The iron ore pivot ⚒️

Privacy law shake-up

October 17, 2024

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New privacy legislation is set to create a statutory tort for serious invasions of privacy in Australia, zeroing in on intentional or reckless actions.
NSW Supreme Court reminds us that the obligation to use “best endeavours” is more onerous than “reasonable endeavours”.
The Court in the recent APM scheme, stressed the need to scrutinise how large rolling shareholders, who keep economic interests after a stub equity transaction, can dominate voting outcomes, suggesting that tagging their votes may be necessary for transparency.
ASIC warns investors to stay vigilant as reports of stolen shares have surged, with fraudsters exploiting compromised identities to transfer shares without their knowledge.

Are left and right-wing brains wired differently? While some suggest there are structural differences, new research shows they’re much smaller than we once believed.
The presidential race is tighter than ever, with Harris and Trump neck and neck in key battleground states—less than 1% apart in 5 out of 7 states. Meanwhile, the Committee for Responsible Federal Budget estimates Trump's plans will add $7.5 trillion to the U.S. deficit over the next decade, while Harris' plans will add $3.5 trillion.
Germany faces its first two-year recession in more than two decades. Deutschland’s official forecasts for the year have been revised from a growth of 0.3% to a contraction of 0.2%.
Is cozzie livs stopping all the fun? Steeping housing prices and inflation are plummeting birth rates across Australia, with the fertility rate at its lowest level since the early days of European settlement.

ASX as at market close. Commodities and crypto in US dollars.

Pel-Air, an air ambulance service operated by Rex, is set to be acquired by Toll Holdings, which is advised by Ashurst.
Pacific Energy Partners is on the lookout for potential buyers of $2bn Zenith Energy, hoping to bring in fresh capital and support the company’s growth.
A recent BCG study found that from 2018 to 2022, the average time from signing to closing for deals over $2bn increased by 11% globally, driven by aggressive regulatory stances in major jurisdictions.

Rio Tinto backs Pilbersek’s nature reforms, calling for a stronger environmental regulator.
Labor and the Coalition are eyeing policies to boost household battery adoption, with Labor considering plans to eliminate upfront costs for consumers.
The Albanese Government opens consultation with industry stakeholders regarding its review of AI and the Australian Consumer Law.

Diggers

Rio Tinto considers an iron ore pivot, as it juggles aging mines, a shift to lower-grade SP10, and the global push for greener steel—potentially reshaping its pricing power for years to come.
Proxy adviser CGI Glass Lewis urges a second strike against Whitehaven Coal's executive pay, calling out the special "one-time transitional award for Whitehaven’s MD worth 50-70% of fixed pay.
A report reveals that nearly 70% of Russia's oil exports evade sanctions via "shadow tankers", undermining efforts by wealthy nations to curb its oil revenue and finance for the war in Ukraine.
‘Mining companies killed our god’: BHP should pay $70bn for destroying a god, survivors of the Brazilian Mariana Dam disaster say

Fin

Morgan Stanley's Q3 profits surged 32% year-on-year, with a 16% revenue jump driven by a 56% spike in investment-banking fees, sending its shares to a record high.

Retail

While the Chinese government lifted tariffs it had on Australian bottled wine in March, Australia continues to struggle to re-enter the Chinese market. Former PM Scott Morrison ignited the trade war with China in 2020 after calling for an inquiry into the origins of COVID-19. Most restrictions have been lifted since the Albanese’s election win.
Qantas, responsible for 17.6 million tonnes of CO2 emissions in 2024—4% of Australia’s total—is accused of misleading customers by charging extra for carbon-neutral flights while lacking a clear decarbonisation plan.
Between 2020 and 2023, the second-largest fashion house in the world, Chanel sales nearly doubled, to around $20bn. There is currently no head designer to take the applause, as fashion designers are coming and going faster than the latest trends. Virginie Viard, Chanel’s creative director since 2019, stepped down this year.

Tech

Amid multiple claims that WiseTech founder Richard White traded sex for business advice and investment promises, WiseTech’s board has recommended he take a leave of absence from the company he has run for over 30 years.
Meta faces lawsuits from US states alleging its Facebook and Instagram platforms are fuelling teen mental health issues.
As US data centre power use is projected to triple by 2030, Google signs the world's first corporate agreement to purchase power from small modular nuclear reactors with Kairos Power.

Pinsent Masons is bolstering its Australian corporate team with the hires of former DLA Piper partner James Stewart and counsel Roger Hawkins.
William + Hughes solicitor may be struck from WA's roll after some questionable courtroom antics, including allegedly acting without instructions and misleading the court.
International law firm Bird & Bird adds 2 new partners from Ashurst and Squire Patton Boggs to level up their disputes and restructuring & insolvency presence in Australia.