South Australia News
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China State Grid Corp., the nation’s largest power distributor, agreed to pay Singapore Power Ltd. A$824 million ($810 million) for 19.9 percent of Australia’s SP AusNet as part of its $50 billion global acquisition plan.
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EnergyAustralia Holdings Ltd., a unit of power supplier CLP Holdings Ltd., said it’s considering developing wind and solar projects with infrastructure investors Palisade Investment Partners and Northleaf Capital Partners.
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BP Plc, Europe’s second-largest oil company, expects to start its proposed deep-water drilling campaign off southern Australia in late 2015 or early 2016 and to obtain a drilling rig before the end of this year.
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BKK Partners Pty, which advised Nathan Tinkler on his failed A$5.3 billion ($5.4 billion) bid for Whitehaven Coal Ltd., sought to push the former billionaire’s holding company into bankruptcy for not paying its bills.
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Boral Ltd. shares slid to the lowest price in almost four months after the building-products maker said third-quarter profit in its construction materials division missed forecasts due to Australian housing-market weakness.
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Australia is committing to buying 100 F-35 Joint Strike Fighters, the Pentagon’s most expensive weapons system, as the nation released its long-term defense strategy that seeks to balance competing interests of the U.S. and China in the Asia-Pacific.
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Australians would pay a higher public health levy to help finance a new program to aid the disabled, Prime Minister Julia Gillard said as she seeks support for a key pledge less than five months ahead of an election.
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Australia, last year’s second- biggest wheat exporter, is set for wetter-than-normal weather in the next three months in parts of the country’s east, easing concern that dry conditions may curb production.
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The Adelaide reverse-osmosis desalination plant has been declared fully operational following commissioning, capable of providing drinking water for as much as half of the city’s needs.
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Australia has lost A$7.5 billion ($7.7 billion) in revenue since the October mid-year budget review due to its strong currency and lower terms of trade, worsening its budget position, Treasurer Wayne Swan said.
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