Rinehart : 'learn from Singapore PM'

[Mid]

Rinehart: 'learn from Singapore PM'
17 May 2013

Asia’s richest woman Gina Rinehart has said Australia should follow the example of Singapore’s former prime minister to stimulate economic development in its northern regions.

"The north has the potential to develop beyond our imaginations," said 59-year-old Rinehart, according to a transcript of a video presentation for a mining conference today in Melbourne. “We should learn from the successful economic policies of Lee Kuan Yew, who transformed Singapore."

Rinehart, whose wealth is estimated at US$17.1 billion by the Bloomberg Billionaires Index, has been a frequent critic of Australia's taxes on carbon emissions, coal and iron-ore profits, creating tensions with Australian Prime Minister Julia Gillard’s government. She is both the richest person in Australia and the richest woman in Asia.

Lee, Singapore’s first prime minister, is credited with transforming his nation from a colonial backwater into Southeast Asia’s only advanced economy by encouraging foreign investment and averting corruption.

“Lee Kuan Yew kept taxes low, encouraged investment, and look what happened to our neighbor,” Rinehart said in the presentation to the Australian Mines and Metals Association. “Without even any of the natural benefits our north has.”

Rinehart last year said high costs may prompt mining companies to abandon iron-ore operations in Australia and criticised her countrymen’s attitude toward work. She has a 15 percent stake in Fairfax Media Ltd., publisher of the Sydney Morning Herald and The Age newspapers, and has failed to get a board seat for herself after refusing to sign the publisher’s Charter of Editorial Independence.

Project Cancellation

Taxes and costs associated with environmental regulations and regulatory approvals were threatening the viability of major resources projects in Australia, Rinehart said, citing Woodside Petroleum Ltd.’s decision to cancel a plan to develop the Browse liquefied natural gas project at an onshore site on the Western Australia coast.

“If we don’t ensure major projects can be delivered more efficiently then our standard of living will be reduced,” she said.

Rinehart’s closely-held Hancock Prospecting Pty. is developing the A$10 billion (US$9.8 billion) Roy Hill iron ore mine in Western Australia’s Pilbara region, while companies including BHP Billiton Ltd. and Glencore Xstrata Plc have deferred projects amid rising costs and falling prices.

bangkokpost.com

[Mid]

Rinehart's vision for Australia :


singapore2025.wordpress.com


singaporeseen.stomp.com.sg

Rinehart's vision for Rinehart :


businessinsider.com

let them eat cake huh .............

.

[TizMe]

As a tax paying Australian living in Singapore, I always smile when I look at my income tax bill here in SG.

Its tens of thousands dollars less than it would be if I was still in Australia.

[aging one]

^ and you get so much more. I hate Singapore and Lee Kwan Yew. But at the same time stand in disbelief what he did. Merged 3 cultures first and foremost. Led the damn place into prosperity. And then handed over power to an appointed heir. He could not do it now. He did it at the right time.

I still dont like the place. Nothing for me in reality. But I now admire the fukder. Especially when I think Bangkok was in much better shape than Singapore just 33 years ago or so.

[Bazzy]

I hold a certain respect for the Singaporeans. A small island nation, they don't have much to work with except their human capital. I can't have any respect for Gina when she babbles on about having to pay a fair share of tax. I don't see her standard of iiving reducing any time soon.

[Marmite the Dog]

Singapore confused the hell out of me. A bunch of Asians acting normal and speaking (usually) a real language.

[Mid]

Rinehart loses $7 bn but still Australia's richest
22 May 2013

Mining magnate Gina Rinehart had Aus$7 billion (US$6.8 billion) wiped off her fortune in the past year but remains Australia's wealthiest person, an annual rich list showed Wednesday.


Australian mining magnate Gina Rinehart -- who has a personal fortune of Aus$22.02 billion -- speaks at a rally in Perth, on June 9, 2010. Rinehart had Aus$7 billion (US$6.8 billion) wiped off her fortune in the past year but remains Australia's wealthiest person, an annual rich list showed.

Rinehart, heiress to an iron ore prospecting empire built in Australia's resources-rich west, led the respected BRW Rich 200 list for a third year in a row with a personal fortune of Aus$22.02 billion.

But she also lost more money than anyone else thanks to plunging iron ore prices, giving up a quarter of her estimated wealth from last year of Aus$29.17 billion.

That means she lost more than Aus$19 million every day in the last 12 months, and takes her out of contention for world's richest woman, a title she claimed in 2012 from Wal-Mart heiress Christy Walton.

Rinehart was not the only mining billionaire to feel the squeeze with Ivan Glasenberg, chief executive of newly-merged mining and commodities heavyweight GlencoreXstrata, down from second to fifth.

His fortune was put at Aus$5.61 billion, some Aus$1.79 billion lower than last year due to a falling company share price.

The Business Review Weekly magazine, known as BRW, said the five biggest falls this year were by mining industry figures, dragging down the value of the whole list.

Westfield shopping centre tycoon Frank Lowy moved up from third to second, making an extra Aus$400 million to be worth Aus$6.87 billion. Lowy is one of 18 people who has appeared in the Rich 200 every year of its 30-year run.

One of the best performers was James Packer whose growing gambling and hospitality business boosted his wealth to Aus$6.00 billion from Aus$5.21 billion to put him in third, the list showed.

Visy recycling group chairman Anthony Pratt rounded out the top five.
Men still dominate the BRW list with just 14 women among the top 200. Total wealth of the top 200 was down Aus$4.4 billion to Aus$17.6 billion, but this was mainly due to the slump in Rinehart's fortune.

bangkokpost.com

[Bazzy]

^ I stand corrected, Gina must be doing it tough

[terry57]

Rinehart is a fat ugly capitalist swine, pure and simple.

[Bazzy]

^ I'd marry the fatso. It would be like winning powerball.

[crocman]

What isn't taken out of the ground today is money in the bank for tomorrow.Australia should become more insular and stop selling its mineral rights and the land itself to offshore investors.

[Looper]

What isn't taken out of the ground today is money in the bank for tomorrow.

Not necessarily.

Alternative energy sources could be developed in the future so fossil fuel extraction, if done now, can get you ahead of the international game economically.

The value of Gold is substantially in the mind of the beholder so dig it it up and sell it now.

Technologies for recycling of iron and steel, copper, tin etc. could be improved in the future so dig up as much as you can now while mining is more economically advantageous.