Business

THE NEWS WRAP: China criticises government over Huawei ban

Andrew Sadauskas /

The Chinese government has criticised the Abbott government’s decision to continue a ban preventing telecommunications equipment giant Huawei bidding for NBN contracts.

 

“We always oppose countries using national security as a reason or an excuse to interfere in the economy and normal trade cooperation between two countries,” Chinese Foreign Ministry spokesperson Hua Chunying says.

 

“We really hope that both sides could make an effort to create a level playing field for enterprises to carry out normal cooperation with a principle of market economics and on a basis of mutual respect, equality and mutual benefit.”

 

ANZ records fourth straight record profit

 

ANZ has announced its fourth consecutive record full-year profit, which is up 11% on last year to $6.3 billion.

 

“The scale of the transformation at ANZ over the past six years is significant and we are now beginning to unlock the real potential of our franchise in Australia, New Zealand and Asia-Pacific,” ANZ chief executive Mike Smith says.

 

“This means we can continue to grow while also targeting a further reduction in our cost-to-income ratio for 43% or better, along with improving our return on equity to at least 16% by the end of the 2016 financial year.”

 

Kirin subsidiary Lion nibbles 9.99% of Warrnambool Cheese & Butter

 

Lion, the local subsidiary of Japanese food and brewing giant Kirin, has purchased a 9.99% stake in Warrnambool Cheese & Butter amidst a three way bidding war for the Victorian dairy.

 

Currently, WCB supplies all of Lion’s low-end cheese brands, including Coon and Cracker Barrel, with the move seen as a defensive strategy against bidders including milk co-op Murray Goulburn, Bega Cheese and Canadian food giant Saputo.

 

“Lion today confirmed that it has acquired a shareholding of 9.99% in Warrnambool Cheese & Butter,” Lion says in a statement.

 

“Lion has enjoyed a close relationship with WCB over many years and WCB plays an important role in Lion’s cheese business. Lion considers this stake a continuation and strengthening of this relationship.”

 

Overnight

 

The Dow Jones Industrial Average is up 0.72% to 15680.35. The Aussie dollar is down to US 94.83 cents.

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Andrew Sadauskas

Andrew Sadauskas is a former journalist at SmartCompany and a former editor of TechCompany.

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