G’day.

Welcome to Point Blank – Happy Tuesday!

Here’s what you need to know. Enjoy β˜•οΈ

πŸ’Ό Practice Points

  • ASIC is tightening the screws on the super sector, demanding better practices like dropping high-pressure switching tactics. Though it’s not all wins for ASIC - after losing a court case to REST over misleading consumer claims, they now find themselves responsible for 80% of REST’s legal costs.

  • With the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 now in effect, it’s time to take stock. The revamped multi-enterprise bargaining rules and fresh requirements for flexible work and parental leave are poised to shake up workplace dynamics, and more reforms are on the horizon.

  • You’d think the rules around affidavits would be settled by now? Think again. The Federal Court in Kane’s Hire raised concerns about recording conversations in direct speech when witnesses can only recall the gist, a sentiment backed up by Gan v Xie and Chu v Lin. But then along comes Wild v Meduri, which said you can absolutely express gist recollections in direct speech without misrepresenting verbatim accounts.

πŸ“’ Talking Points

  • Ever wonder what’s going on in Moldova? Probably not. But in case you do want to know, Maia Sandu, the pro-EU president, just snagged a second term, all while fending off serious allegations of Russian meddling trying to tip the scales. Her victory signals that Moldova is firmly looking westward, opting for Europe over Moscow.

  • It's that time of year. With Kmart dusting off its Christmas collection, Accenture predicts Aussies will increase festive spending to $819 this season, with purchasing decisions and gift ideas largely driven by AI over traditional search engines.

  • The US election is neck and neck, with both candidates frantically heading to the crucial swing state of Pennsylvania to make their final case to voters. A fresh final campaign poll putsΒ HarrisΒ with a 4-point edge, as the VP capitalises on a comedian’s ill-timed β€œjoke” that Puerto Rico is a β€œfloating pile of garbage”. As the camping trail draws to an end, the 2.4 metre-high fencing goes up around the White House, Capital and VP residence with the National Guard on imminent stand-by in 20 states.

  • Imagine strolling into work, coffee in hand, only to find the AFP rifling through documents and computers. That was the scene at PwC's Sydney headquarters when the AFP raided the Big 4 giant over its infamous tax leaks scandal. Sources say the investigation is now honing in on four former partners.

🏦 The Treasury

  • RBA will almost certainly hold rates at this week’s meeting, but their reasoning will be key. We’ll keep you covered. πŸ‘€

ASX as at market close. Commodities and crypto in US dollars.

🀝 Deal Room

  • Anglo American offloads a $1.6bn stake in a coal mine to Zashvin as CEO Duncan Wanblad feels the heat to validate his streamlining strategy, which is predominantly focused on copper and iron ore after rebuffing BHP’s takeover offer.

  • The market suspects that Ellison’s farewell tour will feature a handover of his empire’s prized assets with talks of a takeover or split-up of MinRes before his departure. While some speculate another Gina sale, others are betting on Glencore.

  • TPG’s fibre sale may have cut debt, but with its share price continuing to slide, investors fear it's now relegated to the sidelines, fading from the spotlight.

🧠 Word Guess

  • Document revealing the law, perhaps in code (7) - Answer: Statute

Debating an explanation? Hit reply, and we’ll adjudicate ☝️

πŸ— Sector Specific

Diggers

  • After facing criticism for sitting on their hands, the MinRes board finally took action against Ellison. But the move backfired spectacularlyβ€”shares plummeted 9.6% yesterday, with some investors grumbling that the board overcooked their response. The news wiped as much as $800m off the company’s market value – ouch.

  • As Equinor constructs the largest US port for offshore wind, theΒ upcoming election casts a shadow: a Harris win could propel the renewables industry, while aΒ Trump victoryβ€”who vows to halt offshore projectsβ€”could be aΒ big setback.

  • Westgold Resources’ shares rallied after the ASX miner reported β€œhighly encouraging” results from a drilling campaign at its Bluebird-South Junction mining complex in Meekatharra, Western Australia.

Tech

  • Say goodbye to GP waiting rooms. Helfie, a billion-dollar Aussie startup, claims its app can diagnose up to 20 health conditions with just a smartphone, aiming to cover 90% of all human health conditions in the next few years. Currently in trials, the app will retail for around 25c per health check, making it accessible to billions.

  • Gold Coast rocket company Gilmour Space has secured the regulatory green light to launch its Australian-made rocket into orbit. With high hopes for low-cost approach to space travel, they’re just a few steps away from making space accessibleβ€”at least for more than just Musk and Bezos.

  • 7 French families are suing TikTok, claiming the platform's algorithm directed their teenage children to harmful content, contributing to two suicides.

Retail & Real Estate

  • The house party stable Domino’s has announced that Don Meij will step down as global leader of the chain. Mr Meij retires from the group after nearly 40 years (22 of those as CEO) at Domino’s, including his time as a delivery driver in Redcliffe, Queensland. Mark van Dyck will take the reins effective Wednesday, with a 12-month transition period in place.

  • Investment fund managerΒ PerpetualΒ has nearly halved its stake in embattled casino group Star Entertainment at $0.20 a share for $27m, which takes them off the conglomerate’s substantial shareholders list.

🏘️ Word on the Street

  • They say good things take time, but, it’s now taking an average of 64 weeks for criminal matters to get to trial in WA’s District Court. This delay is driven by a shortage of experienced defence lawyers and more complex cases. Maybe it’s time to channel your inner Law & Order and consider a career in criminal law.

  • JWS appoints partner and special counsel for their expanding employment team. Alexis Agostino will join JWS’ Perth office as its newest partner, while Charlotte Fenton will join its Brisbane team. The pair made the switch from Corrs where they were both SAs.

  • Justice Michael Ball joins the NSW Court of Appeal. His Honour has served as a judge of the Supreme Court since 2014 on its Commercial, Technology, and Construction Lists. Prior to joining the judiciary, Ball J served as a partner at what is now Allens, with 27 years at the Big 6 law firm.

Have a practice point, new deal or something to share? Hit reply to reach out. ☝️

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