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Company News
Star Entertainment fights for its life as cash runs short
It is particularly apt that as a casino company, Star Entertainment (ASX: SGR) now faces the equivalent of a red or black future on roulette. If it hits black, then the company will be saved and literally 9000 jobs with it. If it hits red, then the once storied company worth billions of dollars faces […]
ACCC blocks Qantas-Alliance tie-up, Star Group reveals low earnings and Irish national to lead flailing EML Payments
The Australian Competition and Consumer Commission (ACCC) has stonewalled Qantas Airways’ (ASX: QAN) proposed acquisition of private charter flight service company Alliance Aviation Services (ASX: AQZ). Qantas scooped up a 19.9% holding in Alliance in February 2019, and in May last year followed up with a bid acquire 100% of the airline for about $614 […]
Star hit with NSW tax hike, BHP and OZ extend exclusivity period and Newcrest Mining CEO retires
Beleaguered The Star Entertainment Group’s (ASX: SGR) shares have continued their downward spiral – plummeting at the start of this week after the New South Wales Government announced plans to raise an extra $364 million in taxes from casino operators over the next three years. The Star chief executive officer Robbie Cooke slammed the move, […]
Rio Tinto advances Turquoise Hill takeover, CSL to gain new boss and Telstra issues apology
Rio Tinto’s (ASX: RIO) share price fell at the start of the week, despite a positive update on its proposed takeover of Canadian miner Turquoise Hill Resources. The mining giant announced it received the required support from Turquoise Hill shareholders for its proposed acquisition of the remaining 49% the Canadian miner’s issued and outstanding common […]
ACCC wins fight against BlueScope, Star Entertainment slapped with fines and Bellevue Gold raises $70m
Australia’s competition watchdog has won its fight against the nation’s biggest steel maker BlueScope Steel (ASX: BSL) over price fixing concerns that date back to around a decade ago. On Friday, Federal Court Justice Michael O’Bryan ruled in favour of the Australian Competition and Consumer Commission (ACCC), which brought civil proceedings against BlueScope and former […]
Coronado ends merger discussions with Peabody, Suncorp flooded with claims and Medibank remains calm despite threat
Queensland-based Coronado Global Resources (ASX: CRN) has ceased merger discussions with global coal giant Peabody Energy Corporation (NYSE: BTU). Both parties jointly agreed to end talks over a deal that was estimated to be worth more than $9 billion. Following the collapse in negotiations, Coronado’s share price tumbled around 5% at the start of the […]
Qantas eyes return to profitability, High Court clears BHP class action and BrainChip receives 10th US patent
Australia’s largest airline Qantas (ASX: QAN) has announced it is expecting a return to profitability after more than two years of losses due to COVID-19. Qantas anticipates an underlying profit before tax of between $1.2 billion and $1.3 billion for the first half of the 2023 financial year. The company said the expected profitability would […]
ESG friendly versus sinful stocks: which ones perform the best?
In a new era in which environmental, social and governance (ESG) considerations have been enshrined in the way fundies pick their shares, the so-called ‘sin’ stocks had been largely discounted as relics of the past. Until Woolworths’ spin-off Endeavour Group (ASX: EDV) came along, that is. By virtue of Endeavour’s sheer size and pure-play focus […]
The ASX companies that live or die with the stroke of a regulatory pen
Deep in any corporate vault lies a piece of paper or two that affirms the right of an enterprise to operate, such as articles of incorporation, a banking or broadcasting licence or a mining permit. Apart from diligent company secretaries, no-one else will give the paperwork a second thought. But when this right to operate […]