New ash cloud prompts Qantas to extend flight ban
Australia’s Qantas Airways extended its ban on flights to and from Europe for another 24 hours on Tuesday, as hopes of a quick resolution to the volcanic ash crisis dwindled. The airline cancelled Wednesday’s services and said at least two flights would be grounded on Thursday, citing uncertainty over the situation after Britain warned of a new ash cloud headed from Iceland. The announcement comes despite some European governments re-opening airspace and confidence from the continent’s air traffic control officials that flights... Lire la suite
Australian regulator blocks NAB bid for AXA Asia Pacific
Australia’s competition watchdog Monday rejected National Australia Bank’s proposed 12.2 billion US dollar takeover of AXA Asia Pacific Holdings (AXA), but did not oppose a rival bid by Australia’s AMP. The Australian Competition and Consumer Commission (ACCC) said the NAB and AXA merger did not raise concerns in superannuation, insurance and banking, but it could lessen competition. “At the heart of the ACCC’s decisions are concerns about innovation, and as a consequence future rigorous and effective competition between... Lire la suite
Ash cloud leaves European backpackers stuck in Australia
Hundreds of European backpackers remained stranded in Australia on Monday, many low on funds, as travel mayhem from the Iceland volcano extended right around the globe. Many hostels said travellers had extended stays after their flights were cancelled, meaning “additional money to spend at the end of their journey, when they don’t have much any more”, a Sydney Harbour Hostel worker said. English traveller Amy Briggs, 25, said the volcanic ash cloud had brought a chaotic end to her six-month holiday. “I was supposed to leave... Lire la suite
Chaos as freak storm batters Australia’s Perth
Some 100,000 people were left without power Tuesday after a freak storm battered the Australian city of Perth, hurling golf ball-sized hailstones and causing floods and landslides. Western Australia premier Colin Barnett estimated a damage bill of hundreds of millions of dollars after the wild weather smashed into the city late on Monday, paralysing flights and commuter traffic. Thousands of residents jammed emergency phone lines as falling trees downed power cables and crashed into homes in the worst storm seen in years. Hospitals were flooded... Lire la suite
NAB to secure its takeover bid for AXA Asia Pacific Holdings
National Australia Bank (NAB) is a step closer to taking over AXA Asia Pacific Holdings Ltd. (AXA APH) after the bank’s examination of the wealth manager’s books found nothing to derail its A$13.3 billion proposal. NAB’s A$6.43-a-share all-cash bid–endorsed by the target’s independent directors over a rival proposal from AMP Ltd. –was subject to a number of conditions including that it completed satisfactory due diligence. NAB and AXA APH announced Friday that the due diligence has been completed. “There... Lire la suite
