Lauren is a Senior Business Writer who has covered the financial markets for over 15 years. Her journalism and presenting experience includes the Finance News Network and Kalkine TV. She has also worked for J.P. Morgan, JBWere, CBA and Westpac.

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Coles faced the Australian Competition &amp; Consumer Commission (ACCC) on Thursday (Wednesday GMT) as part of the regulator's Supermarkets inquiry hearings.



In November, the ACCC commenced its live streamed hearings involving senior executives of Aldi, Metcash, Woolworths and various supplier representatives, with Coles the last in the line-up.



So far in focus, chief executive Leah Weckert has answered questions around store pricing in regional and remote locations, saying the supermarket operates a "state-wide pricing" model in more than 300 of its regional supermarkets and prices are the same regardless if a customer shops in rural Victoria or Melbourne.



However, in remote locations the supermarket giant said it does charge a "freight premium" leaving shoppers to pay more for the same product than in metro areas.



When asked about the company’s sales revenues lifting 4.3% in 2024 despite the cost-of-living pressures faced by its customers, Weckert responded that in challenging environments and raising costs “We need businesses like Coles to be profitable for the long-term.”

Counsel Naomi Sharp SC

has raised concerns of the supermarket’s improved margins after its suppliers said they are grapplin

Coles price-checked in ACCC hearing, claims no oligopoly

UPDATED:

MinRes Chair James McClements tried to placate shareholders at the embattled company’s AGM, after defending the board’s decision to allow founder Chris Ellison to remain on as chief executive, despite tax scandal findings and governance issues.



“A sudden departure was not considered in the best interest of the company,” McClements said. He also confirmed succession planning for the top job had “been under way for some time” and aims to be completed within the next 12-18 months.

The Chair acknowledged that the Board took full responsibility for the governance failures that impacted the miner’s share price and assured investors Ellison had repaid all funds owed to the company.

“From time to time, Chris lacked judgement and used Company resources for personal matters” McClements said. “The subsequent personal tax implications, where Chris lacked the judgment and integrity that we would expect of our Managing Director. This resulted in a range of financial penalties that we felt were appropriate and warranted in the circumstances.”

McClements also told shareholders the mining company had established an independent Ethics and Governance Committee with a renewed focus on compliance.



Chris Ellison addre

Mineral Resources comes under fire at AGM in Perth

Lithium producers Sayona Mining and Piedmont Lithium are merging in an all-stock deal to create the largest North American hard rock lithium producer.

The deal worth A$931 million (US$623 million) is expected to consolidate both companies’ Canadian operations with geographically advantaged spodumene resources of global scale.

The merger comes with both companies undertaking $40 million placements, with potential for a further $22.5 million raising once the deal is closed, giving the merged company a market cap of $931 million and $149 million in cash.

The transaction will see Sayona Mining as the parent entity of MergeCo and will continue to be domiciled in Australia, with both an ASX and Nasdaq listing.



Sayona’s chief executive Lucas Dow said: “This merger marks a transformative step for Sayona and Piedmont, creating a leading North American lithium producer with the scale and capabilities to meet the growing demand for lithium products.”



“We believe our combined resources and expertise will enable us to deliver significant value to our shareholders and stakeholders. We are excited about the opportunities this merger presents to accelerate our growth plans and enhance our strategic flexibility.”

Piedmont

Sayona Mining, Piedmont Lithium set for $900m merger

SpaceX launched its sixth Starship test flight on Tuesday (Wednesday AEDT) from Texas, as U.S. President-elect Donald Trump watched on in person alongside Elon Musk.



Starship marks the biggest rocket ever built at 120-metres-tall and can carry up to 100 people. The launch was hoping to see the catch-landing be "faster/harder” Musk said.



It was a no-go for the catch however, after SpaceX said it will not be attempting to catch the Super Heavy booster with the launch tower chopsticks.

“The safety of the teams and the public and the pad itself are paramount, so we’re accepting no compromises in those areas,” SpaceX said on X.

The launch was streamed live on the company’s website and on Musk’s social media platform X, which showed the Super Heavy surprisingly splashdown in the Gulf of Mexico. 



SpaceX plans to establish a permanent human colony on Mars by 2050 and will use its rockets to ferry crew and cargo across the solar system.



Tuesday’s rocket was uncrewed and is the world’s most powerful launch vehicle ever developed, capable of carrying up to 150 metric tonnes fully reusable and 250 metric tonnes expendable.

Trump, Musk witness SpaceX's latest Starship launch

Bunnings Group has breached Australians’ privacy by collecting hundreds of thousands of individuals personal and sensitive information without consent, the Australian government found.

The leading home improvement retailer operated CCTV facial recognition technology in at least 62 stores in Victoria and New South Wales over three years. The company failed to notify its customers that their personal information was being collected in its privacy policy between November 2018 and November 2021.



Privacy Commissioner Carly Kind said in a statement: “Facial recognition technology, and the surveillance it enables, has emerged as one of the most ethically challenging new technologies in recent years.”



“In this instance, deploying facial recognition technology was the most intrusive option, disproportionately interfering with the privacy of everyone who entered its stores, not just high-risk individuals,” said Commissioner Kind.

Bunnings said it was using individuals’ facial images for its database by helping to identify individuals that pose a risk in its stores, either from past criminal incidents or violent behaviour.



The Wesfarmers-owned retailer has since paused its use of facial recognition technology durin

Bunnings found using facial recognition without consent

Low-fare carrier Spirit Airlines filed for bankruptcy protection in New York on Monday (Tuesday AEDT) amid ballooning debt, a blocked merger with JetBlue and growing demand for premium travel services.



The budget airline has lost US$2.2 billion (A$3.38 billion) in five years and not reported an annual profit since 2019, as the company struggled to pivot following a federal judge blocking its planned $3.8 billion merger with JetBlue Airways in January. 



This marks the first time in over a decade that a major U.S. airline has filed for Chapter 11, however, the company has received commitments for a $350 million equity investment from existing bondholders, along with $300 million in debtor-in-possession financing, which Spirit said will support it through the bankruptcy process.



But the no-frills business model has come into question after budget airlines grapple to sustain profitability as consumers show a greater willingness to splurge on travel, driving demand for premium cabins and more high-quality travel options.



During the summer travel period, Spirit bet on premium travel in a bid to turn the business around with the airline aiming to expand outside its traditional no-frills business model to chase

Bumpy ride ahead for Spirit as travellers go premium

Australia’s mining giants faced push back last week after traditional landowners in the West Pilbara region demanded the government limit the amount of groundwater extracted there.



Rio Tinto said the company may need to build a second desalination plant worth A$400 million (US$260 million) to reduce its draw on groundwater for its Pilbara iron ore operations.



The Yindjibarndi Aboriginal Corporation requested the Western Australian Environment Protection Authority restrict groundwater extraction in the West Pilbara to four billion litres a year, an objection to WA’s state-owned Water Corporation which is currently licensed to take nine billion litres per year from the Millstream aquifer.



The Millstream aquifer supplies towns and industrial customers across the West Pilbara region including the iron ore mines of the West Pilbara to the gas manufacturers on the Burrup

Peninsula.

Yindjibarndi chief executive Michael Woodley said the extraction rates proposed by Water Corporation were unrealistic and would threaten environmental and cultural heritage features in the West Pilbara.

“Everything starts from Millstream,” he said of the aquifer’s role in carving sacred sites and Yindjibarndi cultural heritage. T

Rio Tinto could foot a hefty water bill in West Pilbara

Rural services group Elders is set to acquire private rival Delta Agribusiness following the company entering a trading halt on Monday (Sunday GMT) to help fund the deal with an institutional equity raising.



Australia’s largest agribusiness said the bid is worth A$475 million (US$308 million) and will

fill key geographical gaps in retail markets across Australia by

enhancing the company’s offerings in ag tech and precision agriculture.



The deal includes $190 million new shares for Delta shareholders, totalling 10.5% ownership of Elders; a capital raise of $246 million at $7.85 per share - representing a 9.2% discount to the last closing of trade of $8.65 per share; and a new $110 million loan facility.

Delta is known for its rural products and advisory services and generated $835 million in revenue last year. The company

has a network of 68 locations and 40 independent wholesaler customers with its offerings ranging from fertilisers to seeds and its 4 Season animal health brand.



Elders claims the deal is expected to generate annual net EBITDA synergies of approximately $12 million, predominantly achieved through proven backward integration.



Chief Executive Mark Allison said: “The acquisition

Elders taps private rival Delta Agribusiness in $475m bid

An Israeli air strike in central Beirut killed the Hezbollah militant group’s chief spokesman on Sunday (Monday AEDT) according to The Associated Press.



Mohammed Afif al-Naboulsi was killed at the Arab socialist Baath party’s office in Beirut, Hezbollah confirmed in a statement.

Israel’s military calls him Hezbollah’s chief propagandist and spokesperson and “wielded significant influence over Hezbollah’s military operations,” the IDF said in a statement, after joining Hezbollah in the 1980s.



The attack marked the latest

targeted killing of a senior Hezbollah official and triggered

European diplomats to push to revisit previously agreed language on the topic of global conflicts at this week’s G20 Summit in Brazil.



The strike occurred near a busy intersection, killing four people and wounding 14 others including two children, Lebanon’s Health Ministry said, with no Israeli evacuation warning given beforehand.



Meanwhile, the

Health Ministry confirmed another air strike in central Beirut on Sunday hit a computer shop, killing two people and wounding 22 others.



More than 3,400 people have been killed

in Lebanon, according to the Health Ministry, and over 1.2 million people have been dis

Israeli air strike in Beirut kills Hezbollah’s spokesman

Rio de Janeiro will host the 2024 Group of 20 major economies (G20) summit kicking off this week, as Heads of state arrived in Rio on Sunday (Monday AEDT), set to address issues from climate change to global conflicts.



Following the United Nation’s

COP29 in Baku, Azerbaijan last week where around 100

world leaders

reached a stalemate

with

agreeing a goal

to mobilise hundreds of billions of dollars for climate finance, U.N. officials have appealed to G20 leaders to break the standoff.



G20 countries account for 85% of the world's economy and are the largest contributors to multilateral development banks helping to steer climate finance, while contributing more than three-quarters of greenhouse gas emissions worldwide.

U.N. Secretary General Antonio Guterres posted on X: “The #G20 must lead by example. This is fundamental to trust, credibility, and legitimacy of every government and our global system in these turbulent times.

“We need to seize every opportunity to lead transformative action for a safer, more peaceful and sustainable world.”

The G20 Summit gives heads of state and government opportunities to deal with global challenges, with the event scheduled for November 18 and 19, including

G20 in Rio to tackle climate change, global conflicts

Lauren is a Senior Business Writer who has covered the financial markets for over 15 years. Her journalism and presenting experience includes the Finance News Network and Kalkine TV. She has also worked for J.P. Morgan, JBWere, CBA and Westpac. | Azzet™