Tag Archives: cancels

Turkey cancels $5.7bn highway privatisation tender

ISTANBUL: Turkish Finance Minister Mehmet Simsek said on Friday the government had cancelled a $5.7 billion tender for the privatisation of toll roads and bridges, after Prime Minister Tayyip Erdogan earlier said the result had not met expectations.

Turkey’s Koc Holding and Gozde Girisim and Malaysia’s UEM Group Berhad had won the tender in December.

The Istanbul stock exchange was closed when Simsek made the statement.

Copyright Reuters, 2013


ASIC cancels rental company’s credit licence

An appliance rental company in north-western Victoria has had its credit licence cancelled by the Australian financial regulator for deliberately targeting vulnerable people in remote aboriginal communities.

Zaam Rentals was renting household goods to poor indigenous people near Mildura that they were to pay for with their Centerlink benefits.

The Australian Securities and Investments Commission (ASIC) launched an investigation into the company after families dealing with Zaam spoke out on 730 Victoria late last year.

ASIC has now banned the company’s director and former director from credit activities for at least the next four years and has cancelled Zaam’s credit license.

The investigation found the company failed to make inquiries into the financial circumstances of its customers and did not make necessary disclosures in its contracts.

ASIC commissioner Peter Kell says Zaam targeted people with a limited understanding of contracts and a minimal capacity to make repayments.

Topics: consumer-protection, aboriginal, mildura-3500

Qantas cancels Adelaide-Singapore flights

Qantas will axe its direct flights between Adelaide and Singapore in April as part of a national restructure of its Asian services.

Adelaide Airport says the airline provides three weekly flights direct from Singapore to Adelaide and another three from Adelaide to Singapore via Sydney.

The airport says the decision is disappointing and comes as the number of international passengers using the terminal continues to grow.

Adelaide Airport says the loss of the Qantas flights will be partially offset by Singapore Airlines’ decision to increase its Adelaide services in July.

But Senator Nick Xenophon has labelled Qantas’s decision an insult to the state.

He says Adelaide is being marginalised by the airline.

“We now have a crazy situation where other countries’ airlines are bringing more and more flights into Adelaide from overseas yet Qantas has now severed its last remaining flights in and out of Adelaide on an international route,” he said.

“That, to me, is a disgrace.

“Qantas says that they’ve been losing money on the Adelaide-Singapore route when Qantas employees tell me that they’re flights out of Adelaide to Singapore have invariably been incredibly full.”

The Transport Workers Union says it expects the airline’s decision will lead to job losses.

Branch organiser Matthew Spring says Qantas workers were given no warning about the changes.

“They only found out in the same that way we did, through the media and through us ringing them. They’re shocked,” he said.

“One of my delegates said ‘I don’t understand that, those flights are coming in loaded, they’re not empty, they’re coming in fully loaded. Why would you want to get on a domestic flight and fly to Melbourne to fly out to Singapore, when you go straight from here to Singapore on another flight?’”

Qantas says it is working on a deal with Dubai-based airline Emirates.

Topics: air-transport, travel-and-tourism, sa, adelaide-5000, singapore

First posted February 04, 2013 17:18:36

Chancellor cancels fuel duty rise

 Men fill up cars with petrol Fuel duty represents 42.3% of the pump price, before VAT is added A 3.02p per litre rise in fuel duty scheduled for introduction in January has been cancelled.

Announcing the change in the Autumn Statement speech, Chancellor George Osborne said the move would be a “real help” for families and businesses.

The proposed rise would have cost motorists an average £2.53 for a full tank, so consumer groups and industry bodies have welcomed the freeze.

Both say higher fuel prices have curbed their driving and hurt the economy.

“It will provide much needed support for consumers,” said Stephen Robertson, director general of the British Retail Consortium. “It will ease the pressure on household budgets, boost customers’ ability to spend and help hard-pressed retailers contain their transport costs.”

Gareth Kloet, insurance expert at Confused.com, described it as “relief for all motorists, including those who rely on the roads to keep their businesses up and running”.

‘Healthy tax take’

In the 2011-12 financial year, the Treasury received £26.8bn from fuel duty, a near trebling of the £9.63bn fuel duty received in 1990-91.

The fuel duty takings were lower, however, than they were during the previous year, when they peaked at £27.26bn.

This was because 527 million fewer litres of petrol and diesel were sold, as individuals and companies chose to drive less, according to Edmund King, president of the Automobile Association

“The tax take from fuel duty is pretty healthy and would be even better were it not for record fuel prices,” he said.

“Arguably, the government would rake in more revenue if it tackled the causes of stubbornly-high fuel prices in the UK, allowing cash-tight businesses, lower-income families and the 28% who restrict their spend on road fuel to use their vehicles as they need rather than as they can afford.”

Transport costs Continue reading the main story 7 March 2001 – 45.82p1 October 2003 – 47.10p7 December 2006 – 48.35p1 October 2007 – 50.35p1 December 2008 – 52.35p1 April 2009 – 54.19p1 September 2009 – 56.19p1 April 2010 – 57.19p1 October 2010 – 58.19p1 January 2011 – 58.95p23 March 2011 – 57.95p

Source: RAC Foundation

Fuel duty has risen from 45.82p per litre in March 2001 to the current 57.95p per litre.

Hence, 42.3% of the pump price – currently averaging 133.19p per litre for petrol – ends up in the government coffers as duty. This rises to 59% once value added tax (VAT) has been added.

As such, petrol and diesel are amongst the main drivers of overall transport costs, which average £75.10 per week per family when the cost of motor insurance is taken into account, according to the Office for National Statistics.

But fuel duty has not gone up since January 2011, when it was raised by 0.76p per litre.

It was then cut by 1p in March 2011 and ever since planned increases have been postponed repeatedly, before finally being cancelled altogether.

“Under this government we’ll have had no increase in petrol taxes for nearly two and a half years – in fact they have been cut,” said Mr Osborne.

“Fuel is 10p per litre cheaper than it would have been if we had stuck to the Labour tax plans and I want to keep it that way.”

NHL cancels beginning of season

5 October 2012 Last updated at 01:59 GMT Yannick Weber in a Swiss National League game Many players, like Yannick Weber of the Montreal Canadiens, are already playing in other leagues The National Hockey League (NHL) has cancelled the first two weeks of its regular season because of an ongoing labour dispute with its players’ union.

The US and Canadian ice hockey league cut 82 games from 11 to 24 October. It is unclear if they will be made up.

The two sides are still far apart on a key issue in the contract talks – how much players should receive of $3bn (£1.9bn) revenue the games bring in.

A labour dispute seven years ago saw the entire 2004-2005 season cancelled.

No future negotiations are currently scheduled.

Without a deal, clashes between the Los Angeles Kings and the New York Rangers, as well as old rivals the Toronto Maple Leafs and the Montreal Canadiens, will be cancelled, the BBC’s Lee Carter reports from Toronto.

Playing overseas

“We were extremely disappointed to have to make today’s announcement,” NHL Deputy Commissioner Bill Daly said in a statement.

“The game deserves better, the fans deserve better, and the people who derive income from their connection to the NHL deserve better.”

The players’ union argued that the league had forced a lockout onto the players.

“If the owners truly cared about the game and the fans, they would lift the lockout and allow the season to begin on time while negotiations continue,” NHLPA Executive Director Donald Fehr said.

A recently expired contract gave players 57% of hockey-related revenue. The NHL would like to have that percentage lower than 50% – possibly as low as 47%.

Many NHL players have decided to stay in North America and play in the American Hockey League, the step below the NHL, while some have decided to find clubs in Europe until any deal is reached.