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Miner seeks fair go on tax breaks

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Original article by Brad Thompson, Andrew Tillett
The Australian Financial Review – Page: 1 & 19 : 18-Jun-24

Tianqi Lithium CEO Frank Ha says the Chinese company expects to be treated the same as other foreign investors when it comes to getting access to the tax incentives that the federal government is offering to the critical minerals sector. Tianqi Lithium pioneered lithium processing in Australia, with Ha speaking as the company prepares to host Prime Minister Anthony Albanese and Chinese Premier Chinese Premier Li Qiang at its lithium hydroxide plant south of Perth on Tuesday; his call for Tianqi Lithium to get access to the tax incentives is backed by mining billionaire Andrew Forrest.

CORPORATES
TIANQI LITHIUM CORPORATION

Store sales may save mega deal

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Original article by Tom Richardson, Carrie LaFrenz
The Australian Financial Review – Page: 1 & 18 : 14-Jun-24

The Australian Competition & Consumer Commission has indicated that it has major concerns regarding Chemist Warehouse’s proposed $8.8 billion merger with Sigma Healthcare. The ACCC is particularly worried about the impact on smaller pharmacies that are supplied by Sigma in its role as a wholesaler. In a statement expressing its initial views on the proposed merger, the ACCC indicated that the transaction may lead to increased prices for the goods and services provided by pharmacies, while it could substantially lessen competition in pharmacy retailing. It is possible that Chemist Warehouse may have to sell some of its stores in order to get the ACCC’s approval for the merger.

CORPORATES
CHEMIST WAREHOUSE, SIGMA HEALTHCARE LIMITED – ASX SIG, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

$4.3b takeover ends 62 years of CSR on ASX

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Original article by Simon Evans
The Australian Financial Review – Page: 14 : 14-Jun-24

CSR shareholders have approved its $4.3 billion takeover by France-based Saint-Gobain, with their endorsement coming two days after the bid was approved by the Foreign Investment Review Board. The takeover gives Saint-Gobain ownership of brands such as Monier roof tiles, Gyprock plasterboard and Hebel building blocks. Some investors were unhappy about that the low price that Saint-Gobain was paying to secure control of CSR, but chairman John Gillam says the offer price of $9 per share was in the top third of the valuation range in an independent expert’s report.

CORPORATES
CSR LIMITED – ASX CSR, SAINT-GOBAIN, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

News Corp to cut sales staff, up to 80 jobs to go

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Original article by Calum Jaspan
The Age – Page: Online : 13-Jun-24

News Corp Australia is set to announce further redundancies as part of a restructuring program and its push to reduce costs by up to $65m. The media group’s sales team is expected to bear the brunt of the latest jobs cuts, with speculation that up to 80 employees will be retrenched. However, a News Corp spokesperson has dismissed claims that 40 per cent of its sales personnel will be sacked. News Corp Australia’s executive chairman Michael Miller recently downplayed speculation that more than 100 journalists will also be retrenched.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

News outlets producing covert marketing for McDonald’s, KFC and Domino’s, study finds

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Original article by Natasha May
The Guardian Australia – Page: Online : 5-Jun-24

Researchers have concluded that Australian media outlets are overtly endorsing fast-food products by publishing positive stories that are based on press releases issued by these restaurant chains. The research team analysed all press releases issued by McDonald’s, KFC and Domino’s Pizza Enterprises between July 2021 and June 2022. These press releases were found to have generated 86 articles in 31 news outlets; four of the articles were identical to the corresponding press release, while many others were largely based on the original press release. All but six of the articles were favourable towards the fast-food chains.

CORPORATES
McDONALD’S AUSTRALIA LIMITED, KFC, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP

News Corp pain as executive heads roll

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 14 : 5-Jun-24

News Corp Australia’s state general managers are among the casualties of the media group’s restructuring program. Other News Corp staff who are said to have been retrenched include the general manager of print production, Marcus Hooke. Some editors of metropolitan mastheads will also take on additional responsibilities at part of the move to split the company’s publishing operations into three divisions. Meanwhile, former Sunday Telegraph editor Mick Carroll will succeed Lisa Muxworthy as editor-in-chief of the news.com.au website, while Lou Barrett will head the new national sales team.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Fair Work Commission finds journalist and presenter Antoinette Lattouf was sacked by ABC

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Original article by Isobel Roe
abc.net.au – Page: Online : 4-Jun-24

The Fair Work Commission has found that journalist and presenter Antoinette Lattouf was sacked by the ABC, after she was taken off air part way through a radio presenting stint in December. With Lattouf having lodged a claim against the ABC for unfair dismissal, it had argued that her employment was not actually terminated, as she had been paid for all of the five days on which she was scheduled to broadcast. The Commission’s ruling paves the way for Lattouf to pursue an unlawful termination case against the ABC, with that case having been filed in the Federal Court.

CORPORATES
AUSTRALIAN BROADCASTING ASSOCIATION, AUSTRALIA. FAIR WORK OMBUDSMAN, FEDERAL COURT OF AUSTRALIA

Rates pressure, costs keep lid on retail sales

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Original article by Patrick Commins
The Australian – Page: 4 : 29-May-24

Data from the Australian Bureau of Statistics shows that retail sales rose by just 0.1 per cent in April, after falling by 0.4 per cent in March. The seasonally adjusted data also shows that retail sales increased by 1.3 per cent year-on-year in April. UBS chief economist George Tharenou say younger Australians and people with mortgages are primarily reducing their spending, while this is being offset by increased expenditure by older people and households that have no debt. Tharenou adds that the ongoing weakness in retail sales will make it less urgent for the Reserve Bank to increase the cash rate; he still expects an interest rate cut in February.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, UBS HOLDINGS PTY LTD

Nine’s CEO signed $1m exit payout

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Original article by Sophie Elsworth, James Madden
The Australian – Page: 1 & 2 : 28-May-24

Nine Entertainment Company is continuing to attract scrutiny over the sudden resignation of the Nine Network’s director of news and current affairs, Darren Wick. A spokeswoman has confirmed that Nine’s CEO Mike Sneesby had sign off on Wick’s severance pay of almost $1m, and the media group’s board had no role in the payout. It has previously been revealed that the board had discussed allegations that Wick had sexually harassed a number of female colleagues during his long tenure at Nine. Meanwhile, Nine will commission an independent review of its TV newsrooms’ culture in the wake of the allegations against Wick.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED

Ten baulks at Wilkinson’s $1.8m claim for costs

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Original article by Ellie Dudley
The Australian – Page: 3 : 28-May-24

Presenter Lisa Wilkinson is seeking over $1.8 million from the Ten Network to pay her legal costs in the aftermath of their defamation case against Bruce Lehrmann, with the Federal Court being told by her lawyers on Monday that Ten was showing an "ongoing reluctance" to pay her costs. The dispute between Wilkinson and Ten over her legal costs arose as a result of her deciding to seek separate representation for the defamation case, with Ten arguing that she should pay for all aspects of the case where it was not necessary for her to have separate representation.

CORPORATES
TEN NETWORK HOLDINGS LIMITED, FEDERAL COURT OF AUSTRALIA