May 30, 2023 12.01am The ACTU wants the Albanese governments upcoming same job, same pay laws to target major companies such as CIMIC, Qube, BHP and Qantas for using labour hire-like structures to push down pay. The union peak body named the construction, stevedore, mining and airline giants in research released on Tuesday that found…
Normal text sizeLarger text sizeVery large text size AMP says it will dissolve its Australian wealth management business structure by the end of the year as part of a broader restructure that will lead to a thinning out of the companys executive ranks. The head of the Australian wealth management unit, Scott Hartley, will exit…
Normal text sizeLarger text sizeVery large text size AMP says it will dissolve its Australian wealth management business by the end of the year as part of a broader restructure that will lead to a thinning out of the companys executive ranks. The head of the Australian wealth management unit, Scott Hartley, will exit as…
Restructuring appointments are surging compared to 2022 levels, data from Australias corporate regulator shows; one accountant describes being overwhelmed by rising interest among struggling SMEs. Data from the Australian Securities and Investment Commission, released last week, shows 341 restructuring practitioner appointments were made in the 2022-23 financial year to May 7. Even though the full…
Andrii Yalanskyi In my last article, I valued 3M (NYSE:MMM) shares at $99 and recommended staying away till we have more details on the risks regarding the litigations. Since then, the stock price has declined below my target valuation. Seeking Alpha Since that article, the company has released Q1 2023 earnings and announced restructuring ahead…
UK-based AI drug discovery company BenevolentAI has announced to lay off about 180 employees as part of a restructuring plan that resulted from a strategic review, while CFO (Chief Financial Officer) Nicholas Keher has resigned. According to BusinessCloud, the company will streamline and reorganise operations across two business units — the Tech Business Unit and…
Last week, beleaguered industrial conglomerate 3M (MMM -0.11%) dismissed recently installed Group President and Chief Business and Country Officer Michael Vale due to “inappropriate personal conduct and violation of company policy.” Vale was arguably the second-most-important executive at the company, but does his departure significantly impact the investment case for the company? Who is Michael…
May 26, 2023 5.25pm Employers have warned the Albanese government not to legislate against a potential High Court ruling in favour of Qantas decision to outsource 1600 workers, arguing the law as it stands effectively stops companies restructuring to avoid collective bargaining. The Australian Chamber of Commerce and Industrys submission to a government consultation paper…
In this weeks TGIF, we consider the Court of Appeals decision in Anchorage Capital Master Offshore Ltd v Sparkes [2023] NSWCA 88 and the challenges faced by lenders in accepting representations as to solvency and the financial position of borrowers. Key takeaways It is increasingly difficult to satisfy courts that a company is insolvent because…
May 25 (Reuters) – Cineworld (CINE.L) expects to emerge from Chapter 11 bankruptcy protection in July, the British cinema chain operator said on Thursday, adding that its proposed debt restructuring has the backing of most of its lenders. The world’s second largest movie theatre chain operator after AMC Entertainment (AMC.N) filed for U.S. bankruptcy protection…