
Gβday.
Welcome to Point Blank β Happy Tuesday!
Hereβs what you need to know. Enjoy βοΈ
πΌ Practice Points
ASIC is tightening the screws on the super sector, demanding better practices like dropping high-pressure switching tactics. Though itβs not all wins for ASIC - after losing a court case to REST over misleading consumer claims, they now find themselves responsible for 80% of RESTβs legal costs.
With the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 now in effect, itβs 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.
Youβd think the rules around affidavits would be settled by now? Think again. The Federal Court in Kaneβs 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.
π’ Talking Points
Ever wonder whatβs 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 comedianβs ill-timed βjokeβ that Puerto Rico is a βfloating pile of garbageβ. 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.
π¦ The Treasury
RBA will almost certainly hold rates at this weekβs meeting, but their reasoning will be key. Weβll keep you covered. π

ASX as at market close. Commodities and crypto in US dollars.
π€ 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 BHPβs takeover offer.
The market suspects that Ellisonβs farewell tour will feature a handover of his empireβs 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.
TPGβs 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.
π§ Word Guess
Document revealing the law, perhaps in code (7) - Answer: Statute
Debating an explanation? Hit reply, and weβll adjudicate βοΈ
π Sector Specific
Diggers
After facing criticism for sitting on their hands, the MinRes board finally took action against Ellison. But the move backfired spectacularlyβshares plummeted 9.6% yesterday, with some investors grumbling that the board overcooked their response. The news wiped as much as $800m off the companyβs market value β 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 victoryβwho vows to halt offshore projectsβcould be aΒ big setback.
Westgold Resourcesβ shares rallied after the ASX miner reported βhighly encouragingβ 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, theyβre just a few steps away from making space accessibleβat 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 Dominoβs 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 Dominoβs, 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 conglomerateβs substantial shareholders list.
ποΈ Word on the Street
They say good things take time, but, itβs now taking an average of 64 weeks for criminal matters to get to trial in WAβs District Court. This delay is driven by a shortage of experienced defence lawyers and more complex cases. Maybe itβs 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 JWSβ 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.
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