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Mon 30 Sep, 2013

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RBA company attempted illegal deal with Saddam

A company owned by the Reserve Bank of Australia made illegal attempts to strike a business deal with brutal Iraqi dictator Saddam Hussein.

A joint Four Corners/Fairfax Media investigation uncovered secret files showing officials from the RBA's Note Printing Australia (NPA) went to Iraq in 1998 to discuss the sale of plastic notes to Iraq.

They met with Saddam's brother-in-law Arshad Yassin, who documents said was "willing to open all doors for us".

The deal was called off six months later after Australian diplomats uncovered the NPA's dealings with the Saddam regime.

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The Drum

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Stopping the boats is not going to plan

Tony Abbott promised us a grown up government. Apparently what he meant was that he would be the only adult in it.

His ministers are to be treated as children - worse than children, in fact, because while children should be seen but not heard, Abbott's team cannot even be seen in public without permission from the top.

But while Abbott may have control over his ministers, his control extends only to his own domain, as the Indonesians were at pains to warn him last week.

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Just In

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Navy rescues French sailors off NSW coast

Two men are winched to safety by the Navy after their yacht sinks off the NSW coast.

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World

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Deadline looms for US government shutdown

US government departments are set to shut down on Tuesday as Republicans stick to their tactic of using a budget bill to overturn changes to a healthcare law.

The two houses of the US Congress must reach agreement by midnight Monday (local time) on the budget bill in order for government departments to keep operating.

US president Barack Obama has refused to negotiate over his health care reforms, labelled "Obamacare".

The standoff is a harbinger of the next big political battle: a far-more consequential bill to raise the government's borrowing authority.

Failure to raise the $16.7 trillion debt ceiling by mid-October would force the US to default on some payment obligations, which could send shockwaves around the globe.

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Business

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Property giant sees housing construction turnaround

Australia's largest diversified property group, Stockland, says a turnaround in housing construction is now underway.

The company's chief executive Mark Steinert says he is convinced the housing construction market will continue to grow.

Stocklands has just launched its biggest ever residential development, Willowdale, in the south-west Sydney suburb of Denham Court.

Mr Steinert said the housing market has seen a "sequential recovery" through the past financial year but he is not concerned about a property bubble.

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Politics

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Deadline looms for US government shutdown

US government departments are set to shut down on Tuesday as Republicans stick to their tactic of using a budget bill to overturn changes to a healthcare law.

The two houses of the US Congress must reach agreement by midnight Monday (local time) on the budget bill in order for government departments to keep operating.

US president Barack Obama has refused to negotiate over his health care reforms, labelled "Obamacare".

The standoff is a harbinger of the next big political battle: a far-more consequential bill to raise the government's borrowing authority.

Failure to raise the $16.7 trillion debt ceiling by mid-October would force the US to default on some payment obligations, which could send shockwaves around the globe.

More »

Sport

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Fa'aoso to miss decider with fractured vertebrae

Manly's Richie Fa'aoso will be in a neck brace for six weeks after fracturing a vertebrae against South Sydney.

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Science and Technology

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Breakthrough brings cure for MS sufferers closer

Scientists say a breakthrough in identifying genetic links to multiple sclerosis has taken them a step closer to finding a cure.

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Environment

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Activist plans to appeal against detention in Russia

The Department of Foreign Affairs says an Australian man who has been remanded in custody in Russia plans to appeal his detention.

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