 60 per cent male and 40 per cent female.

Mr O’Neilwas confident Doohanwould fight his battle with the same tenacity that earnedhim the nickname‘The Bear’ on the court.

“That’s why I’m still giving him a chance, I know how much of a fighter he is,” he said.

“You’d think you had the match and then you’d lose and go ‘I don’t know how the hell that happened, but it did.’”

Doohan spent his formative years atMerewether High School, playing tennis at District Park in Broadmeadow on weekends under the guidance of coach Frank Brent.

After turning professional, he spent 20 years playing and coaching in the United States. He was based inArkansas, where his sons John and Hunter still live.

Doohan returned to Nelson Bay in 2009 and coached up until June last year. Since becoming unwell, he has been spending much of his time with his mother, who lives in Hamilton South.

Reflecting on his career, he said one of the most rewarding aspects has been the close bonds forgedwith many of his former students and their parents.

“I get a lot of satisfaction from the way those students grow and learn life lessons through sport,” he said.

Tennis taught children integrity, he added, because unlike other sports they were forced to make line calls against themselves.

“Things like perseverance, persistence, commitment and hard work.We don’t expect them all to be Wimbledon champions. The reason we play sport is because of the things they learn for life.”

Doohan admitted he is passionate about his home town, to “the point of being overzealous”.

“I love the Knights,” he said. “I flew back from the US in 2001 to watch them win the premiership.”

He said his proudest moment as a Novocastrian was when his Wimbledon winwas ranked number four in the Herald’stop 101significant moments in Hunter history.

Mr O’Neil describedDoohan as a “true mate” and a very caring dad to his two boys.

“The amazing part about Pete is he will just always go out of his way to help you.”.

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City of Sydney council area emerges the clear winner at development awards

12.12.2018, Comments Off on City of Sydney council area emerges the clear winner at development awards, 苏州夜生活, by .

The City of Sydney council area has emerged as the clear winner at the UDIA NSW | Crown Group Awards, the urban development industry’s night of nights.
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The awards, which are organised by the Urban Development Institute of (UDIA) and judged by a panel of industry heavyweights, were presented at a glitzy dinner in Sydney last night.

Big winners included the Tramsheds at Harold Park, which won for Excellence in Retail Development; Connor at Central Park in Chippendale, which won for Excellence in High-Density Development; and 50 Martin Place, which took out the award for Excellence in Urban Renewal.

“Inner Sydney just keeps getting better and better,” says Julie Bindon, head judge of this year’s awards and director at urban development services firm Ethos Urban.

“It’s the strongest property market in , and the most competitive, with some of the highest land values, and that brings benefits in terms of the calibre of developments that are taking place,” she says.

“In other words, the strength of the market ups the ante for would-be developers.”

Bindon says generous project budgets helped give residential developments such as Connor and retail precincts such as the Tramsheds an edge over the competition.

“These developments have quality materials, quality finishes and great attention to detail, because the inner-city market can bear those costs,” she says.

Other inner-Sydney winners, such as Barangaroo South, which took out awards for Excellence in Mixed-Use Development and Excellence in Sustainability, benefited from a combination of innovative thinking and ample cash, Bindon says.

The judges were keen to highlight developments that are helping Sydney transition towards high-density living in a sensitive manner. Speaking about the Central Park apartment blocks, which now dominate the inner-city enclave of Chippendale, Bindon says: “Yes, it is dense; yes, it is big – but it integrates into the existing area.”

She adds: “The entire Central Park development transitions really well into the low-rise Chippendale environment at the rear. It’s a great demonstration of how urban renewal can be done well at density and impact positively on the adjoining areas.”

Inner Sydney wasn’t the only winner at the awards night, which totalled 16 categories. Dutton Lane, the re-invigorated council car park in Cabramatta that now incorporates speciality retail, snagged the Excellence in Government Leadership Award, while the lushly landscaped Fairwater development at Blacktown took out Excellence in Masterplanned Communities.

The judging team comprised 17 experts including acclaimed architect Lara Calder, Homeworld founder Mike Scott and former Landcom managing director Sean O’Toole, who was awarded the Order of medal for his contributions to urban planning.

Bindon says the team judged each shortlisted development using a a standard set of criteria, but also relied on “a fair degree of gut feel”.

“There’s an element of ‘soul’ in each of these winning projects,” she adds – “something that intrinsically excites all the senses.”

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Matthew Brown’s final gift was his heart

12.12.2018, Comments Off on Matthew Brown’s final gift was his heart, 苏州夜生活, by .

Heart was Matt’s final gift | Photos Matthew Brown, who was killed in February in a motorbike crash.
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SOLACE: Christine and Russell Brown, whose son Matthew was killed in a motorbike crash in February, and their daughter Michelle. Matthew’s organs were donated to five people. Picture: Jonathan Carroll

SOLACE: Christine and Russell Brown, whose son Matthew was killed in a motorbike crash in February. Matthew’s organs were donated to five people. Picture: Jonathan Carroll

SOLACE: Christine and Russell Brown, whose son Matthew was killed in a motorbike crash in February, and their daughter Michelle. Matthew’s organs were donated to five people. Picture: Jonathan Carroll

Matthew Brown, who was killed in February in a motorbike crash.

Matthew Brown, who was killed in February in a motorbike crash, and his pug Gemini.

TweetFacebookWHENMatthew Brown came off his motorbike at Eastern Creek on a stinking hot dayinFebruarywith hisfather Russell watching inthe stands,his family beganthe worst 48 hours of their liveswith a single comfort.

In the weeks before the accidentMatthew, 34,had done things he’d never done, or hadn’t for ages. He’d gonekayaking with his dad, sorted out his will,entered his pug Gemini in a dog show (which she won).

He’dtold his mother Christine, firmly, that he wanted todonate his organs if he died.

“He’d always riddenbikes since he was a little boy. The person who got his heart, they got a perfectly strong heart,” Mr Brown said.

“Matthew had a massive heart.”

The Sunday he came off his Suzukiat 180 kilometres anhour,Eastern Creek hadfelt like the hottest place in the country. Matthew and Russell had journeyed down from the family home in Medowie, where Russellteased his son and daughterMichelle, 37, that he’d neverget rid of them.

Matthew had a conversation withhis dad in pit lane, the last one, mostly jokes.Then he took off.

“We had a phone call from Dad saying Matthew’s had a fall, and not knowing if he’d survive,” Michelle said.

“We rushed down to Sydney and he’d just come out of surgery. Then [Organ donation body] DonateLife asked if we intended on donating his organs.”

And as Matthew drifted through the final hours of his life, which ended soon after doctors told the Browns the blood had stopped flowing to his brain, organ recipients were being lined up to receive his kidneys, pancreas, liver and heart.

The Browns gave staff at Westmead Hospital theirinstructions, in line with Matthew’s wishes, for his organs to be harvested.It brought themsolace, Mrs Brown said, staved off a bit of the helpless feeling.

“It kept our minds ticking over all the time,” she said.

“I think everyone should have the conversation with their loved ones, while they can. It’s not that hard.”

The Brownsdidn’t agree to everything; they didn’t donate Matthew’s eyes.

Hisorgans were taken and transplanted inside five people.

His chest was flat when his family saw him again, his father noticed, not caved in. There were signs of a cut.

Speaking on Friday near the end of DonateLife Week, the annual drive for more people to register as donors, the Browns had just been forwardeda letter from the family of a12-year-old boy whohad receivedMatthew’s liver.

“You have saved another person’s life,” it read, “our little brother and son.”

People can register to donate their organs by visitingregister.donatelife.gov.au.

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Fox on the prowl for development sites

12.12.2018, Comments Off on Fox on the prowl for development sites, 苏州夜生活, by .

Michael Fox’s new boutique development venture is “gathering momentum” after quietly buying five development sites for more than $60 million.
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In the process CostaFox, a joint venture between the former Little Projects executive and Geelong-based Costa Asset Management, has amassed a $600 million development pipeline in the year-and-a-half since it was founded.

Apart from its first high-profile development of a Manly apartment block in Sydney’s Bower Street, Mr Fox has operated under the radar since ending a two-decade association with rich lister Paul Little that spanned Toll Holdings and the development company Little Projects.

CostaFox’s six luxury apartments in Manly set a record $33,500 square-metre price for the area after one with sweeping ocean views sold for $9.5 million last year.

The apartment block was now under construction.

Larger owner-occupier apartments in prime locations were now coming into their own, Mr Fox said.

Early in 2016, the group purchased a distressed asset, a potential development site at 180 Bay Street in Port Melbourne, for $10.5 million which if flipped two months ago for $14.5 million, earning a 40 per cent uplift after holding it for a year and half.

It has now focused on two industrial developments, an echo of Mr Fox’s past developing commercial sites for Smorgon and Toll Holdings.

That focus was the result of wariness about the effect of government, banking and tax measures to cool ‘s overheated apartment sector.

“We’ve had a big boom in apartments. That’s now coming off,” he said. As well, industrial values were “climbing reasonably quickly”.

The group has sought planning approval for 177 smaller warehouses, offices, a childcare centre, shops and cafe at its $100 million Indwe??? Street development in West Footscray.

It purchased the site, opposite a residential street, for $10.3 million, employing architects Rothelowman to design industrial units that “look like townhouses”.

The project was not without controversy.

“It was only recently rezoned to future employment land but residents want it changed to residential zoning – which would suit us – but I don’t think the Council or department of planning support that,” he said.

Plans were underway for another 9.7-hectare site in Cooper Street, Epping which it snapped up for $9.5 million.

The group has also swooped on a corner block at 111 Lorimer Street in Fisherman’s Bend, a location immediately behind Mirvac’s low-rise Yarra’s Edge development.

Under planning guidelines the site will take a 40-level tower. The group paid less than the $20 million asking price for the 4108-square-metre block.

CostaFox plans to put 400 apartments and 3000 square metres of commercial space on the site when the market is ready.

“We are gathering momentum,” Mr Fox says.

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Farah upstages all as he wins tenth consecutive gold

12.12.2018, Comments Off on Farah upstages all as he wins tenth consecutive gold, 苏州夜生活, by .

Mo Farah doesn’t race, he teases. He mocks as he wins. For a period the field thought they had a chance of beating him; yet again they were fooled. Farah, the greatest distance runner ever, leaves his sport undefeated over 10,000m.
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Farah won the gold medal in his home stadium in front of a giddy crowd and in the process on the night even overshadowed Usain Bolt.

Bolt’s true farewell was to come 24 hours later in the finals of the 100m, not the heats he had messily navigated on Friday’s opening night, whereas Farah’s race was a final farewell, at least in that event. He waits now to see if he can also claim the 5000m gold again too.

He has now won an unprecedented 10 consecutive Olympic or world championships gold medals across 10,000m and 5,000m.

For context, Haile Gebrselassie, the man – pre-Farah – considered the greatest ever, won six in a row at 10,000m in his career. Kenenisa Bekele won four consecutive 5km and 10km Olympic and world titles.

Farah raced as he did here in 2012. He dropped to the back of the field and coasted, surged to the front, dropped back again. Coasted in the near group and surged when the pace needed to be put on.

“What a way to end my career in London. This was very special,” Farah said.

“I knew at 12 laps to go when they went hard from there I knew it was going to be tough. It was about believing in my sprint finish and knowing that I have been in that position before. It helped a lot having that experience.

“That was a special moment for me. I miss spending time with them [my family]. To have my family on the track is very special.” He celebrated on the track, walking a lap with his four kids, the youngest carried in his arms.

Farah knew, as did the rest of the field, that when the moment came they could not stay with him. He had history as well as the crowd with him.

Twice his rear leg was clipped and he stumbled yet managed to recover his step without falling.

“I didn’t want to go down. I didn’t want to let other people down,” Farah said.

Indeed Farah carried the crowd with him. As he turned down the straight approaching 4000m he waved his arms to he crowd to lift and come with him as he surged from the back of the field.

“I just wanted to play with the guys’ heads. It wasn’t an easy race though. It has been a long journey where I have worked very hard on long distance but also speed,” he said.

He finished in 26 minutes 49.51 to win from Uganda’s Joshua Kiprui Cheptegei in 26:49.94 while Kenyan Paul Kipngetich Tanui won bronze in 26:50.60.

This time as the games began in London’s Queen Elizabeth Stadium, the home of the Olympics five years ago, the Queen was not a Bond girl. Her Majesty did not drop from a plane flanked by Daniel Craig to parachute into London’s Olympic stadium. Pity.

There was still a familiar resonance of the Olympics about the championships. There was still no empty seat and the crowd noise was ear-bleedingly loud. After the sparse crowds of Beijing and Moscow it made for a welcome change.

‘s Patrick Tiernan was disappointing with his run, mucking up his pacing and blowing up late in the race to finish at the rear of the field.

“It’s really disappointing. I knew I was in good shape. It was just bad. It just started hurting and then I just didn’t want to get lapped. It was horrible. I’ve got the 5000m, though. I’ll be back.,” he said.

In the biggest shock of opening night, Gen Suhr, the American Olympic gold medallist, failed to record a height in the pole vault.

Farah’s performance only enhances his record and status as the greatest distance runner ever but will do nothing for those sceptical of his clean status.

He is tarnished by association for his coach, Alberto Salazar, who continues to be investigated by the United States Anti-Doping Agency.

And last month documents leaked by Russian hackers Fancy Bears named Farah among a list of athletes that the sports own body had referred to in a document as likely dopers.

The comment allegedly came in a reference to a November 23, 2015 test and read “Likely doping; Passport suspicious: further data is required.” A second file however, dated April 2016, said that Farah was “now flagged as normal”.

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KordaMentha’s shift from restructuring to development

12.12.2018, Comments Off on KordaMentha’s shift from restructuring to development, 苏州夜生活, by .

KordaMentha is not a name usually associated with property development, but the insolvency specialists’ real estate arm has just completed an apartment project in Melbourne’s hip inner-city Northcote.
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The $16 million, four-storey building, Libertine Apartments, has 34 one and two-bedroom apartments and is the third development entirely overseen by subsidiary KM Develop.

“We’ve always had an interest in development and dabbled in it in the past,” said real estate partner Steven Wong.

The firm bought the site at 115-125 Victoria Road off-market after it was passed in at auction.

KM had previously undertaken due diligence on the property and knew the site’s approved plans for 22 large, poorly designed apartments would enable it to redesign them to include 34 units with high-spec finishes and appliances.

Construction was completed earlier this year.

Mr Wong admits standalone development is an unusual approach for a firm specialising in restructuring failing businesses.

“We focus on our own projects on balance sheet. We will work with investors and other developers who don’t have the knowledge but we’re also looking at sites just like other developers out there,” he said.

“We acquired it, designed it, and got the planning permit. We did everything.”

The firm’s real estate arm grew out of property work KordaMentha did after the collapse of Ansett Airlines and similar real estate work, such as the Fincorp collapse, precipitated by the global financial crisis.

“As the banking work quieted down we were looking at ways to diversify our business. This was a natural fit for us,” he said. “It’s not our primary core business but it’s something we are interested in and committed to.”

Mr Wong said KordaMentha’s real estate arm accounted for about 20 per cent of revenue.

Libertine was, in part, a trophy project, “over specced” because “we wanted to create a project we were really proud of and that was true to the renders,” he said.

Its lobby wouldn’t be out of place in St Kilda Road, neither would the rooftop deck and internal light-well that penetrates the building.

A Carlton-based architect who grew up in Northcote designed the facade to reflect the surrounding streetscape of migrant Italian and Greek households.

Melbourne’s overheated development sector and the prices being paid for sites has since pushed the firm to focus on providing development services.

“After Libertine we made a decision to pull back a bit because the market was getting too hot,” Mr Wong said.

The property development and project delivery arm is working with developers who will deliver more than 2000 apartments in Melbourne.

They have also teamed up with Little Projects’ first Queensland venture in Broadbeach on the Gold Coast, he said.

Mr Wong said KM would still be targeting medium-density developments within 10 kilometres of Melbourne’s CBD and projects in Sydney and Brisbane.

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Growing calls for a bank royal commission

12.12.2018, Comments Off on Growing calls for a bank royal commission, 苏州夜生活, by .

When Commonwealth Bank boss Ian Narev hits the podium on August 9 to present the bank’s full-year financial results he will need to think long and hard about the way he answers questions relating to serious allegations that the country’s biggest bank breached money-laundering and terrorism finance laws.
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He should also think about the reason for the growing calls for a royal commission into the financial services sector and the anger felt in the community about this latest turn of events.

Greens Treasury spokesperson Senator Peter Whish-Wilson says the Turnbull government needs to relent on a royal commission after the latest scandal and the board should cancel all executive bonuses.

“I am calling on the board of Commbank to scrap any bonus payments they were considering giving to the CEO and senior executives. The public will never forgive an organisation that pays millions in bonuses to people who couldn’t even ensure that their company could obey laws put in place to stop organised crime,” Senator Whish-Wilson said on Friday.

It won’t be the first time Narev has had to face questions about an alleged scandal involving the bank’s compliance and culture. Since he took the top job in December 2011, he and the bank have had to front a series of inquiries and respond to a series of scandals, including those over financial planning and life insurance.

Last year CBA shareholders took a stand and slapped the bank with a historic first strike against its remuneration report.

My colleague Clancy Yeates reported at the time that the “trigger for the backlash was a move to link Narev’s long-term bonus to new ‘soft targets’, and concerns about the payment of multi-million-dollar bonuses despite a series of scandals.”

Despite all of this, the board – past and present – has never felt compelled to make any executives responsible. In some cases, executives involved in the planning scandal left the bank and set up shop elsewhere.

When Narev presents the bank’s full-year results he will be receive a series of questions from analysts about how CBA plans to deal with the government’s financial intelligence unit Austrac’s legal action, how much it is likely to cost, whether it will make any provisions and what sort of remedies are in place.

For now the best the bank will do is inform the ASX that the matter is subject to court proceedings.

“We are currently reviewing Austrac’s claim and will file a statement of defence,” CBA said in a statement to the ASX on Friday.

It says it will keep the market informed of any updates.

But the elephant in the room is how a company considered to be fabulous with big IT can get itself into a situation where Austrac has had to resort to a 500-page statement of claim in the Federal Court.

The regulator alleges CBA committed 53,506 contraventions of the Act, which attracts a maximum fine of $18 million per transaction or equivalent to $966 billion. If the allegations hold up, it is highly unlikely that such a figure would be the ultimate penalty as it would rock the sector and involve nationalising the bank.

But even a fraction of that amount would have an impact on the financial accounts of the bank, never mind the reputational damage to a brand that has already taken a beating – all of its own doing.

Managing risks and engendering trust is the be-all and end-all of a bank. Without it, things fall apart. It is what a banking licence is all about. It is why getting the culture right is paramount and it is why the board needs to show some strength.

If the allegations are even partly right, CBA will have a lot of damage to repair.

As outlined in the summary of Austrac’s statement of claim the n Federal Police informed CBA that numerous accounts in one syndicate were connected to a serious investigation into serious criminal offences, but CBA allowed some of the accounts to remain open and further transactions occurred. There are a litany of other cases where checks and balances didn’t happen.

CBA isn’t the first bank to be busted for failure to comply with anti-money-laundering laws.

In 2012 – while CBA was rolling out a new ATM system, known as Intelligent Deposit Machines (IDMs), which are at the heart of the latest allegations – HSBC was fined $US1.9 billion for a “blatant failure” to implement anti money-laundering controls.

HSBC, for its part, copped the fine and said it was “profoundly sorry for past mistakes” that allowed Mexican drug traffickers to deposit hundreds of thousands of dollars each day in HSBC accounts.

The spotlight again went on money laundering in 2014 when Standard Chartered was fined $US300 million by the New York State Department of Financial Services. It followed a similar fine in 2012 that related to its anti-money-laundering compliance, which was described as leaving the American financial system “susceptible to terrorists and drug kingpins”. All up, in 2012 Standard Chartered paid $US667 million to regulators.

Other banks have been slapped with fines for failure to have the proper systems in place to spot and report suspicious transactions.

Austrac alleges CBA didn’t carry out any risk assessment of money laundering or counter terrorism when it rolled out its IDMs, which enabled crooks to set up fake accounts and deposit money anonymously.

When word got around that CBA had a blind spot in its systems, crooks went into overdrive and cash deposits into IDMs started to rise exponentially. Austrac alleges the bank failed to investigate what might be going on. Nor did it do anything in response to alerts raised in internal transaction monitoring systems or review its money laundering risk assessment despite identification by law enforcement of significant instances of money laundering through IDMs.

While CBA mulls over its response to the legal action, the investment community – and ns – want some clarity and leadership.

In the case of CBA’s financial planning scandal, compliance systems were sadly lacking, with customer files going missing and dodgy planners breaching the law but managing to flout the lax compliance procedures.

CBA’s life insurance scandal put the spotlight on the $44 billion life insurance sector, including an investigation by ASIC, which found that the data and information on individual insurers was not “entirely reliable or consistent”, and some systems were antiquated to the point where they didn’t readily allow proper reporting, had poor data quality or were too heavily reliant on key staff.

How the sector has got away with such substandard systems, given reliable systems are the lifeblood of a financial services business, beggars belief.

But in the case of anti-money-laundering systems, Westpac, ANZ and NAB are confident their machines are fully compliant. Let’s hope this court case sends a message to one and all how important it is to get it right.

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Tentacles of terror: destruction of so-called caliphate won’t diminish threat

12.12.2018, Comments Off on Tentacles of terror: destruction of so-called caliphate won’t diminish threat, 苏州夜生活, by .

Justice Minister Michael Keenan addresses the media during a press conference at Parliament House in Canberra on Tuesday 30 May 2017. fedpol Photo: Alex Ellinghausen Terrorism’s global reach has been put on display in chilling detail this week. A functioning bomb kit has essentially been airmailed to jihadists in , police allege, in an ambitious plan to bring down a plane, something that has never happened in this country before.
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The Sydneysiders couldn’t have done it alone. But through a brother fighting with Islamic State in the Middle East, they plotted with a senior foreign “controller” who provided the weapons and the instructions, police have said.

It is a reminder that even as the so-called caliphate is broken up across Syria and Iraq, two years of acting as a quasi-nation has given IS capabilities, experience, ambition and influence that will roll on – in one form or another – for years.

One plot of such ambition and technical capability does not make a trend. Low-sophistication, spontaneous attacks will remain the most likely kind of thing we’ll see, police and experts say.

But the allegations do align with two messages the security agencies have been sending for some time: complex attacks on hard targets are still very much in the jihadist playbook, and the destruction of the so-called caliphate – which ought to take some of the gloss off Islamic State triumphalism – won’t diminish the Islamist threat in .

The latter point is especially depressing. There were humanitarian and international security arguments for joining the military campaign against IS, but part of the reasoning was that smashing IS’s heartland would make safer.

Perhaps it will in the long run, but expert prognostications are that as IS disperses and spawns new groups that evolve their own agendas and methods, it will be a long time before the benefits flow through. Fairfax Media has spoken to a range of past and present security officials. The majority view is that while we are entering a new phase, it will be no less dangerous.

“It’s not a comforting thought but I think a heightened level of alert is essentially now the new normal,” Justice Minister Michael Keenan said.

“I can’t see a time in the medium term where that’s going to revert back to what it was pre-2014.”

Keenan said the “the ideology will be around” for years but would evolve, probably into “offshoots of those existing organisations”.

Radical Islamism has reinvented itself many times before. There was an al-Qaeda era in which hatred of the United States drove terror attacks that changed the world and spawned fellow travellers that attacked other countries involved in Middle East conflicts.

Then there was an Islamic State era in which the remnants of al-Qaeda splinter groups – too extreme ironically for the parent organisation that had murdered thousands of people – seeded a group that opportunistically filled the vacuum left by the Syrian civil war and then did a smash-and-grab on a weak, sectarian Iraq.

It focussed its efforts on building its caliphate but, after the US-led coalition began to beat it back, launched punitive attacks on the West.

Now, Mosul in Iraq has been declared retaken from IS. Raqqa in Syria is encircled by an alliance of US-backed Kurdish and Arab fighters who will defeat IS sooner or later. The US has outlined a policy of “annihilation” which Defence Secretary James Mattis has openly said aims to kill foreign fighters in situ rather than have them escape to other parts of the world such as Europe or to wreak vengeance there.

But the past weeks’ events dramatically underscore the fact that the return of foreign fighters, as much as they have dominated the public list of concerns, won’t be the main game for – though Europe with its porous borders may be a different story.

Many remaining ns will be killed and those who make it out will more likely go to places such as Libya, northern Nigeria and Yemen, where new caliphate offshoots may take root.

As one respected Muslim youth worker who works on the coalface said: “Anyone who has gone over there and is still there has sacrificed their lives for the cause. There’s no reason for them to come back here. I can’t see it happening.”

Rather, the post-caliphate movement’s most potent reach will be in skills and expertise – which can be shared electronically, most troublingly via encrypted communications that are difficult for authorities to tap.

Any reasonably complex plot requires technical ability and experience – more so than might be expected – which is why they tend to have overseas input, as was the case in the more elaborate previous plots such as Melbourne’s 2016 Christmas Day and 2015 Anzac Day plots.

There is little substitute for conflict experience, said Jacinta Carroll a former long-serving national security official now with the n Strategic Policy Institute.

“It takes technical support and financial support and planning support. And it takes a bit of co-ordination and networks to bring together people who have those things.”

Whatever form IS takes next, it will include battle-trained, experienced and desensitised jihadists who are well-networked, Carroll said.

Keenan said that “certainly within ISIL there is work being done on the idea of encouraging attacks on the western world and that becomes particularly acute the weaker they get because this will serve to show they’re still in the game when we’re rolling them back in their heartland”.

The trans-national nature of the modern threat is also underscored by the fact that the alleged plot revealed this week was picked up by US and British intelligence partners.

In some ways, IS has been damaged by gradually losing its heartland that stretched across Syria and Iraq. Carroll said the assault on IS in Syria has all but destroyed its super-slick propaganda machine that made stars of ns such as Neil Prakash and Abdullah Elmir.

Much of its original lustre came from the fact that it projected success, even invincibility, in creating its perverse utopia. Whether or not its military losses will dim enthusiasm among impressionable or angry young Muslims in the West remains uncertain.

The critical mass of online propaganda was at such a stage that even without the IS heartland, its message would continue to sustain itself, Keenan said.

“I believe it will still be quite easy to find this ideology online. We take it down at an enormous rate and the companies are getting better and better at identifying it. But it’s an enormous challenge to eradicate it completely online.”

Asked whether the trend towards younger people becoming radicalised quickly was tailing off, Keenan replied: “Despite our significant efforts on countering violent extremism, we’re not at a point yet where we’re seeing a lessening of young people being radicalised, and this is the case around the world.”

That said, some insiders privately say they believe there will be a decline in enthusiasm without the drawcard of the caliphate. People who work with at-risk Muslim youths also say they’re seeing it. One who helps steer troubled young people away from extremism but cannot be identified because of the sensitive nature of his work said he believed the baseline of enthusiasm had shrunk.

“The ones who are going to get sucked in now are the fringe of the fringe of the fringe. People who were ISIS supporters are not any more,” he said.

Andrew Zammit, terrorism researcher who is highly regarded for the rigour of his analyses, said IS’ loss of territory wouldn’t necessarily stop them from inspiring attacks from abroad or guiding them remotely.

The group has lost some key people who had guided plots from abroad including high-profile English-speaking jihadists such as British former hacker Junaid Hussain, who helped direct the Melbourne Mother’s Day plot, as well as others in Britain and the US.

“We’ll have to see how they adapt,” said Zammit to losing such remote instructors. But he pointed out that some were based elsewhere, in Libya and Somalia.

There were also plenty of other groups that could create a threat to , Zammit said, such as the al-Qaeda aligned Hayat Tahrir al-Sham, which controls a lot of territory in Syria, and al-Qaeda’s branches in Yemen and Libya as well as a resurgent al-Shabaab in Somalia.

On the whole, Zammit said IS military defeats in Syria and Iraq “can’t be assumed to reduce the threat level here”.

The other major question is how Islamic State disperses. Keenan said the establishment of the caliphate was “a shot of adrenaline to every radical Islamist around the world” and while it was important to destroy its base, “there’s a good chance that in some shape or form they will re-establish themselves … in other parts of the world.”

The most pressing worry for is the southern Philippines. Amid the flurry of attention to last weekend’s raids, little notice was given to an important visit by Attorney-General George Brandis to Indonesia to improve co-ordination in south-east Asia on the movement of jihadists and weapons across borders.

While ‘s co-operation with Indonesia is strong, sources say much more work has to be done between countries in the region, notably Malaysia and the Philippines.

“This is important for because a lot of this supported effort is going into the Philippines because of weak borders in the tri-border area,” said ASPI’s Carroll.

Not only have southern Philippines groups pledged allegiance to IS, but IS leader Abu Bakr al-Baghdadi has returned the nod, giving the groups a significant brand and imprimatur. In the fight for the city of Marawi, locals are using tactics “straight from the IS playbook”, Carroll said, and IS money is pouring into the area.

The possibility a mini-caliphate could take advantage of the poor border control and move people and weapons into Indonesia is a major concern given the number of ns who travel and holiday in Indonesia, she said.

“That’s a safe haven in our own backyard,” she said.

Keenan said authorities hadn’t seen ns drawn to the Philippines as they had been to Syria but “the potential for them to entrench themselves there and then be a magnet for people either fleeing the Middle East or just within our own region to go to instead of the Middle East is a threat we are very, very alive to.”

To keep attracting recruits and supporters in , IS and its spawn will need a new narrative for the post-caliphate era. Several officials and experts flagged the possibility that the new jihadis could turn the defeat of the caliphate into a narrative of resentment.

“IS will still have its appeal, and can promote a narrative that it had created a glorious pure Islamic state that was destroyed by evil enemies,” Zammit said.

Al-Qaeda was re-emphasising its anti-American focus, he said, most recently through speeches by Hamza bin Laden, the son of Osama.

The experienced Muslim youth worker said there were resentments in the community at how has responded to the IS phenomenon – some though not all of which he sympathised with. New terrorism laws and the debate that has accompanied them had created a sense that Muslims were being targeted and marginalised, he said.

With frustrating circularity, many radicalised youngsters said they were angry at the fact that n troops are in the Middle East, he added.

“The number one reason [for becoming radicalised] they tell me is that we have troops over there,” the youth worker said. “They see the whole of the government as the same instrument. The Army, state government, federal government. I’m not saying I agree with them but that’s what they say.”

Islamists have gone through many metamorphoses since the 1920s, when the Muslim Brotherhood was founded, one seasoned national security insider noted.

“Don’t underestimate the capacity of extreme Salafists to again shape-shift and find some new narrative that speaks to a new generation of Muslims,” he said.

“It’s been commandeered by different people at different times and it’ll happen again.”

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Why inequality isn’t the biggest problem in China

12.12.2018, Comments Off on Why inequality isn’t the biggest problem in China, 苏州夜生活, by .

That Bill Shorten would put inequality at the centre of Labor’s campaign for election is hardly surprising.
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It’s not a new idea, but globally the Left has been unifying behind the theme of inequality for a number of years ??? as evidenced by their applause for Thomas Piketty’s seminal work (even if most fans barely opened the 700-page treatise).

While both the left and right of the Labor party can get behind a campaign on inequality, there are two big problems with the inequality narrative.

First, while issues such as poverty, disadvantage and stagnant wages are real concerns, it’s not actually clear that inequality by itself is a problem.

Second, Shorten’s solutions largely focus on taxing high income earners. This may satiate the envy of the “have nots” ??? and the “have some but want mores” ??? but it will do little to fix the underlying causes of inequality.

‘s welfare system has a number of payments that address poverty and disadvantage: income support payments for those out of work, schemes to support the economic participation of the disabled and the disadvantaged, and payments to help meet the extra costs faced by families and women who have recently given birth.

These payments all touch on inequality but they all have a separate and distinct purpose. Payments such as Newstart have activity tests, not just income tests, and taper out well below the median income. Newstart’s clear objective is to remedy poverty ??? not inequality.

If income inequality is the big problem, why are there no welfare payments primarily aimed at decreasing it?

There is little doubt inequality has increased since the 1980s. Statistics show that between the early 1980s and the mid-2000s inequality trended upwards, with ‘s Gini coefficient measure of income distribution rising from below 0.28 to above 0.32 on ABS data.

Since then equality has either fallen, or remained relatively flat: according to the recently released HILDA data ‘s Gini coefficient has fallen from 0.314 in 2007 back below 0.3 in 2015.

Counter-intuitively, there seems to be a much more urgent focus on inequality in 2017 than in 2007. To understand why, you need to move beyond inequality statistics.

Between 1984 and 2010, incomes for those in the bottom quintile grew by 27 per cent after accounting for changes in their cost of living. For those in the second bottom quintile, that growth exceeded 30 per cent.

Income growth for both the bottom and second bottom quintile exceeded growth for the top income quintile after accounting for respective changes in cost of living. In other words, inequality may have risen in raw terms but, on average, low income earners were better off.

HILDA shows even better news: absolute poverty (a measure of living standards for the poor) fell by around two-thirds between 2001 and 2011.

The problem is that, while incomes may have grown between 1984 and 2010, many have seen little or no improvement since then. In real terms, HILDA suggests the median household is slightly worse off than it was in 2009.

This is why the comparison between the top 1 per cent ??? where incomes are growing ??? and lower income groups, has so much more resonance now than it did before. This narrative was less potent when inequality was undisputedly rising, and is picking up steam when it is relatively flat.

There are many causes of inequality, some unequivocally bad, but in it was primarily strong economic growth that delivered rising inequality. That is why inequality spiked in the mining boom.

Yet at the same time, that boom brought rising employment and incomes. These things seem to matter more to voters than inequality ??? which is why Hawke and Keating ditched Whitlam’s tax and spend policies for a growth agenda in the first place.

It’s telling that the measures to combat inequality are largely on the revenue side. Focusing on inequality rather than living standards allows Labor to advocate for massive tax increases and more regulation on the productive sectors of the economy; exactly the kind of thing that will hammer economic growth.

Tax increases on the rich are perennially popular, but they will not lead to greater prosperity. In terms of ways to lift living standards, Labor’s main answer is an increase in education spending that might deliver benefits in several decades time and more welfare spending.

One big lesson to be drawn from the populist revolt that put Trump in the White House is that people don’t want more redistribution, they want more opportunities. Many in the working class are rejecting the perennial solution of the Left (more money and fewer obligations) in favour of the opposite: re-establishing a link between hard work and success that they believe is now broken.

You’d be tempted to draw the conclusion that had the government delivered on its jobs and growth agenda, they wouldn’t be facing a fight over inequality.

Simon Cowan is Research Manager at the Centre for Independent Studies

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Tabcorp all in on Tatts merger despite mounting costs

12.12.2018, Comments Off on Tabcorp all in on Tatts merger despite mounting costs, 苏州夜生活, by .

n betting giant Tabcorp has been dragged into a net loss partly due to the $54 million it has spent chasing its proposed merger with Tatts, but the company insists the move will pay off for shareholders.
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Tabcorp on Friday revealed a $20.8 million loss for the past financial year, compared to a profit of $169 million the year before.

The company’s chief executive, David Attenborough, said the year had been “strategically important”, and the hefty investment in its campaign to take over Tatts was worth any risk the regulators might knock the deal back.

“The combination is expected to deliver at least $130 million per annum … from synergies and business improvements,” he said.

“When you put that sort of number on the table, then what we’ve spent so far is not a big bet for the benefit it will bring.”

Tabcorp, one of the world’s largest publicly listed gambling companies recorded a underlying net profit of $178.9 million, but fell to a loss due to a slew of “significant items”.

These included $61 million related to Austrac’s money laundering civil proceedings; an operating loss of $47.6 million and a $20.7 million impairment for its troubled UK joint-venture Sun Bets; its acquisition of a gaming technology firm INTECQ; and the $53 million in costs linked to the Tatts merger bid.

Mr Attenborough said on Friday that Tabcorp’s core businesses – including TAB, gaming, Keno and media – were in “good shape” and “strategically we have done an awful lot”.

He said he expected the proposed merger with Tatts to be completed by December, and the next financial year should be “transformational”.

“We are really focused on getting it done,” he said.

The $11 billion Tatts-Tabcorp merger plan, however, is facing a potential setback in light of fresh legal appeals.

The n Competition and Consumer Commission and CrownBet have applied for a judicial review of the n Competition Tribunal’s approval of the proposed merger, with a case to run in the the Federal Court later this month.

The applications claim the tribunal made reviewable errors when it dismissed a litany of concerns about the potential lessening of competition due to the merged entity’s inflated market power.

Mr Attenborough would not comment on the prospect of the merger bid being blocked, saying his focus was squarely on “getting the deal done”.

A scheme booklet will be provided to Tatts’ shareholders in September, ahead of a shareholder vote on the deal in October.

Except for Racing Victoria, every racing state in supported the Tatts-Tabcorpmerger, saying it could lead to a national TAB and turn into one of the most profitable jurisdictions in the world, outside Hong Kong. Supporters of the merger also said it could realise an extra $50 million a year for the racing industry.

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