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[Mitsubishi Hitachi Power Systems, Ltd.]<br />Second Commercial-use MEGAMIE System Begins Operations at HAZAMA ANDO Technical Research Institute -- Supplying Clean Power with Low CO2 Emissions --

・ Supporting an energy management system with low-CO2 distributed power generation and self-consignment ・ Switch to CO2-free hydrogen fuel planned for the future




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Comestible: Food journal examines big issues through the lens of food

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Dutch inventor launches ocean cleanup mission

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  • Wilderness & Resources

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Why soccer nets are a deadly issue for animals

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Miss your connection? Dance (All Night Long)!

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Fisherman visits dolphin every day to make up for the missing tourists

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FCA warns of temporary permissions deadline as Brexit looms

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Can more intensive agriculture cut emissions?

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  • Wilderness & Resources

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Ocean Cleanup mission takes aim at rivers

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  • Wilderness & Resources

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They&#39;re growing what? Hatcheries expand their mission beyond fish

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  • Wilderness & Resources

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How to break your rotisserie chicken habit

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Arron Banks and Elizabeth Bilney agree settlement with Electoral Commission

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François-Xavier Boisseau joins ERS' board

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Federal Court dismisses ACCC appeal on PN Aurizon case

6 May 2020

The Full Court of the Federal Court has today delivered its judgment on the ACCC’s appeal in relation to proceedings brought to stop Pacific National’s acquisition of the Acacia Ridge Terminal in Brisbane by Aurizon (ASX: AZJ).

The ACCC had appealed the 2019 judgment of the Federal Court which held that the acquisition would not be likely to substantially lessen competition due to an undertaking that Pacific National had offered the Court.

While the ACCC was successful in relation to a number of legal issues, the Full Court found there was insufficient evidence to establish that the acquisition was likely to result in a substantial lessening of competition, and dismissed the ACCC’s appeal.

Although the majority of the Full Court agreed with the ACCC’s position on the meaning of ‘likely’, the case hinged on the ACCC establishing the likelihood of another player seeking to enter the market in the next five to ten years. The Full Court considered that the prospect of new entry was no more than speculative.

“This was a particularly important case for Australia’s merger laws, and the outcome demonstrates the real difficulty of applying the substantial lessening of competition provisions in the legislation,” ACCC Chair Rod Sims said.

The result of the Full Court’s decision is that Pacific National’s acquisition of the Acacia Ridge Terminal may proceed, without the access undertaking accepted by the trial judge.

“This is also a sad day for the economy, because the ACCC’s view is that the prospects of competition in rail freight have been significantly diminished and the impacts of this will be with us for more than a decade,” Mr Sims said.

The ACCC’s case was that Pacific National’s ownership of the Acacia Ridge Terminal would allow it to effectively prevent access to new entrants, entrenching Pacific National’s position as the dominant rail freight carrier on the east coast.

“We will now carefully consider the Full Court’s judgment. The ACCC will continue to consider what changes are needed to make Australia’s merger laws work in the way they need to, to safeguard the economy from highly concentrated markets,” Mr Sims said.

Notes to editors

The term ‘intermodal’ freight is used to describe the carriage of general freight usually in a container using two or more modes of transportation, such as truck and rail. ‘Intermodal rail linehaul’ refers to the rail leg of the movement of intermodal freight. ‘Steel rail linehaul’ refers to similar services that are provided in respect of steel products.

An intermodal terminal, such as the Acacia Ridge Terminal, comprises infrastructure with a connection to a rail line where containers can be transferred between transportation modes.

Background

The ACCC commenced proceedings on 18 July 2018 alleging that Pacific National’s acquisition of the Acacia Ridge Terminal from Aurizon would have the likely effect of substantially lessening competition in breach of section 50 of the Competition and Consumer Act 2010.

The ACCC was concerned that the acquisition of the Acacia Ridge Terminal would deter a new entrant from providing interstate linehaul services in competition with Pacific National.

The ACCC had commenced a public investigation of Aurizon’s proposed exit plans, including the proposed acquisitions by Pacific National of the Acacia Ridge Terminal and Queensland intermodal business on 27 October 2017. The ACCC issued a statement of issues on 15 March 2018.

The Federal Court dismissed the ACCC’s proceedings on 15 May 2019. The trial judge found that, with Pacific National’s undertaking offered to the Court, the acquisition of the Acacia Ridge Terminal would not be likely to substantially lessen competition.

The ACCC lodged an appeal on 27 June 2019. The appeal, and cross appeals by Pacific National and Aurizon, were heard before the Full Court of the Federal Court from 17 – 20 February 2020.

Release number: 
91/20
ACCC Infocentre: 

Use this form to make a general enquiry.

Media enquiries: 
Media team - 1300 138 917
Audience




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Commissioner Cristina Cifuentes to depart ACCC

7 May 2020

Commissioner Cristina Cifuentes will leave the Australian Competition and Consumer Commission on 3 July 2020 after more than seven years in the role, which she held concurrently with nine years as a board member of the Australian Energy Regulator.

Ms Cifuentes was appointed as a Commissioner of the ACCC in May 2013 for a five-year term and then reappointed in 2018.

“Cristina has been one of Australia’s leading infrastructure regulators for a long time and has made an outstanding contribution to the ACCC and AER, and played a large role on the international stage in relation to a wide range of regulatory issues,” ACCC Chair Rod Sims said.

“Perhaps even without even realising it, Australians have benefited immensely from Cristina’s extraordinary breadth of experience and knowledge, particularly in the energy, transport, telecommunications and finance sectors.”

“Cristina’s experience and mix of skills has been invaluable in shaping many of the ACCC’s key decisions.”

During her time at the ACCC, Ms Cifuentes chaired the ACCC’s Communications and Infrastructure committees, which oversee the ACCC’s regulatory role in key infrastructure in areas such as fuel, telecommunications, wheat ports, rail, and water.

Mr Sims says Ms Cifuentes’ contribution will be greatly missed by many across the ACCC and AER.

“Cristina has also been a champion for women and people from cultural and linguistically diverse communities within the ACCC and AER and a mentor to many,” Mr Sims said.

“All of us at the ACCC and AER wish Cristina the very best for her future endeavours both professionally and personally,” Mr Sims said.

Ms Cifuentes will also step down from her roles as an Associate Member of the Australian Communications and Media Authority and as Australia’s delegate to the OECD Network of Economic Regulators.

Background:

Before joining the ACCC, Ms Cifuentes held a number of directorships, including with the Hunter Water Corporation, First State Super Trustee Corporation and NSW T Corp. Her career has spanned both the public and private sectors, including positions at the Reserve Bank of Australia, the New South Wales Treasury and the Australian Securities Commission. She was a tribunal member of the NSW IPART between 1997 and 2006.

Release number: 
92/20
ACCC Infocentre: 

Use this form to make a general enquiry.

Media enquiries: 
Media team - 1300 138 917
Audience




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How To Dissect Mutual Fund Returns

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What Vital Nutrients Is Your Diet Missing?

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What do you do when you own bonds or stocks issued by a bankrupt company?

Ok so you own securities in a bankrupt company. If they’re stock, you’re probably going to be wiped out. If you own bonds, you are a creditor in the bankruptcy proceedings. Depending on how the proceedings go, you may get shares or bonds in the company. Or you may get cash as the company sells […]

The post What do you do when you own bonds or stocks issued by a bankrupt company? appeared first on RSS News Feed.




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Kiss the Ring: Hierarchy Matters (It's not what you think)

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April Issue of RBRBoxing Magazine Hits the Stands

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Global Industry Insights, and Forecast to 2025




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Nabil Kaddish Bissada, MD, Presented with the Albert Nelson Marquis Lifetime Achievement Award by Marquis Who's Who

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Mississippi Medical Center Selects GD as Mobile Telemedicine Solution Provider

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Corporate Whistleblower Center Is Now Urging A Rehabilitation Center Employee to Call About Whistleblower Rewards If They Have Proof Their Employer Is Giving Physicians Kickbacks for Admissions

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