ASIC's $27M showdown & net zero shake-up 🤑

Supermarket giants in the firing line

October 09, 2024

Welcome to Point Blank – how was your morning coffee?

ASIC is seeking a record $27 million fine against AustralianSuper for failing to consolidate member accounts, costing members $69 million in duplicate fees and insurance premiums.
Feds pave the net zero path with new green energy bill, which proposes certificates to track and verify emissions associated with hydrogen, as well as a tradeable renewable energy certificate.
ANZ to pay $900k penalty after the Federal Court found that it failed to disclose that ~$700m shares of its $2.5b institutional placement were snapped up by underwriters instead of investors, violating its disclosure obligations.
It's time to review your privacy policies and procedures as the government overhauls privacy legislation, introducing mandatory requirements for securing personal information and new civil penalties.

A survey reveals that 58% of in-house lawyers expect to ditch outside law firms for routine tasks thanks to generative AI.
The US is reviving the Three Mile Island plant, notorious for its 1979 nuclear meltdown, as part of a nuclear power comeback to meet soaring energy demands driven by AI and data centres.
Qantas settles “ghost flights” scandal for $120m - guess selling tickets for cancelled flights and ghosting customers was just their way of doing business.
More trouble for supermarket giants as Gerard Malouf & Partners launch class action against Woolworths and Coles for misleading discounts.

Songtrader's CEO believes in decking the halls with deals, as he seeks a $175m raise to fund his 10th acquisition before Christmas.
Arcadium is reportedly in talks with UBS after receiving a buyout offer from Rio, but investors are still worried about a lowball sale.
IGO positioning itself as the frontrunner to acquire Rio’s Winu Project, potentially outpacing South32 in the competition for this copper-gold asset.
The $800m sale of the building materials portfolio, BGC, is heating up with suitors preparing to make offers next week.

RBA releases board minutes and expects inflation to remain above target levels leaving room for potential rate tightening.

As at market close. Commodities and crypto in US dollars.

- Shunryu Suzuki

A new Senate Committee will scrutinise the roles of the energy regulators AER and AEMO, aiming to enhance transparency and accountability of their decision-making in the energy transition.
Australia is finally stepping up its cyber game with new cybersecurity legislation mandating ransomware for certain business and giving the government powers to protect critical infrastructure
RBA Deputy Governor defends private meetings with market participants as vital for economic insight, despite recent leaks and calls for greater transparency.

Diggers

Delta Electricity frantically seeks an AEMC rule change to allow cash guarantees after 15 banks refused to provide it with credit for its coal-fired power station, showcasing their anti-fossil fuel sentiment.
Fortescue shoots for zero carbon emissions by 2030 and could pocket $50 million annually from the new federal carbon credit scheme, despite Twiggy insisting offsets are a “scam”.
In response to enviro and heritage concerns, Gina has scaled back plans for Hancock’s Mulga Downs iron ore mine by 40%, now staring down annual losses of nearly $800m.
Iron ore stocks nosedived after China's economic agency, the NDRC, failed to unveil expected stimulus measures during a recent briefing.

Fin

FinClear is poised to disrupt ASX's monopoly on clearing and settlement services with its new blockchain-enabled licenses, making FCX the first real alternative in Australia.

Retail

Woolworth Holdings casually brushed off Country Road Group’s harassment and bullying scandal as mere “internal pressures”.
Endeavour Group ramps up its hotel holdings with the new purchase of Darwin’s famous Cavenagh Hotel.

Maddocks, Hamilton Locke and Kennedys named Australia’s fastest-growing law firms for 2024.