Andrew Forrest Stands Firm on Green Hydrogen Amid Job Cuts
Key Ideas
- Andrew Forrest reaffirms commitment to green hydrogen plan despite Fortescue Group job cuts.
- Forrest emphasizes the importance of hydrogen for the future and the need to produce it cost-effectively.
- High electricity costs and global uncertainties pose challenges for the hydrogen industry.
- Car auction website Grays online fined $10m for deceptive car listings, misleading consumers and withholding refunds.
Mining magnate Andrew Forrest has stood by his green hydrogen plan despite Fortescue Group's decision to axe 700 jobs. Forrest reassured investors of his commitment to a green energy future, emphasizing the necessity of hydrogen production. He highlighted the challenges posed by high electricity costs and global uncertainties, stating the importance of lowering power prices for competitive hydrogen production. In a separate case, car auction website Grays online was fined $10m by the federal court for deceptive car listings. The listings misled consumers with false descriptions of vehicle features and faults, leading to hundreds of buyers purchasing cars based on incorrect information. The Australian Competition and Consumer Commission took legal action against Grays, revealing that the company engaged in deceptive conduct and withheld refunds from misled buyers. The judgment emphasized the need for transparency and accurate information in online listings to protect consumers.