Australian court fines Valve USD$2.2M over Steam refunds

The Sydney Morning Herald has revealed in a recent report that a fine of AUD$3 million (USD$2.2 million) has been imposed on Valve by Australia's federal court, over Steam refunds.

According to the report, US-based Valve has been ordered by an Australian court to pay AUD$3 million in fine, after the company's lost a legal battle against the Australian Competition and Consumer Commission (ACCC) earlier this year.

Apple AirPods deliveries start in Australia, New Zealand

Recent posts on social networks Twitter and Instagram have revealed that the first Australia and New Zealand customers who had ordered Apple's AirPods wireless headphones started receiving their devices a few hours back, on Monday morning in the two countries.

According to the posts, the AirPods are currently being delivered to the early buyers of the device across Australia and New Zealand. In addition, the Apple retail stores in Australia have also commenced the sales of the AirPods to customers.

Gold and Copper Miner, Newcrest Mining Reports Boost in Output

Newcrest Mining, the Australia based gold and copper miner reported a 0.7 percent boost in output to 2.4 million ounces in this financial year. In the June quarter, production dropped 6 percent compared to the March quarter.

According to the miner, June quarter's output drop was mainly attributed to an extended suspension in production in Indonesia's Gosowong mine due to "geotechnical event" in February. One miner was trapped underground in this mine and was later rescued successfully.

S&P Cuts Rating Outlook for Australia Owing to Budget Deficit

Australia could lose its AAA rating as on Thursday, S&P Global Ratings lowered its outlook for the country to negative owing to a budget deficits and the probability of a political stalemate due to the elections on Saturday, July 2.

The country is still waiting for the outcome of a probable very close election. Although, right now Malcolm Turnbull seems to be coming to power but whether he will be able to form a majority government is still unclear.

Weekend Storm on East Coast Disrupts Banking to Shipping in Australia

Australia faced a wild weather during the weekend with flooded rivers and uprooted trees. A low pressure brought strong winds and high waves along the east coast of the island country. On Monday, a cleanup is planned as the storm seems to be easing.

Internet, ATS to shipping all faced disruptions and for insurance companies it means big payouts in affected coastal towns.

Pacific Equity Partners has Offered Patties Foods Ltd of Australia an A$230 million Takeover Bid

On Monday, Patties Foods Ltd, the Australian packaged food supplier said that Pacific Equity Partners has offered it an A$230 million takeover bid.

The offered bid was a premium of twenty four percent to Patties close on Friday. The cash offer was priced A$1.65 a share. Patties said, PEP, the equity firm also offered a possibility of an "unquoted equity alternative".