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(Logan Roy) Rupert Murdoch has been denied his bid to change a family trust and give control, without interference from his siblings, of his media empire to (Kendall) his eldest son.
Pick & Scroll News
December 11, 2024
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Good morning. Logan Roy Rupert Murdoch has been denied his bid to change a family trust and give control of his media empire, without interference from his siblings, to Kendall his eldest son.
The case pitted the 93-year-old against three of his children. A judge ruled that Mr Murdoch and Lachlan had acted in "bad faith" and called the efforts a "carefully crafted charade".
A spokesperson for the three children said, "We hope that we can move beyond this litigation to focus on strengthening and rebuilding relationships among all family members." Given Rupert's lawyer has said they will appeal, we doubt Christmas will involve much 'rebuilding'.
All the headlines and more below...
AUSTRALIAN NEWS
RBA keeps interest rates on hold in December but leaves door open to a February cut
The RBA has maintained the cash rate at 4.35% while dropping its previous rate hike threat, responding to falling inflation and softer economic growth. LINK
A report warns that over 30% of Australian jobs could be disrupted by AI adoption within 5 years, with structural weaknesses in the economy risking OECD lag. LINK
Sydney housing values continue declining with experts predicting a potential market rebound if rates decrease in February. LINK
Over 80% of Australian homes fail to meet current energy efficiency standards, affecting property values as buyers prefer energy-efficient properties. LINK
Australia's deep tech sector has shown significant growth, with 22% of startups developing fundamental innovations in AI and green tech. LINK
The number of independent Australian fintech firms has declined by 7% over the past year due to mergers, closures and reduced funding. LINK
GLOBAL NEWS
How airlines are using AI to avoid flight delays
COMPANY NEWS
Katies stores will be shut down nationally next month along with 80 other stores owned by Mosaic Brands
Mosaic Brands will close 160 stores, including all Katies outlets, by mid-January 2025, resulting in 500 job losses as part of restructuring under voluntary administration. LINK
Super Retail Group faces a workplace lawsuit from former chief legal officer Rebecca Farrell, focusing on a disputed settlement agreement. LINK
Treasury Wine Estates has acquired a 75% stake in China's Ningxia Stone & Moon Winery Co. for $27.5M to expand its Penfolds portfolio in the Chinese market. LINK
News Corp is approaching a deal to sell Foxtel to DAZN, a sports streaming platform backed by billionaire Len Blavatnik. LINK
The NRL has lost its 4th CFO in 4 years as Shayne McMartin steps down from the position. LINK
DLA Piper has appointed Shane Bilardi as its new Australian country managing partner effective March 1, as the firm prepares for increased ASIC scrutiny on private capital. LINK
Bupa is offering Healthscope doctors up to $500 per patient to switch hospitals amid a contract termination dispute. LINK
AirTrunk awarded $22M in bonuses to 330 employees ahead of its $24B acquisition by Blackstone. LINK
Perpetual's $2.2B sale to KKR faces uncertainty as tax bill increases from $170M to between $493M and $529M. LINK
Myer's has reported encouraging Black Friday sales while proposing a merger with Premier Investments' fashion brands. LINK
Two whistleblowers pursuing action against Super Retail Group have been hospitalised for stress as the company failed to block public access to court hearing. LINK
Insignia Financial will outsource administration for its Master Trust business to SS&C Technologies while retaining complaints handling. LINK
Woolworths NZ faces criminal charges for allegedly misleading pricing and specials. LINK
ONE MORE SCROLL
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Odd Pick: Orcas revive 'dead salmon hat' trend from the 1980s.
TRIVIA
Did you pay attention in geography class?
A total of four seas across the globe are named after colours. Can you name them?
Answers below
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