Embattled Indian miner Adani's plans for a huge coal project in Australia has been dealt another blow after the government confirmed on Sunday it would not fund a rail link to the facility.
The development of the controversial $16 billion Carmichael mine near the Great Barrier Reef is set to be one of the world's largest. But it has been delayed by several years amid regulatory and legal hurdles.
While a lease was granted in 2016, Adani is still seeking to secure funding for the first stage of a A$1 billion (Dh2.9bn) government loan for a vital 189-kilometre rail line linking the mine to a port.
But government frontbencher Karen Andrews said such a loan would not be forthcoming from Canberra amid opposition from the state government.
"For there to be money available through Naif [Northern Australia Infrastructure Fund], that will require the support of the Queensland [state] Labour government," Ms Andrews told Sky News Australia.
"They are not going to provide that, so the advice that I've been given from the resources minister is that the financing will not proceed."
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Read more:
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The Queensland Labour government campaigned against the rail loan last year in state elections.
Ms Andrews said she was hopeful the project would still go ahead, adding that the mine "is actually very, very important for employment and jobs in the northern part of Australia".
Several global banks have already said they would avoid the project amid a growing shift away from investing in fossil fuels.
There was no immediate comment from Adani Australia.
Adani last year cancelled a conditional A$2bn contract with mining services giant Downer to develop and run the mine, saying it would manage the mine on its own to keep costs down.
The mega mine is opposed by environmentalists, who claim it will harm the World Heritage-list Barrier Reef - already threatened by climate change - off Australia's north-eastern coast.
The Indian conglomerate forecasts it will produce 60 million tonnes of thermal coal a year for export and estimates it will generate 10,000 direct and indirect jobs.
Dunki
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About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
COMPANY%20PROFILE
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Killing of Qassem Suleimani
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Killing of Qassem Suleimani
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
