Business

Journalists at The Guardian and The Observer have voted to strike for two days due to Tortoise Media’s bid to buy The Observer. The Observer is owned by Guardian Media Group, The Guardian’s parent company. Tortoise began talks to acquire The Observer in September. Tortoise, a “slow journalism” news startup, has said it “plans to invest over £25 million in the editorial and commercial renewal of the world’s oldest Sunday newspaper”. The Observer was projected to post losses within three years. “We have a consortium of investors who can bring not just capital but a commitment for the long term and editorial independence,” said Tortoise founder James Harding. According to Harding, Tortoise hopes to add around a dozen new staff, retain existing staff contracts, and increase the commissioning budget. The Observer’s print edition would continue, while its digital content would leave The Guardian and be put behind a paywall. The strike is scheduled for December 4 and 5. “We believe the transfer is a betrayal of the Scott Trust’s commitment to The Observer as part of the Guardian News and Media family,” the National Union of Journalists motion said. “The trust should protect a vital element of the UK and internationa

Sony is aiming to acquire Japanese media company Kadokawa, Kadokawa confirmed today. Kadokawa is the parent company of FromSoftware, the developer of award-winning video games Elden Ring, Dark Souls, and Armored Core. The company also produces manga and anime. “There are some articles on the acquisition of Kadokawa Corporation by Sony Group Inc.,” Kadokawa said today. “The Company has received an initial letter of intent to acquire the Company’s shares, but no decision has been made at this time.” Sony hopes to reach a deal in the coming weeks, according to Reuters. Sony already owns a 2% stake in Kadokawa, and purchased a 14% stake in FromSoftware in 2022. FromSoftware games Demon's Souls and Bloodborne were released exclusively on Sony Playstation. Kadokawa is a prominent manga publisher, and acquired animation studio Doga Kobo in July. Sony is a major anime distributor, having bought anime streaming service Crunchyroll in 2021. Kadokawa also owns Niconico, which ranks among the largest Japanese video-sharing websites at 89 million active members, as of June. Niconico and Kadokawa were targeted by hackers in June, leading to a temporary shutdown of the platform. Kadokawa’s (TYO: 9468) share price stoo

Coles faced the Australian Competition & 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

Walmart and Target, two of the largest big-box retailers, showcased diverging fortunes in their latest earnings reports, highlighting contrasting consumer spending trends and strategic execution. Target’s Challenges Target’s stock plummeted 22% to a 52-week low following its largest earnings miss in two years and a reduction in its full-year forecast. The company cited higher costs due to inventory adjustments following the October port strike and declining demand for discretionary items. CEO Brian Cornell described cautious U.S. consumers navigating years of inflation and prioritising deals, noting a “deceleration in discretionary demand”. Target’s same-store sales edged up just 0.3% year-over-year, and online sales increased by nearly 11%, both lagging behind rivals. Walmart’s Strengths In contrast, Walmart hit record highs after the company reported robust growth and raised its full-year forecast. Its same-store sales rose 5.3%, driven by gains in both grocery and discretionary categories, while global e-commerce sales surged 27%. Walmart also noted an increase in higher-income shoppers and improving demand beyond essentials. Customer traffic grew by 3.1% at Walmart, outpacing Target’s 2.4%.