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McGregor’s performance a win for the UFC

As it happened: Mayweather v McGregor
Nanjing Night Net

What many thought would be the ‘Farce of the Century’ turned out to be an enthralling contest. We said there would be no winners bar the two men lining their pockets, but we ended up with no losers instead.

Conor McGregor battled with Floyd Mayweather Jr. for nearly half an hour before running out of gas. He won several of the early rounds. He got plenty of good shots in and, most importantly, he didn’t get knocked out.

Boxing’s reputation is protected with Mayweather’s win, but it’s a huge victory for the UFC as well. The Irish jewel in the organisation’s crown was not embarrassed, as many thought he would be, and he confirmed that he will return to the octagon in the future – even though now, more than ever, he does not need the money.

The public interest in UFC continues to rise, and their main attraction being thrust into a spotlight on a stratospheric level and giving a good account of himself can only be good in the long run for the sport, which has lost major drawcards like Ronda Rousey and Jon Jones, potentially for good.

This fight confirmed McGregor’s boxing skills are far more impressive than many of us realised – especially in the early stages, when he came at Mayweather with a level of aggression we rarely see, born out of a complete disregard for the resume of his opponent.

The Irishman could not maintain that pace for a 36-minute fight, as most people expected, but to take it as far as he did was extremely impressive.

With Mayweather announcing his retirement, McGregor is indisputably the world’s biggest individual combat sports star – his return to the octagon will probably be the most anticipated fight in the UFC’s history – and this fight has just served to promote his compelling profile to a bigger audience.

He could swim against Michael Phelps or run against Usain Bolt and the masses would tune in. He’d probably back himself to win those contests as well.

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Bellambi man wrapped dog chain around neighbour’s neck

An Illawarraman who threatened his ex-partner with an axe before wrapping a dog chain around the neck of one of her neighbours has been sentenced to at least 18 months behind bars.
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Luke Murray, 35, arrived at the woman’s Bellambi house in a jealous rage on the morning of July 10 this year, demanding to know if she was in another relationship or seeing other men.

Court documents say Murray held the woman up against the property’s boundary fence while using a small tomahawk axe to hit the wood next to where she stood.

The victim kicked out at Murray and managed to free herself from his grasp, at which time she ran inside the house.

However, a short time later the woman heard Murray enter the lounge room and confrontother occupants in the house.

The victim eventually managed to usher him outside where he continued to yell and swear at her.

Murray then took a metal dog chain from his pocket and in a fit of rage, used it to hit the bonnet of avehicle parked on the street.

The owner of the car exited a nearby house, however quickly retreated back inside when Murray ran at him and yelled “you wanna go you f—king c—t?”.

Another neighbour who heard the commotion and jumped into the woman’s backyard was also accosted by Murray, who swung the dog chain at the man, causing it to wrap around his neck.

The man told police the impact of the chain forced him to stumble backwards. He said he grabbed a garden shovel leaning against the fence and hit Murray in the head in an act of self defence.

He then jumped back over the fence and contacted police.

Officers arrived at the location a short time later, however Murray had already left the area.

He was arrested by police two days later at Woonona and charged with assault, property damage and use of an offensive weapon.

In court on Friday, Murray’s lawyer said her client was outraged by what he’d done.

“He’s had issues with ice and alcohol most of his life,” she said.

“He’s been in rehab three times…his relapse this time was due to the break up with his partner, the victim.

“He will require substantial help to overcome hisaddictions.”

Magistrate Michael Stoddart described the facts of the case as “alarming” while noting Murray had a poor criminal record.

“It’s fortunate for the victims they weren’t more seriously injured,” he said.

“The only appropriate sentence is a custodial one given your dreadful record and the seriousness of the matter.”

With time already served, Murray will be released on parole in January 2019.

Illawarra Mercury

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Edgeworth defender out of grand final

Aaron McLoughlinEdgeworth defender Aaron McLoughlin is resigned to missing the Northern NSW NPL grand final at McDonald Jones Stadium after tearing his hamstring in Saturday night’s dramatic win over Broadmeadow.
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The 29-year-old slumped to the Jack McLaughlan Oval turf in the sixth minute of extra time just as striker Daniel McBreen scored for Edgeworth to level the scores at 1-1 on the night and put the Eagles up 2-1 on aggregate.

Magic teenager Jacob Dowse scored soon after to send the tie to penalties, which the Eagles won 3-1 to set up a decider against Lambton on Saturday night.

“I’m going to try everything I can to get back, but it will be a bit of a shame I have to watch the game,” McLoughlin said.

“It’s been a bit tight since last week. I felt it before half-time. I came back out in the second half with it strapped, but I couldn’t really run properly.

“Then it just finally completely seized up when I went down. I couldn’t move any more. The whole leg went.”

Coach Damian Zane said he hoped to get the left back fit for the national NPL Finals series in three weeks.

“It’s a shame because he’s been flying at training, and last night he just tore James Virgili apart.

“They tried to match up man for man on us and Aaron was just brilliant.”

As well as nullifying Virgili, who set up Magic’s equaliser five minutes after the injury, McLoughlin gave McBreen and Keanu Moore great chances with pinpoint deliveries in the first half.

McLoughlin, a former Central Coast junior, played in the Eagles’ past two grand final victories andat the stadium in an exhibition game when he was a student at Hunter Sports High.

“It would be nice to play at Hunter Stadium again,” he said. “It obviously makes it a nice, big occasion, great surface, so you’d want to play there. But there’s not much I can do.”

Northern NSWFootball is encouraging fans to buy tickets online at Ticketmaster before Saturday’s grand final.

Tickets for the decider are on sale here.

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Mates together forever

TOGETHER FOREVER: Jack Greig, left, and Ryan Engel.Ryan Engel and Jack Greig were inseparable.
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They went everywhere together, from fishing along the Bellarine Peninsula until late at night,to going out and having fun.Ryan and Jack were joined at the hip.

So it’s fitting the two, who were tragically killed after their car hit a tree at Soldiers Hill early Friday morning, will be farewelled ata joint funeral. Ryan and Jack died after the red ute they were in left Nolan Street and hit a tree around 1am Friday.

Since their deaths, the outpouring of griefis helping to comfort both the Engel and Greig families.

“We didn’t know how much the boys were loved,”Ryan’s mother Carol toldThe Courieron Sunday.

“(Since their deaths) we have been receiving flowers without name cards and messages of support from people we don’t even know. They had such a big network of friends.”

Jack’s mother Mary Gordon described both boys as magnets.“People were instantly drawn to them. They both had the same caring personality, they were both free spirits. Nothing phased them, especially Jack.”

Having similar personalities played a big part in their friendship.

Ryan’s father Guye was proud of both boys, particularly their non-judgmental personalities.“They loved meeting people…they both had beautiful, kind souls. They never judged anyone and they would make friends with everyone.

“They went out a lot and both were always happy. They loved the simple things in life.”

The two lovable larrikinsmet through mutual friends in 2011 and their similar personalities and interests meant they were instantly mates. They weredescribed by many who knew them as“thetwins”.

The 21-year-oldswere also fondly known as the“married couple”. Ryan, a roof tiler, was the“bread-winner”, while Jack, who wasn’t working, was“the kept one”.

Ryan, a former St Patrick’s College student, had just finished a roofing apprenticeship with Max Lyons, who was like a second father to him.

Both were keen sportsmen, with Ryan a basketballer withPhoenix and a footballer for Mt Clear and Buninyong clubs, while Jack, a Mt Clear College alumni, was also passionate about sports, particularly football and cricket, playing the game with the Golden Point Cricket Club.

But it was their mutual love of fishing which was very important to Ryan and Jack.

“They spent a lot of time at the beach. They loved their fishing and would spend every spare minute at Geelong, or Ocean Grove, or Queenscliff fishing. They wouldstay all night on the pier …even in the rain,” Ms Gordon said.

Both Ryan and Jack were also known aspractical jokers.“Even now, I expect both of them to walk in the door and say‘gotchya’, this is also just a practical joke…but it’s not,” Jack’s mum said.

With they were similar in many ways, their fashion senses were poles apart.

“Jack was fashion guru. He spent more time in front of the mirror than the girls did,” Ms Gordon said.

“Ryan was the opposite …he loved his dreadlocks and his caps,” Mr Engel said.

Ms Gordon said Jack had a very close bond with his father Scott Greig, who lives in Shepparton. Australian singer Jimmy Barnes is Mr Greig’s idol and he imparted that love of the raspy-voiced singer onto his son.

Mates together forever Ryan Engel with his father Guye, mother Carol and sister Stevie.

Ryan Engel

The Engel family enjoying some happy times.

Ryan Engel and Jack Greig were both keen fishermen.

Jack Greig and Ryan Engel were inseparable.

Best mates Jack Greig and Ryan Engel.

Ryan Engel and his mother Carol.

Ryan Engel has a youngster was a keen surfer.

Ryan Engel and his father Guye.

Ryan Engel and his sister Stevie.

Jack Greig and his mother Mary.

The Greig family at a function.

Ryan Engel was fun-loving young man, just like his best mate Jack Greig.

Jack Greig hamming it up at a function.

The Greig family in happier times.

Jack Greig was a fun-loving guy who liked the simple things in life.

Jack Greig and his sister Rebecca.

Jack Greig.

TweetFacebookThe Courierat a later date.

TRIBUTES: Flowers, photos and messages have been left at the tree in Nolan Street, the scene of Friday morning’s fatal crash. Picture: Lachlan Bence

The knock at the door every parent dreadsWhen Mary Gordon and Carol and Guye Engel got knocks at their respective doors early Friday morning, all three instantly thought their sons had locked themselves out of their houses.

They had thought their boys, Jack Greig and Ryan Engel, both 21, may have gone late night fishing–nothing unusual for these two mates–and had lost their house keys.

But the knocks at the doors were actually by Victoria Police officers there to deliver a message no parent should hear…your child has been killed in a car accident.

Ryan and Jack were killed when the car they were travelling in hit a tree along Nolan Street, Soldiers Hill, around 1am Friday.

The grief-stricken families believe if there was one message to come out of the deaths of Ryan and Jack it would be take care on the roads.

“Be careful on the roads every single time you get into the car,” said Ryan’s dad.

“Takingan extra few minutes to get to where you are going can save lives.”

This was a message echoed by Jack’s mother, Ms Gordon.“Don’t speed and know the road conditions, because in a split second your life change and it has a ripple effect to everyone in your life.”

While the Engels have not been able to bring themselves to visit the crash scene, Ms Gordon has, and she was moved by the amount of messages and flowers left at the tree by their big circle of friends

“I went to the tree and it was a beautiful sight…even strangers were stopping (to pay their respects),” Ms Gordon said.

“This was the last place they were together.”

Police have launched an investigation into the double fatality, including whether speed, icy conditions and drugs or alcohol contributed to the crash.A report will be prepared for the coroner.

The Courier.

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The reason busy women are suffering from anxiety

Rates of anxiety and depression among Australian women are at a “concerning” high, as women nationwide fail to meet the recommended rate of weekly physical activity, a new study has found.
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Conducted by not-for-profit government funded organisation Jean Hailes for Women’s Health, the study surveyed 10,000 women across Australia aged 18 to 80 on their physical and mental health concerns.

More than 40 per cent of women surveyed said they had been previously diagnosed with anxiety disorder or depression by a doctor or pyschologist, with a “concerning” number of all ages expressing trouble sleeping and “worrying excessively about different things”.

Survey director Helen Brown said researchers had observed a link between the increased mental health concerns and low physical activity in women across Australia, and anxiety was the highest condition among “busy” women aged 18 to 35.

“It was really interesting that 60 per cent of women nationwide said they weren’t active enough, as that’s almost counter-intuitive considering that physical activity is a great way to deal with anxiety,” Dr Brown said.

While almost half of women described their health as “very good”, 60 per cent of women perceived themselves as “slightly” or “quite” overweight.

Women in the ACT were found to be the most active, while West Australian women were the least active. NSW came in second last, with only 42 per cent of women surveyed meeting the recommended level of two-and-a-half hours of weekly moderate physical activity.

The biggest barriers to exercise were “being too tired”, “not having enough time”, not having people to exercise with, and feeling unsafe exercising in their local neighbourhood, Dr Brown said.

Only half of women across Australia met the recommended amount of weekly exercise, with many listing “being too tired” as a barrier. Photo: Li Zhongfei

“They’re are all tied in together; you get too tired and then you don’t do it,” she said. “Then it rolls into [increasing] anxiety. It’s a vicious circle.”

While Dr Brown acknowledged the potential for over-diagnosis, she suggested the particularly high rates of anxiety among younger women could be linked to new “expectations” of social media, added on top of everyday stress.

The study found women of all ages who perceived themselves as overweight were four times more likely to feel held back from physical activity because of embarrassment about their appearance when exercising, compared to women who identified as being “about the right weight”.

Dr Brown said women should “realiseyou don’t have to look ‘sporty’ to be active”, and be active in “ways that suit their lifestyle”.

“Exercise makes you think of lycra and going to the gym, and women – especially those who are a bit older – may not feel that’s not for them,” she said. “It’s just a bit intimidating

“Plus more women are working than ever before, so the concept of this work-life balance can… just make you feel guilty.

“But you can just… use the stairs instead of the escalator, or park further away from the shops and walk the rest of the way.”

The study, released on Sunday, found the biggest health concerns of women across all ages were menopause, cardiovascular disease, breast cancer, bowel health and painful sex, while younger women in the study were concerned about fertility, endometriosis and breast cancer.

The women surveyed said they were often overwhelmed by the range of medical information available online, and many struggled to find reliable information and opted for Google and Wikipedia over reliable government health websites.

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Sydney auction market has worst fortnight in 16 months

Sydney’s auction market ended winter with a thud on Saturday with clearance rates falling over consecutive weekends for the lowest non-holiday result since April 16 last year.
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Sydney reported a clearance rate of 67.9 per cent on Saturday, which was down again on the 69.4 per cent recorded the previous weekend and significantly lower than the booming 80.7 per cent reported over the same weekend last year.

Higher auction numbers may have contributed to the weekend’s lower result providing more choice for buyers and more competition for sellers.

On Saturday 675 homes were listed for auction, which was well ahead of the 576 listed last weekend and also well above the 574 auctioned over the same weekend last year. The official start to the Sydney spring selling season next Saturday will again host about 650 auctions.

Sydney recorded a median auction price of $1.2 million on Saturday, which was higher than the $1.16 million reported the previous weekend and the same as that recorded over the same weekend last year. A total of $316.8 million worth of property was reported sold at auction in Sydney at the weekend. Related: Rundown Clovelly home sells for $3.4mRelated: Click here for Saturday’s auction resultsRelated: Click here for the Market Snapshot

The Sydney auction market has ended with the clearance rate weakening although auction numbers remain significantly higher than recorded over the same period last year.

Sydney auction clearance rates averaged 70.6 per cent over winter, compared to 79 per cent over autumn and 77.5 per cent over winter last year.

A total of 7795 weekend auctions were conducted over winter, lower than the 9040 auctioned over autumn, but well ahead of the 5785, or 34.7 per cent higher, held last winter.

Although Sydney auction numbers will continue to rise through spring and likely remain ahead of last year’s totals, clearance rates are set to track lower as the lower interest rate energy driven by last year’s rate cuts dissipates.

Sydney sellers overall, however, will maintain the upper hand, particularly in the inner suburban markets.

Sydney remains a city divided with a clear disparity in regional results, with inner suburban areas continuing to produce significantly higher results compared to the middle and outer suburbs. Inner suburban results, however, were lower this weekend compared to last, with outer suburban clearance rates slightly higher overall than the previous Saturdays.

The lower north was the top performing region at the weekend with a strong clearance rate of 81 per cent followed by the upper north shore 75.5 per cent, the city and east 72.2 per cent, the inner west 71.9 per cent, the northern beaches 70.8 per cent, the central coast 66.7 per cent, the west 65.9 per cent, Canterbury Bankstown significantly higher this weekend at 60.5 per cent, the north-west 58.8 per cent, the south 55.2 per cent and the south-west 50 per cent.

Notable sales reported at the weekend included: A five-bedroom home at 32 Shadforth Street, Mosman, sold for $5,675,000 by Simeon Manners,A six-bedroom home at 32 Colbran Avenue, Kenthurst, sold by Lumby Hampson for $4 million,A four-bedroom home at 8A Bruce Avenue, Killara, sold by LJ Hooker Gordon for $3,880,000,A five-bedroom home at 58 Village High Road, Vaucluse, sold for $3,650,000 by McGrath Eastern SuburbsA four-bedroom home at 30 Hilltop Crescent, Fairlight, sold by Stone Real Estate for $3,230,000.

The most expensive property reported sold at auction was a three-bedroom unit at 1503/61-69 Macquarie Street, Sydney, sold for $7,110,000 by Morton Circular Quay. The most affordable property reported sold at the weekend was a one-bedroom unit at 104E/138 Carillon Avenue, Newtown, sold for $420,000 by Raine and Horne Newtown.

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‘We shouldn’t need to be silent for telling stories’

Theatregoers and cast members of a gay drama on Sydney’s north shore have had their tyres slashed in what police are treating as a potential hate crime.
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Eight vehicles parked outside the Lane Cove Theatre Company’s production of Holding the Man on Saturday night had their tyres punctured, NSW Police confirmed.

It is the second time the play – about two gay men living with HIV/AIDS – has been targeted this month, after posters were torn down around Lane Cove prior to opening night.

The theatre company’s president, Lochie Beh, told the Herald it was a “ridiculous, cowardly act” that took place during what was supposed to be the show’s final performance.

“We all went out to our cars … one by one we discovered that yes, all our tyres had been targeted,” he said. “It wasn’t just one tyre per car, we’re talking one, two and possibly three tyres in some cases.

Mr Beh, whose tyres were among those slashed, said police who attended the scene indicated it may be treated “as a hate crime”. He said he had never been contacted by anyone expressing concerns about the play’s themes.

“We’re obviously incredibly disappointed and upset by the actions of a very small minority. That said, we are moving forward,” he said.

“We’re a theatre company that tells stories. We shouldn’t need to be silent for telling stories.”

A NSW Police spokeswoman confirmed officers were called to the performance space at St Aidan’s Anglican Church in Longueville at 10.30pm on Saturday night and found eight vehicles with punctured tyres.

“Police have been told the vehicles were owned by members of a theatre group,” she said. “We will be investigating all motives including motives of bias.”

Officers at the Harbourside Local Area Command declined to provide further details.

Holding the Man, originally a memoir by Timothy Conigrave and later adapted to the stage and film, is a classic text in the Australian gay community.

It tells the story of Conigrave watching his partner, John Caleo, die of HIV/AIDS in the early 1990s. Conigrave himself died shortly after finishing the book.

The stage adaptation was written by playwright Tommy Murphy, who said Saturday night’s crime showed the battle fought by Conigrave and Caleo has not yet been won.

“I had laughed when they tore down the posters – all their vandalism did was help promote the production. The idiots,” Murphy said in a statement.

“And now last night’s crime is a deeply shocking reminder of the hatred for the LGBTQI community.”

Murphy said he now believed apathy, fear and hatred would mean the “yes” campaign on same-sex marriage would be defeated in the upcoming postal survey.

Liberal MP for North Sydney Trent Zimmerman, who is gay, said the production had been the victim of a “series of hateful attacks”.

“This type of behaviour has no place in our local community and should be condemned,” he wrote on Facebook. “Just disgraceful that any person would be targeted in this way.”

Due to high demand, the Lane Cove Theatre Company scheduled a final, sold-out performance on Sunday afternoon.

“We don’t understand why we’ve been targeted when we’ve got such support from the local community,” Mr Beh said.

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US tax reform could boost bull case

The prospects of more details from President Donald Trump and Congressional Republicans on tax reform will move to centre-stage this week, potentially throwing a further bone to bullish investors.
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With the second quarter earnings season fading in the rear view mirror, tax cuts provide a potential to extend corporate America’s profit surge. And they offer a distraction from a potential US government shutdown and a potential default.

“All this comes after a relative summer of calm for most financial markets, a calm that was not the least disturbed by [Fed chair Janet] Yellen’s remarks in Jackson Hole [which avoided monetary policy],” according to BMO Capital Markets chief economist Douglas Porter.

“Despite all the drama in the geopolitical world, US markets barely budged, on net, over the past three months,” Mr Porter noted. “Looking back to just before Memorial Day [May 29], the S&P 500 is up slightly, 10-year Treasury yields have dipped a few basis points to just under 2.2 per cent, and oil and gold are almost flat on net.”

In New York on Friday, the S&P 500 and the Dow Jones edged higher and the Nasdaq dipped. All three benchmarks were higher on the week.

Local stocks are poised to open higher. ASX futures were up 6 points over the weekend. The Australian dollar was 0.3 per cent higher. The spot price of iron ore rebounded 1.6 per cent; base metals mostly paused. UK markets are closed on Monday for a bank holiday.

The much-anticipated speech by Dr Yellen on financial stability at the annual gathering of global central bankers at Jackson Hole proved to be rather academic; monetary policy drew no more than a passing mention.

Dr Yellen, however, argued strongly for the US to retain the majority of the financial regulations put into place after the financial crisis, saying the rules helped bolster the economy. It’s a position that could diminish her chances of a second term; her current term expires in February. ‘Accommodation’ required

Hours later, Mario Draghi, the president of the European Central Bank, also held to script, arguing against a rising protectionist wave around the world; the euro rallied against the greenback as Mr Draghi didn’t try to rein in the single currency, which has advanced more than 13 per cent against its US counterpart this year.

In a question and answer session, Mr Draghi said he was confident inflation would accelerate over time. For now “a significant degree of accommodation” was still required, he also said, reiterating his existing stances on both.

This week – with little key Australian data and reporting season slowing dramatically – the focus will shift to US tax reform efforts and a mix of economic data including China’s official and Markit manufacturing PMIs for August. The highlight US releases include consumer confidence, personal spending, durable goods orders and August’s non-farm payrolls data on Friday.

Reporting results Monday are Lend Lease, Reliance Worldwide, Retail Food Group and Spark Infrastructure.

“We expect a healthy 200,000 gain in non-farm payrolls in August, with the unemployment rate falling to a new cyclical low of 4.2 per cent,” said Capital Economics’ Paul Ashford.

TD Economics is somewhat less enthusiastic, forecasting 175,000 new jobs with the jobless rate holding at 4.3 per cent.

“On wages, we expect a 0.2 per cent month over month increase, taking in account unfavourable calendar effects that bias the monthly gain downward. The rise should lead average hourly earnings slightly higher on a year-on-year basis to 2.6 per cent v 2.5 per cent,” TD said.

“Overall, the combination of solid job growth and a pickup in wage gains argues for a hawkish report, though the market response will be tempered by concerns over low inflation and near-term political risks.”

US investors will be awaiting more tax reform details from President Donald Trump in the days ahead. He’s expected to press forward. Gary Cohn, the White House’s top economic adviser, said in an interview that he expects tax reform to pass this year.

What’s unclear for global investors as the week begins is the impact of Hurricane Harvey on Texas, and its oil refining sector. In addition, North Korea launched a number of short-range missiles over the weekend. By the closing bell in New York on Friday, Wall St’s volatility measure had dropped back below 12, where it has spent the vast majority of its time this year.

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We’re all responsible when it comes to waste

AUSTRALIANS should be angry about waste.
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We should be angry about the amount that is produced, and our inability to avoid being a part of that production because of the things we buy and our lack of a say in how those things are packaged.

We should be angry about the cost of waste. That is particularly so in the wake of damning evidence that despite how much we now spendon recycling and other attempts to be less wasteful, whole systems are being undermined.

We should be angry about what has occurred at Lake Macquarie City Council’s Awaba Waste Management Facility, where a sub-contractor’s green waste truck routinely left the site overloaded to “substantial” or “severe” levels.

As Local Court magistrate Susan McIntyre noted in a sentencing decision that was published on Friday, the overloading represented a real public risk.

Multinational waste management company Remondis was fined more than $750,000 for its“premiere” role in the overloading. It “consigned” the waste to sub-contractor Jet Group which owned the truck. It oversaw the contract that saw Jet paid by the tonne. It received the Lake Macquarie-operated weighbridge invoices that showed the truck sometimes carried loads of up to 58.5 tonnes, when it was only licensed to carry 42.5 tonnes.

That limit is based on the truck’s ability to safely carry a load. Ms McIntyre heard evidence that on a majority of occasions the truck carried loads at least 10 tonnes above the 42.5 tonne limit.

Remondis and Jet Group have been heavily fined after prosecutions in which they both entered guilty pleas. Remondis was hit with another $250,000 in legal costs for the Roads and Maritime Services, after Remondis in 2016 initiated a Supreme Court appeal relating to the casewhich it later withdrew. Jet Group is appealing the severity of its sentence.

Lake Macquarie City Council was not prosecuted, despite operating the Awaba weighbridge which produced the invoiced weights that Remondis paid Jet Group by.

While the council was not prosecuted, Ms McIntyre made clear that under laws passed in 2005,it had obligations under a “chain of responsibility” associated with heavy vehicles, loads and waste leaving the council’s landfill site.

Issue: 38,582.

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Chinese investment in Australian property drops 69pc

Signs are emerging that the capital inflow from China to Australian property is slowing, but is being offset by Singaporean investors.
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In the first half of this calendar year, Chinese investment in Australian real estate fell 69 per cent, compared with the same period last year.

According to Cushman & Wakefield, despite lower Chinese investment, Australian commercial real estate is on track for another robust year, with the firm’s research forecasting total investment of around $30 billion for the year.

This follows reports last week that China has put the brakes on its companies pouring big money into overseas property development, issuing rules likely to have a significant impact in Australia.

China’s State Council, or cabinet, announced the first rules on overseas investment by Chinese companies on Friday.

Areas now banned from investment include casinos and defence technology, while overseas property development and hotels are classified as “restricted”.

At the root of the latest guidance, the government expressed concern over the challenges of global investment activity, looking to reduce risks to Chinese businesses and ultimately the Chinese banking sector through closer monitoring of such investments.

James Quigley, head of capital Markets, Australia and New Zealand for Cushman & Wakefield, said in the first half of 2017, the largest source of foreign capital for Australian commercial real estate was from investors from Singapore, while Hong Kong investors were responsible for recent landmark deals in Australia and London.

“These included 20 Bond Street in Sydney and the record ??1.15 billion purchase of London’s Leadenhall Building, known as the ‘Cheesegrater’,” Mr Quigley said.

“Despite the decline in investment from mainland Chinese, Australian property investment volumes are on track for another robust year supported by investors from Singapore, Hong Kong, the US and Germany as well as local institutions such as Dexus and Charter Hall.”

He said the relative lack of Chinese investment activity in Australia is interesting given Sydney ranked as the most preferred real estate destination in ???a recent Asian investment survey.

Some of the bigger casualties include HNA, Dalian Wanda, Fosun International and Anbang, which have been put under greater scrutiny by the Chinese regulators.

Investments in film industries, sports and entertainment are now also classified as “restricted”.

The new guidelines on outbound investment effectively codify previous tightening measures and apply specific attention to overseas investment in the property and hotel sectors. The regulations are designed to reduce risk to Chinese businesses, and ultimately the banking system, by facilitating the “continuous, orderly and healthy development of overseas investment”.

Dalian Wanda has begun to restructure its business, which includes two $1 billion Australian apartment projects at Circular Quay and on the Gold Coast, plus the Hoyts cinema chain.

John Sears, the national director, research at Cushman & Wakefield, said some of the many reasons behind the decline include limited available assets, some lumpy investment in 2016 and changing regulations relating to Chinese outbound investment.

“Areas which experienced the largest drop in Chinese investment volumes half-on-half were development sites and hotels, down 85 per cent and 67 per cent respectively,” Mr Sears said.

“Investment in retail rose from a low base, just $8.2 million in the first half of 2016 with the largest transaction in 2017 being the Arena Shopping Centre, $36.6 million, in Victoria.”

Mr Sears said there are concerns about the potential impact of a further drop in Chinese investment on the Australian commercial real estate market.

“While new capital guidelines for mainland Chinese investors will mean more controlled investment, overall volumes are expected to remain firm and demand for Australian commercial real estate remain robust supported by inquiry from a variety of global sources including Singapore and Hong Kong,” Mr Sears said.

The drivers of lower investment are also a range of other local factors, particularly relating to residential development.

“For example, changing market conditions, overdevelopment in some areas and efforts by Australian authorities to dampen the residential market may have contributed to the decline by Chinese investors in development sites.”

Hotel investment in early 2016 was also characterised by a few big transactions, including W Hotel , Sydney, worth $379 million and The Ribbon at Darling Harbour, worth $131 million, which, combined with less opportunities for investment in 2017, helped result in a drop in transaction volume

Mr Sears said it was important to note that the Chinese government is not banning outright overseas real estate and hotel investments and some sectors.

“For example, logistics could receive increased interest following its inclusion in the ‘encouraged’ investment category. Additionally, research and development centres in business park-type facilities may receive additional capital allocations,” Mr Sears said. ???

This story Administrator ready to work first appeared on Nanjing Night Net.