The site will hopefully provide news on Newcastle lawyers and publish the latest information on family law, property law, commercial law and contesting wills. 

Here’s the Herald’s announcement:

THE Hunter is set to go head-to-head with major growth regions like south-eastern Queensland to market itself as an economic powerhouse.

A new venture with private sector backing will be launched in Newcastle on Friday to send the message that the Hunter is open for business.

Called Hunter Advantage, the marketing project will combine a national advertising campaign with an internet site to build a strong case for business and industry to invest in or relocate to the Hunter and stimulate growth.

Among the backers are business heavyweights Jeff McCloy, Hilton Grugeon, Richard Owens, Bill Saddington, Mark Fitzgibbon and Phil Gardner and a host of Hunter corporations and business groups.

“This is about everyone working together to attract economic prosperity and jobs to our region,” developer Jeff McCloy said yesterday.

“We’ve got so much more to offer here in the Hunter and we’ve got to promote it as a great place to do business.”

The campaign follows Hunter Business Chamber warnings that the region is not immune to the deepening effects of global recession and that a growing number of local businesses will be forced to reduce staff in the next three months.

Figures the chamber released yesterday said 22 per cent of businesses surveyed expected to sack staff in that period.

But some of the region’s most influential business people say the Hunter could reap long-term prosperity, and jobs, by promoting its advantages.

An advertising campaign titled “A Sound Business Case”, will go national from Friday and an internet site will provide information on all aspects of the region, including education and lifestyle.

It will also contain case studies of businesses that have successfully relocated premises and staff to the Hunter.

Mr McCloy said the project, set up with seed-funding from the private sector, was working in conjunction with the State Government through the Hunter Development Corporation.

Advantages the Hunter had over other regions included availability of commercial land, a skilled workforce, affordable residential prices and a good lifestyle.

“Put that together with our educational facilities, airport, access to roads, rail, the port, water and power and I can’t see any restraints to locating business here,” Mr McCloy said.

Wests Group chief executive Philip Gardner said many businesses hit hard by the financial downturn and struggling with the high costs of larger metropolitan areas would look at the Hunter as an ideal place to re-locate.

Hunter development Corporation chairman Paul Broad said the project would help to streamline development activity.

Come join in the fun every Friday at Baristaba Cafe at The Boardwalk, Honeysuckle.

The new TV commercial currently airing on Channel TEN Newcastle promotes awareness of the important role Coast Guard Swansea plays in keeping people safe on the water as well as featuring a strong call to action for volunteers to join now.

The new website offers a range of information specifically relevant to Coast Guard Swansea including information about the organisation, interesting information on the history of Coast Guard Swansea, and most importantly how you can volunteer and become a member.

Coast Guard Swansea has been thrilled with the response and continue to be inundated with enquiries from the TV commercial as well as the website.

The Government Grant would not have been possible for Coast Guard Swansea without the help of Companion Credit Union. As a member of Companion, Companion assisted Coast Guard Swansea with the preparation of a business case to be submitted to the Government.

The Coast Guard wanted to use the government grant to promote their new 24/7 operations and to attract new volunteers to man the operations, again they asked for Companion’s help.

Companion introduced Coast Guard Swansea to Sticky Advertising to create the new advertising campaign to promote the new 24/7 operation.

Southern Cross TEN are also generously supporting Coast Guard Swansea and have kindly provided additional airtime to help promote awareness of the great work the Coast Guard does and to encourage more people to volunteer.

Newcastle City Council welcomes the review and supports the recommendations provided by Michael Cole.

Firstly, it is important to note the review has confirmed Council’s have acted in good faith and within the guidelines provided by the NSW Government.

As these guidelines underpin Council investment policies and strategies is it important for these to be robust, relevant and well scrutinised. Much of the information in the report, Council has been aware of for many months and this has allowed for close monitoring of current investments.

Key financial information

Council’s current total investment in CDO’s is $32.64million. This figure includes $24.64million in an Individually Managed Portfolio and $8million of Hold to Maturity Investments.

These are long term investments and will be held to maturity. It is likely the market will have recovered by the time these reach maturity and it is anticipated the full value of the investment will be realised.

A $2.5 million investment in the Federation CDO is being closely watched as it has the potential to deliver a loss to Council due to its current low value. All available options to protect Council’s capital investment are being pursued.

The remaining $30.14million is held in corporate credit CDO’s which are performing within policy guidelines.

To date all of Council’s investments, including those referred to in the Review, have delivered their promised return.

Key figures in the review and media reports

The review and media reports have referred to various figures, an explanation of these are below:

$39 million: This refers to Council’s total portfolio of CDO’s ($32.64million) and Capital Protected Notes ($6million). (Page 5, Table 1)

$36million: Council cannot reconcile this figure with any financial statements. (Page 15, Table 2)

$26 million: This refers to one component of Council’s $39 million portfolio and is made up of $24.64 million of CDO’s and $1.29 million of Floating Rate Notes. The market valuations of these investments have been regularly disclosed in Council reporting as they are able to be traded.

However, Council policy does not allow for trading of these investments and they will be held until maturity.

$2.5million: This is the amount Council has invested in a Federation CDO. This amount is referred to in the review as having the highest increased risk of loss. (Page 17, Table 6)

Key points from the review

The estimates in the review are based on theoretical calculations only and will depend on the specific investments held by Councils.

The credit rating agencies have explained the negative price movements as being caused by a loss of market liquidity rather than a change in the underlying credit quality. (Page 10, Point 4.21)

It must be emphasised that current market valuations referred to in the Cole Report are market valuations and hence unrealised estimates of potential market losses. (Page 11, Point 4.24)

The biggest sponsorship deal in the 100-year history of Newcastle Surf Life Saving Club has been struck, enabling the club to grow and move closer to being an eminent player in the state and national surf life saving movement.

Hunter-based Port Waratah Coal Services (PWCS) has committed $90,000 to the club over 2008, 2009 and 2010.

The funds will be spent on new equipment such as patrol radio’s, resuscitation apparatus, rescue gear and competition boards.

NSLSC President Brad Kinniard said the Hunter’s oldest surf life saving club was now in its strongest position for many years to expand.

“This incredibly significant corporate support in our centenary year is both a milestone and a turning point for the Newcastle Surf Life Saving Club,” Mr Kinniard said.

“It will enable us to take on and train more members, meaning we can serve the community better.

“Already we are looking at taking on 28 new bronze medallion participants for the 2007- 2008 season, whereas a few years we were only taking on five “Further, we are now able to stock with new, modern equipment which gives us tremendous opportunities when it comes to performing at competitions.

“A Surf Life Saving Club can only be as good as the support it receives from its community, and this support from PWCS is pivotal to our future.

“The news has sent a shot of excitement through the club.”

PWCS General Manager Graham Davidson said it was always difficult deciding how the company’s community sponsorship dollars should be spent, but allocating a sizeable portion to NSLSC had received unanimous support internally.

“Surf life saving is an historic, iconic and invaluable part of the Hunter community,” Mr Davidson says.

“We like to think of this financial support to the Newcastle Surf Life Saving Club as an investment in the Hunter community, and I have no doubt that the benefits will be returned in spades.”

Mr Davidson added that the NSLSC sponsorship wasn’t entirely ‘one way’, because the club had committed to undertaking surf safety lessons with the children of all PWCS employees. On behalf of all PWCS employees, Mr Davidson accepted this offer hands down.

The return visit to Newcastle tomorrow (Friday 15 February) by the largest cruise liner to visit the city will see a Ship Security Zone implemented from early morning.

The Mercury is scheduled to sail into the Port of Newcastle about 7am tomorrow to berth at Dyke Point because of its 263 metre length.

Cruise liners normally berth at Throsby Wharf but the Mercury is too large to be accommodated at the wharf and the vessel will instead be piloted to the Dyke Point berth.

Newcastle Port Corporation CEO, Gary Webb, is advising boat owners that the Ship Security Zone will extend 15 metres from the Mercury.

The zone will be operational from when the cruise liner enters port until its departure about 7pm, said Gary.

All vessels must remain outside the zone which will be identified by flashing yellow buoys and be patrolled by NSW Water Police and NSW Maritime.

The Ship Security Zone is a requirement under the ports Maritime Security Plan.

Mercury is bringing nearly 2000 passengers and 850 crew members for a day of leisure and recreational activities in the city and the Hunter Valley.

With Federal Parliament resuming this week, Member for Newcastle Sharon Grierson has written to the Minister for Transport seeking urgent consideration of the infrastructure and transport needs of business and residents in the Newcastle and Hunter region.

“Following recent accidents, the public is understandably concerned about the safety and capacity of the F3 between Sydney and Newcastle,” Ms Grierson said. “Business groups are also worried that inadequate transport links are hampering our economic development.

” At last year’s election, Federal Labor committed to:

• $840 million towards a dedicated freight rail track from North Strathfield to Gosford;
• $150 million for approvals and planning to get started on connecting the F3 to the Sydney Orbital, with further funding to be determined once these processes are completed; and
• a freight rail refuge near Broadmeadow, bi-directional freight loops in the Morisset/Awaba area, and bi-directional signalling between Gosford and Newcastle to provide more opportunities for passenger trains to overtake freight services.

“These measures will reduce pressure on the F3 and increase the opportunity for freight to be transported by rail, and I have urged the Minister prioritise them in light of recent accidents on the F3.”

“Modernisation and separation of the rail route between Newcastle and Sydney would encourage both commuters and freight off the F3, but we also need to escalate the development of the port of Newcastle as a container port. Having a second entry point and export point for freight would have considerable economic benefit for the state of NSW.”

“Both these measures would directly reduce traffic on the F3 and increase its present and future capacity.”

“The new approach to state and federal collaboration now possible under Infrastructure Australia – a new independent statutory authority – also offers a great opportunity for increased economic growth and public safety in the state of NSW.”

“I look forward to Infrastructure Australia giving close consideration to other road, rail and port projects to meet the infrastructure needs of our region.”

“I’ve also spoken with the Minister about these matters, and I welcome his attention and interest."

Police have arrested five people allegedly involved in a major drug supply syndicate in New South Wales.

Early this morning 50 police officers from Strike Force Emily raided houses in New Lambton, Macquarie Hills, Warners Bay and Cardiff in the Newcastle and Lake Macqaurie regions.

They arrested four people and seized drugs, $40,000 in cash and two cars.

Police allege the syndicate was supplying ice, amphetamines, ecstasy and cocaine in the Hunter Valley, mid north coast and central west regions of the state.

The arrested will all appear in court this afternoon charged with possessing and supplying drugs.

Another man was arrested at Williamtown airport.

Police allege he was one of the main ring leaders of the group.

Police say since their surveillance operation began in July last year they have made 13 arrests.

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.

That’s why BHP Billiton is feeling bold enough to effectively boycott
what is being dubbed as the world’s most influential iron ore and steel
conference this week in Dalian, a port city of northern China.

Senior BHP executives say they have no interest in receiving yet
another beating from Chinese officials and companies about their
"irrational" iron ore contract prices.

The China Iron & Steel Association conference at the palatial
Shangrila Hotel, sponsored by Brazil’s CVRD, represents the orthodox,
40-year old benchmark price negotiation system.

BHP, and probably Rio Tinto, would prefer to be wheeling and dealing
with the spot market traders who have packed into the hotel’s three
floors of meeting rooms and cocktail lounges, and who are spilling down
the escalators and out into the street and neighbouring hotels.

These Chinese, Indian, Russian, Kazak and Iranian traders are creaming
the largest windfall profits from China’s steel revolution. China’s
iron ore spot trade is now worth more than the contract trade, said
CVRD’s executive director Jose Carlos Martins.

Siddique, the Shanghai representative for Iran’s Tradeline company, said he is doing a roaring trade but is getting worried about America’s new anti-terrorism financial sanctions. "My worry is we won’t

get paid because the Chinese will have no way to get the money to us," he said.

Ore loaded onto boats in Dampier at $US50 tonne is selling for as much as $US200 a tonne in the corridors of the Shangrila, via a long line of official Chinese and international private traders.

"We are buying ore at $US175 a tonne and selling it for $US180, or $US200 for 64 per cent grade," says Lin Mengzhao, from the private General Nice (Tianjin) Industry Co.

Many small steel makers, traders, and indeed Australian mining executives reserve their harshest words for the state-owned trading house SinoSteel, which owns a large stake of the Australian Channar iron ore mine and frequently berates Australian companies for charging high prices.

"There’s a lot of Chinese scum-of-the-earth traders who are sending the price sky-high," said Fan Yu, who owns a mid-sized trading house in the heart of China’s steel country, called Tangshan Mingzhu Trading Co. "SinoSteel get their iron ore contracts very cheap and they sell it themselves," he says.

Devdat Jai, the Shanghai representative for India’s Psons Ltd, has sold 1.5 million tonnes of high-cost Indian ore this year about 10 times the profit margins of last year.

He says BHP and Rio are in the wrong game. "Long term contracts were good two years ago, but today the spot price is rising every day," he says. "They should change their policies and sell 50 per cent on the spot market."

Wang Xinhe, from the Tianjin Dragon Peak Iron Trading company, did not know Australian miners only received about a quarter of the top prices he is now paying. "Your iron ore is the most expensive, but it’s also the best," he said.

The Chinese steel industry is divided into the large and usually state-owned factories that get cheap, high quality ore from Australia and Brazil and the rest. The smaller operators are forced to brave the vagaries of the spot market.

"In Tangshan there are 22 blast furnaces, and the more they produce the more they lose," says Fan Yu.