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Union fury at Nine chief’s torch run amid jobs row

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Original article by James Madden
The Australian – Page: 3 : 24-Jul-24

The Media, Entertainment & Arts Alliance has criticised Nine Entertainment CEO Mike Sneesby for attending the Paris Olympic Games during enterprise agreement negotiations at its publishing division. The union is seeking a pay rise of 20 per cent over three years for employees of the division, and Nine’s staff have voted to take strike action for five days from Friday, which will coincide with the start of the Games. Sources have indicated that Nine’s journalists were also not impressed by footage of Sneesby participating in the Olympic torch relay, given that the division is expected to shed about 90 jobs as part of a broader restructuring program at Nine.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE

Suppliers say Coles has outperformed Woolies

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Original article by Carrie LaFrenz
The Australian Financial Review – Page: 17 : 23-Jul-24

A survey of 26 supermarket suppliers by investment bank UBS has found that the number who thought Coles outperformed Woolworths in the final quarter of the 2023-24 financial year more than doubled to 41 per cent. 19 per cent of suppliers felt Woolworths had performed better in the period, while 41 per cent said they had traded "about the same". Asked which supermarket they thought had gained the most market share since the start of the year, 59 per cent of suppliers said Aldi had, while 30 per cent said Coles had; just eight per cent said Woolworths had.

CORPORATES
UBS HOLDINGS PTY LTD, COLES GROUP LIMITED – ASX COL, WOOLWORTHS GROUP LIMITED – ASX WOW, ALDI STORES SUPERMARKETS PTY LTD

Liontown finally moves to send lithium to China

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 16-Jul-24

Australian-listed lithium producer Liontown Resources has previously refused to strike offtake deals with Chinese companies. However, Liontown has reach a 10-month deal to supply 100,000 tonnes of spodumene to Shenzhen Stock Exchange-listed Sinomine; this deal will help Liontown to get through a period when its Kathleen Valley project in Western Australia is likely to be operating at a loss. Liontown CEO Tony Ottaviano recently acknowledged that it cannot ignore the "biggest market in the world", given that China accounts for 80 per cent of global demand for lithium.

CORPORATES
LIONTOWN RESOURCES LIMITED – ASX LTR, SINOMINE RESOURCE GROUP LIMITED, SHENZHEN STOCK EXCHANGE

Chinese nab stake in Forrest-backed rare earths play

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Original article by Brad Thompson
The Australian Financial Review – Page: 21 : 10-Jul-24

A Hong Kong-based subsidiary of China’s JL Mag Rare-Earth Company will acquire a 9.8 per cent stake in Australian-listed Hastings Technology Metals . JL Mag will receive 19.6 million shares in the rare earths explorer via the $7m investment, while it will also gain a seat on Hastings’ board. Hastings notes that the JL Mag deal is below the threshold for the Foreign Investment Review Board’s current guidelines for investments in the critical minerals sector.

CORPORATES
HASTINGS TECHNOLOGY METALS LIMITED – ASX HAS, JL MAG RARE-EARTH COMPANY LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Liontown’s future tied to $379m LG deal

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Original article by Brad Thompson
The Australian Financial Review – Page: 14 : 3-Jul-24

Liontown Resources will issue South Korea-based LG Energy Solutions with five-year convertible notes as part of a $US250m ($379m) deal to help finance the Kathleen Valley lithium project in Western Australia. Based on Liontown’s current share price, LG would emerge with an equity stake of about eight per cent in the company if it chooses to fully convert the notes. LG has also extended its existing five-year offtake deal with Liontown by a decade. Meanwhile, Liontown CEO Tony Ottaviano has flagged the potential to build a battery chemical refinery in partnership with LG.

CORPORATES
LIONTOWN RESOURCES LIMITED – ASX LTR, LG ENERGY SOLUTIONS

Lithium’s sharp decline to weigh on Australian exports

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Original article by Simone Grogan
The West Australian – Page: Online : 2-Jul-24

The federal Department of Industry, Science & Resources expects the total value of Australia’s lithium exports to have been just $10bn in the year to 30 June. This compares with $20bn in the 2022-23 financial year, with the latest result being affected by a sharp fall in the price of the battery metal. However, the department’s quarterly report concludes that the price of both lithium and copper may have bottomed. It also says the outcome of the US presidential election could potentially accelerate that nation’s transition to renewables and electric vehicles, which in turn could boost demand for Australia’s critical minerals.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE AND RESOURCES

Seven West axes three of its most senior executives in major shakeup

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Original article by Zoe Samios
The Australian Financial Review – Page: Online : 26-Jun-24

Seven West Media veteran Kurt Burnette is said to be among the company’s senior executives to have been retrenched as part of a cost-cutting program. Burnette joined Seven in 1990, and was most recently the media group’s chief revenue officer. Seven Melbourne’s MD Lewis Martin, who is also the head of sport, has also been made redundant, along with chief marketing officer Melissa Hopkins. Recent media reports had revealed that Seven plans to shed up to 150 jobs in response to a difficult advertising market and the looming end of a revenue-sharing deal with Facebook’s parent Meta.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, META PLATFORMS INCORPORATED, FACEBOOK

Paladin’s $1.25bn bid for Canadian explorer

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Original article by Nick Evans
The Australian – Page: 15 & 19 : 25-Jun-24

Paladin Energy is offering 0.1076 of its shares for every share in Canada-based Fission Uranium, valuing the target at $1.25bn. Fission’s assets include the Patterson Lake South project in the province of Saskatchewan, which Paladin has described as one of the best ndeveloped uranium projects. Paladin is also preparing to resume production at its Langer Heinrich uranium mine in Namibia. Shares in uranium producers have rallied in response to a demand-driven surge in the uranium price over the last year.

CORPORATES
PALADIN ENERGY LIMITED – ASX PDN, FISSION URANIUM CORPORATION

Myer outlines expansion plan with Just Jeans, Jay Jays buy

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Original article by Kylar Loussikian
The Australian Financial Review – Page: 14 : 25-Jun-24

Premier Investments’ chairman Solomon Lew would become the biggest shareholder in Myer Holdings if a proposed deal to acquire the former’s Apparel Brands division proceeds. Myer has approached Premier Investments with the all-scrip deal, which would result in the department store group acquiring brands such as Just Jeans, Jay Jays and Portmans. Premier would in turn distribute the Myer shares to its stockholders. Myer’s executive chair Olivia Wirth says it is looking at both organic and inorganic investment opportunities.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV, APPAREL BRANDS, JUST JEANS PTY LTD, JAY JAY’S JEANS WAREHOUSE PTY LTD, PORTMANS PTY LTD

Nine must address ‘issues of the past’, Sneesby tells his staff

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Original article by Sophie Elsworth
The Australian – Page: 3 : 18-Jun-24

Nine Entertainment CEO Mike Sneesby told staff in an email on Monday that the company is working to improve its culture, but that this can only be done by "acknowledging the issues of the past". His comments come amid allegations involving two senior male managers that involve "predatory behaviour", and as Kerri-Anne Kennerley, one of Nine’s most admired on-air personalities, stated that there was an entrenched culture of bullying at the television network. Sneesby’s email was sent a week after Peter Costello quit as Nine chairman after an incident with a journalist at Canberra Airport.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC