Coronavirus (Covid19)

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Re: Coronavirus (Covid19)

Postby Jimmy_041 » Mon Mar 30, 2020 8:11 am

CHINA SPREE SPARKS FIRB CRACKDOWN
The federal government has placed severe, immediate and indefinite restrictions on all foreign investment bids following at least two cases of Chinese-owned companies in Australia securing tonnes of precious medical supplies and shipping them back to China.

Effective from 10.30pm Sunday, Treasurer Josh Frydenberg lowered to zero the dollar value of every foreign investment bid that would trigger scrutiny by the Foreign Investment Review Board and then, ultimately, by him.

Presently, there are varying foreign investment thresholds depending on the buyer, the country in which they are based, and the type of asset being sought. Thresholds range from $1.192 billion to $275 million to zero.

Under the change, the threshold is zero for everything, meaning all bids will have to be weighed against the national interest.

As well as protecting distressed Australian businesses and assets from fire sale takeovers, the crackdown was sparked after two Chinese-owned property developers, Greenland Australia and Risland Australia, had staff secure more than 100 tonnes of equipment and ship it back home.


Risland’s CEO Dr Guotao Hu standing in front of bulk supplies of protective clothing bound for China.
Greenland employees sourced bulk supplies of surgical masks, thermometers, antibacterial wipes, hand sanitiser, gloves and Panadol in January and February as the coronavirus took hold in its point of origin, Wuhan, and spread throughout China.

On the weekend, the The Sydney Morning Herald reported that Risland flew 82 tonnes of supplies on a corporate jet to Wuhan in late February.

"The chartered plane with 90 tons (82 tonnes) of medical supplies, including 100,000 most needed protective coveralls and 900,000 pairs of medical gloves, has successfully departed from Sydney and arrived in Wuhan on 24 Feb," Risland Australia posted on its LinkedIn page.

Mr Frydenberg said the foreign investment crackdown would last until the coronavirus crisis had passed.

"This is not an investment freeze. Australia is open for business and recognises investment at this time can be beneficial if in the national interest,'' he said in a statement.

"However, these measures are necessary to safeguard the national interest as the coronavirus outbreak puts intense pressure on the Australian economy and Australian businesses.

"These are temporary measures that will remain in place for the duration of the current crisis.

"Where appropriate, conditions will be applied proportionately to address identified risks on a non-discriminatory basis.''

Before the ban was imposed, the threshold for any bid on any asset by a state-owned entity was zero.

Private investors from a country with which Australia has a free trade agreement faced no FIRB scrutiny on bids for non-sensitive businesses valued up to $1.192 billion, and on sensitive assets worth up to $275 million.

Other private investors face FIRB scrutiny on all bids for businesses valued over $275 million. There is a zero threshold for all media acquisitions and different rules again for bids on land and agribusinesses.

For example, private investors from non-FTA countries face a $15 million threshhold on agricultural land, $275 million for developed commercial land and $60 million for sensitive land.

Thresholds on agricultural land and developed commercial land for private investors from FTA countries is $1.192 billion.

The time frame for existing and new applications from foreign investors bids will increase from 30 days to six months.

PM speaks up for Pacific

The potential for China to exploit the crisis is also causing strategic concerns for Australia.

Prime Minister Scott Morrison appealed to fellow Group of 20 leaders during last week's emergency video hook-up to be mindful of Australia's Pacific neighbours when it came to assisting developing nations.

With some 80 nations already appealing to the International Monetary Fund for assistance, the G20 canvassed the prospect of nations collapsing under the economic and health strains of the crisis.

Australia, whose own resources are severely depleted, fears China could use the chaos to extend its influence.

"I explained to G20 leaders that our Pacific island family must be a focus of international support,'' Mr Morrison said after the meeting.

"There has never been a more important time for Australia’s Pacific Step-up as we all face these massive challenges.

"Since January, Australia has provided support for laboratories and public information campaigns, medical equipment, health expertise and for the WHO’s regional preparedness plan.

"We are reconfiguring our development assistance to ensure critical health services can continue to function and to help our Pacific neighbours and Timor-Leste to manage the immediate economic impacts of the pandemic."
Last edited by Jimmy_041 on Mon Mar 30, 2020 8:31 am, edited 1 time in total.
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Re: Coronavirus (Covid19)

Postby Jimmy_041 » Mon Mar 30, 2020 8:29 am

I’m a pretty conservative baby boomer
I don’t usually watch 60 Minutes but last night my wife and I did, which just added to everything else I’ve read and watched about how the Chinese Govt have unleashed Chinavirus on the rest of the world. Not only the initial cover up but now trying to rewrite history. Those of you who have watched “Chernobyl” will have seen this before. This is not negligence.

There has to be consequences for the Chinese Govt.
As I posted above, the Australian Govt has now put China on watch.
The US will be the worst hit.
Mr “I’m going to build a wall and make them pay for it” may just make China pay for it.
Cancel global debt to China.
Nationalise Chinese assets.
The Chinese Govt are quite happy to let a few million citizens die but taking their money away is a no go
I write a lot of shite on here but I’m not joking this time.
This is not going to end well......
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Re: Coronavirus (Covid19)

Postby Corona Man » Mon Mar 30, 2020 8:38 am

Jimmy_041 wrote:I’m a pretty conservative baby boomer
I don’t usually watch 60 Minutes but last night my wife and I did, which just added to everything else I’ve read and watched about how the Chinese Govt have unleashed Chinavirus on the rest of the world. Not only the initial cover up but now trying to rewrite history. Those of you who have watched “Chernobyl” will have seen this before. This is not negligence.

There has to be consequences for the Chinese Govt.
As I posted above, the Australian Govt has now put China on watch.
The US will be the worst hit.
Mr “I’m going to build a wall and make them pay for it” may just make China pay for it.
Cancel global debt to China.
Nationalise Chinese assets.
The Chinese Govt are quite happy to let a few million citizens die but taking their money away is a no go
I write a lot of shite on here but I’m not joking this time.
This is not going to end well......


Go back 50 or 60 pages. I suggested sanctions this time last week.
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Re: Coronavirus (Covid19)

Postby Jimmy_041 » Mon Mar 30, 2020 9:03 am

Corona Man wrote:
Jimmy_041 wrote:I’m a pretty conservative baby boomer
I don’t usually watch 60 Minutes but last night my wife and I did, which just added to everything else I’ve read and watched about how the Chinese Govt have unleashed Chinavirus on the rest of the world. Not only the initial cover up but now trying to rewrite history. Those of you who have watched “Chernobyl” will have seen this before. This is not negligence.

There has to be consequences for the Chinese Govt.
As I posted above, the Australian Govt has now put China on watch.
The US will be the worst hit.
Mr “I’m going to build a wall and make them pay for it” may just make China pay for it.
Cancel global debt to China.
Nationalise Chinese assets.
The Chinese Govt are quite happy to let a few million citizens die but taking their money away is a no go
I write a lot of shite on here but I’m not joking this time.
This is not going to end well......


Go back 50 or 60 pages. I suggested sanctions this time last week.


I’m a boomer mate. I’d fall asleep before I found it
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Re: Coronavirus (Covid19)

Postby Booney » Mon Mar 30, 2020 9:30 am

Jimmy_041 wrote:I’m a pretty conservative baby boomer
I don’t usually watch 60 Minutes but last night my wife and I did, which just added to everything else I’ve read and watched about how the Chinese Govt have unleashed Chinavirus on the rest of the world. Not only the initial cover up but now trying to rewrite history. Those of you who have watched “Chernobyl” will have seen this before. This is not negligence.

There has to be consequences for the Chinese Govt.
As I posted above, the Australian Govt has now put China on watch.
The US will be the worst hit.
Mr “I’m going to build a wall and make them pay for it” may just make China pay for it.
Cancel global debt to China.
Nationalise Chinese assets.
The Chinese Govt are quite happy to let a few million citizens die but taking their money away is a no go
I write a lot of shite on here but I’m not joking this time.
This is not going to end well......


Just listened to Frydenberg talk about this, we're putting up the "not for sale" sign. Good.
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Re: Coronavirus (Covid19)

Postby mighty_tiger_79 » Mon Mar 30, 2020 9:38 am

About time

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Re: Coronavirus (Covid19)

Postby Q. » Mon Mar 30, 2020 10:03 am

It's a delicate scenario given China is a significant destination for our agricultural and mining exports.
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Re: Coronavirus (Covid19)

Postby Armchair expert » Mon Mar 30, 2020 10:19 am

All talk, they will bow down like they always do
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Re: Coronavirus (Covid19)

Postby Booney » Mon Mar 30, 2020 10:21 am

Q. wrote:It's a delicate scenario given China is a significant destination for our agricultural and mining exports.


They'll still be needing our meat and iron ore, they just can't buy the dirt it comes off/out of.
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Re: Coronavirus (Covid19)

Postby Booney » Mon Mar 30, 2020 10:22 am

Armchair expert wrote:All talk, they will bow down like they always do


What got me was when Frydenberg said (in essence) foreign investment only got looked into when the purchase was over $1.2bn. :shock: $1.2bn!

Now they'll be basically looking at all purchases.
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Re: Coronavirus (Covid19)

Postby tipper » Mon Mar 30, 2020 10:25 am

Looking at the purchases doesnt mean stopping them though. This could just be another government "look, we are doing something about it" without actually doing anything effective about it...

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Re: Coronavirus (Covid19)

Postby Bum Crack » Mon Mar 30, 2020 10:37 am

They'll be handing over the vaccine for baby formula drekkly.
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Re: Coronavirus (Covid19)

Postby Jimmy_041 » Mon Mar 30, 2020 11:18 am

mighty_tiger_79 wrote:About time

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Funny how people call The Donald a drongo yet he’s been onto them from the start.
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Re: Coronavirus (Covid19)

Postby daysofourlives » Mon Mar 30, 2020 11:28 am

Jimmy_041 wrote:
mighty_tiger_79 wrote:About time

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Funny how people call The Donald a drongo yet he’s been onto them from the start.

WW3 a chance? America any chance to retalliate?
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Re: Coronavirus (Covid19)

Postby Booney » Mon Mar 30, 2020 11:46 am

Jimmy_041 wrote:
mighty_tiger_79 wrote:About time

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Funny how people call The Donald a drongo yet he’s been onto them from the start.


He's a f*cking idiot and he's going to kill thousands of his own people because his ego won't allow him to say he was wrong.

Bravo for him calling it the "China virus", the thousands who die will be so proud.
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Re: Coronavirus (Covid19)

Postby mighty_tiger_79 » Mon Mar 30, 2020 11:49 am

And Hilary would be different??

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Re: Coronavirus (Covid19)

Postby Booney » Mon Mar 30, 2020 11:53 am

mighty_tiger_79 wrote:And Hilary would be different??


LOL
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Re: Coronavirus (Covid19)

Postby tigerpie » Mon Mar 30, 2020 12:05 pm

tipper wrote:Looking at the purchases doesnt mean stopping them though. This could just be another government "look, we are doing something about it" without actually doing anything effective about it...

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Exactly my point. How far do they dig for the ACTUAL purchaser?
Good luck with the rabbit warren of companies they already sneakily control now.

How can anyone explain how 80 tons of vital medical supplies leave our shores?

Customs should be able to stop any major supplies needed at this time!
They already control the port of Darwin, so how much leaves through here?
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Re: Coronavirus (Covid19)

Postby The Bedge » Mon Mar 30, 2020 12:06 pm

daysofourlives wrote:WW3 a chance? America any chance to retalliate?

Retaliate to what? Surely they'd have to prove this was a deliberate act?
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Re: Coronavirus (Covid19)

Postby Booney » Mon Mar 30, 2020 12:11 pm

The Bedge wrote:
daysofourlives wrote:WW3 a chance? America any chance to retalliate?

Retaliate to what? Surely they'd have to prove this was a deliberate act?


Not with a moron in charge they don't.
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