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🗞️ Perpetual taxes
If you're in the group of people holding a grudge against the ATO over a hefty tax bill, your group just got a little bigger.
Pick & Scroll News
December 12, 2024
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Good morning. If you're in the group of people holding a grudge against the ATO over a hefty tax bill, your group just got a little bigger.
Perpetual revealed yesterday its estimated $170 million tax bill stemming from its break-up and sale to KKR had ballooned to between $493 million and $529 million. That's not great news for Perpetual, its shareholders, its staff and KKR.
Bank of America, Goldman Sachs, Luminis Partners, Herbert Smith Freehills, Jefferies and Gilbert + Tobin are involved so we should have resolution once $529 million in fees have been charged.
All the headlines and more below...
AUSTRALIAN NEWS
Private school fees to rise at almost triple the rate of inflation
Australian private schools are implementing fee increases of up to 8% for 2025, approximately triple the current inflation rate. LINK
Nearly 100 live samples of deadly viruses went missing from a QLD government lab in a biosecurity breach discovered in August 2023, with investigations ongoing after the freezer storing the samples failed in 2021. LINK
Melbourne leads Australia in distressed property listings, up 15% over the last year, driven by high living costs and sustained interest rates, with inner-city apartments most affected - Sydney remained flat. LINK
Sydney Airport expects 5.8 million passengers over summer, driven by international travel, with domestic numbers still below pre-pandemic levels. LINK
A Federal Court in Australia is now coordinating multiple lawsuits against Coles and Woolworths over alleged misleading discounting practices, focusing on a sample of discounted products linked to each supermarket's promotional campaigns. LINK
GLOBAL NEWS
EY worker's death spotlights India's unprotected white-collar labour
India is developing stricter workplace regulations following an overwork-related death at Ernst & Young. LINK
The yen has strengthened against the US dollar after Japanese wholesale inflation rose, while the Australian and New Zealand currencies weakened amid dovish central bank outlooks. LINK
South Korea's President Yoon Suk Yeol is fighting to remain in office amid mounting inquiries into his recent martial law declaration. LINK
Coffee prices have reached record highs as Brazil faces a supply crisis, with Arabica futures surging over 80% to $3.48 per pound, the highest since 1972. LINK
Shanghai's ambition to compete with New York as a global financial hub has diminished amid trade tensions and changing domestic priorities. LINK
COMPANY NEWS
Over 160,000 join Optus data breach class action
Over 160,000 individuals have joined a class action against Optus, claiming the telco failed to protect personal data for 9.8 million customers during the 2022 cyberattack. LINK
ASIC has launched legal action against Regional Express directors for disclosure law violations, raising questions about the government's $80M bailout. LINK
BHP and Rio Tinto face class action lawsuits alleging they permitted systemic sexual harassment and gender discrimination against female staff at their Australian sites. LINK
ASIC has sued Rex Airlines and its former executives for failing to disclose its financial position in 2023. LINK
Super Retail Group has terminated 2 senior executives after their lawyers issued a public statement criticising the company's board. LINK
ANU vice chancellor Genevieve Bell has maintained a $1.1M salary while simultaneously receiving compensation from Intel since 2017. LINK
Oracle reported Q2 revenues of $14.06B, missing expectations amidst stiff competition from cloud leaders and substantial investment in AI-driven cloud infrastructure. LINK
Nippon Life Insurance has acquired the remaining 20% of MLC Life Insurance from NAB as well as 100% of Resolution Life to create one of Australia's largest life insurance businesses under the new brand Acenda. LINK
ACCC has approved the Integral Diagnostics and Capitol Health merger. LINK
Alphabet's investment chief has confirmed AI-enhanced search remains the company's largest investment focus. LINK
Kraft Heinz, Mondelez and Coca-Cola face a lawsuit in Philadelphia over marketing ultra-processed foods to children, with allegations of causing health issues including diabetes and liver disease. LINK
Google has requested US government intervention in Microsoft's exclusive cloud agreement with OpenAI. LINK
Sigma Healthcare and Chemist Warehouse have extended their $8.8B merger deadline to March 31, with implementation expected by February 2025. LINK
APRA has criticised ANZ for poor non-financial risk management, maintaining a $750M capital penalty and highlighting governance issues. LINK
The Australian Open has announced enhanced premium dining experiences featuring chefs Martin Benn and Vicki Wild at the new Club 1905 pavilion starting January. LINK
ONE MORE SCROLL
Editor’s Pick: A list of mispronounced words provides a retrospective of 2024.
Draft Pick: Isaah Yeo wins the International Rugby League, Golden Boot award, for 2024.
Odd Pick: Japan unveils chilled ‘drinkable mayo’.
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