Business News Releases

AMMA congratulates Andrew and Nicola Forrest on record-breaking generosity

AMMA chief executive Steve Knott has congratulated mining identity Andrew 'Twiggy' Forrest and his wife Nicola on their overwhelmingly generous philanthropic donation of $400 million.
 
Continuing the Forrests’ many years of exceptional philanthropy, the record-breaking donation will reportedly fund a number of important social and scientific causes, including cancer research, equality, higher education and ending ‘modern-day’ slavery.
 
“Andrew Forrest, through his kindness, entrepreneurial spirit and achievements, has been an inspiration to the international resource community for many years,” Mr Knott said.
 
“He’s often had to push against the odds in the initiatives and ventures he’s been involved in, showing great resolve and determination. History shows he’s been incredibly successful and should be commended for that.
 
“Andrew has been a wonderful ambassador for the resources sector and instrumental in providing Aboriginal people with sustainable employment and business opportunities through initiatives including the VTEC training centres, Generation One and ‘A Billion Opportunities’.
 
“Today’s remarkably selfless donation is yet another example of Andrew’s leadership and kindness that will change the lives of thousands of people, helping to fight a number of immensely worthwhile causes.
 
“On behalf of AMMA and the resources community, domestically and internationally, I congratulate Andrew and Nicola Forrest on their incredible act of kindness and generosity.”

www.amma.org.au

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Defence supplies and regional security

AUSTRALIA'S bilateral defence relationship with Japan will be the subject of a public hearing today by the Joint Standing Committee on Treaties.

The Committee is reviewing a proposed agreement for the reciprocal provision of supplies and services between the Australian Defence Force and the Self-Defense Forces of Japan. The Committee will hear evidence from the Department of Defence as the lead agency for the agreement.

Committee Chair Stuart Robert MP explained that the proposed agreement expands the terms of a similar agreement signed in 2010, reflecting changes in Japan’s domestic laws and its more active role in global peace and security.

“Australia’s relationship with Japan is more important than ever as increasing tensions in the Asia‑Pacific risk regional and global security. The Committee will examine the revised terms of this agreement to ensure that it sufficiently enables increasing cooperation between the Australian Defence Force and Self‑Defence Forces of Japan in the face of regional instability”, Mr Robert said.

The Committee will table its report on the proposed Agreement in the Parliament by 9 August 2017.

 

Public hearing details: 11:10am - 12:15pm, Monday 22 May, Committee Room 1R1, Parliament House, Canberra

11:10am: Defence Supplies and Services - Japan; Department of Defence
12:15am: Close

The hearing will be broadcast live at aph.gov.au/live

Interested members of the public may wish to track the committee via the website. 

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'WannaCry' ransomware spreads like wildfire, attacks 74 countries says McAfee

By McAfee's   >>

TODAY (May 12, 2017), a ransomware attack has emerged that is worthy of tears.

WannaCry ransomware has hit the scene, spreading like wildfire across 74 countries and conducting more than 45,000 attacks, including a massive takedown of 16 UK NHS medical centres in just one day.

Other major countries impacted include Spain, Russia, Ukraine, India, China, Italy, and Egypt.

Now, how is this massive attack possible?

Our experts say the ransomware attack exploits the Server Message Block (SMB) critical vulnerability – also known as the Equation Group’s ETERNALBLUE exploit, part of the FuzzBunch toolkit released by Shadow Brokers a couple of weeks ago.

Basically, the attacker can use just one exploit to gain remote access into a system. Once access is gained, the cybercriminal then encrypts data with a file extension “.WCRY.” Not to mention, the decypter tool used can hit users in multiple countries at once, and translate its ransom note to the appropriate language for that country.

The ransom is said to demand $300 to decrypt the files.

The good news is, consumers don’t have to worry about this attack affecting their personal data, as it leverages a flaw within the way organizations’ networks allow devices to talk to each other.

However, this attack does act a reminder for consumers to prepare for a personal ransomware attack. In order to stay prepared and keep your personal data secure, follow these tips:

Back up your files. Always make sure your files are backed up. That way, if they become compromised in a ransomware attack, you can wipe your disk drive clean and restore the data from the backup.

Update your devices. There are a few lessons to take away from WannaCry, but making sure your operating system is up-to-date needs to be near the top of the list. The reason is simple: nearly every software update contains security improvements that help secure your computer and removes the means for ransomware variants to infect a device.

And, of course, stay on top of the latest consumer and mobile security threats by following me and @McAfee_Home on Twitter, and ‘Like’ us on Facebook.

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AIM's 2017 Leadership Excellence nominations open

THE Australian Institute of Management has launched the 28th year of its highly regarded AIM Leadership Excellence Awards (ALEAs).

Nominations and applications for 2017 are now open until 17:00 on 21st July to recognise the extraordinary work of leaders across the nation.

Last year, AIM reported a 46 percent increase in nominations ahead of 2015, with over 1,000 exceptional leaders nominated for an award nationwide. The 2017 ALEAs are expected to be the biggest and most competitive yet, as outstanding Australian leaders are provided an opportunity to highlight their contribution to a community or workplace.

The prestigious awards acknowledge leaders across the following categories:

  • Leader / Manager
  • Owner / Entrepreneur
  • Emerging Leader
  • Not for Profit
  • Student
  • Community Leader
  

                                                                   

AIM’s Chief Executive, David Pich was thrilled that the awards provided a platform to celebrate not only management and leadership excellence, but a genuine contribution to local communities and the nation as a whole.

“The ALEAs provide the recognition for hard work that leaders across the nation have contributed. AIM is committed to helping professionals develop into becoming great leaders, and the ALEAs give us an opportunity to highlight those efforts,” Pich said.

2016 Emerging Leader of the Year, Sports Consultant Paul Mead, highlighted the positive impact of the award on his career progression and business.

“The process from nomination through to the National Final was an amazing experience. It provided me time to reflect on what I had achieved in my business and leadership journey, from my own strengths and weaknesses to highlighting my business’ unique value proposition,” Mead said.

“The award confirmed what my value as a leader is, why I do what I do, how I do it and what I achieve. It has provided further credibility to my personal brand as a leader in my industry and given me an extended network to enable further success,” he continued.

Nominations are now open to recognise a friend or colleague, who has gone above and beyond in their leadership, in a bid for the rest of the country to get behind them too.

To nominate an inspirational leader or manager, visit:

aim.com.au/ALEAs2017

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Instant asset write-off saved in the nick of time - IPA

THE Institute of Public Accountants (IPA) has welcomed the Government’s decision to extend the $20,000 instant asset write-off for small businesses for the next 12 months. 

The definition of small business has gone from a turnover of $2 million to $10 million effective from 1 July 2016 so these entities will also benefit from the initiative.

“The IPA has long advocated for the write-off initiative and we are relieved that common sense has prevailed to extend the time period,” said IPA chief executive officer, Andrew Conway.

“If the decision had been to revert the limit to $1,000, it would have been a huge disincentive for many small businesses.

“The increase in the accelerated depreciation write-off threshold to $20,000 has been of great assistance to small business cash flow.

“This initiative is bringing forward the tax deduction that would have been deductible over a number of years.

“The reversion to $1,000 would have had a negative impact on the broader economy as the incentive for small businesses to reinvest in their future would be taken away; restricting potential growth, employment and prosperity.

“A higher instant asset write-off should be a permanent feature of our tax system going forward.  The Henry Review into Australia’s tax system recommended that a higher threshold should apply.

“Small businesses Australia-wide should be very pleased with this outcome; it brings an injection of economic growth, giving small businesses the confidence to buy new equipment, reinvest in their operations and grow,” said Mr Conway.

publicaccountants.org.au

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