Chalmers opens fire with merger reforms 🏛💣

HC rulings rock corporate liability

October 10, 2024

What to watch: Consumer inflation data to be released at 11:00 am Sydney time.

Big coverage on the High Court today – Here’s what you need to know👇

Organisations should move fast to adopt responsible AI policies and systems, as the Australian Government proposes mandatory guardrails for high-risk AI.
High Court puts corporate executives in the firing line with assumed knowledge of the corporate predatory business models. Corporations are deemed to think, and act, directly through their systems, policies and practices, as the High Court endorses UWA professor, Elise Bant’s model of corporate responsibility.
High Court broadens the Federal Court’s appellate jurisdiction and settles jurisdiction question arising under the Bankruptcy Act.

Australia and New Zealand’s monetary policy diverges as New Zealand’s Reserve Bank slashes interests again by 50 basis points.
This year’s surge in shareholder activism brought a wave of strikes against executive pay and a new demand for director accountability, proving investors are ready for a shake-up before AGM season.
Green Hydrogen turns out to be more expensive according to Harvard scientists.
The US DOJ may seek to break up Google by forcing the divestment of key assets like Chrome and Android to tackle its search engine monopoly.
China’s stimulus misses the mark as the World Bank warns of further slowdown come 2025.
Australian universities take a tumble in global rankings.

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

Rio Tinto to buy Arcadium for $US6.7b (A$9.9b), gaining control of 5% of the world’s lithium supply, despite overall industry skepticism on lithium's long-term demand. As for legal advisors, Linklaters LLP for Rio and Davis Polk & Wardwell LLP for Arcadium.
Paladin Energy's bid for Fission Uranium inches forward with court approval, but now all eyes are on Canada for Investment Canada Act clearance.
Metals Acquisition Limited, fresh from its ASX debut after grabbing Glencore's CSA copper mine, is raising $140 million to tidy up its debt.

Albanese’s new bill to keep NBN in public hands is widely viewed as an election ploy to frame the Coalition as having intentions to privatise the network.
Chalmers declares that supermarkets will be the first in the hot seat under merger reforms, as an attempt to combat rising consumer prices.
Albanese calls for united action against China's aggression in the South China Sea, likening his talks with Beijing to Cold War diplomacy.
The Coalition is committed to nuclear energy regardless of election results, while Labor claims renewables will cut power bills and create 100,000 jobs by 2050.

Diggers

RES Group abandoned the Barneys Reef wind farm, blaming NSW's stricter planning rules - a setback for Australia's progress toward its 2030 targets.
Rio Tinto’s $6.7 billion bet on Arcadium Lithium seeks to stabilise the volatile lithium market, with CEO Stausholm aiming to position the company as a reliable player with much-needed consistency in an uncertain market.
The AAC is calling for bauxite, alumina, and aluminium to be recognised as critical minerals, warning that with three refineries already impaired, Australia might lose its aluminium industry to Indonesia—sound familiar?
BHP redeploys 700 workers impacted by the shutdown of its nickel operations in Western Australia.

The Fin

TPG Capital is auctioning its crown jewel, Novotech, with a $4 billion price tag, drawing interest from rivals like Bain Capital, EQT Partners, and CVC Capital.

Tech

Document Crunch nabs $30 million from Titanium Ventures—known for backing the likes of CrowdStrike and DocuSign—to supercharge its AI platform designed to mitigate risks in construction contracts and avoid disputes.
Meta takes on OpenAI with new AI model that can generate video with sound.

Following its recent merger with Tottle Partners, Thomson Geer poaches Adrian Wong and his team from KPMG Law, bolstering its employment law practice.