Australia Seen at Risk of Losing A$43 Billion in Green Spending

BHP's Birthplace Goes Solar To Power Post-Mining Future

Photographer: Carla Gottgens/Bloomberg

Australia risks missing out on at least A$43 billion ($31 billion) in investment over the next five years if it fails to set a target of net-zero emissions for 2050, according to a climate-focused investor group.

While all of the country’s state and territory governments are targeting net-zero emissions by 2050, the national government has refused to adopt the goal, instead focusing on a technology-driven approach to reducing carbon pollution. The current stance risks leaving A$265 billion in potential private investment on the table through 2050 when compared with clear policies and market signals supporting a net-zero goal, the Investor Group on Climate Change said in a report Monday.

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“The billions of dollars in investment opportunities associated with an orderly transition to net-zero emissions would support the jobs, livelihoods and wealth of millions of Australians for decades to come,” said Emma Herd, chief executive officer of IGCC, which represents institutional investors with total funds under management of more than A$2 trillion.

Read: Australia Picks Top Five Technologies to Reduce Emissions

Prime Minister Scott Morrison has said the country will comfortably meet its Paris goal to cut emissions by at least 26% from 2005 levels by 2030, but has no target beyond that. A net-zero deadline would dramatically accelerate spending on green projects on the back of a boom in renewable energy and hydrogen production, carbon capture and storage projects and increased use of electric vehicles, the IGCC said.

An “orderly transition” to net-zero emissions would unlock investments in carbon sequestration projects as companies rush to meet tougher climate standards, according to the report based on economic modeling by consulting firm Energetics. Manufacturing and transport would also see boosts, the report found.

“Governments will

Coty Expands Kylie Skin Brand to Europe and Australia

Coty Inc.  (COTY) – Get Report said on Thursday that it was expanding its division for Kylie Jenner’s skincare products, Kylie Skin, to France, Germany, the U.K. and Australia.

The direct-to-consumer Kylieskin.com websites will ensure faster delivery of products. They’ll also enable customers to shop using their local languages and currencies, avoiding additional customs fees and duties, the New York beauty-products company said in a statement.

At last check Coty shares jumped 8% to $3.60.

“The launch of the Kylie Skin international websites also reinforces Coty’s strategic commitment to strengthening the direct-to-consumer business model,” said Simona Cattaneo, president of luxury brands at Coty. “We continue to see collections sell out quickly.” 

“I always wanted to bring my skincare line to more consumers around the world and this will allow for an easier shopping experience and faster delivery,” Jenner, a fashion designer and entrepreneur with a big social-media following, said in the company statement.

Initial product assortment for the direct-to-consumer websites in both Europe and Australia will include Coconut Body Scrub, Vanilla Milk Toner, Walnut Face Scrub, Hydrating Face Mask, and more.

“All products are cruelty-free, vegan, gluten free, paraben and sulfate free and suitable for all skin types,” Coty said.

Kylie Skin launched in 2019 in the U.S. Jenner started up Kylie Cosmetics in 2015.

In July, Coty shares rose after the company named beauty industry veteran Sue Nabi chief executive. 

Nabi’s appointment at the time placed the number of women CEOs in the S&P 500 at 28, or just 6% of the broadest benchmark of U.S.-listed companies.

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Google drops Australia from News Showcase launch amid regulator rancour

By Byron Kaye

SYDNEY (Reuters) – Google has postponed the Australian roll-out of News Showcase citing regulatory complications, just three months after announcing the product, as the U.S. internet giant grapples with one of the most audacious attempts to police its activities.

After naming Australia, Germany and Brazil as markets where it would start paying publishers to feature their news, the Alphabet Inc <GOOGL.O> unit dropped Australia from the product’s launch this week because its antitrust body has since pushed for laws forcing Google to pay royalties for content industry-wide.

Google said it has therefore “paused” contracts with five local publishers whose news was due to feature on News Showcase, which presents content on swipeable cards it dubs story panels.

“As we work to understand the impacts of the news media bargaining code on partnerships and products, we have put this project on pause for now,” Google’s managing director for Australia and New Zealand, Mel Silva, told Reuters in an email.

“Although our concerns about the code are serious, we hope they can be resolved so we can bring News Showcase to Australia soon,” Silva said.

The delay represents a snag in a strategy widely seen as an effort by the tech heavyweight to show it could work with media companies as governments worldwide, led by Australia, look to new laws to make the firm pay for content on its search engine.

Overnight, Google said it would pay $1 billion to publishers globally for their news over three years, an initiative some industry bodies have said gives it too much sway over terms of royalty payments without involving the law.

A month after Google announced content deals in Australia, Germany and Brazil, the Australian Competition and Consumer Commission (ACCC) said it may bring in arbitrators to decide how much the

Digital pioneer Geoff Huston apologises for bringing the internet to Australia

bgp-spoofing-why-nothing-on-the-internet-is-actually-secure.jpg

Geoff Huston is an Internet Hall of Fame global connector, an honour which acknowledges his “critical role” in bringing the internet to Australia in the 1990s.

“While the Internet was still in its infancy in the US, he was able to complete the construction of a new and rapidly growing network within a few months,” the organisation wrote.

On Thursday, Huston apologised for that.

“The internet is now busted, and to be perfectly frank, it’s totally unclear how we can fix it. We can’t make it better,” said Huston, now chief scientist with the Asia Pacific Network Information Centre (APNIC).

“I’m sorry, I’m really sorry,” he said.

“I actually want to apologise for my small part in this mess we find ourselves in, because it all turned out so horrendously badly.”

Huston is well-known in Australian internet technical circles for his cheerfully pessimistic presentations.

He has, for example, called the internet’s traffic routing system, the Border Gateway Protocol (BGP), a screaming car wreck. Failing to secure the domain name system is savage ignorance.

But during his opening presentation to the NetThing internet governance conference, he cast his net of doom far wider.

In Huston’s eyes, the internet’s collective failures include shoddy programming, haste, lack of regulation, and expensive cybersecurity organisations that are tackling the wrong problems.

“The world of programmers and code generators is actually a world of really, really shocking work,” Huston said, singling out the agile methodology for particular blame.

“[Agile is] the incentive to write even shittier code, even faster, and more of it, because obviously, that’s what we need,” he said with considerable sarcasm.

“With no desire to actually build truly secure systems, in the rush to digitise our world of services, we’re taking extraordinary risks … We cut corners and built fast, shitty code. Maybe

Vanguard to close most of its institutional business in Australia; focus on retail

FILE PHOTO: People are seen at a booth of Vanguard Group at a fair during the INCLUSION fintech conference in Shanghai, China September 24, 2020. REUTERS/Cheng Leng

SYDNEY (Reuters) – Vanguard Group Inc said on Wednesday it will close most of its business managing money for institutional investors and large pension funds in Australia and New Zealand, and focus on serving retail clients.

The U.S. investments giant, which has roughly A$164 billion ($118 billion) in assets under management in Australia, will stop offering customised products called segregated mandated accounts (SMA) to large institutional investors.

The exit comes as Australia’s pension funds, which make up the world’s third-largest pool of pension assets, have moved towards managing a larger portion of their investments internally to lower costs. This has intensified competition for investment mandates and forced the closures of several funds.

The Pennsylvania-headquartered manager will continue to offer some investment products that are “pooled” rather than customised, a spokeswoman said in an email.

It will work with existing SMA clients in Australia and New Zealand to ensure a smooth transition that is expected to take between 12 and 24 months, she added.

Vanguard declined to disclose the value of the assets managed in those SMAs.

In April, Vanguard launched an Australian platform for retail investors providing access to a range of its managed funds, listed ETFs and shares. It has also registered a superannuation product with the regulator, which hasn’t launched yet.

Vanguard said in August will close its Hong Kong and Japan operations and cut jobs across both locations as it shifts its Asian headquarters to Shanghai.

Reporting by Paulina Duran in Sydney; Editing by Edwina Gibbs

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