☕️ Bums on seats
In-person attendance or untimely severance is the latest business ultimatum.
Companies are giving employees an ultimatum: come back to the office or quit.
That’s the hill American tech company Roblox has decided to die on, telling staff it needs them in-person three days a week or it will begin preparing their severance packages.
While perhaps not as dramatic, other big tech companies and banks have made similar moves to get bums on seats. With occupancy rates hovering at 50% in 10 major US cities, there is plenty of space for remaining staff to spread out.
*Stock data as of the market close. Commodities and crypto data in USD.
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Market News: Emerging triumphant from a months-long sale process on Wednesday, Whitehaven will buy the Daunia and Blackwater metallurgical coal mines from BHP, with funding from Jefferies and Bank of America.
In the face of loud opposition from activist shareholder Bell Rock, Whitehaven managing director Paul Flynn said the deal marks the next step in Whitehaven’s long-term strategy to diversify and grow its operations.
With shares soaring 11% on the back of the news, Flynn will take the much-needed momentum into what is shaping up to be a bruising AGM next week.
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THE QUICK SYNC
Joe Biden is touring Israel today as the US looks to further intervene in the crisis. (NYT)
X, formerly known as Twitter, will trial charging users to tweet and has plans to bring in a US$1 annual fee in a bid to ‘stop the bots’. (TechCrunch)
The Chinese government has taken a stake in the domestic operation of Tencent, tightening state control on the tech company. (The Information)
Amazon has begun delivering medications to American customers via drones. (CNBC)
OpenAI has launched real-time internet browsing for ChatGPT. (CNBC)
Higher interest rate fears have pushed bond yields to 2007 highs. (Financial Times)
China’s latest GDP report is strong but housing remains the biggest threat to growth. (Bloomberg)
Origin Energy Chairman Scott Perkins vows to address investor concerns about the undervaluation of the Brookfield takeover bid. (SMH)
Pacific Equity Partners has joined forces with ASX-listed Mirvac Group for the purchase of Serenitas. (AFR)
Alinta Energy is actively seeking buyers for its Alinta Core software platform via MA Moelis. (AFR)
Speculation is diminishing over the sale or demerger of Incitec Pivot's fertiliser unit as the market awaits the company's results. (The Australian)
ARN Media swiftly acquired a 14.8% stake in Southern Cross Austereo in June at $1.08 per share, before its value declined. (AFR)
Ideagen has acquired Melbourne-based health and safety software firm Lucidity Software for an undisclosed sum. (Capital Brief)
Alpine Capital merges Wentworth Securities with RE Capital Advisory, creating a diversified firm. (AFR)
GenesisCare has 31 interested parties vying for the purchase of its U.S. operations. (The Australian)
Punakaiki Fund is looking to sell its majority share in Devoli and has enlisted Bell Potter to facilitate the sale. (AFR)
National Australia Bank is collaborating with Greener to provide its digital sustainability platform to SME customers. (BNA)
Lithium Power International has accepted a takeover offer from Codelco, causing a surge in the Australian explorer's stock. (Capital Brief)
Star Entertainment has completed a $750m equity raise but retail investors weren’t interested. (BNA)
UBS is in talks with fund managers to secure $400m in equity capital alongside Liontown Resources' existing $760m in debt. (AFR)
Aware Super plans to invest around $2bn in small-scale solar and battery projects in collaboration with Birdwood Energy. (AFR)
Lockheed Martin Ventures made a "significant strategic investment" in Arlula. (BNA)
Woolworths Group CEO Brad Banducci is being considered to succeed departing Qantas chairman Richard Goyder. (AFR)
Sara Lee, the cheesecake manufacturer, has called in voluntary administrators due to increased operational expenses and supply chain disruptions. (SMH)
The Bruce Mathieson Group has indicated support for Rod van Onselen's election to the Endeavour board. (AFR)
Credit Corp's stock plummeted by 33% due to anticipated difficulties in U.S. debt collection. (BNA)
Sentinel Real Estate Corporation has received approval for a 300-unit build-to-rent (BTR) project on the Gold Coast. (BNA)
Tyro aims to have its small banking arm contribute 20% of gross profits by 2027. (AFR)
Ticketek Australia faces a $500,000 penalty for sending unsolicited spam messages. (SMH)
Whitehaven Coal management is putting shareholder returns and future income at risk. Vote against Resolutions 1 and 2 at the WHC AGM on October 26.