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The Australian Business Review
 

Good morning,

Country Road Group staff have openly and loudly jeered the South African boss of the high street fashion chain owner at a crisis staff town hall meeting held this week, when he initially blamed lower level business managers and human resources officers for “failing the system” in not properly escalating up the chain of command claims of sexual harassment and workplace bullying.

Another major Sydney chemicals maker is set to close as the shockwaves from the collapse of Qenos reverberate through the manufacturing sector. Thai chemicals major Indorama told workers and customers it will shutter its Botany manufacturing plant at the end of June as a direct result of the Qenos failure, with the decision likely to cost about 110 jobs.

Business leaders have put a question mark over the need for blanket net zero pledges by corporate Australia, arguing it is not realistic for every company or sector to meet targets seen as central for combating climate change.

Perry Williams
Business editor
The markets


Making news this morning
1
Industry bodies slam financial advice reform bill
A coalition of 12 industry bodies says the proposed reforms on financial advice will lead to poorer outcomes for consumers.
2
Agricultural land dealmaker bites the dust
The high-flyer behind more than $500m of agricultural deals – Sam Mitchell from WealthCheck – has crash landed after his main companies were put into liquidation.
3
Hacked e-script provider MediSecure in administration
The e-script provider, which last month revealed it was the victim of a large-scale data breach, has collapsed into administration.
Editor's picks
MARGIN CALL
Borghetti climbs back in the saddle at the double
Like a hibernating bear at the end of winter, ex-Virgin boss John Borghetti has arisen from slumber to claim the chairmanship of not one but two private multibillion-dollar enterprises.
By CHRISTINE LACY
PROPERTY
Bounce back: fringe offices make city rebound
Billionaire Larry Kestelman’s property investment and development company has snapped up a site in Melbourne’s inner-city and will develop a new top-grade ­office block in the hot precinct.
By BEN WILMOT
LEGAL AFFAIRS
Active Super engaged in ‘greenwashing’, court finds
The Federal Court has found Active Super broke the law by misleading customers in another win in ASIC’s campaign against greenwashing companies.
By ANGELICA SNOWDEN
Commentary
Why the RBA won’t rush to cut rates
By DAVID ROGERS
Markets Editor
Signs of strength in consumer spending or further disappointment on the inflation front could easily put a rate hike back on the table.
GDP pain: why we’re already in a two-year recession
By ANTHONY KEANE
Personal finance writer
By one key measure, Australia is battling through a long-running recession, and new economic numbers suggest it’s getting worse.
Dataroom
Sonic lines up for Healius imaging unit
The $12bn Sonic Healthcare has been talking about further acquisitions for years, but one of its next big Australia deals could be just around the corner.
Hanwha hoping to return to table for Austal
It may seem like it’s all quiet on the Austal front, but South Korean suitor Hanwha is understood to be working behind the scenes for another offer at the Australian listed ship builder.
Brambles around the Loscam hoop
The $3bn sale process for Loscam could be about to take an interesting turn that may see big names in Australian logistics turn up for the auction.