☕️ Leadership fail
Rugby Australia serves up a case study of a corporate governance debacle
Eddie Jones has resigned as Wallabies coach just days after insisting he was committed to the team following a disastrous performance at the Rugby World Cup.
The Jones appointment/circus/resignation should be taught in business schools as an example of a failure of corporate governance and what boards should not do to improve struggling organisations.
Meanwhile, if you are looking for examples of an Australian coach doing things well, they do exist.
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Market News: ResMed has become a popular short on the ASX due to concerns the rise of weight loss drugs such as Ozempic and Wegovy could reduce demand for its sleep aponea treatments. On an earnings call on Friday morning CEO Mick Farrell addressed this issue, the company had tracked thousands of customers on these weight loss drugs and determined there was “really no change” in how they are using its products. The share price reaction suggests the market still has its doubts.
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THE QUICK SYNC
Taylor Swift is now a billionaire off the back of the Eras tour. (Bloomberg)
Financial markets are facing a higher chance of extreme events, El-Erian warns. (Marketwatch | Project Syndicate)
Ansarada’s CEO on the AI-powered data room and the future of the deal. (Capital Brief)
The Bank of Japan meets later this week - here’s what you need to know. (CNBC)
The billion-dollar ‘de-extinction’ company trying to revive the wooly mammoth and Tasmanian tiger. (Capital Brief)
Regal Partners investor, Phil King, is in advanced talks to acquire PM Capital, valuing the business at around $140m (AFR)
Southern Cross Austereo is now being advised by UBS instead of Grant Samuel as it weighs up ARN Media’s takeover offer (AFR)
Whitehaven Coal's $5bn acquisition of two coking coal mines is projected to increase earnings per share by 93% by 2025, as per Citi brokers. (AFR)
Local Residential, supported by Macquarie Bank, bolsters its portfolio with the acquisition of Golden Age's $360m Box Hill apartment project. (SMH)
Market reaction hints at the demise of Solomon Lew's Premier Investments break-up. (The Australian)
Sara Lee attracts big buyers, BGH Capital eyes food brand consolidation. (The Australian)
Aussie Broadband now ranks as Australia's fourth-largest broadband service provider, with over 731,000 connections and ambitious plans for the future. (AFR)
Harvey Norman's Q1 sales and profits dip as consumer spending slows down. (Capital Brief)
AGL was fined almost $800,000 for 'best offer' miscalculations in Victorian energy bills, in addition to a prior multi-million dollar penalty. (Capital Brief)
Coronado Global Resources shares were up as sales rose despite a production drop. (Capital Brief)