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Accc wants injunction to stop franklins takeover of Essendon

Updated

Sorry, this video has expired Video: The Australian Sports Weekly takes on the Collingwood takeover saga (ABC News)

In June, Australian football legend Wayne Bennett announced he would sell his stake in Essendon, to be replaced by Collingwood.

It was another bizarre move by the embattled club owner, who was once sacked by chief executive John Worsfold.

Now, the AFL Commission has ruled the club's chairman, Matthew Graham, must repay the roughly $10 million in cash he had borrowed in connection with the project.

The Collingwood chief executive said his team was shocked the commission had been notified of the takeover.

"We are incredibly grateful the commission has issued this statement," he said.

"I'm thrilled because we haven't been allowed to proceed and go into any type of the bidding process that has been going on in the past."

Sorry, this video has expired Video: NSW Premier Mike Baird says the commission is being 'obedient' to Mr Graham's legal claim (ABC News)

Mr Graham said the Essendon board accepted his position would not happen if there were another takeover of the club.

"The board has taken all the measures necessary to protect its interests as they would normally in any of the normal processes a club would go through, to ensure that this doesn't happen," he said.

Topics: sport, football, community-and-society, courts-and-trials, government-and-politics, laws, federal-government, australia, nsw, sa

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Nz trade deficit hits 30 year high, but exports rebound

by James Lippman

November 2, 2015

This week marks 30 years since the U.S. first authorized a trade deficit with Mexico in order to control its deficit with the United States of $5.9 billion.

The trade deficit was to be used to offset a $10 billion investment in our new U.S. Naval Research Laboratory (NRL) plant in Puerto Rico, which was authorized by a Congressional appropriation of $3.5 billion, or the same amount as the annual U.S. budget. The investment, the largest in a single infrastructure project in U.S. history, came just five months after our elected leaders approved the Trans-Pacific Partnership (TPP) agreement.

The agreement created a new, higher threshold on the U.S. trade deficit with a $10 billion investment, and this created a new incentive for U.S. companies to bring jobs back to the U.S., as well as a trade surplus in goods and services that were lost to Mexico after we became their major trading partner.

With the support of U.S. lawmakers and President Obama, the President negotiated the agreements we now know as TPP and TTIP. This agreement is still being negotiated, and will be completed by mid 2016 or sooner. The President and the Congressional leaders know the results of this agreement will be damaging to millions of Americans, and especially the millions of people of color, who benefit most directly from this trade deal. It will also cause tens of thousands of U.S. jobs and billions of dollars in economic losses in Mexico, creating new political issues on the side of the country's pro-NAFTA, anti-NAFTA, anti-American free-trade, and anti-worker government that will make it harder to achieve any lasting agreement to address our most serious fiscal problems.

While it is true that in the past a few years, U.S. manufacturers have been bringing jobs back to the United States and exporting goods, these jobs are now only coming to Mexico, which is the biggest and most productive economy in the world. Many of these jobs are in factories that produce the same and better than U.S.-made products, and they pay lower wages than in the United States. We are now starting to see this in the U.S. manufacturing base, with the rise in production capacity in parts of Central and South America, which is driven by cheaper labor and technology. These new jobs will remain only for a time while the Mexican economy recovers, which will depend on continued trade policies, and on our continued strong tax and other policies that support the growth of the U.S. economy.

We understand that the U.S. needs t