Forge shareholders threaten legal action; Business finance commitments up in December: Midday Roundup

Shareholders are threatening legal action over the collapse of mining services company Forge Group, according to a report in The Australian Financial Review.  

The firm has been forced to lay off 1400 workers, with the company’s debts estimated to be around $500 million. Only 353 employees now remain with the company.

In Parliament yesterday, Prime Minister Tony Abbott blamed the collapse of Forge on the carbon and mining taxes.

“The truth is that the carbon tax and mining tax are anti-Western Australian taxes,” he says.

“They are both daggers aimed at the heart of the Western Australian economy.”

Forge’s operations, which included mining and power station construction projects, have since been suspended as both contractors and clients abandon the company.

Business finance commitments up in December

Business finance commitments rose by 4.7% to $39.21 million in December, according to the latest figures from the Australian Bureau of Statistics.

Commercial finance figures rose in December, despite a small drop in personal finance, according to ABS statistics.

Personal finance figures fell 1.1% to $7.82 billion.

Shares up on open

Aussie shares are trading strongly this morning, following gains on Wall Street overnight.

The S&P/ASX200 benchmark is up 38.7 points higher to 5346.8 at 12:06pm AEDT. Last night the Dow Jones closed 63.65 points higher, up 0.40% to 16,027.59.


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