The Commonwealth has launched legal action seeking $2 billion in damages from 3M, the global manufacturer, to recover the cost of managing contamination from PFAS, or forever chemicals, used in firefighting foam at 28 defence bases.
In its largest-ever legal action, the Commonwealth alleges that 3M “withheld a range of information and misrepresented the effects of this substance”. Attorney General Michelle Rowland alleged 3M had withheld the results of testing showing “significant adverse environmental effects” associated with the foam.
Forever chemicals are found in products used by all of us. They are hard to break down, and can disrupt hormones, immune systems, liver and kidneys … and they build up over time.
A 3M spokesperson told Nine Media that the group will defend itself against the claims, saying it had never manufactured PFAS in Australia, and had stopped sales of the products at issue 20 years ago.
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News in brief
The US military carried out new strikes on an Iranian military site, hours after President Donald Trump said the economic toll and political discontent over the war would not push him into making a deal with Tehran.
The action in the Middle East sent the ASX tumbling, at one point falling as much as 1.7 per cent before recovering to end down 1.4 per cent.
Investments in data centres in Australia are surging, with new spending in tech doubling over the March quarter, and nearly three times the level of 2020. The tech sector is now catching the mining sector in terms of capital spending.
The AFR Rich List is out this morning and once again iron ore tycoon Gina Rinehart takes number one spot, with an estimated fortune of $39 billion, about $1 billion more than last year.
Luxury sports car maker Ferrari has unveiled its first fully electric car - the $US640,000 Luce. The new model departs from the look of typical Ferraris as the Italian brand's first ever five-seater, created in collaboration with former Apple design chief Sir Jony Ive.
Fear-o-meter
All vehicle manufacturers are debating how hard to shift into electric and hybrid cars. For luxury car brands, where the sound, feel and look of a vehicle is even more important, the question is a difficult one to answer.
Supercar brands Lamborghini and Porsche have scaled back their EV plans due to poor demand and intense competition from Chinese brands.
Ferrari, in contrast, has just launched its first EV. Responses on social media to the launch have ranged from describing it as "straight to the junkyard trash" to an "absolute masterclass in design". Investors weren’t impressed, sending the group’s share price down five per cent after the launch.
The “Luce” runs with a Ferrari-made electric motor on each wheel, helping the car hit 100kmh in around 2.5 seconds. It mimics the company’s legendary sound by amplifying the EV motor’s vibrations and has a shell-like windscreen that appears to extend the car’s nose.
It costs $US640,000, and everyone will be watching to see how it sells.
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