rinehart cut costs to survive australian tycoon
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Rinehart: cut costs to survive, Australian tycoon

Arab Today, arab today

Arab Today, arab today Rinehart: cut costs to survive, Australian tycoon

Sydney - AFP

Mining tycoon Gina Rinehart has warned Australia needs to rein in business costs to remain competitive and avoid heading for a European-style crisis. The iron ore magnate, chairman of Hancock Prospecting and the world's richest woman, said people would not buy Australian produce "because we're nice people". "They're going to buy our produce if we keep our costs down," she said at the launch of her book, "Northern Australia and Then Some", in Sydney Thursday evening. "One of the things that I'm really concerned about is the cost competitiveness of our industry because our industry doesn't sell on the local market, it sells on the world market." Australian mining projects have faced headwinds from depressed conditions in Europe and the United States, softening growth in China and increased competition from other producers as well as falling commodity prices. The price of iron ore, a crucial ingredient in steelmaking, has fallen dramatically in recent months as the Chinese economy slows, while the price of coal, another major Australian export, has also dropped sharply. Rinehart said she was also concerned about the investment climate for Australian corporates, in comments carried by Fairfax Media, of which she is a major shareholder. "We don't want to see Australia continue on a course with too many heads buried in the sand, critical investors discouraged by bad policies, even hated, too few understanding the problems while Australia moves towards being another Greece, Spain or Portugal," she said. "We need to focus on earning, not spending and we need to have a good environment for investment." Rinehart has previously blamed the government's mining and carbon taxes, red tape and high wages for making Australia "too expensive and too uncompetitive", sparking an attack by Treasurer Wayne Swan over her "self-interested" campaigns.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

rinehart cut costs to survive australian tycoon rinehart cut costs to survive australian tycoon

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

rinehart cut costs to survive australian tycoon rinehart cut costs to survive australian tycoon

 



GMT 01:16 2017 Wednesday ,08 November

Johnson accused of jeopardising case of Briton

GMT 08:02 2017 Saturday ,18 February

Two on-duty Emirati soliders die

GMT 20:53 2017 Friday ,11 August

GCC Chief chairs meeting

GMT 13:11 2017 Wednesday ,12 April

Hamadej receives Khazen, Turkish Ambassador

GMT 02:48 2017 Thursday ,16 November

Russian MPs back law targeting foreign media

GMT 10:04 2017 Wednesday ,26 April

Japan's Prime Minister Meets UAE Foreign Minister

GMT 14:26 2017 Friday ,01 December

Ever-volatile bitcoin is embraced by Wall Street

GMT 10:38 2017 Friday ,01 December

Nine dead in Taliban attack on Pakistan school
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday