Email
Under-fire corporate veteran Richard Goyder has survived as chair of Woodside Energy as the energy company said it wouldn’t walk back climate commitments like others.
To view this email as a web page, go here.
The Australian
 

Good afternoon,

Corporate veteran Richard Goyder has survived as chair of Woodside Energy, despite receiving a higher-than-normal vote against his reappointment after being targeted by activists and a proxy adviser.

Meanwhile, build-to-rent property is all the rage at present, but don't expect it to solve the current crisis, a new report by Savills says.

And there's more bad news for borrowers after accelerating inflation in the first three months of the year prompted economists to revise their prediction for rate cuts.

The Australian sharemarket gave up its early gains after the stronger-than-expected inflation data , which boosted the Aussie dollar. At close of trading on Wednesday the benchmark ASX 200 was just half a point in the red at 7683.0 points, while the broader All Ordinaries index was also a fraction softer at 7937.5 points

Perry Williams
Business editor

The Markets

image

The Big Read

Qenos owner ChemChina was talking to property developers at least nine months ahead of the sale of the Australian chemicals maker, it has emerged.

And administrator McGrathNicol this week confirmed to Qenos employees the total closure of its operations was the most likely outcome for the plastics manufacturer.

Documents circulated to creditors this week suggest that ChemChina was as far back as July 2023 negotiating a deal that would almost certainly result in the company’s closure but kept its plans secret from the company’s customers and workers. The Victorian government has said it was not asked for assistance by Qenos before it entered administration.

Nick Evans

Read more

GOVERNANCE
Goyder ‘never more excited’ to be re-elected at Woodside
Under-fire corporate veteran Richard Goyder has survived as chair of Woodside Energy as the energy company said it wouldn’t walk back climate commitments like others.
PAUL GARVEY
INQUIRY
Ousted Star boss: ‘They called me arrogant and slow’
Ousted Star Entertainment chief Robbie Cooke departed after he was accused by the regulator of ‘being arrogant, not listening and too slow’.
By GLEN NORRIS
ECONOMICS
Westpac pushes back rate cuts after inflation shock
Economists say households will have to until potentially 2025 for any rate relief as insurance, education and rents rise at the fastest pace in more than a decade.
By MATT BELL
RETAIL
Nick Scali’s much-awaited UK push begins
Nick Scali boss Anthony Scali is about to snare a long-time dream of making a move into Britain with the purchase of UK’s Fabb Furniture.
By ELI GREENBLAT
EXCLUSIVE
Build-to-rent price premium ‘threatens affordability’
The rapidly growing build-to-rent sector won’t fully address the housing crisis as putting affordable units into towers may not stack up, a report says.
By MACKENZIE SCOTT
COMMENTARY
From sheep farm to start-up success: a true Australian story
The remarkably Australian tale of how millions made in regional property development is allowing Melbourne real estate mogul Mark Casey to fund his ambitious fintech.
By ROBERT GOTTLIEBSEN
RETAIL
Kogan shares collapse on softer trading
Investor panic has hit Kogan.com shares after the online retailer revealed weaker than expected sales and margins over the third quarter.
By ELI GREENBLAT
FINANCIAL SERVICES
Australian Retirement Trust joins the London push
The $280bn super fund Australian Retirement Trust has opened an office in London as it pursues infrastructure and private markets opportunities.
By CLIONA O’DOWD
COMING SOON
Rooftop bar with a view on offer at new over-60s site
A developer who picked up a $17m harbourside block in Sydney is planning to turn it into high-rise apartments for seniors, complete with wellness centre and rooftop cocktails.
By JOSEPH LAM
STOCKHEAD
As global tension rises, so will HCL: Sequoia
ASX defence stock HighCom has copped some flak lately, but in a world wracked with conflict, it is ready fight back strongly, says Sequoia.
By EDDY SUNARTO