Employers can play I spy 👀

G’day.  

Welcome to Point Blank – Is it warm enough for an iced coffee? 

Here’s the latest 👇

 💼 Practice Points

• AICD releases guidance on directors’ fiduciary duties, emphasising the need for individual care and diligence, understanding of regulations, and proactive oversight of corporate compliance and misconduct.

• The NSW Supreme Court clarifies that significant delays in a construction project aren’t deemed a nuisance unless they could have been avoided through pre-construction investigations or are considered unreasonable.

• Administrative Review Tribunal (ART) replaces the AAT aiming to provide efficient, accessible, independent, and fair reviews.

• Can your employer request to see your personal phone? Likely yes. In the past, Australia’s privacy watchdog refused to investigate an employer who allegedly accessed worker’s personal emails under privacy law exemption and broad data policy. Meanwhile, the Government was hit by two data breaches in six months.

 📢 Talking Points 

• Australia’s productivity growth continues to decline as the mining sector has seen a 3.2% fall in productivity in the past 5 years due to resource depletion and slow tech advancements, writes Adrian Blundell-Wignall.

• Uber's electric bikes and scooters have helped cut 55,000 tonnes of carbon emissions in London, a stark contrast to Melbourne's e-scooter ban.

• Another attempted assassination against Trump was thwarted when a man was arrested near a California rally armed with loaded firearms and multiple fake identities.

• Dutton's Coalition has edged ahead of Labor in the latest Newspoll, marking the first time since the last election that the Coalition has taken the lead, with a slim margin of 51% to 49%.

 🏦 The Treasury

• Institutional investors are the most bullish on the Australian dollar since March 2021, driven by expectations of high interest rates and China's stimulus boosting confidence.

• New Zealand inflation data will be released this morning, with New Zealand’s inflation expected to fall within target.

 🤝 Deal Room

• TPG Telecom Ltd’s shares fell 4.5% on Monday following the announcement of its revived deal with Vocus.

• Siren receives and rejects an NBIO from Federation Mining, developer of the Snowy River Gold Project, stating it isn’t superior to its existing agreement with RUA Gold.

• Ebos CEO, owner of TerryWhite Chemmart, warns that the Sigma-Chemist Warehouse merger threatens smaller pharmacies and consumer choice, calling on regulators to block the deal.

• Bain Capital and Macquarie Asset Management are contending in the $4b auction for I-MED, Australia’s largest radiology business, with binding offers due by 29 November.

• Hyundai India to launch its US$3.3bn IPO, making it India's largest share offering and the second largest IPO globally in 2024.

🏛 Policy Watch

• Ahead of the federal election, Labor will ban hefty debit card surcharges and boost funding for competition watchdogs to target excessive fees.

• Proposed changes to bank lending rules could help 50,000 first-time buyers enter the market, but CommBank and Westpac back current standards to prevent borrowers from facing “unsustainable debt.”

🏗 Sector Specific

Diggers

• China's solar giant, Trina Solar, joins forces with Aussie start-up SunDrive to chase government subsidies under Albanese's $1bn Solar Sunshot program—though it remains to be seen if their Chinese ties will preclude funding.

• OPEC has lowered its forecast for global oil demand growth in 2024, primarily due to a decreased outlook for Chinese demand.

The Fin

• As Starmer seeks to attract international investors, Macquarie unveils a £20bn investment plan for the UK, targeting energy, water, and transport, featuring the country’s largest solar farm and extensive EV fast-charging infrastructure.

Real Estate and Retail

• Lendlease's new chairman-elect, John Gillam, vows to pay down debt and return funds to security holders, particularly to win over major shareholders like Allan Gray and restore investor trust.

• Aussie farmers once again are up-in-arms over Supermarket giants’ recent price cuts to home brand milk.

• Meanwhile, Woolies and Coles point fingers at suppliers for the rising cost of groceries.

🏃 Movements 

• Jakarta's legal market is booming, says HSF lawyer Frances Hewitt, who describes the volume of resource deals as "mind-boggling."

• Ahead of silly season, NAB is putting a cork in Friday arvo drinks, following the footsteps of CommBank and Westpac.

• Colin Biggers & Paisley adds insurance team from Clyde & Co.