Yesterday
Bapcor shuts big warehouses for two weeks to stop inventory blowout
The owner of Autobarn, Burson and Autopro has told car parts suppliers it won’t be taking any deliveries in late June at three large distribution centres in Victoria, Queensland and WA.
Elders plunges to worst result in 10 years on wayward BOM forecast
Farmers sold livestock and cut orders for farm chemicals based on the weather bureau’s prediction of an El Nino hot and dry period, which did not eventuate.
This Month
Sanjeev Gupta’s InfraBuild accuses Chinese rivals of bending rules
The British industrialist’s Australian steel business wants regulators to curb Chinese suppliers of steel mesh used here in residential concrete foundations.
Incitec Pivot blames gas prices for $498m fertiliser write-down
But the company said it could double returns if it sold those struggling operations to Indonesia’s PT Pupuk Kalimantan Timur and focused only on explosives.
CEOs to Labor: inflation still needs to be tamed
Measures to lift housing supply are being partly applauded, but a heavier push on curbing inflation seems to be missing in a two-speed economy.
Gupta’s $500m Whyalla steelworks upgrade delayed by two years
A plan to produce green steel will now be pushed out until 2027, the company said. It is already grappling with issues that have shut down the furnace.
Aluminium losses hit CSR ahead of Saint-Gobain $4.3b buyout
Shareholders will vote next month on the bid from Saint-Gobain, which must wrestle with a loss-making aluminium business hit hard by high energy costs.
Tesla buyers using tax breaks bring spike in EV leasing
FleetPartners shares have climbed 48 per cent in six months and the CEO said 63 per cent of its novated lease customers in March bought an EV, taking advantage of a $3000 tax break.
McKinsey program leaves Bapcor in a hole
Instead of delivering the $100 million in extra profits promised, the strategy overhaul has left the automotive giant in disarray and profits sliding.
Shares smashed as optimistic shoppers prove no match for retail weakness
JB Hi-Fi and Baby Bunting were among stocks to slide amid disappointing earnings. But new Barrenjoey analysis suggests that the worst may have passed.
Whyalla steelworkers cop 30pc pay cut as furnace damage worsens
The major plant, owned by Sanjeev Gupta’s GFG Alliance, has not been producing for months. South Australian officials are seeking an “independent assessment”.
AusVintage turmoil may strengthen Accolade’s hand: Allan Gray
The boss of Allan Gray, with a 17pc stake in Australian Vintage, is concerned larger player Accolade Wines may seize on management upheaval to drive a harder bargain.
THL in $200m wipeout as grey nomads stop buying campervans
The operator of Britz and Maui brands said it was also expecting to impair its businesses overseas, and was surprised by how quickly sales had dried up.
Sanjeev Gupta calls in rival to help Whyalla steelworks strife
Steel traders say customers of the Whyalla steelworks, which has been offline for almost two months, are ordering supplies from Asia amid uncertainty over a restart date.
McGuigan owner Australian Vintage dumps CEO over ‘conduct’ issues
The ousted CEO of Australian Vintage, Craig Garvin, is ‘considering legal options’, while the chairman says his exit won’t have an impact on merger talks with Accolade.
- Updated
Bapcor shapes as takeover target after share price rout
Macquarie says the Autobarn owner is a target after the 24pc plunge in its share price. It had private equity owners more than a decade ago.
‘I loved’ my old accounting job – surprise confession from opera star
Baritone Teddy Tahu Rhodes is nostalgic about his days working with spreadsheets before he quit the world of finance to fulfil his musical ambitions.
OECD warns sticky inflation means rates higher for longer
The warning came as CEOs deliver upbeat assessment of the economy and financial markets push out expectations for rate cuts to May or June 2025, potentially after the next federal election.
Woolworths faces widening gulf with Coles in sales stakes
Brad Banducci, the departing chief executive of supermarket giant Woolworths, is losing the battle with arch-rival Coles as he prepares to bow out in September.
- Updated
‘Consumers pulling back’: Autobarn owner Bapcor in $500m wipeout
Shares in Bapcor, which runs 1100 stores under the Autobarn, Autopro and Burson banners, tumbled as much as 35 per cent after a hefty profit downgrade.
