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Federal government blocks Yuxiao Fund’s bid to increase its stake in Northern Minerals

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Original article by Stephen Dziedzic, Daniel Mercer
abc.net.au – Page: Online : 1-Mar-23

Treasurer Jim Chalmers has blocked an application from the Singapore-registered Yuxiao Fund to increase its stake in rare earths producer Northern Minerals from nearly 10 per cent to 19.9 per cent. Chalmers is said to have signed an order to block the transaction on 15 February, following a recommendation from the Foreign Investment Review Board. Northern Minerals’ executive chairman Nick Curtis says the fund is an investment vehicle for Chinese national Yuxiao Wu. Northern Minerals operates the Browns Range mine in Western Australia’s east Kimberley region, and it aims to become the first substantial producer of dysprosium outside of China.

CORPORATES
NORTHERN MINERALS LIMITED – ASX NTU, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Murdoch said Fox hosts endorsed idea of stolen election

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Original article by
The New Daily – Page: Online : 1-Mar-23

Court documents released in the US show that Fox Corp chairman Rupert Murdoch and other executives of the media group believed that Joe Biden had fairly won the 2020 presidential election. The documents also show that Murdoch had acknowledged under oath that some Fox hosts had "endorsed" the notion that Biden had "stolen" the election. Dominion Voting System is suing Fox Corp for defamation over Fox News’s coverage of the election. The voting technology company has argued that internal communications and depositions by Fox personnel prove that the network had knowingly spread falsehoods about Donald Trump election loss in order to bolster its ratings.

CORPORATES
FOX CORPORATION, FOX NEWS, DOMINION VOTING SYSTEMS

Bunnings eyes chunk of $10b pet sales

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Original article by Carrie LaFrenz
The Australian Financial Review – Page: 14 : 28-Feb-23

Perth-based conglomerate Wesfarmers has advised that its Bunnings chain will expand its product offering to include a broader pet-care range. Bunnings already sells pet-care products such as kennels, mats and bedding; its new in-store specialty department will be launched in March and feature an expanded range of products such as pet food and toys. Bunnings is hoping to increase its share of the $10bn specialty pet sector. Bunnings posted revenue of $9.8bn for the first half of 2022-23, an increase of 6.3 per cent.

CORPORATES
WESFARMERS LIMITED – ASX WES, BUNNINGS GROUP LIMITED

Lynas stockpiling on threat of Malaysia disruption

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Original article by Nick Evans
The Australian – Page: 15 : 28-Feb-23

Lynas Rare Earths has reported its results for the first half of its financial year, reporting revenue of $370 million for the period, up from $314.8 million. Net profit fell from $156.9 million to $150.1 million, while EBITDA came in at $189 million. With its Malaysian cracking and leaching plant under threat of closure as from 1 July, Lynas indicated it is stockpiling processed material for use at its rare earth oxide refinery in Malaysia, while at the same time hoping to get its cracking and leaching plant in Western Australia up and running in time to avoid any disruptions to operations at its rare earth oxide refinery.

CORPORATES
LYNAS RARE EARTHS LIMITED – ASX LYC

Media bosses unite to push government on press freedom

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Original article by Nick Bonyhady
The Sydney Morning Herald – Page: Online : 28-Feb-23

Federal Attorney-General Mark Dreyfus met with executives from Australia’s major media groups on Monday to discuss a range of issues, including proposed changes to privacy laws. The executives also pushed the goverment to act on recommendations that resulted from raids on the ABC and the home of then News Corp journalist Annika Smethurst in 2019, with Drefyus saying he had been shocked by the raids at the time. Other issues discussed at the meeting included increased protection for whistleblowers and further changes to defamation laws.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN BROADCASTING CORPORATION, NEWS CORPORATION – ASX NWS

KIIS FM boss plays down Seven West tie-up talk

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Original article by Zoe Samios
The Age – Page: Online : 22-Feb-23

Listed media group HT&E has posted a statutory loss of $176.3m for calendar 2022. The result was marred by a $249.9m impairment charge on the value of its radio business. However, underlying EBITDA and revenue both rose by 53 per cent, to $91.8m and $344.9m respectively. There has been recent media speculation of a potential merger with Seven West Media, but HT&E CEO Ciaran Davis says he has not heard from Seven. He adds that HT&E would be an "absolute prime target" in the event of further consolidation in the media sector. Davis has also indicated that HT&E may look at divesting its Hong Kong-based Cody outdoor advertising firm later in 2023.

CORPORATES
HT&E LIMITED – ASX HT1, SEVEN WEST MEDIA LIMITED – ASX SWM, CODY

No sign of dividends as Seven West seeks revenue lift, debt shrinkage

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 19 : 15-Feb-23

Seven West Media has posted a 2022-23 interim net profit of $114.9m, which is 4.6 per cent lower than previously. Revenue was down 0.5 per cent at $814.6m and EBITDA was 4.8 per cent lower at $205m. CEO James Warburton says the nine interest rate rises since May 2022 have had a significant impact on the advertising market, which he expects to decline to "mid to high single digits" in the second half. Meanwhile, Seven will seek cost savings of $15m to $20m, although Warburton has ruled out job cuts. Seven has cited "prevailing market conditions" for its decision to withhold paying a dividend again.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM

Why Forrest is so keen on rare earths

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Original article by Tom Parker
Australian Resources & Investment – Page: Online : 1-Feb-23

Fortescue Metals Group founder Andrew Forrest became a cornerstone investor in rare earths miner Hastings Technology Metals in 2022, via his private company, Wyloo Metals. Forrest says he is "very interested in rare earths", which are essential to the green energy technologies that are being developed by FMG’s Fortescue Future Industries offshoot. A subsidiary of FFI recently built a prototype battery that uses rare earths; the battery will be shipped to FMG’s iron ore mines in the Pilbara for testing in a battery-electric haulage truck.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, FORTESCUE FUTURE INDUSTRIES PTY LTD, HASTINGS TECHNOLOGY METALS LIMITED – ASX HAS, WYLOO METALS PTY LTD

Rupert Murdoch to be deposed in Dominion defamation case

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Original article by Helen Coster
The New Daily – Page: Online : 20-Jan-23

Election technology company Dominion Voting Systems has launched defamation action against Fox News Network over allegations it ‘amplified’ false claims that its voting machines helped to rig the 2020 US presidential election in favour of Joe Biden and against Donald Trump; it is seeking US1.6 billion ($2.3 billion) in damages. Fox Corporation chairman Rupert Murdoch is due to be questioned by lawyers for Dominion on 19 and 20 January in Los Angeles; his sessions will be closed to the general public.

CORPORATES
DOMINION VOTING SYSTEMS, FOX NETWORK, FOX CORPORATION

Nine to take a hit from Kyrgios’s Australian Open exit

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Original article by Sophie Elsworth
The Australian – Page: 2 : 18-Jan-23

Data from OzTAM shows that the Nine Network’s broadcast of the first night session of the 2023 Australian Open attracted a national audience of just 476,000; this compares with 885,000 viewers in 2022. The withdrawal of Nick Kyrgios from the grand slam tournament due to injury is expected to affect Nine’s rating for the remainder of the event, given that he was one of the major drawcards. A TV industry insider notes that viewers have traditionally tended to lose interest when the leading tennis stars are not playing or are defeated in the early rounds. Nine Entertainment Company renewed its broadcasting rights deal in late 2022; it is paying about $85m a year, plus contra.

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