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Tuesday, September 22, 2020
Seven announced a multi-year deal with Australian Racing Group, which includes the TCR Australia Series, last year. Chief executive James Warburton is a non-executive director of Australian Racing Group and has a stake in the business. It is unclear how much Seven will pay for the rights, but it is expected to be less than what Ten paid in 2015 under a $241 million five-year deal with Foxtel. Most sports rights deals have been reduced this year because of coronavirus restrictions that have affected attendance and advertising sponsors. Sources said the broadcast deal will likely work as a revenue sharing arrangement, which means that Seven and the V8 Supercars will both be required to generate revenue from sponsorships and advertising and will share in the proceeds. Ten's 2015-2020 deal was secured by Mr Warburton when he ran V8 Supercars and was considered the most lucrative broadcasting deal ever done by the sport. Seven declined to comment. V8 Supercars could not be reached for comment before deadline. The addition of the V8 Supercars to the programming slate is part of a broader attempt by Mr Warburton to change Seven's strategy and reach new audiences. Since his arrival last August,
Without it Lew would have to undertake the arduous task of writing to the thousands of small shareholders seeking their voting support at an extraordinary general meeting to topple Myer’s entire hierarchy. He might prevail but there are no guarantees nor do we know if he has the stomach to mount such a campaign. But if Wilson joined team Lew the outcome would be a lay down misere. There would be no need to call a meeting of shareholders - the board would acquiesce and King would start packing his office plants into cardboard boxes. Having said that the rumour mill has been in overdrive over the past week that King would not be at all devastated if he was forced out of Myer. He is said to have told friends he has grown tired of the overwhelming task of turning around the department store chain. If true, who could blame him. Having COVID-19 interrupt Myers' resurrection strategy has only made his task more difficult. Meanwhile trying to get a fix on Wilson’s current position is near impossible. He has previously supported King and the Myer board - much to the chagrin of Lew. Last Thursday when
Rich Americans have drastically slashed their personal spending during the coronavirus crisis — and poor workers have suffered as a result, researchers say. The top 25 percent of income earners are responsible for more than half of the nation’s drastic plunge in consumer spending since the start of the pandemic, according to a new study from Opportunity Insights, a Harvard-based research group. Big spenders cut back most when it came to high-touch goods and services with a bigger risk for catching COVID-19, such as restaurants, hotels and transportation, the researchers found. That had a big trickle-down effect on the businesses and workers that rely on their money. Small merchants in the most affluent zip codes lost more than 70 percent of their revenue when the virus struck, while those in the poorest areas lost just 30 percent, the study says. The layoffs that accompanied those losses followed a similar pattern — over 70 percent of low-wage workers at small businesses in rich areas lost their jobs within two weeks of the start of the crisis, compared with less than 30 percent in the lowest-rent ZIP codes. “Businesses in more affluent areas not only laid off more low-wage workers but are also posting fewer jobs to hire new workers, suggesting that the recovery may take longer in such areas,” the Opportunity Insights researchers wrote. But rich people weren’t spending less because they needed to pinch pennies, according to the study. Spending on landscaping and other luxury items that don’t require physical contact did not drop, and professional services firms saw much smaller losses, suggesting the broader reduction “was driven primarily by health concerns rather than a reduction in income or wealth,” the researchers said. The data reveal new dimensions of the worst economic downturn since the Great Depression, sparked by a pandemic that forced restaurants, retailers and other businesses to scale back operations or close altogether. The crisis led to record unemployment and the biggest economic contraction since the Great Recession before many states began to ease their lockdowns. The study is based on a real-time database Opportunity Insights built to track the economic fallout from the coronavirus using data from credit card processors, payroll companies and other private sector sources. The federal government regularly reports economic data — such as the record 13.6 percent plunge in consumer spending in April — but they are released on a lag and aren’t detailed enough for granular analyses, according to the researchers.
The blue-chip Dow, while leading Monday's gains, remains nearly 4.2 per cent below its all-time high, and down 0.8 per cent year-to-date. The Nasdaq and the S&P have gained 26.8 per cent and 6.2 per cent, respectively, since the final closing bell of 2019. Of note, the Dow Transports index, often considered a barometer of US economic health, handily outperformed the broader market. "There's been a broadening in this rally and the what's reflected in the transports," said Chuck Carlson, chief executive officer at Horizon Investment Services. "(Higher) volume is accompanying this expanding breadth, and those are all bullish things." Markets worldwide were given a boost by new developments in the global race to battle the coronavirus, including an announcement from the Food and Drug Administration that it had given emergency authorisation for the use of plasma from recovered patients as a treatment option. However, the World Health Organisation expressed scepticism about the treatment due to "low quality" data. The Trump administration is considering fast-tracking an experimental COVID-19 vaccine being developed by AstraZeneca and Oxford University in hopes it could be deployed in the United States before Americans head to the polls in November. "There's an element
"Consequently, decisions around the caves at Juukan Gorge appear to have been taken without adequate community input," LAPFF said. "This is wholly unacceptable." Loading Doug McMurdo, the chair of the LAPFF, said the inquiry was providing shareholders with a clearer understanding of the corporate governance failures that led to the destruction of the Juukan Gorge site. "I am increasingly concerned that these failings are systemic, which calls into the question the actions and judgment of the company's main decision-makers," Mr McMurdo said. "I expect Rio Tinto to take appropriate and proportionate action in response to the facts and evidence arising from the inquiry at the earliest opportunity." Rio Tinto chairman Simon Thompson announced this month that Mr Jacques, iron ore boss Chris Salisbury and corporate affairs boss Simone Niven would be stripped of their 2020 short-term bonuses over "failures of omission" contributing to the destruction, but no one would be stood down over it. The board said this was because they were deemed to be the best people to lead the crucial internal changes required. Mr Jacques would be stripped of $3 million, while Ms Niven and Mr Salisbury would lose about $1 million each. Mr Jacques
Cosmetics maker Coty on Thursday posted a bigger-than-expected quarterly loss and a 56 percent slump in sales, as the coronavirus-induced closure of stores and parlors hammered demand for its beauty products. Cosmetics makers are battling the closure of other channels of sales, including duty-free shops at airports, and also contending with work-from-home customers focusing on hygiene and personal care products rather than makeup items. New York-based Coty, saddled with debt, has been trying to reinvigorate its business and expand its reach by roping in former L’Oreal executive Sue Nabi as its chief executive officer and also investing in upstart brands, including that of reality TV star Kylie Jenner. In a bid to become nimble, Coty is now planning to sell or shutter most of its factories and outsource more operations to deal with the fallout from the COVID-19 crisis, the Financial Times reported Thursday, quoting Coty Chairman Peter Harf. Coty did not immediately respond to Reuters’ request for a comment. Sales at its consumer beauty segment that houses brands such as Cover Girl plunged about 55 percent, while its luxury unit plummeted 71 percent in the fourth quarter ended June 30. Net revenue fell to $922.1 million, missing expectations of $1.34 billion. Excluding items, Coty lost 51 cents per share, bigger than estimates of 12 cents, as per IBES data from Refinitiv. The Sally Hansen owner, however, expects a return to profit in the current quarter, after witnessing an improvement in its overall business in the last two months. “We think it will be difficult to convince investors that Coty is on a better trajectory,” Barclays analyst Lauren Lieberman said.
Boeing is seeking to increase black US employees throughout the company by 20 percent and mandate benchmarks for hiring people of color, Chief Executive Dave Calhoun told employees in a memo on Friday reviewed by Reuters. US corporations have become more responsive to complaints related to racial equality following a summer of sweeping anti-racism protests over the slaying of black people by police. The changes at Boeing, a stalwart defense contractor with its corporate headquarters in Chicago and largest factories in Washington state and South Carolina, appeared to mark the first concrete steps by the planemaker to address the issue. “We understand we have work to do,” Calhoun said in the memo, which was released on the 57th anniversary of civil rights leader Martin Luther King Jr’s “I Have a Dream” speech and included references to the police shooting of Jacob Blake in Wisconsin on Sunday. Boeing declined to provide its current number of black employees or a timeline for the new target. The planemaker separately has had to lay off thousands of workers as it grapples with the financial fallout from the COVID-19 pandemic and the 17-month-old grounding of the 737 MAX after two fatal crashes. In the memo, Calhoun said the company would establish an internal Racial Justice think-tank to guide its policies. On June 23, a manager at Boeing’s Everett factory found “racist symbols” at his work station, according to an email from Commercial Airplanes Chief Executive Stan Deal to employees seen by Reuters. The manager is black, a person familiar with the incident said. The company launched an internal investigation and referred the matter to police, Deal said, calling the incident “disheartening and a stark reminder of how far our society has to go.” Boeing was also donating some $10 million to support social justice nonprofits, such as the Equal Justice Initiative, following similar pledges from other companies such as Bank of America and Facebook. It has previously touted its strong commitment to improving diversity, though the number of women on its executive council has fallen from five to two since the beginning of 2019, according to Boeing’s annual reports and website.
"As we align our headcount up against the high growth areas and the areas which we want to develop capability in, we'll shift and reshape the organisation to focus more on growth and priorities than we have in the past," he said. "We're going to be streamlining our sales force in Australia. In some instances we have three sales reps calling on one pharmacy," he told The Age and the Herald. Blackmores' statutory net profit fell 66 per cent to $18.1 million for the 2019-20 year, total revenue fell 3.5 per cent to $568.35 million and it will not pay a final dividend. Last year it paid a final dividend of 70¢ per share. The company's international segment (which includes places like Indonesia, but excludes China) was a bright spot, delivering revenue of $139 million, up 30 per cent. But revenue in Australia and New Zealand fell 15 per cent to $227 million, while China sales fell 16 per cent to $103 million. The company's results were hit by the virtual cessation, earlier this year, of international flights between Australia and China. This eroded the lucrative "daigou", or personal shopper, trade, which involves Chinese people buying products
Loading Under the scheme, Australians were permitted to withdraw two loads of $10,000, with the second tranche opening in July. ISA chief executive Bernie Dean told the lower house economics committee in May the high number of people emptying accounts was a key reason the government's legislated rise in compulsory payments to 12 per cent should go ahead. The corporate watchdog questioned ISA in May over modelling that showed a 30-year-old who withdrew $20,000 would lose $97,214 by retirement. It later revised this figure to $79,393 – still almost double the amount forecast by the Grattan Institute, Australian Securities and Investments Commission and Super Consumers. Contacted for comment, ISA stood by its modelling claiming that "wiped out" accounts included those that retained small amounts of money. "To suggest Link data contradicts our analysis is wrong. ISA’s estimate accounts for the unintended kink in the scheme whereby applicants relying on the MyGov super balance are often left with a small residual amount in their account," Mr Dean said. "For too many parents and young people the suggestion that wiping out your retirement savings from, say, $9,000 to $12 does not represent a drained account ignores the grim situation
Maurice Blackburn principal Josh Bornstein, who is representing Ms Szlakowski, has been a persistent critic of workplace investigations into misconduct, claiming they are unregulated and companies often incenstivise investigators to produce watered down reports. "Workplace investigators act under the radar and in the private sector are not properly regulated," Mr Bornstein said. "Regrettably, over the years I have seen many cases in which organisations have predetermined an outcome and then retain a workplace investigator to deliver it." Human rights lawyer Julian Burnside said AMP's refusal to release the documents raised questions about the independence of the report. "If they won’t release drafts or communications between the organisation and the investigator, that gives plain reason for wondering about the influence that’s been exercised," Mr Burnside said. Loading The investigation into the complaint ultimately found Mr Pahari's "poor judgement" constituted a "relatively modest breach" of AMP's code of conduct. Loading Mr Burnside said a QC was unlikely to be subject to pressure by AMP, but the company may have withheld information or materials that could influence the outcome of the investigation. "The question was – were they given everything they were needed to be given?" Mr Burnside said. Loading
The announcement in March that Tangen would become a civil servant and run the world's biggest sovereign fund from September 1 triggered a backlash from a watchdog that oversees the central bank and lawmakers concerned about conflicts of interest. The fund owns about 1.5 per cent of all listed global equities and is worth three times Norway's annual gross domestic product, making its investment returns vital to public finances. Tangen's initial plan to put his 43 per cent stake in AKO Capital in a blind trust was deemed insufficient by parliament's finance committee, jeopardising the appointment and leading some lawmakers to call for Olsen to quit. Instead, Tangen will now transfer "in perpetuity" his holding and dividend rights to a charitable foundation - the AKO Foundation - and will no longer have any ownership interest in AKO Capital, Norges Bank said. 'Olsen owes me a beer' The foundation says it supports charitable causes that improve education, promote the arts, or mitigate climate problems and that it aims to give away the majority of its wealth to philanthropy. Finance Minister Jan Tore Sanner, who summoned Olsen to a meeting on Friday and asked him to find a solution,
The Department of Defense on Friday reiterated its stance that Microsoft was the best recipient of its $10 billion cloud-computing contract, dealing a blow to Jeff Bezos’ industry leader Amazon. The Pentagon came to its conclusion following a four-month re-evaluation of the contract, which had been awarded to Microsoft over Amazon — long considered the favorite to win the contract thanks to its Amazon Web Services cloud business. “Microsoft’s proposal continues to represent the best value to the Government,” the DoD said in its statement. The contract, however, is still on hold following Amazon’s argument that President Trump caused it to lose out on the lucrative deal. The March injunction put a freeze on the Joint Enterprise Defense Infrastructure, or JEDI, project, which aims to allow the US military to use artificial intelligence to beef up its fighting capabilities as well as improve communications with soldiers on the battlefield. Defense Secretary Mark Esper has denied there was bias and said the Pentagon made its choice fairly and freely without external influence. Amazon Web Services previously said it was seeking to depose Trump and Esper in its lawsuit over whether the president was trying “to screw Amazon” over the contract. Amazon also looked to question other officials involved in the decision and alleged that Trump had a history of inappropriately intervening in governmental decisions.