Sep 24, 2017 Last Updated 2:27 PM, Sep 22, 2017

New Entry From the Editor :

Rio Tinto commits further $3.15 billion to shareholders in buyback programme

Rio Tinto commits further $3.1…

AusBN - Rio Tinto has announced it will distribute a further AUS$3.15 billi...

BHP surges back to profit thanks to increased prices and improved productivity

BHP surges back to profit than…

AusBN- BHP demonstrated a strong financial performance for the last fiscal ...

Toys R Us to trade as usual in Australia despite filing for bankruptcy

Toys R Us to trade as usual in…

AusBN - Toys R Us has confirmed it will continue to operate as normal in Au...

Building approvals fall in August

View from Q1 looking northAusBN – Data from the Bureau of Statistics shows that building approvals across Australia fell by 6.9% in August – a great deal further than the 2% fall predicted by analysts.

The fall was driven primarily by an 11.4% drop in the apartments sector, which is skewed by approvals for large developments.

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Apartment owners could be forced to sell

AusBN – A developer-driven change in property laws could force thousands of apartment owners to sell their homes.

At the moment, a developer can only buy an apartment block if 100% of the residents agree to their terms.

The New South Wales Government wants to lower the threshold to 75% to make it easier for such buildings to be redeveloped.

Developers argue that the reform would help increase urban housing density in Australia’s largest, most crowded cities.

This potential change will be debated in the state parliament next month, as part of a series of reforms to strata title laws.

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WGK wins Browse FLNG contract

AusBN – Engineering services company Wood Group Kenny has won a US$6 million contract to carry out front-end engineering and design (FEED) for the proposed Browse floating liquefied natural gas (FLNG) project.

The Browse FLNG project is led by Woodside Petroleum and based about 300 kilometres offshore the Kimberley region of Western Australia.

WGK will fulfil the FEED contract from its office in Perth, performing all design engineering for the rigid insulated production flow-line system required to develop three gas condensate fields: Torosa, Breknock and Calliance.

This follows the contractor’s successful delivery of the preliminary engineering for the Browse flow line system, as well as engineering on other Woodside projects.

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