PwC banned

👋 G’day

Today’s brief:

• PwC faces a ban from Saudi advisory contracts.

• Woodside has been hit with greenwashing claims.

• TikTok goes on the attack against YouTube’s exclusive digital deal.

Grab a coffee and catch up on the latest insights 👇

PRACTICE POINTS

Woodside’s “distorted truth”

• Greenwashing alert. Activist group Market Forces has lodged a complaint with ASIC, alleging Woodside misled investors by overstating oil demand forecasts to justify its $11.6bn Trion project in Mexico. The complaint claims Woodside “distorted the truth” by misrepresenting key climate science data. Greenwashing remains a key ASIC enforcement priority, with the regulator making 47 interventions during the 15-month period to 30 June 2024. Will ASIC intervene this time? AFR, ASIC

• The Federal Court banned litigants from communicating with Chambers over an email barrage. In a spicy decision, the Court slammed Ms Ponzio’s messages for being burdensome, inappropriate, and argumentative, with some emails suggesting judicial bias and even telling staff to “Google the Magna Carta.” Yeah, best to keep communication with Chambers minimal…

• A CoSec, Legal adviser, CEO and CFO are facing charges for misleading ASIC and shareholders. The execs allegedly provided false info between 2018-19 about an agreement regarding the founders’ shares and information about the nature of the business in the prospectus lodged with ASIC. The charges come with up to 5 years in jail or a hefty fine. Next court date? April 2025.

WORD ON THE STREET

Saudi bans PwC

• Times are tough for PwC. Saudi Arabia’s $1.5 trillion Public Investment Fund has banned PwC from advisory and consulting contracts until February 2026. While audit services remain unaffected, the move halts PwC’s progress in one of its fastest-growing markets, impacting its strategy, M&A, and tax advisory work. No official reason was given: AFR

• The Slater & Gordon perpetrator is looking at time behind bars. The mystery sender of a “malicious” email exposing the salaries and performance ratings of all 906 Slater + Gordon staff could face up to 5 years in prison if caught. The Victorian Police cybercrimes squad is investigating, but the culprit remains unidentified: The Australian 

• McCabes continues its rapid growth, expanding its employment and WHS practice with two big hires. Damian Hegarty joins from HBA Legal with a full team. Meanwhile, Melini Pillay arrives from PwC to strengthen the firm’s Sydney office: Lawyers Weekly

TALKING POINTS

Are you being paid fairly?

• The Workplace Gender Equality Agency has published data from 7,800 employers, revealing average salaries across four pay bands. The unprecedented transparency gives every Aussie worker a glimpse into where they stand against colleagues—and whether they’re being paid fairly. How does your pay stack up? Find out here.

• The Coalition’s plan to end work-from-home for public servants is stirring the pot—Jane Hume says it's all about efficiency, but Katy Gallagher thinks it’s a step back for women in the workforce. Well, Dutton says just get job-sharing arrangements then: ABC

• Clients want more than answers. Holding Redlich says clients now expect advisors to provide broader industry insights, beyond just legal solutions. He’s noticed a shift towards deeper collaboration, with clients wanting advisors who fully understand their business and can highlight emerging opportunities in their sector—a trend he expects will only accelerate: Capital Brief

• Australian officials are set to meet with the Northern Territory this week to discuss the future of the Port of Darwin, currently leased to Chinese-owned Landbridge Group for 99 years. Concerns over foreign ownership of this strategic asset continue to simmer: Bloomberg

TREASURY

DEAL ROOM

PE revival

• Goldman Sachs boss David Solomon says private equity is "starting to unleash" as US regulatory shifts boost M&A. Solomon pointed to an uptick in large-scale transaction talks. And with buyout activity poised to exceed historical averages, dealmakers may finally be back in business: The Australian

• Freedom Furniture is up for sale as Greenlit Brands taps Jarden to find a new owner. The design-led turnaround under former Harvey Norman exec Blaine Callard has revived the brand, now boasting $410m in sales and $20m EBITDA. With 60 stores and 2.5% market share, Jarden will pitch Freedom to domestic and international buyers: AFR

• First-round bids are in for EMR Capital’s $2bn Ravenswood gold mine, with Regis Resources and United Tractors among the contenders. The mine produces 200,000 ounces of gold annually and has attracted interest from Chinese and Canadian bidders too: The Australian

• Ramsay Health Care is ready to offload its European hospital business, Ramsay Sante, bringing in Goldman Sachs to handle the sale. Experts are reading between the lines—the GS appointment likely means Ramsay’s already lined up a buyer. Private equity firms like Advent International and The Carlyle Group are reportedly eyeing the healthcare space in Europe: The Australian

SECTOR SPECIFIC

Mining’s gender pay gap

🚜 DIGGERS

• Investors are urging Rio Tinto to borrow from bond markets rather than pursue a multi-billion dollar share issuance, arguing the miner’s strong financials make dilution unnecessary. Rio’s CEO Jakob Stausholm hinted the plan might be off the table, saying, “we have to listen to our shareholders”: AFR

• Mining sector narrows gender pay gap. The Australian mining industry's gender pay gap dropped 1.6 percentage points in FY24, outperforming the national decrease of 0.2 points. While 57% of mining companies improved their pay gap, the sector's 19.8% pay gap still exceeds the national average of 12.1%. More work to be done: Australian Mining

🏦 FIN

• HSBC, Standard Chartered, and Bank of China are among the first to tap into Hong Kong’s $13.8bn yuan trade-financing facility. The scheme, aimed at boosting Hong Kong as an offshore yuan hub, will help businesses access cheaper, longer-term financing. Early feedback is positive, with banks already using the facility to support corporate clients' needs: SCMP

• Colonial First State is looking to boost its $28bn investment in US assets, as Aussie super funds eye more offshore opportunities. CEO Kelly Power says it’s an “open door” in the US, with plenty of investment opportunities on the table: Bloomberg

🏡 RETAIL & REAL ESTATE

• Coles has lost a hefty $400m in sales to rivals like Chemist Warehouse, Amazon, and Bunnings in the health and home categories. As online and non-grocery players eat into its market share, Coles is planning a comeback with a revamped strategy, focusing on bulk sales and better pricing to take on the competition: The Australian

• Housing crisis hits productivity, says Aussie Super CEO. Paul Schroder calls on governments to "build, baby, build" to address the housing affordability crisis, which he says is stagnating productivity. With homes now costing up to 9x a family's income, Shroder warns against over-investment in housing. Instead he urges the government to allow more development to boost living standards: AFR

📱 TECH

• TikTok and Meta are furious over Australia’s decision to exclude YouTube from its tough new digital crackdown. TikTok slammed the move as a “sweetheart deal”, calling it anti-competitive and illogical. Looks like a showdown is brewing over one of the world’s toughest social media laws: Bloomberg 

• Bezos edges ahead on Musk. Amazon’s Kuiper network is poised to beat Elon Musk’s Starlink in the race to provide satellite internet to rural Australia. NBN Co looks to replace its aging Sky Muster service with Amazon’s low Earth orbit satellites by 2026. But the deal’s still waiting for final approval—so it might be delayed until after the federal election: AFR

• London fintech Apis Partners is soaking up the Sydney sun while eyeing growth companies in Australia. With $2.3bn in assets, they’re making moves in fintech and ESG-friendly investments. Co-managing directors Matteo Stefanel and Udayan Goyal are in the advanced stages of deals and gearing up for a third fund, but no word yet on whether they're raising: AFR

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