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From supplying dresses to its department stores as a teenager to becoming the largest shareholder of the company almost 60 years later, Solomon Lew’s relationship with Australian retailing icon Myer has swing back and forth over the decades. In between, the veteran of Australia’s retailing industry has gone from chairing board meetings to being ejected as a director and sniping from the sidelines as a disaffected shareholder calling for better performance from the 124-year-old chain. On 23 January Lew, 77, is set to return to the seat of power if shareholders approve a $1.1 billion deal under which his 40%-owned investment company Premier Investments sells apparel brands to Myer Holdings in return for 51.5% shareholding. These new shares, and Premier’s existing 26% Myer stake, will be distributed to Premier shareholders including Lew’s Century Plaza Group, making him the largest direct shareholder with a 26.8% stake and also a seat on the Myer Board. “The combination of the Apparel Brands business with Myer is an opportunity for us all to play an important role in the future of the Australian and New Zealand retail landscape,” Lew told the Premier Investments annual meeting in December. “The combination of Myer
The billionaire chairman of Harvey Norman Gerry Harvey is proposing a government inquiry into the operations of ultra-cheap retailers Shein and Temu. As well as accusing the two Chinese online discount stores of frequently selling unbranded merchandise from unknown manufacturers of dubious quality, Harvey claims Shein and Temu are “pariahs” that are killing off local businesses. “There should be a government inquiry into it as to what ramifications are there and whether they should or shouldn’t do something about it,” said Harvey who has amassed as estimated fortune of $3.39 billion from his electrical good and furniture chain. “It’s a real worry, do you let it just go or not, I think it’s worth an investigation.” In addition to the pressure local businesses were already facing from U.S. giant retail Amazon, Harvey said the onslaught of Shein and Temu presented a very difficult situation for Australian retailers to combat. Since beginning operations in Australia in 2022 and 2023 respectively, Harvey also claims Shein and Temu offer little benefit to the Australian economy by neither paying tax nor employing Aussies. Harvey warned shoppers that online pictures of heavily discounted products may not accurately repr
One of Australia’s largest telecommunications companies Aussie Broadband has announced that co-founder and Group Managing Director Phillip Britt will step down. Aussie Broadband said Britt would retire as Group Managing Director on 28 February 2025 to become Non-executive Director and Special Technical Adviser to pursue a personal community-focused venture in the Gippsland region where he still lives. Chief Executive Officer Brian Maher, who joined Aussie Broadband in 2019 as Chief Financial Officer and Company Secretary, will be appointed as Group Chief Executive Officer from 1 March 2025. Chair Adrian Fitzpatrick said Britt had been responsible for the rapid growth of Aussie Broadband over the last 20 years from a regional internet service provider to a national telecommunications company with a diversified product and customer base. This included the formation of Wideband Networks in 2003, the merger in 2008 with Westvic Broadband to form Aussie Broadband, the public listing on the ASX in 2020 and the acquisitions of Over the Wire and Symbio in 2022 and 2024. “He has a proven track record of delivering innovative solutions in the telecommunications industry,” Fitzpatrick said in an ASX announcement.
Mining heavyweights Rio Tinto (ASX : RIO) and Glencore are in early-stage discussions about a potential merger, Bloomberg has reported, citing anonymous sources close to the matter. A merger between Rio, the world’s second-largest miner and the Swiss miner would create an entity worth about US$155 billion (A$250 billion), making it the world’s number one miner – overtaking BHP (ASX: BHP), which is worth around US$126 billion. If a merger goes ahead, it may raise a few eyebrows, as Glencore is the largest seller of thermal and the top producer of coking coal in the world. Yet Rio had divested all of its coal assets - exiting in 2018 with the US$2.25 billion sale of Kestrel and marketing its pivot with a US$1bn spend towards a goal of reaching net-zero emissions by 2050. The combined entity would give it exposure to copper that would rival BHP's own vast red metals assets. The Big Aussie had just yesterday finalised a US$2.1 billion acquisition of South American copper projects. BHP also wants to invest up to US$14 billion in Chile - the number 1 copper-producing country in the world - which could increase BHP's total global copper output to 540,000tpa. Recent history suggests the two majors are willing to do big d
UnitedHealth Group's revenues for the fourth quarter and full year of 2024 increased by 8% year-over-year to US$400.3 billion, of which $5.54 billion was profit, driven by an increase in UnitedHealthcare patients and Optum value-based care patients. Adjusted net earnings per share were $27.66, compared to net earnings of $15.51 per share. Operational cash flows totalled $24.2 billion. “The people of UnitedHealth Group remain focused on making high-quality, affordable health care more available to more people while making the health system easier to navigate for patients and providers, positioning us well for growth in 2025,” said Andrew Witty, chief executive officer of UnitedHealth Group. The UnitedHealth Group has set ambitious performance targets for 2025. Revenues are projected between $450 billion and $455 billion, net income is projected between $28.15 and $28.65 per share, and adjusted net income is expected between $29.50 and $30 per share. It expects to generate $32-$33 billion in cash flow from operations this year. UnitedHealth Group's economic outlook remains positive, with the company focusing on making high-quality, affordable healthcare more accessible. However, challenges such as rising medical co
