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Australian News

AUSTRALIA COURT REPORT: Swift Networks to pay $1.2 m penalty for rigging bids for WA mining camps tenders

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AceNewsDesk – The Federal Court has today ordered Swift Networks Pty Ltd (Swift) to pay a penalty of $1.2 million for engaging in cartel conduct by rigging bids when tendering to supply technology infrastructure and services to three Pilbara mining village projects.

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Ace Press News From Cutting Room Floor: Published: Sept.15: 2023: ACCC News Report: TELEGRAM Ace Daily News Link https://t.me/+PuI36tlDsM7GpOJe

Swift tendered for projects at Rio Tinto Limited’s West Angelas and Yandicoogina sites and its Western Turner Syncline site, and at Fortescue Metals Group Limited’s Japal Village Iron Bridge site.

Swift admitted it had engaged in cartel conduct when in relation to these three projects, it agreed with a competitor, DXC Connect Pty Ltd and DXC Technology Australia Pty Ltd, that one of them would submit a higher price than the other in response to a request for bids.

β€œBid rigging is a serious breach of competition laws. Cartel conduct such as this can lead to higher prices for other businesses, and ultimately consumers,” ACCC Commissioner Liza Carver said.

β€œWe have taken this case as a reminder to businesses that we take this type of anti-competitive conduct extremely seriously and will always take appropriate action.”

Swift was also ordered to establish Competition and Consumer Act compliance, education and training programs and pay part of the ACCC’s costs.

The orders were made following joint submissions by the parties and the ACCC to the Court.

Background

Technology infrastructure and services include the supply of information technology, communications equipment, entertainment solutions and associated services to provide Wi-Fi and internet connectivity to rooms and communal areas across mining sites.

Swift is a specialist technology company delivering network infrastructure, entertainment and communications to accommodation facilities nationally across mining and resource, residential aged care, hospitality and other β€œclosed loop” environments.

The ACCC commenced proceedings against Swift in February 2023.

Additional Notes;

Bid rigging occurs when two or more competitors agree they will not compete genuinely with each other for tenders, allowing one of the cartel members to β€˜win’ the tender. Participants in a bid rigging cartel may take turns to be the β€˜winner’ by agreeing about the way they submit tenders, including some competitors agreeing not to tender.

More information on bid rigging can be found on the ACCC’s website at Cartels.

The ACCC investigates cartel conduct and may take civil cartel proceedings in the Federal Court. The ACCC may also refer potentially criminal cartel conduct to the Commonwealth Director of Public Prosecutions for consideration of prosecution. 

The ACCC works to detect cartels including through education programs, proactive intelligence gathering and data assessment and working with overseas counterparts to identify cartels that operate on a global level.

The ACCC also manages an immunity program that enables past or present cartel members to confess their actions and cooperate with investigations in exchange for immunity from ACCC-initiated civil and (through the CDPP) criminal proceedings.

Anyone with information about cartel conduct is urged to call the ACCC Cartel Hotline on (02) 9230 3894. You can also report cartel conduct anonymously.

Anyone who thinks they may be involved in cartel conduct can also apply for immunity from prosecution in exchange for helping with the ACCC’s investigations by contacting the ACCC.

Public procurement officials who want to know more about detecting cartels are encouraged to contact the ACCC Cartel Outreach team at carteloutreach@accc.gov.au.

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BREAKING NEWS

BREAKING RUSSIA NEWS: Russian home prices up 73% in three years, official warns

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β€œCompetent” urban planning would help drive prices down, according to the head of a housing development institution

Russia should be more efficient about urban planning and eliminate administrative barriers to help reduce home prices, Vitaly Mutko, the head of a financial institution for the development of the housing sector, has said.     

Speaking at the Eastern Economic Forum (EEF) in Vladivostok, the Dom.rf chief noted that residential home prices in Russia have jumped by 73% in the past two to three years and urged the authorities to take steps to lower costs.

Russian home prices up 73% in three years, official warns
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BREAKING NEWS

BREAKING SERBIA & UAE NEWS: New Strategic Partnership

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Diplomatic, economic and military relations between the Republic of Serbia and the UAE have risen to high levels. UAE is Serbia’s best friend in the Arab world

The post Serbia & UAE – New Strategic Partnership appeared first on EURASIA NEWS.

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BREAKING NEWS

Global Fossil Fuel Subsidies Reached 7,000,000,000,000 $$$$$ – 7 Trillion in 2022

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If the price of fossil fuels reflected their actual cost, carbon emissions would drop by 43 percent by 2030, and 1.6 million people yearly would be spared an early death from air pollution, the analysis found.

An analysis of policies in 170 countries found that explicit subsidies, such as price caps on fuel, accounted for 18 percent of this total. With Russia’s war on Ukraine roiling energy markets, many governments have placed limits on the price of fossil fuels, giving money back to consumers when prices exceeded those limits.

Global Fossil Fuel Subsidies Reached 7,000,000,000,000 $$$$$ – 7 Trillion in 2022
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BREAKING NEWS

BREAKING U.S NEWS: Downtown Raleigh gets OK for ABC Store after nearly 40 years without one

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RALEIGH, N.C. (WNCN) — The North Carolina ABC Commission Tuesday approved a request for a liquor store to open in downtown Raleigh — which has been without one for nearly 40 years.

In its Tuesday meeting in Raleigh, the state commission considered the request from the Wake County ABC Board. The proposed ABC store would be at 212 South Salisbury St., according to a statement from the North Carolina ABC Commission.

Wake County ABC General Manager Bryan Hicks told CBS 17 in April that downtown Raleigh has gone without a liquor store since 1985.

Hicks said The City of Raleigh and the Downtown Raleigh Alliance want to bring people downtown and keep them there. In the past, there were concerns an ABC store would compete with bars and restaurants.

He believes having an ABC Store would help the currently underserved population resulting in more revenue back to the citizens.

Earlier this year, Wake County ABC said the planned store would have 5,000 square feet of retail space accessible on the ground level with another 3,000 square feet of storage space on the basement floor.

Until the new store opens, the two closest ABC stores to downtown Raleigh are at the Village District to the west and on New Bern Avenue near Poole Road to the east.

Downtown Raleigh gets OK for ABC Store after nearly 40 years without one
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Ace Daily News

FEATURED BUSINESS REPORT: Octopus Energy agrees purchase of Shell Energy UK & Germany: Here’s what we know so far ?

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AceNewsDesk – London, 1st September 2023 – Octopus Energy Group today announces it has signed a deal with Impello Limited (β€œShell”), a subsidiary of Shell Petroleum Company Limited, to buy Shell Energy in the UK and Germany, taking on two million new home energy and broadband customers.

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Ace Press News From Cutting Room Floor: Published: Sept.13: 2023: Octopus Energy News

  • Subject to regulatory approvals, deal expected to complete in the fourth quarter of 2023
  • Move will take Octopus Energy’s retail supply arm to 6.5 million customers
  • Octopus Energy has the highest approval rating of any energy supplier in the UK, according to a recent analysis by Bain & Company

This deal grows challenger energy supplier Octopus to nearly 6.5 million household customers in the UK (over 11 million meter points). Its customer base in Germany will grow to almost 300,000.

The move comes after a competitive process run by Shell and includes 1.4 million household energy customers (2.5 million meter points) and 500,000 broadband customers. 

Shell Energy Retail customers should sit tight for now – the deal is expected to complete in the fourth quarter of 2023 following regulatory approval, and they will be contacted at that time.

Octopus has a strong track record in large-scale customer migrations through its proprietary tech platform Kraken. The company recently completed the transfer of 1.5 million Bulb customers in just six months – an industry record – all while maintaining its award-winning customer service levels and its Which? Recommended Energy Supplier status for the 6th year running. The company also recently topped Citizens’ Advice’s star ratings.

There will be a smooth transition and no disruption to customer energy supply, all Shell energy and broadband customers will be contacted about the next steps following regulatory approval. Customer credit balances are protected, and will automatically get transferred to their new account with Octopus together with their existing direct debits. 

Octopus is headquartered in the UK and operates in 15 countries, with significant businesses in energy retail, generation, technology and electric vehicles. It has received well over $1bn in investment from global giants, including investment funds, pension funds and large energy companies.

Greg Jackson, CEO and founder of Octopus Energy Group, comments:

β€œ Following a stringent process, we are pleased to be acquiring Shell Energy Retail in the UK and Germany. Octopus has proven that it delivers game-changing service whilst innovating and investing relentlessly towards a cheaper cleaner energy system. Our commitment to customers is paramount and we will do whatever it takes to deliver the Octopus promise when we welcome these new customers too.”

As part of the agreement, Shell and Octopus Energy have also signed a memorandum of understanding to explore a potential international partnership. The companies are planning to bring the best possible experience to their EV charging customers, including for Shell Recharge and Octopus Electroverse subscribers. Options will be explored for possible joint promotions, brand activations and other activities across the EV value chain.

According to a recent analysis by management consultancy Bain & Company, Octopus Energy has the highest approval rating of any energy company in the UK*. The company also tops TrustPilot ratings for energy suppliers and has won multiple awards – among others, it’s been named among Sunday Times’ β€˜Best Places to Work’, Utility Week’s β€˜Utility of the Year’ and was recently awarded one of TIME Magazine’s β€˜100 Most Influential Companies’.

Octopus has put together this information page for Shell customers to find the latest news on their transition, the page will be updated regularly: octopus.energy/shell

ENDS

Additional Notes :

*Bain analysis of company Net Promoter Score, 200 UK companies analysed and found that Octopus’s NPS of +25 was 39 points above the industry average of -14, the biggest difference of any company in any sector.

Press Contact

Octopus Energy

Christina Hess 

T:  +44 (0)20 45308369

E: christina.hess@octoenergy.com

Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 15 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a Β£6 billion portfolio of projects – one of Europe’s largest.

About Octopus Energy Group

Octopus serves 5.4 million customers through its retail arm globally, and has licensed its advanced data and machine learning platform, Kraken, to support millions of customers worldwide.

Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.

For more information, check out our website.

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BREAKING NEWS

BREAKING RUSSIA REPORT: EU state sharply increases import share of Russian oil

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Nearly two-thirds of the Czech Republic’s total crude supply this year has come from the sanctioned country, energy firm Mero has reported 

The Czech Republic’s imports of Russian oil surged sharply in the first half of this year despite the EU country’s plans to wean itself off supply from Russia, state oil pipeline operator Mero revealed on Monday.

Russian oil made up 65% of the Czech Republic’s total oil imports in the first six months of 2023, sharply up from 56% for the entire year in 2022 and 49% in 2021.

EU state sharply increases import share of Russian oil
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Ace Daily News

FEATURED U.K BUSINESS REPORT: Triple lock means state pension set to rise by 8.5% in April

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AceNewsDesk – The state pension is likely to rise by 8.5% in April after data crucial to the so-called triple lock was published.

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Ace Press News From Cutting Room Floor: Published: Sept.12: 2023: By Kevin Peachey: Cost of living correspondent

A man looks through financial paperwork
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The policy means the increase in the state pension is the highest of average earnings, inflation or 2.5%.

Those earnings – which are total pay, including bonuses – were recorded at 8.5%, and the inflation figure is unlikely to be higher.

That means the state pension is likely to rise by 8.5%, which would be a weekly increase of Β£13.30.

It means there is set to be an annual increase of Β£691.60 on the basic state pension – taking the total for the year to Β£8,814.

For those receiving the new flat-rate state pension, going to those who reached state pension age after April 2016, the rise is set to be Β£17.35 a week, or Β£902.20 a year – taking the total for the year to Β£11,502.

This is set to be the second significant increase in the state pension in two years, after a 10.1% increase in April of this year.

The triple lock is designed to ensure pensioners, especially if they rely solely on the state pension, are able to afford rising prices, or keep pace with the increases in the working population’s wages.

However, there have been questions over whether the cost of funding the policy is too high, and whether the government could better spend the money elsewhere.

The debate over fairness may be heightened as benefits are not likely to rise quite as much, as these are generally pegged to the rate of inflation which is expected to be slightly lower.

Neither the Conservatives nor Labour have committed to maintaining the triple lock in their next manifesto.

Shadow deputy prime minister Angela Rayner repeatedly refused to say whether a Labour government would keep it, when asked on BBC Breakfast.

“We will have to see where we are when we get to a general election and see the finances. We will not make unfunded spending commitments,” she said.

These two significant increases are likely to drag hundreds of thousands more pensioners into paying income tax, the thresholds of which have not risen as fast.

Sir Steve Webb, a former pensions minister and now partner at consultants LCP, estimated that the number of taxpaying pensioners would rise by around 650,000 to 9.15 million. He described that as a stealth tax on many pensioners.

The Institute for Fiscal Studies, an economic think tank, said that the triple lock policy carried a danger that people would overestimate what would be provided under the state pension in the future.

Meanwhile Becky O’Connor, director of public affairs at pension platform PensionBee, said: “A state pension pay rise for pensioners next year will make the triple lock promise more costly than ever and call into question whether this mechanism of guaranteeing increases can continue.

“Any knee-jerk, poorly considered reaction by the government to deal with the rising state pension bill now risks harming pensioners for decades to come. Without increases in line with earnings or inflation, they would be at risk of real income falls in future.”

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