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Australian Mining Company Fined $150k For Desecrating Aboriginal Site

THE AUSTRALIAN (Australia)

Worldcrunch

DARWIN - A mining company convicted in a landmark ruling of desecrating an Aboriginal sacred site has apologised after being fined $150,000 for the damage.

In the first successful prosecution by a government authority of a mining company for desecration under Australian law, OM Manganese was found to have caused a "horizontal arm" of rock to break off, reducing its sacredness to traditional owners and damaging its spiritual connections.

In the case, brought by the NT Aboriginal Areas Protection Authority, a magistrate found the mining company guilty of desecrating the sacred site known as Two Women Sitting Down, about 170 km north of Tennant Creek.

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Economy

How SVB Is Different Than Lehman — And Not Different Enough

The fall of Silicon Valley Bank revives memories of Lehman Brothers' bankruptcy. The two situations have some fundamental differences, but there is enough in common that the risks that SVB could spark a new global financial crisis is very real.

Photo of a person in front of a Silicon Valley Bank

A Silicon Valley Bank (SVB) branch office in Pasadena, California

Jean-Marc Vittori

-Analysis-

PARIS — In finance, brands can be the omens of disaster. On Monday, April 2, 2007, New Century Financial collapsed. The fall of this "financial institution of the new century," which had failed to properly assess risks, was the true starting point of the great financial crisis that culminated 18 months later with the bankruptcy of Lehman Brothers.

On Friday, March 10, 2023, Silicon Valley Bank (SVB) was shut down by U.S. authorities following the largest bank run in history. Its clients wanted to withdraw $42 billion in a single day.

The closure of the Silicon Valley bank was a result of disastrous management, but also from its central role in a start-up ecosystem that's been weakened by a scarcity of money.

The key question is: Is this closure the starting point of a new crisis?

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