THE NEWS WRAP: Shell puts Geelong refinery on the market amidst closure fears

Shell Australia has announced plans to sell its Geelong refinery, with concerns growing the facility could be closed if the company cannot find a suitable buyer.

 

“Shell is committed to a timely sale process and during this time providing employees with counselling, employees with changed management support and a commitment to ongoing communication,” said Shell Australia’s downstream operations vice president Andrew Smith.

 

“The sale will allow Shell to concentrate local downstream investments in the growth opportunities in its retail and bulk fuel businesses along with investing in the terminals and pipelines that support them.”

 

Fairfax announces major restructure

 

Fairfax Media has announced a major restructure, with the company announcing its operations will be grouped into five divisions, with senior executive roles to be cut in the process.

 

The new divisions include Australian Publishing Media, which will bring together the company’s Australian newspapers including The Australian Financial Review, alongside Domain, Digital Ventures, Fairfax Radio and Fairfax New Zealand.

 

You have to absolutely make sure [The Australian Financial Review] remains a differentiated brand because it has a different market so each of the publications can operate to their market’s needs. We believe that this structure delivers on that differentiation but in an incredibly efficient manner in terms of shared services,” said Fairfax Media chief executive Greg Hywood.

 

Carr warns North Korea amidst deepening missile crisis

 

Foreign Minister Bob Carr has warned North Korea that South Korea and its allies would not continue to tolerate threats of war, as tensions continue to escalate on the Korean peninsula, amidst reports the communist state is moving missiles ahead of a possible launch.

 

“We warn [the North Koreans] that South Korea, which has shown admirable restraint, is not likely to ignore continuous threats, let alone any future attacks,” Carr said.

 

“We cannot vouch for the veracity of these reports [about missile movements] but we simply repeat that the rest of the world wants an end to the provocative behaviour that is being displayed by the politburo of North Korea.”

 

Overnight

 

The Dow Jones Industrial Average is up 0.38% to 14,606.11. The Aussie dollar is up slightly to US104.31 cents.

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