To counter China, Australia plans $1.5 billion Pacific infrastructure fund

Australia will create a A$2 billion ($1.46 billion) fund to provide loans to Pacific nations to build infrastructure, Prime Minister Scott Morrison is expected to announce on Thursday, as Canberra seeks to counter China’s influence in the region. Australia and China have been vying for influence in sparsely populated Pacific island countries that control vast swathes of resource-rich oceans. To counter, Morrison plans to announce that Australia will renew its focus on the Pacific, primarily thro


Australia will create a A$2 billion ($1.46 billion) fund to provide loans to Pacific nations to build infrastructure, Prime Minister Scott Morrison is expected to announce on Thursday, as Canberra seeks to counter China’s influence in the region. Australia and China have been vying for influence in sparsely populated Pacific island countries that control vast swathes of resource-rich oceans. To counter, Morrison plans to announce that Australia will renew its focus on the Pacific, primarily thro
To counter China, Australia plans $1.5 billion Pacific infrastructure fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, 15, morrison, develop, fund, relations, infrastructure, billion, pacific, countries, australia, china, counter, plans


To counter China, Australia plans $1.5 billion Pacific infrastructure fund

Australia will create a A$2 billion ($1.46 billion) fund to provide loans to Pacific nations to build infrastructure, Prime Minister Scott Morrison is expected to announce on Thursday, as Canberra seeks to counter China’s influence in the region.

Australia and China have been vying for influence in sparsely populated Pacific island countries that control vast swathes of resource-rich oceans.

China has spent $1.3 billion on confessional loans and gifts since 2011 to become the Pacific’s second-largest donor after Australia, stoking concern in the West that several tiny nations could end up overburdened and in debt to Beijing.

To counter, Morrison plans to announce that Australia will renew its focus on the Pacific, primarily through a new infrastructure fund.

“This $2 billion infrastructure initiative will significantly boost Australia’s support for infrastructure development in Pacific countries and Timor Leste,” according to a speech Morrison is due to deliver in the state of Queensland and seen by Reuters.

“It will invest in essential infrastructure such as telecommunications, energy, transport, water, and it will stretch our aid dollars further.”

Foreign policy analysts say Australia’s new infrastructure fund will test Australia’s already cool relations with China, its largest trading partner.

“This announcement will be a gauge of whether Australia can improve relations with Beijing while doing things that would have previously annoyed China,” said Nick Bisley, professor of international relations at Melbourne’s La Trobe University.

Ties between the two countries have been strained since Australia accused China of meddling in its domestic affairs late last year.

Australia’s Foreign Minister Marise Payne will on Thursday meet her Chinese counterpart in Beijing, the first visit by a senior Canberra in two years after bilateral relations soured.

Australia has already this year pledged to develop several infrastructure projects in the Pacific but it has been forced to raid its aid budget to fund the projects.

In May, Australia said it would spend about A$200 million to develop an undersea internet cables to Papua New Guinea (PNG) and the Solomon Islands amid national security concerns about China’s Huawei Technologies.

Earlier this month, Australia said it would help PNG develop a naval base, beating out China as a possible partner for the port development.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, 15, morrison, develop, fund, relations, infrastructure, billion, pacific, countries, australia, china, counter, plans


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Australian prime minister to meet independent lawmakers to shore-up government

Australian Prime Minister Scott Morrison will meet with independent lawmakers as early as Monday in a bid to shore up support for his government as it is poised to lose its one seat parliamentary majority. Several independent lawmakers have so far offered only qualified support for Morrison to continue, warning that their backing would be conditional on the policy changes. Cathy McGowan, a member of the ruling government who resigned to sit as an independent, said she expects a meeting between t


Australian Prime Minister Scott Morrison will meet with independent lawmakers as early as Monday in a bid to shore up support for his government as it is poised to lose its one seat parliamentary majority. Several independent lawmakers have so far offered only qualified support for Morrison to continue, warning that their backing would be conditional on the policy changes. Cathy McGowan, a member of the ruling government who resigned to sit as an independent, said she expects a meeting between t
Australian prime minister to meet independent lawmakers to shore-up government Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, independent, shoreup, votes, australian, prime, support, told, lawmakers, seat, ruling, meet, morrison, minister


Australian prime minister to meet independent lawmakers to shore-up government

Australian Prime Minister Scott Morrison will meet with independent lawmakers as early as Monday in a bid to shore up support for his government as it is poised to lose its one seat parliamentary majority.

The ruling Liberal Party saw a 20 percent swing against it at a by-election in Sydney, leaving the government reliant on support of five independents to survive.

Several independent lawmakers have so far offered only qualified support for Morrison to continue, warning that their backing would be conditional on the policy changes.

Cathy McGowan, a member of the ruling government who resigned to sit as an independent, said she expects a meeting between the five lawmakers and the prime minister to happen on Monday.

“Ideally, I’d like the government to go full term, but we, the crossbenchers, will have those discussions today with the prime minister, the treasurer and various other ministers,” McGowan told the Australian Broadcasting Corporation.

Morrison must return to the polls by May 2019.

Sources familiar with the plans of the other independent lawmakers told Reuters no meeting has yet been scheduled though talks are ongoing. A spokesman for Morrison declined to comment.

Morrison’s move to meet with the independent lawmakers comes as his Liberal Party candidate maintains a slim chance of victory in the electorate of Wentworth.

Independent candidate Kerryn Phelps has a lead of more than 1,600 votes, though several thousand postal votes are still be counted.

Morrison on Saturday surrendered the seat, vacated by former prime minister Malcolm Turnbull after his retirement from politics following his ousting as leader in August, though he later admitted he may have conceded too soon.

The ballot was propelled into international prominence after Morrison’s late attempt to garner support from Jewish voters, who account for 13 percent of Wentworth’s electorate, by suggesting Australia could recognize Jerusalem as Israel’s capital and move its embassy there from Tel Aviv.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, independent, shoreup, votes, australian, prime, support, told, lawmakers, seat, ruling, meet, morrison, minister


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These countries come out ahead of the US when it comes to retirement

If you’re looking for a country that offers a quality retirement, you may want to look outside the U.S.Natixis Investment Managers has released its annual ranking of countries with the best retirement based on finances, material well-being, health and quality of life. This year, the U.S. managed to nudge up one spot to number 16 out of 43 countries. All of the countries that landed in the Top 10 have three things in common, according to Ed Farrington, executive vice president of retirement strat


If you’re looking for a country that offers a quality retirement, you may want to look outside the U.S.Natixis Investment Managers has released its annual ranking of countries with the best retirement based on finances, material well-being, health and quality of life. This year, the U.S. managed to nudge up one spot to number 16 out of 43 countries. All of the countries that landed in the Top 10 have three things in common, according to Ed Farrington, executive vice president of retirement strat
These countries come out ahead of the US when it comes to retirement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-06  Authors: lorie konish, davids adventures photos, moment, getty images, david chapman, david soanes photography, brendon thorne, bloomberg, ellen rooney, robert harding world imagery
Keywords: news, cnbc, companies, health, ranking, come, quality, income, ahead, countries, retirement, comes, investment, number, managers, managed


These countries come out ahead of the US when it comes to retirement

If you’re looking for a country that offers a quality retirement, you may want to look outside the U.S.

Natixis Investment Managers has released its annual ranking of countries with the best retirement based on finances, material well-being, health and quality of life.

This year, the U.S. managed to nudge up one spot to number 16 out of 43 countries.

The move was just a modest improvement compared with Ireland, which moved up seven spots to debut in the Top 10 for the first time at number 7. Canada also managed to move up to return to the Top 10 at number 9.

All of the countries that landed in the Top 10 have three things in common, according to Ed Farrington, executive vice president of retirement strategies at Natixis Investment Managers. They have low levels of income inequality, available health care and strong social programs.

The U.S. did not rank higher because of the challenges it faces in those areas, including a widening income gap, high health costs and the challenges of finding a secure retirement.

What did help to bump the U.S. higher included its financial strength, as well as improvements to its job market and certain environmental issues including air quality.

The overall ranking was calculated by combining the category scores. Here is how the Top 10 countries fared.

10. Netherlands

Global Retirement Index score: 76%


Company: cnbc, Activity: cnbc, Date: 2018-09-06  Authors: lorie konish, davids adventures photos, moment, getty images, david chapman, david soanes photography, brendon thorne, bloomberg, ellen rooney, robert harding world imagery
Keywords: news, cnbc, companies, health, ranking, come, quality, income, ahead, countries, retirement, comes, investment, number, managers, managed


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Australia politics: Prime Minister Turnbull faces leadership challenge

Australian Treasurer Scott Morrison is set to be the country’s next prime minister, after incumbent Malcolm Turnbull was ousted on Friday. It came after Morrison won a three-way battle for the Liberal Party leadership. Morrison won 45 votes to 40 at the leadership meeting, according to local media. Speaking to the media after being ousted, Turnbull spoke about the incidents that led to Morrison becoming the new prime minister. He had narrowly survived a party leadership challenge against Dutton


Australian Treasurer Scott Morrison is set to be the country’s next prime minister, after incumbent Malcolm Turnbull was ousted on Friday. It came after Morrison won a three-way battle for the Liberal Party leadership. Morrison won 45 votes to 40 at the leadership meeting, according to local media. Speaking to the media after being ousted, Turnbull spoke about the incidents that led to Morrison becoming the new prime minister. He had narrowly survived a party leadership challenge against Dutton
Australia politics: Prime Minister Turnbull faces leadership challenge Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-24  Authors: saheli roy choudhury, brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, minister, ousted, challenge, morrison, vote, politics, faces, leadership, party, won, turnbull, australia, prime, meeting


Australia politics: Prime Minister Turnbull faces leadership challenge

Australian Treasurer Scott Morrison is set to be the country’s next prime minister, after incumbent Malcolm Turnbull was ousted on Friday.

It came after Morrison won a three-way battle for the Liberal Party leadership. Other contenders included former Home Affairs Minister Peter Dutton and Foreign Minister Julie Bishop. Morrison won 45 votes to 40 at the leadership meeting, according to local media.

Turnbull did not contest for the vote after it became clear that he had lost the support of majority of his party members.

Speaking to the media after being ousted, Turnbull spoke about the incidents that led to Morrison becoming the new prime minister.

“There was a determined insurgency from a number of people both in the party room and backed by powerful voices in the media … to, if not bring down the government, certainly bring down my prime ministership,” Turnbull said at a press conference.

He had narrowly survived a party leadership challenge against Dutton in a vote earlier this week. Since then, several senior ministers who supported Turnbull changed sides. The Liberal Party is a part of the ruling Liberal-National coalition government.

Faced with intense pressure to call for a second vote, Turnbull on Friday convened a party meeting after receiving a letter calling for a new leader that was signed by majority of the party members. He had previously said he would resign from parliament if he was ousted. That could potentially trigger a by-election ahead of the next federal election that needs to be held by the first half of 2019.


Company: cnbc, Activity: cnbc, Date: 2018-08-24  Authors: saheli roy choudhury, brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, minister, ousted, challenge, morrison, vote, politics, faces, leadership, party, won, turnbull, australia, prime, meeting


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Australia’s central bank a ‘source of stability’ amid political turmoil

Australia’s central bank is seeking to be “a source of stability and confidence” by keeping rates at record lows as the future of Prime Minister Malcolm Turnbull was put in doubt by a leadership spill and sliding voter support. But the RBA stressed that keeping rates at 1.5 percent would help reduce the jobless rate and lift wage growth over time. “Rather, members assessed it would be appropriate to hold the cash rate steady and for the Bank to be a source of stability and confidence while this


Australia’s central bank is seeking to be “a source of stability and confidence” by keeping rates at record lows as the future of Prime Minister Malcolm Turnbull was put in doubt by a leadership spill and sliding voter support. But the RBA stressed that keeping rates at 1.5 percent would help reduce the jobless rate and lift wage growth over time. “Rather, members assessed it would be appropriate to hold the cash rate steady and for the Bank to be a source of stability and confidence while this
Australia’s central bank a ‘source of stability’ amid political turmoil Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-21  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, political, central, source, bank, rate, confidence, turmoil, rba, minister, strong, turnbull, stability, amid, australias


Australia's central bank a 'source of stability' amid political turmoil

Australia’s central bank is seeking to be “a source of stability and confidence” by keeping rates at record lows as the future of Prime Minister Malcolm Turnbull was put in doubt by a leadership spill and sliding voter support.

The Reserve Bank of Australia (RBA) Board agreed the next move in the cash rate would more likely be an increase, Tuesday’s minutes of its Aug. 7 policy meeting showed.

But the RBA stressed that keeping rates at 1.5 percent would help reduce the jobless rate and lift wage growth over time.

“Since progress on unemployment and inflation was likely to be gradual, (members) agreed there was no strong case for a near-term adjustment in monetary policy,” the minutes stated.

“Rather, members assessed it would be appropriate to hold the cash rate steady and for the Bank to be a source of stability and confidence while this progress unfolds.”

The RBA generally sounded more upbeat about the economy, citing recent strength in the labor market and strong business confidence.

A source of stability is greatly needed as growing political uncertainty takes its toll. A gauge of consumer confidence fell sharply for a third straight week, with falls across all sub-indices.

“The decline…may reflect the impact of the messy political debate locally and the associated slump in support for the current Turnbull government,” said ANZ Head of Australian Economics David Plank.

Turnbull survived a leadership challenge by Home Affairs Minister Peter Dutton on Tuesday morning but the narrow margin of the win has sparked speculation about his future.

Turnbull must return to the polls by May 2019 and could break the impasse by calling an early election.

No Australian prime minister has completed a full three-year term in the past decade.

“This type of political instability impacts business investment decisions and in turn hiring decisions. And that then has an impact on consumption,” said Greg McKenna, market strategist at AxiTrader.

“If this intensifies, if it becomes real, then it will definitely weigh.”


Company: cnbc, Activity: cnbc, Date: 2018-08-21  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, political, central, source, bank, rate, confidence, turmoil, rba, minister, strong, turnbull, stability, amid, australias


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What to watch in Australia’s market-currency contradiction

The market contradiction with the Australian dollar persists. Here’s the contradiction: The Australian dollar is falling and the Australian market is making new 10-year highs. The trajectory of the Aussie dollar suggests the contradiction may be resolved with the Aussie market moving back into trend sync with the Aussie dollar. That four month period suggests there is a weak relationship between Australian dollar weakness and U.S. dollar strength. The contradiction between Australian dollar weak


The market contradiction with the Australian dollar persists. Here’s the contradiction: The Australian dollar is falling and the Australian market is making new 10-year highs. The trajectory of the Aussie dollar suggests the contradiction may be resolved with the Aussie market moving back into trend sync with the Aussie dollar. That four month period suggests there is a weak relationship between Australian dollar weakness and U.S. dollar strength. The contradiction between Australian dollar weak
What to watch in Australia’s market-currency contradiction Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-14  Authors: daryl guppy, brendon thorne, bloomberg, getty images, slaven vlasic, getty image, jewel samad, afp, jason redmond, ron levine
Keywords: news, cnbc, companies, aussie, marketcurrency, near, dollar, weakness, market, 0715, trading, australian, trend, contradiction, australias, watch


What to watch in Australia's market-currency contradiction

The market contradiction with the Australian dollar persists. The Australian market is making new 10-year highs, although the ASX 200 index has stalled near resistance at 6,300. New and persistent market highs are a sign of economic strength, although the Reserve Bank of Australia continues with low interest rates while it waits for growth to pick up.

When the Australian dollar last fell dramatically from $0.94 to $0.69 in 2014 to 2016, it matched a fall in the Australian Index from 5,976 to 4,746. We are not currently seeing the same dramatic fall in the Australian dollar, but we are seeing a contradiction in market behavior.

Here’s the contradiction: The Australian dollar is falling and the Australian market is making new 10-year highs.

The Australian dollar broke the long-term uptrend in April and quickly developed a substantial downtrend. It reached 12-month lows at $0.74 and now looks to be heading toward two-year lows near $0.715. Australia’s central bank is celebrating because it has been aiming for a lower dollar as a matter of principle.

The last time the Australian market was trading near the current highs, the Aussie was trading at $0.81 rather than heading for a low of $0.715. The last time the AUD traded around $0.715 the Australian index was at a low near 4,750 rather than a 10-year high near 6,300.

When the AUD uptrend line was broken near $0.765 it took less than three weeks to touch $0.74. This support level has been tough and the AUD hovered around it for the past eight weeks. A fall below $0.74 has a downside target near $0.715. That target is established using the support area tested in 2016 and 2017.

The trajectory of the Aussie dollar suggests the contradiction may be resolved with the Aussie market moving back into trend sync with the Aussie dollar. The prolonged, and to date, unsuccessful, testing of resistance near 6,300 suggests some trend weakness. However, this is not supported by other trend indicators, which show a sustainable uptrend.

The weakness in the Australian dollar started in January this year. The rebound strength in the U.S. dollar didn’t start until April following a consolidation near $0.89. That four month period suggests there is a weak relationship between Australian dollar weakness and U.S. dollar strength.

The contradiction between Australian dollar weakness and Australian market strength is not easily resolved. Traders are alert for evidence of a pullback in the Australian market if the Aussie dollar fails to hold support near $0.74.

Daryl Guppy is a trader and author of Trend Trading, The 36 Strategies of the Chinese for Financial Traders, which can be found at www.guppytraders.com. He is a regular guest on CNBC Asia Squawk Box. He is a speaker at trading conferences in China, Asia, Australia and Europe. He is a special consultant to AxiCorp.

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.


Company: cnbc, Activity: cnbc, Date: 2018-08-14  Authors: daryl guppy, brendon thorne, bloomberg, getty images, slaven vlasic, getty image, jewel samad, afp, jason redmond, ron levine
Keywords: news, cnbc, companies, aussie, marketcurrency, near, dollar, weakness, market, 0715, trading, australian, trend, contradiction, australias, watch


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Australia’s second-quarter retail sales brighten prospects for economy

Friday’s figures from the Australian Bureau of Statistics (ABS) showed retail sales for the June quarter jumped 1.2 percent in inflation-adjusted terms, the best outcome in a year. The revival greatly improved the outlook for second quarter gross domestic product growth, given household spending accounts for around 57 percent of annual economic output. “The Q2 rise in real retail sales is encouraging especially when the evidence suggests that non-retail spending, excluding vehicles, has also bee


Friday’s figures from the Australian Bureau of Statistics (ABS) showed retail sales for the June quarter jumped 1.2 percent in inflation-adjusted terms, the best outcome in a year. The revival greatly improved the outlook for second quarter gross domestic product growth, given household spending accounts for around 57 percent of annual economic output. “The Q2 rise in real retail sales is encouraging especially when the evidence suggests that non-retail spending, excluding vehicles, has also bee
Australia’s second-quarter retail sales brighten prospects for economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-03  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, australias, household, prospects, given, brighten, sales, growth, wage, quarter, retail, spending, economy, bank, australian, secondquarter


Australia's second-quarter retail sales brighten prospects for economy

Australian retailers enjoyed their best sales in a year last quarter as discounting drove goods off the shelves, suggesting consumer spending helped the economy maintain momentum.

Friday’s figures from the Australian Bureau of Statistics (ABS) showed retail sales for the June quarter jumped 1.2 percent in inflation-adjusted terms, the best outcome in a year.

That beat expectations of 0.8 percent and followed a very sedate 0.2 percent gain the previous quarter.

The revival greatly improved the outlook for second quarter gross domestic product growth, given household spending accounts for around 57 percent of annual economic output.

Retail sales likely added almost A$1 billion ($736.82 million) to GDP last quarter and may have contributed 0.6 percentage points to growth compared with a meager 0.2 percentage points in the first quarter.

“The Q2 rise in real retail sales is encouraging especially when the evidence suggests that non-retail spending, excluding vehicles, has also been fairly strong,” said Paul Dales, chief economist at Capital Economics.

The data will also provide some comfort to the Reserve Bank of Australia which has repeatedly singled out household consumption as a “continuing source of uncertainty.”

Still, there were no signs of inflation in the report as retail prices fell 0.1 percent in the quarter.

For the month, retail sales gained 0.4 percent in June, unchanged from May’s pace and compared with a 0.3 percent rise economists had predicted.

The gains, helped by financial year-end sales and winter shopping, were broad-based across sectors with big jumps in clothing, footwear and personal accessory as well as household goods and food.

Consumer spending has been under pressure from record-high household debt and sluggish wage growth, which has in turn weighed on inflation — the single biggest reason the RBA is in no rush to raise interest rates from record lows.

The central bank is all but certain to keep rates at 1.5 percent at its monthly policy meeting next week.

Futures markets do not fully price in a hike until end of next year.

With the central bank on its steady path, the Australian dollar stayed put at $0.7364.

Analysts were also unsure whether June quarter’s momentum can continue given wage growth is crawling near record lows and an ongoing slowdown in the once-booming property market is seen hurting consumer confidence.

House prices have fallen for successive months since late last year as banks tightened their lending standards amid damaging revelations of some of their business practices.

“Although the data beat our expectations, it does come off the back of a very weak March quarter,” said Sarah Hunter, head of Macroeconomics Australia at BIS Oxford Economics.

“Broadly speaking, growth remains very patchy and given the ongoing weakness in wage and other income growth we expect this to continue through the rest of this year.”


Company: cnbc, Activity: cnbc, Date: 2018-08-03  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, australias, household, prospects, given, brighten, sales, growth, wage, quarter, retail, spending, economy, bank, australian, secondquarter


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Does money buy happiness in other countries? New study finds out

Every year, more than 1 million people come to the United States in hopes of living the American dream. With so many people striving to live in the U.S., you might think it’s the happiest country on earth. 18 happiest country in the world while Finland is No. 1, according to the 2018 World Happiness Report. So, what do these countries offer that the U.S. doesn’t when it comes to happiness?


Every year, more than 1 million people come to the United States in hopes of living the American dream. With so many people striving to live in the U.S., you might think it’s the happiest country on earth. 18 happiest country in the world while Finland is No. 1, according to the 2018 World Happiness Report. So, what do these countries offer that the U.S. doesn’t when it comes to happiness?
Does money buy happiness in other countries? New study finds out Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-04-16  Authors: jodi o connell, roberto machado noa, lightrocket, getty images, joker, walter g allgwer, ullstein bild, brendon thorne, bloomberg, kdg
Keywords: news, cnbc, companies, money, finds, world, buy, happiest, vacationto, happiness, unemployment, country, united, does, live, study, countries, wages, towns15


Does money buy happiness in other countries? New study finds out

Every year, more than 1 million people come to the United States in hopes of living the American dream. With so many people striving to live in the U.S., you might think it’s the happiest country on earth. Not so.

The U.S. is the No. 18 happiest country in the world while Finland is No. 1, according to the 2018 World Happiness Report. So, what do these countries offer that the U.S. doesn’t when it comes to happiness?

More from GOBankingRates:

50 cheapest countries to live in

Here’s how much it costs to live in these luxurious beach towns

15 insider secrets to know before your Hawaiian vacation

To find out if perhaps positive economic factors play a role, GOBankingRates crunched numbers on wages, unemployment rates and housing for the 15 happiest countries.


Company: cnbc, Activity: cnbc, Date: 2018-04-16  Authors: jodi o connell, roberto machado noa, lightrocket, getty images, joker, walter g allgwer, ullstein bild, brendon thorne, bloomberg, kdg
Keywords: news, cnbc, companies, money, finds, world, buy, happiest, vacationto, happiness, unemployment, country, united, does, live, study, countries, wages, towns15


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The first non-stop flight between Europe and Australia is ready for takeoff

On Saturday, a Boeing 787 Dreamliner operated by Qantas will leave Perth, Australia and fly non-stop to London Heathrow. The flight will be the first commercial passenger jet to connect the two countries directly and the 9,010 miles will take just over 17 hours to complete. The flight will carry 236 passengers across business, premium economy, and economy cabins. While it signals a new era of efficient engines and lightweight composite structures, it will not win the title of the world’s longest


On Saturday, a Boeing 787 Dreamliner operated by Qantas will leave Perth, Australia and fly non-stop to London Heathrow. The flight will be the first commercial passenger jet to connect the two countries directly and the 9,010 miles will take just over 17 hours to complete. The flight will carry 236 passengers across business, premium economy, and economy cabins. While it signals a new era of efficient engines and lightweight composite structures, it will not win the title of the world’s longest
The first non-stop flight between Europe and Australia is ready for takeoff Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-03-23  Authors: david reid, getty images, brendon thorne, yury prokopenko, tim leviston, eyeem, source, leslie josephs
Keywords: news, cnbc, companies, australia, flight, structures, trimmed, ready, europe, win, worlds, weary, takes, takeoff, economy, traveler, title, nonstop


The first non-stop flight between Europe and Australia is ready for takeoff

On Saturday, a Boeing 787 Dreamliner operated by Qantas will leave Perth, Australia and fly non-stop to London Heathrow.

The flight will be the first commercial passenger jet to connect the two countries directly and the 9,010 miles will take just over 17 hours to complete.

The flight will carry 236 passengers across business, premium economy, and economy cabins. That number has been trimmed back to allow for more fuel.

While it signals a new era of efficient engines and lightweight composite structures, it will not win the title of the world’s longest flight.

CNBC takes a look at the current routes guaranteed to weary any hardened traveler.


Company: cnbc, Activity: cnbc, Date: 2018-03-23  Authors: david reid, getty images, brendon thorne, yury prokopenko, tim leviston, eyeem, source, leslie josephs
Keywords: news, cnbc, companies, australia, flight, structures, trimmed, ready, europe, win, worlds, weary, takes, takeoff, economy, traveler, title, nonstop


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US SEC charges Rio Tinto, former top executives with fraud

The SEC said that soon after the deal was completed, Rio Tinto learned that the acquisition would yield less coal, and of a lower quantity, than expected. The securities regulator said Rio Tinto concealed the problems with the deal, in part because Rio Tinto had already disclosed huge losses in connection with its 2007 acquisition of Alcan. By making misleading public statements, Rio Tinto and the executives were able to raise $5.5 billion from U.S. investors, the SEC said. Rio Tinto said it wou


The SEC said that soon after the deal was completed, Rio Tinto learned that the acquisition would yield less coal, and of a lower quantity, than expected. The securities regulator said Rio Tinto concealed the problems with the deal, in part because Rio Tinto had already disclosed huge losses in connection with its 2007 acquisition of Alcan. By making misleading public statements, Rio Tinto and the executives were able to raise $5.5 billion from U.S. investors, the SEC said. Rio Tinto said it wou
US SEC charges Rio Tinto, former top executives with fraud Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-10-17  Authors: brendon thorne, bloomberg, getty images
Keywords: news, games, cnbc, companies, charges, million, accounting, company, securities, rio, elliott, sec, albanese, fraud, tinto, mozambique, executives


US SEC charges Rio Tinto, former top executives with fraud

The U.S. Securities and Exchange Commission on Tuesday charged mining company Rio Tinto and two of its former top executives with fraud, saying they inflated the value of coal assets in

Mozambique acquired for $3.7 billion and sold a few years later for $50 million.

The U.K.’s Financial Conduct Authority also said Tuesday it had reached a settlement with Rio Tinto under which the company would pay a fine of ú27 million ($35.6 million) to settle claims that it breached accounting rules in connection with the Mozambique assets.

In a lawsuit filed in U.S. federal court in Manhattan, the SEC said Rio Tinto, former Chief Executive Officer Thomas Albanese, and former Chief Financial Officer Guy Elliott failed to follow accounting standards and company policies to accurately value and record the assets.

The lawsuit centers on Rio Tinto’s 2011 acquisition of Mozambique coal explorer Riversdale Mining for $3.7 billion. The SEC said that soon after the deal was completed, Rio Tinto learned that the acquisition would yield less coal, and of a lower quantity, than expected.

The securities regulator said Rio Tinto concealed the problems with the deal, in part because Rio Tinto had already disclosed huge losses in connection with its 2007 acquisition of Alcan. Making public a second failure “would call into question Albanese’s and Elliott’s ability to pursue the core of Rio Tinto’s business model,” the SEC said in its complaint.

By making misleading public statements, Rio Tinto and the executives were able to raise $5.5 billion from U.S. investors, the SEC said. They continued to solicit the investments even after executives of the Mozambique subsidiary told Albanese and Elliott that the unit was likely worth negative $680 million, according to the SEC.

The SEC said the fraud continued until January 2013, when another executive discovered accounting irregularities. Albanese subsequently resigned, and the Mozambique subsidiary was sold for just $50 million, the SEC said.

“There is no truth in any of these charges,” Albanese said in a statement.

Christina Mills, a spokeswoman for Elliott, said Elliott would vigorously contest the charges.

Rio Tinto said it would defend itself vigorously against the SEC’s allegations. The company said the U.K. FCA had “made no findings of fraud, or of any systemic or widespread failure by Rio Tinto.”

It also disclosed that the Australian Securities and Investments Commission was looking into its accounting of the Mozambique assets.


Company: cnbc, Activity: cnbc, Date: 2017-10-17  Authors: brendon thorne, bloomberg, getty images
Keywords: news, games, cnbc, companies, charges, million, accounting, company, securities, rio, elliott, sec, albanese, fraud, tinto, mozambique, executives


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