Corruption Risk Seen in Australian Coal Deals

first_imgCorruption Risk Seen in Australian Coal Deals FacebookTwitterLinkedInEmailPrint分享The Guardian:A new report shines a critical light on the links between mining companies, lobbyists and politicians, pointing to the Indian mining giant Adani as an example of how a company with a questionable record overseas can still gain mining approval in Australia.It warns the political mining complex in Australia’s two biggest mining states, Western Australian and Queensland, is “susceptible to corruption” due to key weaknesses in their approvals regimes, including inadequate due diligence investigation into the companies and individuals applying for mining leases.It also criticises the “revolving doors” of personnel between government and industry broadly, and political donations regimes.The report, published by Transparency International Australia (TIA), Corruption Risks: Mining Approvals in Australia, was released on Wednesday.Its authors conducted 47 interviews with experts from government, industry, civil society, academics, Indigenous traditional owners and consultants in Perth and Brisbane to gather its evidence. Its list of key weaknesses in the mining approvals regimes is long.The researchers says “industry influence” is a corruption risk in Australia, particularly with regard to large infrastructure project approvals in Queensland and WA.It notes the mining industry has disclosed donations of $16.6m to major political parties over the past 10 years (2006-07 to 2015-16), and warns the under-regulated system of political donations can allow special interest groups to attempt to influence policy-making at all levels of government.It highlights the “revolving doors” of personnel between government an industry as a risk in Australia generally.It points out 191 of 538 lobbyists (35.5%) registered by the Department of the Prime Minister and Cabinet, as of September 2016, were former government representatives.The researchers also warn government departments involved in the mining approvals process in Queensland and WA do not undertake adequate due diligence into the character and integrity of applicants for mining leases, including companies’ track records overseas, and investigations of their financial capacity do not involve an examination of beneficial ownership to understand who the real owners are.The Institute for Energy Economics and Financial Analysis also warned this week that Adani’s ambitions in Queensland faced a new risk, with the company having to refinance more than $2bn in debt on the Abbot Point coal terminal – more than it paid for the port in 2011.More: Mining companies’ links with politicians ‘susceptible to corruption’ – reportlast_img read more

#Facebook rolls out Messenger payments nationwide

first_img 53SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr By 2019, Forrester Research predicts mobile person-to-person (P2P) payments in the U.S. will total $17 billion. That’s up from $5 billion in 2014. Mobile-payment users in the U.S. are expected to reach 36 million next year.Naturally, Facebook wants a piece of the pie. The social media giant recently announced its Messenger payments service is now available to all users across the U.S. The payments platform was previously only available in select markets, like New York City.Facebook Messenger is a mobile and online chatting service that allows users to send chats between friends. Facebook announced in June the service now has 700 million users, up from 600 million in March and 500 million in November. These users can now make P2P payments by adding their debit card to Facebook Messenger in a few taps. Money can then be transferred from one user’s checking account to another user’s checking account. continue reading »last_img read more