Orica gets a double benefit: rising demand for these digital products and services but also improved profitability because these technology businesses operate with much higher margins than the group’s core explosives business.
breathing space
Increasing technology sales and improving margins partially help explain the 40 per cent rise in Orica’s share price over the past 12 months, but the big swing factor has been surging demand for explosives in a world where supply chain disruptions have been heightened by the war in Ukraine ; Russia was previously one of the world’s biggest exporters of ammonia and ammonium nitrate, the key ingredients in explosives.
Gandhi has done a good job passing through rampant inflationary pressures – including rising energy costs, raw material costs, labor costs and freight costs – by positioning Orica as a reliable supplier with prices to match.
On Wednesday, he reaffirmed guidance for the 2021-22 financial year, with margin improvement to be driven by volume growth in line with gross domestic product growth, cost reductions and higher prices.
But Gandhi’s supersized capital raising is designed to give him a bit of breathing space.
By raising an extra $282 million for working capital and balance sheet capacity, he will have more financial flexibility to navigate the inflation he is battling with higher input costs; the ongoing supply chain constraints that have necessitated finding new sources of ammonia and ammonium nitrate, sometimes under shorter payment terms; and the geopolitical threats to supply, which have required higher inventory holdings to counter supply risks.
“There’s a lot of stuff going on in the industry that we cannot control, so I am being a bit cautious here. It has nothing to do with the underlying business. The underlying business is very healthy,” Gandhi says.
Execution risk should be relatively low on the Axis deal. Gandhi plans to integrate the business into Orica but preserve Axis’ autonomy, with some of Orica’s existing orebody intelligence businesses to be run by the Axis team, which Gandhi says reflects the size and experience of the acquisition.
The deal was struck on a multiple of 11.8 times earnings before interest, taxes, depreciation and amortization; Orica trades on 32 times.
A Gippsland farmer has described his shock at the location of several new campsites being established on what he considers “totally inappropriate” sections of land licensed from the Victorian government.
Key points:
The Victorian government unveils details of four new campsites along Gippsland rivers
The campsites are on land farmers license for grazing, with dogs and campfires banned
Campers must access the sites by foot and bring their own toilets with them
The government last Friday published details of the first four camps in Gippsland — two are on the Wonnangatta River, and two are on the Dargo and Macalister Rivers — on the Crown land river frontage.
Access to many of the campsites is from narrow country roads with limited parking opportunities and strict conditions.
Trevor Archer manages the farm that hosts the Macalister River campsite and said it was “totally inappropriate” because there was “nowhere to park”.
The site is 4 kilometers from Cheyne’s Bridge Recreation Area, a campsite with toilet facilities popular among trail bike riders.
“It gave me a bit of a shock, actually,” Mr Archer said.
“I knew it was proposed but they hit us pretty quick with it.
“There’s nowhere to park. The closest safe park is 4 kilometers away [at Cheyne’s Bridge] on a dangerous windy narrow road.
“It’s an accident waiting to happen if people are on foot down there.”
The Macalister River campsite is currently accessed by jumping a fence on Licola Road.(Rural ABC: Peter Somerville)
Access to the campsite involves scaling a barbed wire fence beside a narrow two-lane road and walking through a paddock often grazed by Mr Archer’s cattle.
“The entry point is 40 meters from where I bring my cattle up a little cutting … and later in the year there are 130–140 cows and calves coming up here and I’ve got to try to get them through [the campers],” Mr Archer said.
“If someone’s here trying to unload their gear when I’ve got cows and calves coming in… it’s just not going to work.”
The Department of Environment, Land, Water and Planning was contacted for comment.
The Macalister River Cheyne’s Bridge campground is 4 kilometers upstream from the new campsite.(Rural ABC: Peter Somerville)
Fulfilling an election commitment
The Labor government made a 2018 election commitment to open licensed Crown land river frontages to camping.
The land was previously accessible for day use, with the four campsites opened on areas that are frequently grazed by cattle.
The sites have to be accessed by foot, campers must keep portable toilets at least 50 meters away from waterways, or 100 meters away if burying human waste, and dogs and campfires are not permitted.
A new campsite on the Wonnangatta River frontage must be accessed by foot.(Rural ABC: Peter Somerville)
Campers are welcome
Mr Archer said he was not opposed to having campers on the land but expected the 4km walk from Cheyne’s Bridge would deter many.
“I don’t see that anyone’s going to carry their gear 4 kilometers down the road, 4 kilometers back,” he said.
“And they can only get in that one entry and exit.”
Trevor Archer worries how he will move cattle while campers are unloading equipment.(Rural ABC: Peter Somerville)
It would not be the first time campers have set up on the property.
“Before the 2007 flood when the river blew out and changed course, I had 14 sites where people could choose to camp,” Mr Archer said.
“But we had them where we wanted them. They were in a bend in the river and it didn’t interfere with our stock work or anything.”
Walk-in campers are allowed to set up on this site alongside the Macalister River.(Rural ABC: Peter Somerville)
Calls for a ‘level playing field’
Further downstream, Paradise Valley camp and caravan park operator Neil Williams was surprised to learn about the free campsite.
“It doesn’t really seem fair that we have to go through all the compliance rigors that we do, and the state government feels like it can open up a parcel of land for anyone at any time,” Mr Williams said.
He said many Paradise Valley guests had visited the park over many years.
But Mr Williams conceded he may lose business to the free campsites upstream.
“I’d just like everyone to be on a level playing field,” he said.
“There are caravan parks all over Victoria that have had to comply with Country Fire Authority regulations.
“There’s a whole host of other council health and safety compliance issues that we deal with on a regular basis and it all adds to our overheads.”
Robert E. Crimo III, leaves the courtroom after a hearing Wednesday, in Waukegan, Ill. Accused of killing seven people and wounding dozens more in a shooting at an Independence Day parade in suburban Chicago, Crimo pleaded not guilty on Wednesday.
Nam Y. Huh/AP
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Nam Y. Huh/AP
Robert E. Crimo III, leaves the courtroom after a hearing Wednesday, in Waukegan, Ill. Accused of killing seven people and wounding dozens more in a shooting at an Independence Day parade in suburban Chicago, Crimo pleaded not guilty on Wednesday.
Nam Y. Huh/AP
WAUKEGAN, Ill. — The man accused of killing seven people and wounding dozens more in a shooting at an Independence Day parade in suburban Chicago pleaded not guilty on Wednesday, a week after prosecutors announced he faces 117 felony counts in the attack.
Robert E. Crimo III appeared for a brief hearing Wednesday in Lake County’s circuit court to enter a formal plea to the charges — 21 counts of first-degree murder, 48 counts of attempted murder and 48 counts of aggravated battery representing those killed and wounded during the parade in Highland Park.
Crimo wore a COVID-19 face mask throughout the 10-minute arraignment and repeatedly told Judge Victoria Rossetti that he understood the charges and potential penalties he faces, including life imprisonment. As Crimo shuffled into court, chains jangling around his ankles, several relatives and friends of at least one victim turned to look at him from across the room, some keeping their eyes fixed on him throughout hearing.
Lake County prosecutors in late July announced that a grand jury had indicted Crimo on the charges. The prosecutors had previously filed seven murder charges against the 21-year-old in the days following the shooting.
The multiple first-degree murder charges allege Crimo intended to kill, caused death or great bodily harm and took action with a strong probability of causing death or great bodily harm on the seven people who died.
A representative for the county public defenders office, which is representing Crimo, has said the office does not comment publicly on any cases. An attorney with the office entered Crimo’s not guilty plea during Wednesday’s court appearance.
Prosecutors have said Crimo admitted to the shooting once police arrested him following an hourslong search for the gunman who opened fire from the rooftop of a building along the parade route.
Authorities have said the wounded range in age from 8 to their 80s, including an 8-year-old boy who was paralyzed from the waist down when the shooting severed his spine.
In comments delivered after the hearing, Lake County State’s Attorney Eric Rinehart declined to say whether Crimo could face additional charges and said he would not comment on whether Crimo’s parents could be charged.
Some in the community have questioned why Crimo’s parents apparently supported his interest in guns only months after he reportedly threatened suicide and violence.
George Gomez, an attorney representing Crimo’s parents, said Wednesday that they are not concerned that criminal charges could be filed against them. Both attended Wednesday’s hearing where they sat quietly behind their son.
Speaking with reporters afterward, Gomez described his clients as “devastated” and “heartbroken” for Highland Park and he said they are cooperating with authorities.
Two iconic Australian brands have joined forces to create a frozen treat that many will be lining up to get their hands on.
Golden Gaytime has teamed up with OAK to create a chocolate twist on the iconic ice cream.
The treat has an OAK-inspired ice cream centre, dipped in a layer of chocolate, and is smothered in Golden Gaytime’s famous delicious biscuit pieces with a choccy twist.
Streets spokeswoman Annie Lucchitti said: “Golden Gaytime has been an Aussie favorite for over 50 years and we’re known for some pretty impressive flavor experiences!
“Golden Gaytime OAK brings the iconic elements of Golden Gaytime together with the unmistakeable OAK Choc Milk flavor hit. It’s creamy, crumbly, choccy – delicious.
“It’s a crowd pleaser that’s for sure. We’re ecstatic to be bringing the next level of Golden goodness to market!”
The release of the new ice cream will be staggered, hitting the shelves exclusively at IGA and Ritchies stores on Thursday, August 4.
In September, Golden Gaytime OAK will be available in Coles, petrol stations and convenience stores.
The ice creams can be purchased in a box of four for $9.50.
It’s the latest collaboration from OAK, after Allen’s beloved Milk Bottles were transformed into OAK-flavoured lollies.
The confectionary company revealed in July the beloved brands were collaborating.
The Milk Bottles come in two OAK-inspired packs and come in two flavours.
One is an Oak-inspired iced coffee – a chocolate and malt blend.
The second is strawberry, with the new Milk Bottles being sold as standalone bags of lollies.
Nintendo had just added a new update, and it is making fans go crazy. With its latest tweet, Nintendo just shared its August update and future plans for the Switch console. Exclusively giving away news on the new icons that players can redeem after completing some simple tasks.
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Nintendo is one of the most sold consoles on the planet. And this is no small feat knowing how much Nintendo has to sometimes suffer because of its simplistic approach toward gaming. In the recent industry trends, games are becoming more and more real to watch Nintendo is trying its best to stay loyal to its core material.
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Nintendo shares a tweet on a new update for Switch players
In the latest tweet, Nintendo shared the news on the new MarioKart 8 Deluxe icons coming to Nintendo Switch Online. Notably, these icons will feature Booster Course Pass Wave 1 & 2 and will be available till September 5, 2022, at 6 PM PT.
Additionally, the icons will be refreshed each week on Sundays, ie, on the 7th, 14th, 21st, and 28th of August. These updates will also feature the new Splatoon 3 icons, to be released on September 9 this year.
Notably, Animal Crossing New Horizon will allow customizable icons to players whose birth month is August. Although, these icons will be only available until 9:59 AM in Japan, and fans have to exchange Platinum Points in the store to get these.
Additionally, the Platinum Points are required to exchange for the icons in any country. Thus, fans need to complete some very simple missions to earn these as rewards.
it may be just an icon but i’m glad to see my boy getting love! gives me hope we’re gonna maybe see him more since he is the referee of the races after all! https://t.co/2fAtLqjnke
Many fans, albeit, pointed out that exchanging Premium Points for these icons is a great strategy. Mostly because many players don’t use them in any way and thus were seeing a downward trajectory in the feature.
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What do you think about the latest update by Nintendo? Let us know your valuable opinions in the comments below.
WATCH THIS STORY:Ranking The Highest Selling Nintendo Games of All Time
Another destructive cold front is sweeping east, exacerbating the risk of flooding across multiple states in southern Australia.
A large area of South Australia, and some elevated areas in Victoria and New South Wales, and north-western parts of Tasmania, are on high alert today with warnings of heavy rain and damaging winds.
It comes as yet another destructive cold front sweeps east.
“Rainfall totals of 10 to 30 mm are likely over a broad area of southeastern Australia on Thursday,” Weatherzone said.
“The heaviest rain will be in central and southern inland NSW and the ACT, where 24-hour totals could exceed 150 mm on and west of the ranges, with six-hourly rainfall rates possibly reaching 50 to 60 mm.”
Severe weather warnings have been issued and multiple flood watches are in place across parts of NSWnorth eastern Victory and northern Tasmanian.
Thredbo Ski Resort in NSW has been forced to close lifts due to safety reasons, as the wild weather lashes the alpine region.
The wild winter weather has forced the closure of Thredbo’s ski and chair lifts. (9News)
In South Australia, damaging winds up to 90 km/h will be felt across Adelaide and the Hills.
Forecast wind like speed and direction at 1pm AEST on Thursday, according to the ECMWF-HRES model. (Weather zone)
“We are in for a very wet afternoon, particularly in our northern region, around 50-60mm expected up in the Hills,” 9News presenter Jesse Burns said.
“A wet weather warning has also been issued, with a month’s worth of rain expected this week alone, particularly in our northern region with around 50 to 60mm expected around The Hills.
“That’s cause for alarm with potentially localized flash flooding in those areas.”
Senior Meteorologist at the Bureau of Meteorology (BoM) Dean Narramore explained the next cold front is “tapping into tropical moisture”, which will cause moderate to heavy rainfall across parts of Victoria and NSW.
“That could lead to another possible flood event for inland parts of NSW,” Narramore said.
“Looking at the rainfall totals we will see light to moderate falls right across WA and SA, but the focus of the heaviest rainfall will be north-east Victoria and south-eastern NSW.”
Large swathes of WA’s coastline is being pounded by dangerous surf. (9News)
Residents in WA’s central west to south east corner are being told to stay away from the surf as large swell pounds the coast.
Significant wave heights exceeding 7 meters have occurred in exposed locations, and erosion has been observed along the coast.
‘River City’ wakes to white-out as fog swallows city
President Joe Biden signed an executive order Wednesday that paves the way for Medicaid to pay for abortion services for people having to travel out of state.
Speaking from the White House virtually, Biden continued to criticize the Supreme Court’s June 25 decision to overturn Roe v. Wade.
“Today, I’m signing the second executive order that responds to the healthcare crisis that has unfolded since the Supreme Court overturned Roe, and that women are facing all across America,” he said.
The executive order comes just one day after abortion rights activists secured a major win in Kansas, where voters on Tuesday rejected removing the right to abortion from the state constitution.
Biden said the Supreme Court “practically dared women in this country go to the ballot box and restore the right to choose that the Court just ripped away after 50 years.”
“The voters of Kansas sent a powerful signal that this fails the American people will vote to preserve and protect the right and refuse to let it be ripped away from politicians,” Biden said.
The new directive allows the secretary of health and human services to “invite states to apply for Medicaid waivers, so that states where abortion is legal could provide services to people traveling from a state where abortion may be illegal to seek services in their state,” the official said. Technically, these states would apply through what’s known as a “Medicaid 1115 waiver,” according to a senior administration official.
The official noted that when the White House looked into declaring a public health emergency for abortion and what that would allow the federal government to do, this change to Medicaid — an assistance program for low-income patients’ medical expenses — was one of the options. But the White House realized the president could also do it through an executive order instead, which he plans to do Wednesday, the official said.
President Joe Biden speaks virtually during the first meeting of the interagency Task Force on Reproductive Healthcare Access at the White House complex in Washington, DC, Aug. 3, 2022.
Susan Walsh/AP
But the timeline for these changes remains unclear.
ABC News Chief White House Correspondent Cecilia Vega pressed White House press secretary Karine Jean-Pierre on Wednesday for more details on the implementation of the executive order for women who want to seek abortion care soon.
“Are we talking about days, are we talking about weeks, are we talking about six months?” Vega asked.
Jean-Pierre said the administration didn’t “have the details to share today but [Health and Human Services] will soon have more on what a waiver could look like and the timeline.”
Biden’s order also directs the health and human services secretary to make sure “health care providers comply with federal non-discrimination laws so that women receive medically necessary care without delay,” according to the White House. That could include “providing technical assistance for health care providers who may be confused or unsure of their obligations in the aftermath of the Supreme Court decision in Dobbs,” or providing other info and guidance to providers about their obligations and consequences of not complying with non-compliance. -discrimination laws.
The order also directs the health and human services secretary to improve research and data collection on maternal health outcomes, according to the White House.
When Finland recently unveiled the world’s first “sand battery”, there was speculation that Australian manufacturers would soon be rolling out their own versions, as they looked to burn less gas.
Key points:
Australia’s first commercial thermal energy storage system will be installed later this year
It will run on renewable electricity and help a pet food factory cut its use of gas, saving money and reducing emissions
Similar systems will be rolled out around the country in coming years, experts say
Now, a pet food factory in Wodonga has announced it’s doing just that.
The Mars Petcare facility, one of the largest pet-food makers in the country, will take delivery of a “graphite battery” later this year, as part of a trial to reduce emissions and ultimately save money.
From the outside, the orange container won’t look like much, but experts say the system’s installation is an important moment in the country’s clean energy transition, and such thermal energy storage (TES) facilities will become a common sight over the next decade.
“It will be the first major commercial application of thermal energy storage to displace gas in Australia, so it’s a big deal,” said Dominic Zaal, director of the Australian Solar Thermal Research Institute (ASTRI), which is funded through the Australian Renewable Energy Agency (ARENA).
“It will be the first of many. Within 10 years this will be widespread.”
So, how does it work, and what can it be used for?
Water goes in, steam comes out
Like the Finnish sand battery, the Wodonga TES system purchases renewable electricity from the grid when it’s cheapest and converts this to heat through resistive heating (like an electric bar-heater).
This heat is then stored in the graphite blocks at temperatures of up to 900C.
The modular design can be scaled up. A single container has a capacity of about 3 megawatt-hours of thermal energy, which is equivalent to the amount of electrical energy stored by a large neighborhood chemical battery.
In practice, the battery is designed to be charged and discharged at the same time, which means that over the course of a day it can process up to 8MWh of thermal energy.
When heat is needed, water is run through pipes within the seacrate, and converted to high-pressure steam, at temperatures of 150-250C.
This heat is then used wherever it’s needed. In the case of the Wodonga factory, it will cook pet food.
The Wodonga factory is one of the largest pet food manufacturing sites in Australia.(Supplied: Mars Petcare)
The clean energy system will reduce the factory’s gas consumption by 20 per cent, said Paul Matuschka, its head of sustainability.
The system is scheduled to begin operation early next year, and more batteries may be installed.
“We’ve got a metric to be 100 per cent renewable from direct operations by 2040,” Mr Matuschka said.
The struggle to get off gas
About 16 per cent of Australia’s emissions are due to the burning of gas in industry for processes needing high temperatures (anything above 100C).
Cutting these emissions requires more than installing solar panels and batteries, as electricity on its own can’t generate high enough temperatures.
Heat pumps (the same technology used by reverse cycle air-conditioners), which can be powered by renewables, max out at about 100C.
TES is seen by many as the solution to this problem.
Mars Petcare Wodonga is a case in point: gas accounts for three-quarters of its energy consumption.
“Over 90 per cent of the natural gas usage is used for cooking,” Mr Matuschka said.
Without TES, the factory can’t get off gas, he said.
“We’re looking at thermal energy storage as a critical component to help us achieve getting to 100 per cent net zero from direct operations.”
Other large manufacturers investigating thermal storage
While the Wodonga project has been in the pipeline for more than two years, interest in TES has tracked the recent hike in gas prices.
Wholesale gas prices have more than doubled since last year, and are forecast to stay high in 2023.
The Wodonga TES system is being made by an Australian company, Graphite Energy, based at Lake Cargelligo in Central NSW.
The Australian company 1414 is also developing TES systems, using silicon instead of graphite or sand.(Supplied: 1414)
It’s seen sudden demand in recent months, said CEO Peter Lemmich.
“Now that we’ve seen these increases in price, there’s obviously an enormous amount of interest from people,” he said.
The price increase, he said, has “eliminated the green premium” for TES.
“So going green is no longer a cost impost to the business.”
ASTRI’s Dominic Zaal said he was currently advising some of the largest food and paper manufacturers in the country about TES systems and getting off gas.
“We’ve had interest for a good year or two but in the last three months, since Russia’s excursion into Ukraine… the imperative has been significant.”
“I’ve got at least 10 fairly large firms who are interested in this technology.”
Wodonga trial being watched closely
The time it takes for TES units to pay for themselves through gas savings depended on where a business was getting its electricity, Mr Zaal said.
If they’re buying from the grid, it might take 10 years, but if they’re generating their own it could take as little as five, he said.
“These systems are 30-year systems. Once paid back, it’s pretty much free,” he said.
Mars Petcare had calculated a payback period of 10-12 years, Mr Matushcka said.
Other businesses were closely watching the Wodonga factory trial, Graphite Energy’s Peter Lemmich said.
“Everyone that we speak to knows that this project is going ahead and they’re all sort of kind of sitting back going, let’s have a look at that.
“And if that does what you said it’s going to do, then, you know, we want to talk.”
Nintendo has a special surprise for Mario Kart fans subscribed to Nintendo Switch Online on Switch, Switch Lite, and Switch OLED. Nintendo fans haven’t gotten a proper Mario Kart game since 2014 when mario kart 8 was released via the Wii U. And with Mario Kart 8 Deluxe selling like hotcakes on Switch, and mario kart tour and Mario Kart Live: Home Circuit bolstering this offering, it may be a while before “Mario Kart 9” is released. Unfortunately, today’s new surprise doesn’t change this disappointing reality, but those subscribed to either tier of Nintendo Switch Online will be delighted to know that the latest free icons coming to subscribers are Mario Kart 8 Deluxe themed.
The new icons come alongside the new wave of Booster Course Pass DLC, and feature the likes of Mario, Dry Bowser, Yoshi, and more. Unfortunately, the game’s best characters — Waluigi and Black Shy Guy — are not included. As you may know, this isn’t the first time the game has been included in the promotion, but all of the icons themselves are new. These particular designs will be available until August 8, with new designs replacing the previous designs every week for the month of August.
In addition to being limited to Nintendo Switch Online users, each icon requires Platinum Points. More specifically, each character is 10 points a pop, while frames and backgrounds are 5 points a pop. That said, this shouldn’t be a problem for most Switch Online users.
Nintendo Switch Online on Switch Lite, Switch OLED, and Switch Lite runs at $20 a year. Meanwhile, Nintendo Switch Online Expansion Pack, you need to fork over $50 a year. For an extra $30 a year, these subscribers get a range of additives, with the most notable of these additives being access to N64 and Sega Genesis games.
For more Nintendo coverage — including the latest on Nintendo Switch, and Nintendo Switch Online specifically — be sure to check out all of our previous articles on it by clicking right here or, alternatively, check out the links right below:
Shady Kanj was gunned down in Chester Hill, in Sydney’s west last August in what police believe is a “targeted attack”.
As part of ongoing investigations, Homicide Squad detectives conducted a secondary canvass of the area in Sydney’s west and unearthed the vision.
Shady Kanj was shot in Chester Hill, in Sydney’s west August 6, 2021. (Supplied)
It shows a man and woman in a white Audi Q5 at a McDonald’s drive-thru in Lidcombe prior to the murder.
Police do not believe the man and woman were involved in Kanj’s murder but may have information that could assist with inquiries.
Detective Superintendent Danny Doherty urged the man and woman, or those with knowledge of their identities, to come forward.
The white Audi was seen at a McDonald’s drive-thru prior to the shooting murder of Granville man Shady Kanj. (NSW Police)Police do not believe the man and woman were involved in Kanj’s murder. (NSW Police)
“Detectives have released CCTV in the hope of identifying the occupants of a white Audi captured on the night of Shady’s murder, as we suspect they have information of value to our investigation,” he said.
“That vehicle is captured at the fast-food restaurant in Lidcombe before the shooting, then again on the corner of Mona Street and Clyde Street at South Granville later that night.
“Given the vehicle traveled in the vicinity of the murder around the time of the shooting, it is possible the occupants saw something suspicious that may further our inquiries.”
Doherty said police believe the individuals involved in the murder visited Miller Street before and after the shooting.
“As part of ongoing investigations, detectives returned to Miller Street at South Granville to conduct further canvasses of the area,” he said.
“It is believed that those involved in Shady’s murder visited Miller Street before and after the incident and may have even disposed of evidence in the vicinity.”
The release of the CCTV comes months after police seized a white Lexus hatchback, which was believed to be disguised and used in the murder.
The disguised Lexus was shown traveling to and from the Chester Hill area on the night of Shady Kanj’s murder. (Supplied)The Lexus CT200H hatchback was taken from an Auburn home, in the city’s west, in April. (Supplied)
It’s suspected the Lexus CT200H hatchback was “wrapped” in black nylon film to disguise its true colour.
The vehicle has since undergone extensive forensic examination.
Anyone with information that may assist investigators is urged to contact Crime Stoppers on 1800 333 000 or online here.
