Harvest Lane’s Luke Cummings on the art of the merger deal

Harvest Lane’s Luke Cummings on the art of the merger deal

But what few seemed to appreciate was the potential upside in the form of a $90.7 million outstanding tax claim – the proceeds of which would be distributed to shareholders if the courts ruled against the Tax Office. An independent valuer had only assessed this to be worth up to 10¢ a share but a…
Goldman Sachs may claw back pay of Blankfein, Solomon over 1MDB affair

Goldman Sachs may claw back pay of Blankfein, Solomon over 1MDB affair

The board set Solomon's total compensation package for 2018 at $US23 million, a $US2 million increase from the prior year. Blankfein's total compensation for 2018 was $US20.5 million. The filing seemed to be aimed, in part, at Blankfein. The board said it would "defer its decision" on some awards for its long-term incentive plan for…
BlackRock’s biggest rivals are tech giants, data is the ‘oil’ of the industry

BlackRock’s biggest rivals are tech giants, data is the ‘oil’ of the industry

"The asset management industry is in its infancy using the true magnitude of these types of capability, but there will be more pressure on us to harvest them more." Rapid advancements in technology – including big data analytics, cognitive computing and digitisation to improve customer experience – is the number one megatrend for the global…
Liberal MPs agitate for climate change action as Julie Bishop lifts temperature

Liberal MPs agitate for climate change action as Julie Bishop lifts temperature

"I don't see a solution to the current impasse but investors need regulatory certainty given the large and long-term investment needed for building energy generating capacity." While there is sympathy for Ms Bishop's view among moderate Liberals, few, if any, believe it is realistic to revisit the NEG, which was used as the trigger to…
Commonwealth Bank to kick off subdued earnings season

Commonwealth Bank to kick off subdued earnings season

The result is unlikely to be straightforward, according to Mr Mott. "This result is likely to be messy given a large number of restatements (discontinued businesses, divisional restructures) and to contain a number of large/lumpy items, including remediation costs, insurance recoveries, indemnity provisions," he said. With the royal commission's focus on responsible lending, the economic…
Stockpiles, relocations, regulations: Britain, EU brace for no-deal Brexit

Stockpiles, relocations, regulations: Britain, EU brace for no-deal Brexit

The Institute of Directors released a survey on Friday showing that one-third of its members expect to shift operations abroad after Brexit – and the proportion is two-thirds among those with an EU-facing export business. Around 16 per cent of the 1200 company directors surveyed have already triggered relocation plans or are close to doing…
Netflix secrecy over its ratings is an unfair advantage, say rivals

Netflix secrecy over its ratings is an unfair advantage, say rivals

"Netflix frankly doesn't have to tell anybody anything about the viewing of any of their stuff because they don't have to," says Tim Hanlon, chief executive of the Chicago-based media advisory and investment firm the Vertere Group. Netflix also faces rising costs associated with content licensed from other studios, and disclosing ratings on popular shows…
Swiss regulator probes UBS Australia’s $1.2b PNG loan

Swiss regulator probes UBS Australia’s $1.2b PNG loan

The Swiss Financial Market Supervisory Authority (FINMA) has confirmed it is "familiar" with the deal and said it is in "in contact with the bank". UBS declined to comment. Legitimacy questioned The renewed interest in the UBS loan followed an investigation last month by Karin Wenger, a journalist with Swiss Public Radio. Paul Barker, director…
Development pullback: 2018 the weakest for apartment approvals in four years

Development pullback: 2018 the weakest for apartment approvals in four years

The country's high-rise apartment supply has already peaked and completions this year will drop by almost one-third to 16,000, JLL said in its latest Residential Apartment Markets reports. "This latest data confirms that tightening credit availability and falling house prices are battering confidence in the residential sector and with the final recommendations of the banking…
Lessons from entrepreneurs that made the Young Rich List

Lessons from entrepreneurs that made the Young Rich List

Being an entrepreneur "needs to be an inherent, autonomous behaviour in many ways," said Mr Pearce. He said a lot of people think becoming an entrepreneur is attractive is because it looks cool, they'll make a lot of money and meet famous people. If this was the motivation for pursuing entrepreneurship, then it was not…

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