Australia’s wealthiest family heads to court; Concern over China Free Trade Agreement; Shares higher: Midday Roundup

Australia’s wealthiest family heads to court; Concern over China Free Trade Agreement; Shares higher: Midday Roundup

Australia’s wealthiest family is embroiled in a legal dispute over their naming rights for the Peter MacCallum Cancer Centre.

The Smorgons, worth an estimated $2.7 billion, are worried the hospital might leave the family name off its planned new Parkville home.

The main wing at Peter Mac in East Melbourne is emblazoned with “Smorgon Family Building” following the family’s $1.5 million donation to assist construction in 1994.

But the Herald Sun reports that in a Supreme Court affidavit tycoon Graham Smorgon outlines concerns over recognition of the family at the new $1 billion Victorian Comprehensive Cancer Centre.

Concern over proposed China Free Trade Agreement

Half of local manufacturers expect the removal of tariffs on Chinese manufactured goods will negatively affect their business.

A survey of 160 local manufacturers published today by the Australian Industry Group found 51.6% are braced for a negative affect

“An Australia-China FTA should only proceed after genuine consideration of the full range of impacts on domestic manufacturers and exporters, and with a thorough understanding of its consequences for the broader economy,” Ai Group chief executive Innes Willox said.

Aussie higher following US lead

Local shares have opened higher this morning, following Wall St’s strong close last week.

“The recovery continues to be supported by another good earnings season for US stocks,” said Ric Spooner, chief market analyst at CMC Markets.

The S&P/ASX200 benchmark was down 37.4 points to 5449.6 at 12:01pm AEDT. On Friday, the Dow Jones closed 127.51 points up, rising 0.76% to 16,805.4.

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