Adani, The Music Man And “State Issues”.
“The Music Man Musical The plot concerns con man Harold Hill, who poses as a boys’ band organizer and leader and sells band instruments and uniforms to naive Iowa townsfolk, promising to train the members of the new band. Harold is no musician, however, and plans to skip town without giving any music lessons.”
Wikipedia
Now, I have this great idea to help ease unemployment in Queensland. I’d like to do a remake of the film version of “The Music Man”. It’d create heaps of work because apart from technical crew and professional actors, unemployed people could be used as extras. Then there’s the catering and work building sets. Let’s not forget work for taxis and Uber drivers ferrying people around. Of course, I’m a man of limited means so I’d like the government to stump up a billion dollars for me to set up the film studio and to take care of all the expenses. I’d also like a tax holiday, so if the film actually makes money, I don’t want to start paying anything back to the government till after 2027…
Ok, for those of you who think that I’m not serious and that I’m just trying to make some point about Adani, you’re overlooking the obvious. The big difference is that my proposal would actually create a large number of jobs, whereas Adani is planning an automated mine. The differences don’t end there, of course.
I know that I’ve tried to make the point many times and that people tend to dismiss it, prefering to get all worked up about the environmental damage that coal causes, or talk about the dire employment situation in North Queensland, but Adani is using the mine as an asset in order to keep the rest of the company viable. As soon as they admit that they have no realistic prospect of getting anyone with any sense to finance them, then they have to write down the value of their assets, making it more difficult for rest of the company to keep going. In reality, it’s a bit like the stamp collection you inherited from Uncle Charlie. While the face value of the stamps is only $352 dollars, your uncle told you that he’s got a lot of really valuable first editions and you’ll be a rich man once you take it to the dealers. On the basis of this, you promise to shout your friends dinner and drinks at your local hotel. However, once you got them valued, you discover that you’ll be lucky to get more than the face value. At this point, you decide not to tell your friends the truth, but tell them that you’ll sell when the market goes up.
For some reason, people seem to have no memory when it comes to Adani. For example, there was an announcement that the mine would start in October. Now maybe things have started and I’ve just missed the story. Or maybe they didn’t mean the next October, maybe they meant October 2027. Whatever, I can’t find anything about them actually starting. Although the company did include in its plan of operations an intention to re-establish signs at the site sometime before Christmas. For all I know, this may have happened.
As the company itself acknowledges, they can’t start until they get finance. That’s finance for the mine, not finance from NAIF to build a rail, which is being built under a slight variation to the normal Public/Private partnership. Normally, private industry uses its capital and expertise to build the thing and government’s pay it off over time paying off the project with interest, but avoiding the need to find large capital amounts. In this case, the government intends to stump up the finance and the company pays it back over time with no interest. Mm, “The Music Man” is looking more viable every minute.
Finance for the mine is even more problematic because most financial institutions don’t like to lend money to things like my proposal for film studios in North Queensland because they fear that I may not be able to pay them back because my ability to turn a profit is uncertain. Of course, lending money to Adani for a coal mine is very different. In Adani’s case, there’s no uncertainty; it’s not profitable. There’s nobody stupid enough to lend them money, apart from Matt Canavan and even he hasn’t managed to get’s his mum’s permission to do it.
So, Queensland has been a disaster for Pauline Hanson’s One Notion and the LNP. Before the election, One Notion were talking about holding the balance of power and winning seats. Now they’re talking like a football coach who tells you that they’d be premiership contenders if only they’d won more actual games and were in the finals. The LNP not only failed to win government, but their primary vote collapsed in a number of seats.
Prediction for the week: At some point, a Federal minister will say that Queensland was about state issues and has no implications for Turnbull. Nobody will ask them why Adani isn’t a country wide issue.
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Matters Not
Return to home pageMalcom Turnbull has ordered the AFP to raid the home of Anastacia Palaszczuk and have her detained on charges of winning an election!
ADANI COAL
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“Half Australia’s coal reserves will be controlled by whoever owns that railway line. It was not good enough for the ALP and LNP to sell our coal seam gas, now worth $25b a year. This is enough money to restore our outpatients at our hospitals, and give every pensioner and young families 10 grand each and every year.
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“We sold the gas for 6 cents a unit we are now buying it back for $16 a unit – our own Australian gas. And now we are going to do the same thing with coal.
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“Does anyone think a spineless Government in Canberra are going to stand up to the Chinese Government when they take over all of our unexploited coal reserves? The Greenies think they will stand up to that? Do they think the spineless ALP Government will stand up against the Chinese Government? No, they won’t……………”
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22 November 2017: Bob Katter MP, Federal Member for Kennedy, is furious former Deputy Prime Minister Barnaby Joyce took part in selling Adani to China after news the Adani Group is close to securing finance for its coal mine and railway track in coming weeks with Chinese state-owned enterprises, banks, and export credit agencies backing the venture.
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Media reports a director of Adani Mining said just days ago they would no longer need funding from Northern Australia Infrastructure Facility (NAIF) and a formal announcement of a financial close was imminent. It was reported in The Australian on Nov 14th Former Deputy Prime Minister Barnaby Joyce and Trade Minister Steven Ciobo wrote to top Chinese officials to vouch for Indian giant Adani. The report said they sent a letter to the chairman of China’s powerful National Development and Reform Commission saying they welcomed “foreign lending to support the development of major projects in Australia”.
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“If you sell your country out, then you’re a traitor,” Mr Katter said.
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“Adani’s lobbyists resigned recently after a job well done.
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Key points:
•Lobbyists made 33 contacts with Queensland politicians or their staff for Adani
•60 per cent of meetings the Queensland Premier held with lobbyists were for Adani
•Adani lobbyist played key role in Labor’s Qld election campaign
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Headed by Cameron Milner, a former Queensland ALP state secretary, the lobbying firm Next Level had helped Adani get pretty much everything it wanted — through an extraordinarily intense campaign.”
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http://www.abc.net.au/news/2017-11-23/the-labor-insider-who-lobbied-for-adani/9181648
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#AdaniFiles – How India’s Biggest Corporation Is Silencing Criticism
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One of India’s biggest corporate houses has threatened a journal with an expensive lawsuit for publishing articles critical to their business, following which the editor of the journal has already resigned and the articles taken down.
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As reported by The Wire, “Last month, Adani Power Ltd. sent a letter via its lawyers to Economic & Political Weekly (EPW), the article’s four authors (including editor Paranjoy Guha Thakurta) and Sameeksha Trust, which owns and runs the journal. The lawyer’s letter demanded that immediate steps be taken to “remove/delete and unconditionally retract” two articles – ‘Did the Adani Group Evade Rs 1,000 Crore in Taxes?’ (January 14, 2017) and ‘Modi Government’s Rs 500-Crore Bonanza to the Adani Group’ (June 24, 2017) – that they said were defamatory and harmful to the reputation of their client.”
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Following this the Sameeksha Trust board met in Delhi ordering their editorial department to take down the two articles. Soon after, Thakurta resigned.
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Read full article here –
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http://gginews.in/how-indias-biggest-corporate-houses-are-using-expensive-lawsuits-to-silence-criticism/
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There are massive discrepancies between what Adani says in India and what it says in Australia about the ownership structure of Abbot Point. But one thing is clear — Adani is lying to someone.
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Accounts lodged in India have removed Abbot Point from a publicly listed Adani company and attributed ownership of the coal port to a private Singapore company, ultimately owned by an Adani family entity in the Cayman Islands. However, Australian financial accounts suggest the listed Indian company retains ownership of Abbot Point.
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The absence of correct information about the ownership of Abbot Point may amount to misleading or deceptive conduct.
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Dodgy financial statements
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Adani’s most recent financial report lodged with ASIC did not disclose its immediate parent company and provided no detail about the actual or potential transfer of the ownership or control of Abbot Point from an Indian based Adani entity to one based in Singapore (also a known tax haven).
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http://gginews.in/how-indias-biggest-corporate-houses-are-using-expensive-lawsuits-to-silence-criticism/
#AdaniFiles – Short History Of A Dangerous Criminal Organization
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Adani’s assets lead to tax havens
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Adani’s corporate structure is deliberately convoluted and opaque. There are 26 Adani subsidiaries registered in Australia, 13 of which are ultimately owned through the Cayman Islands.
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The Carmichael rail line that Adani are seeking a $1 billion taxpayer loan for, is ultimately owned by an Adani entity operating out of the Cayman Islands, a notorious tax haven. This presents a clear risk that public money will be siphoned offshore with no returns for the Australian taxpayer.
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The ownership of the Abbot Point coal port is so shrouded in deception and confusion that it remains unclear who actually owns it.
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There are massive discrepancies between what Adani says in India and what it says in Australia about the ownership structure of Abbot Point. But one thing is clear — Adani is lying to someone.
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Accounts lodged in India have removed Abbot Point from a publicly listed Adani company and attributed ownership of the coal port to a private Singapore company, ultimately owned by an Adani family entity in the Cayman Islands. However, Australian financial accounts suggest the listed Indian company retains ownership of Abbot Point.
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The absence of correct information about the ownership of Abbot Point may amount to misleading or deceptive conduct.
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Dodgy financial statements
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Adani’s most recent financial report lodged with ASIC did not disclose its immediate parent company and provided no detail about the actual or potential transfer of the ownership or control of Abbot Point from an Indian based Adani entity to one based in Singapore (also a known tax haven).
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Deaths, illness and exploitation at Adani worksites
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It now seems very likely Annastacias Qld Labor Government will get 48 seats and have a majority Government
Thank dog
Have heard Canavan blaming Labor for LNP loss in state election…
The most painful election night coverage in the history of the planet was watching Canavan talk shit from start to finish with not a speck of reality mixed in last night
Sounds like riveting entertainment, nurses. 😛
Yes, diannart, that’s strange. Surely Labor should have been trying to help the LNP…
I guess Matty would blame Richmond for Adelaide’s defeat in the AFL grand final.
I think Matty blamed renewables for that…
Michael Taylor
It really was painful , but in a strange way , very riveting.
We were playing “he can’t make a stupider statement than that, till the next one, but he could, again and again and again
“actually saying to a live television audience that votes in FNQ for the LNP that are in the 20% range show massive dissatisfaction with the Labor government” “A 6.35 per cent swing AWAY from LNP leader Tim Nicholls in his own electorate” was somehow an endorsement of Tim because Labor “were camapigning hard against him”
The strong support for Tim is a rejection of failed Labor policy” ” Labor focused too much on the past Newman Government ”
sorry, can’t go on
Malcolm has been on tv today saying it was state issues of which, funnily enough, Adani is one, he seems to have missed that part
Roscoe, should I shout bingo?
Yep, I just heard Malcolm. Apparently, he’s still doing nothing wrong and it was all those Queensland LNP people who stuffed things up!
And now this effing Adani bloke has spent a lot of money on full page, color advertisements in all the countries newspapers, to tell us all what a great bloke he is, what a fantastic company Adani is & how much “good” (sic) his bloody vast rape of the Queensland countryside–& the Great Barrier Reef–will be done when he finally gets finance (why, when he is a billionaire?), & proceeds to destroy the land with his stupid & not needed bloody coal mine! And he expects all of us to believe anything he says? WTF??
Newman on twitter said The LNP should have run on my legacy
One reply said that the ALP did just that.
Yes bobrafto, the ALP ran on Newman’s legacy – and did so with a beneficial outcome.
It’s amazing how people construct reality both in prospect and then in retrospect,.