Rinehart redux: Billionaire Gina Rinehart launches fresh tilt to restrict money her children receive

Australia’s richest woman Gina Rinehart has started new litigation against her children’s trust fund to prevent it from receiving millions of dollars in royalties from a Rio Tinto joint venture. Mrs Rinehart, whose wealth was recently estimated at $6 billion, filed the fresh salvo against the trust that manages the inheritance of her four children – John Hancock, Bianca Rinehart, Hope Welker and Ginia Rinehart – late last month in the Federal Court. Billionaire Gina Rinehart during a tour of Hancock Prospecting’s Roy Hill Mine operations. Photo: Philip Gostelow The legal action comes as Mrs Rinehart hit the headlines again this week with a bid for Australia’s largest cattle station from Kidman Co for $365 million. It also comes as Hancock Prospecting ramps up production at the …

High Court rules in favour of Sars against LTC Sars Commissioner Tom Moyane. Credit: EWN     The North Gauteng High Court has ruled in favour of Sars in its application against Lekgotla Trifecta Consortium. Last month, Sars responded to media reports that it had issued a tender to LTC, a company with a director who has a family relationship with Sars Commissioner Tom Moyane. Sars said that it was unaware of the relationship, and that LTC had breached conduct by failing to disclose the relationship during the application process. “SARS regards this failure as a material irregularity and views it in a serious light,” the tax regulator says in a statement. Subsequently, Sars filed an urgent application with the High Court, with the court ruling on Wednesday that LTC will no longer perform any services for...

Israeli businesses should look east to India India is no longer just a heaven for post army Israeli treks looking for an exotic get away from modern life.Indian Prime Minister Narendra Modi’s push to turn his country of 1.2 billion people into a super power, makes it also a fertile market for Israeli business and investors, according to Anat Bernstein- Reich, the chair of the Israeli-India Chamber of Commerce. She was part of the large business delegation, led by the Israel Manufacturing Association that accompanied President Reuven Rivlin during his eight-day trip to India.Israeli businesses still naturally lean westward when it comes to growth and expansion, she said. In talking with them about new investment opportunities she often uses the line from the famous Yehuda HaLevy poem, “my heart is in...

$5 Billion In Just One Hour- Alibaba's Record Singles' Day Sales Shenzhen, China: Chinese e-commerce giant Alibaba Group Holding Ltd said it racked up more than $5 billion in transactions in the first hour of its annual 'Singles' Day' sales blitz on Friday - a third more than in the first hour of last year's spree. The 24-hour event held annually on Nov. 11 offers a benchmark for Alibaba's performance and an insight into China's swing to online shopping, especially via smartphones. Launched in 2009, Alibaba's version of the event was designed to encourage consumers without a partner to treat themselves. Always accompanied by celebrity razzmatazz - sports stars David Beckham and Kobe Bryant attended Alibaba's countdown this year - Singles' Day shifts more goods than Black Friday and Cyber Monday in the United States combined. Sales on Alibaba platforms, which include ...

Airbus set to win Canadian deal for search-and-rescue aircraft: source Canada is set to select Airbus Group (AIR.PA) to provide search-and-rescue (SAR) aircraft, a source familiar with the matter said on Wednesday, with Airbus beating Italy's Leonardo (LDOF.MI) in winning the deal.A formal decision on the matter is expected on Thursday. Airbus Group and Leonardo both declined to comment on the competition.Airbus Group SE's C-295 and Leonardo Aircraft's C-27J Spartan had emerged as the front-runners for the Canadian contract, estimated in media reports to be worth about C$ 3 billion ($2.3 billion). Embraer's (EMBR3.SA) KC-390 is also part of the competition, but the aircraft is not expected to win because the program is still in development and Canada's government wants an aircraft that is already certified.The press secretary...

Five ways to hard-wire children for a lifetime of giving (The writer is a Reuters contributor. The opinions expressed are his own.)As any parent knows, most children seem to be wired for one thing: Getting, getting, getting.Then there are kids like Kai Martin.The 9-year-old Arizonan is counting down to the holidays with a special kind of Advent calendar: Every day in December he is putting a food item in a box, which will be delivered to a local shelter at Christmas.Some of that generous nature comes from Kai himself. But he is also being hard-wired for giving by his mom, Shannon Bodnar. Just as her own parents inspired her to give - taking her along on trips to give holiday toys to families in need, when she was just 7 - she is now...

Fearing tighter US visa regime, Indian IT firms rush to hire, acquire Indian companies including Tata Consultancy Services (TCS) , Infosys and Wipro have long used H1-B skilled worker visas to fly computer engineers to the U.S., their largest overseas market, temporarily to service clients. (Reuters) Anticipating a more protectionist U.S. technology visa programme under a Donald Trump administration, India’s $150 billion IT services sector will speed up acquisitions in the United States and recruit more heavily from college campuses there. Indian companies including Tata Consultancy Services (TCS) , Infosys and Wipro have long used H1-B skilled worker visas to fly computer engineers to the U.S., their largest overseas market, temporarily to service clients.Staff from those three companies accounted for around 86,000 new H1-B workers in 2005-14. The U.S. currently issues close to that number...

Asian stocks post biggest daily gain in two weeks Hong Kong: Asian stocks posted their biggest rise in two weeks on Tuesday and the euro steadied as investors judged the selloff after Italy's referendum to be overdone, with robust US economic data also helping sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.7 percent, its biggest daily rise since Nov. 22, breaking two days of falls. Korea climbed 1.4 percent while Japan rose 0.4 percent. European stocks are likely to open higher though gains may be subdued as US stock futures are in the red. "Global risk sentiment roared back after falling prey to the initial Renzi fallout and whatever negatives Italy creates for the eurozone, yesterday (Monday) was not the time for a euro implosion," said Stephen Innes, senior trader at online FX platform, OANDA...