Source: John Garnaut, Sydney Morning Herald

COSCO, the world’s biggest shipping line for bulk commodities, yesterday singled out Newcastle’s dysfunctional coal loading systems to explain why iron ore shipping costs have doubled in four months and quadrupled since early last year.

"That’s why in Newcastle there are so many ships; more than 100 vessels waiting for coal," said Yang Shicheng, deputy director of research at the COSCO group. "It is such a bad situation in Australia."

With about one in 20 of the world’s bulk dry commodity ships tied up in a traffic jam at Newcastle on any given day, the average price for hauling ore in a cape-size ship to China has just broken through $US200,000 ($217,000) per day, from an already heated $US100,000 in the middle of the year.

Perversely, Newcastle’s contribution to unprecedented global freight costs has helped lever BHP Billiton into its strongest-ever bargaining position.

Suddenly, it is far more cost effective for Shanghai steel makers to float ore for 10 days over 5000 kilometres from Dampier in Western Australia, than to cart it for 40 days over 20,000 kilometres from Tubarao, Brazil.

He too would like a piece of it: "Collecting this $US30 billion is a marvellous dream."

Traders and conference goers have booked out all 563 rooms at the Shangrila and 626 rooms at the equally extravagant Furama Hotel next door. They are waving mobile phones and openly signing contracts in the foyers and over cups of Chinese tea.

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Posted by on October 31st, 2007
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Posted under: Business | Exporting | Newcastle News

Hbc_logoSource: Hunter Business Chamber

The Hunter Business Chamber held their Annual General Meeting on Friday 26th October at which the Chamber announced the new executive team for 2007/2008.

The results were:
The President, Ms Karen Howard (NineWays Business Centre)
The Senior Vice President, Mr Bradley Wilson (AOK Health)
The Vice President, Mr Brett Derwin (Newcastle Commercial Finance)

We are looking forward to working together to help create a climate in which businesses can succeed. I encourage you to contibute to the Chamber and raise issues with the Executive.

Posted by on October 31st, 2007
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Posted under: Business

Source: The Forum Health & Wellness Centre

The award winning facilities, The Forum Sports & Aquatic Centre at the University of Newcastle are about to receive a half a million dollar makeover.

The redevelopment will begin later this month and will include expansion of the gymnasium, the addition of state-of-the-art equipment, provision of a VIP/Private Training Zone and refurbishment of a Cycle Zone.

Other improvements to The Forum Sports & Aquatic Centre at the University of Newcastle will include: new paint, décor and carpet, renovations to the Group Fitness areas and High Performance Training Zones, as well as improvements to member locker amenities and storage Zones.

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Posted by on October 30th, 2007
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Posted under: Business

Source: Auto Advantage

Auto Advantage was recognised for its innovative business approach when it was named as the Champion Automotive Services at the NSW ACT Small Business Champion Awards on Saturday night (Saturday 13 October 2007).

Auto Advantage is an independent Hunter car buying service specialising in buying new and used cars of all makes for personal use or for people in business.

Auto Advantage provides a free service to its customers – the company receives its fee from the dealer from which the motor vehicle is purchased. The company uses its independent purchasing power to act on behalf of the customer to find and negotiate the best price on a car.

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Posted by on October 30th, 2007
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Posted under: Business

Source: The Forum Health & Wellness Centre

The Forum Health & Wellness Centre Harbourside is celebrating one year of outstanding business success.

The Forum opened the Health & Wellness Centre Harbourside in October 2006 with the presales period for this Centre out-performing any other in NSW.  The Forum Harbourside doubled its original business targets and signed-up some 3,863 members last year.

NUsport General Manager, Samantha Martin-Williams said that The Forum Health & Wellness Centre Harbourside was the successful result of working across state, federal and local governments, heritage authorities and planning departments to create a place suitable for a totally new market.

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Posted by on October 30th, 2007
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Posted under: Business

Source: NIB

NIB Holdings Limited (NIB) has confirmed a Facility Price of $0.85 for each share following today’s Institutional Bookbuild conducted by JPMorgan.

NIB will be the first private health insurer to list on ASX.

NIB expects to be admitted to the Official List of ASX on Monday 5 November 2007.

Shares are expected to commence trading on ASX at 12 noon (AEDST) on Monday 5 November 2007 on a deferred settlement basis, under ASX code ‘NHF’. Normal trading is expected to commence on Thursday 8 November 2007.

Therefore, Eligible Policyholders who elected to sell their shares through the Pre-Listing Share Sale Opportunity will receive the Facility Price for each of their shares and will not hold any shares when nib lists on the Australian Securities Exchange (ASX). Under the Institutional Offer, new shares will be issued at the Facility Price.

Posted by on October 30th, 2007
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Posted under: Business

Source: Newcastle Permanent

Newcastle Permanent has posted a record after-tax profit result of $38.9 million and a 15.5% increase in total revenue for the financial year ended 30 June 2007. These results were highlights of the Society’s strong financial performance that was announced at the Annual General Meeting held in Newcastle today.

Chief Executive Officer, Stephen Porges, said that Newcastle Permanent’s excellent result was achieved against a backdrop of rising interest rates, strong competition for both lending and deposits, and the increasing complexity and cost of regulation and compliance.

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Posted by on October 30th, 2007
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Posted under: Business

Source: John Taylor, Daily Telegraph

NEWCASTLE Jets owner Con Constantine refuses to listen to advice that Mario Jardel is washed up and is not yet ready to tell the former Brazilian national team striker to pack his bags.

Nor is Constantine about to give a direction to coach Gary van Egmond to play him.

"It’s a Catch 22. We have a winning team and we are right up there challenging for the title," Constantine said yesterday.

"Look, I am from the old school. I want to give him (Jardel) the benefit of the doubt.

"I’d like to see him get a little bit longer and then judge accordingly.

"But he’s not getting much time. You can’t gauge him on that. But I can’t force the coach’s hand either. We’re having success and there’s a price to pay."

Jardel has started only once in six games for the Jets, averaging just 19 minutes an outing.

He missed the trip to Melbourne for last Friday’s clash with the Victory but coach van Egmond said he was "up for selection" against Sydney FC at EnergyAustralia Stadium on Saturday.

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Posted by on October 30th, 2007
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Posted under: Newcastle Jets

TigerSource: Newcastle Airport

Tiger Airways has selected Newcastle Airport as its only New South Wales destination.  Twice daily flights to Melbourne are scheduled to commence on 18 January 2008. 

Newcastle Airport, CEO, Paul Hughes said the announcement is a vote of confidence for the Airport and the region.

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Posted by on October 29th, 2007
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Posted under: Business
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