Victoria’s Napthine government in crisis; Australand in bidding war: Midday Roundup
Wednesday, June 4, 2014/
Victorian opposition leader Daniel Andrews has called on Premier Denis Napthine to hold a joint meeting with the Governor, in order to find a solution to the state’s constitutional crisis.
The turmoil began yesterday when balance-of-power MP Geoff Shaw announced his support for a no confidence motion against the Napthine government, after former speaker Ken Smith said he would cross the floor to pass a Labor motion to remove Shaw from the parliament.
Shaw was last week ordered by the privileges committee to repay $6838 for misusing his parliamentary car and fuel card, but was not found in contempt of the parliament.
A by-election will be held in the seat of Frankston if Shaw is removed from parliament, ahead of the full state election in November.
Australand the centre-point of a bidding war
Singapore-based Frasers Centrepoint has put in a cash counter-offer for property group Australand this morning, putting the previous offer from Stockland into question, reports Fairfax.
The company is offering $4.48 per share for the company, amounting to $2.6 billion, trumping the previous offer from Stockland of $4.35 a share, valued at $2.5 billion.
Australand says it has granted Frasers an exclusive four-week due diligence period.
Shares down on open
The S&P/ASX200 benchmark was down 18.1 points to 5461.6 at 12:00 AEST. Last night the Dow Jones closed down 0.13%, falling 21.29 points to 16,722.34.
CMC Markets chief market analyst Ric Spooner said the markets were firm but reasonable in early trading.
“While iron ore prices rallied marginally yesterday, a move back above $100 may be required to convince traders that this is more than just another minor blip against an ongoing downtrend,” said Spooner.
All that glitters is not gold: The upsurge of paid followers and engagement on LinkedIn Sue Parker DARE Group founder
Webcams and monitored bathroom breaks: Why employee monitoring is counter-productive Ian Whitworth Scene Change co-founder
Locked and uploaded: How to take bricks-and-mortar stores digital with video Michael Langdon Levity director
Why retailers have no idea about the future Dean Salakas The Party People chief
There's only one way to attract and retain millennial talent — but it'll cost you a few bricks Lauren Lowe Future Fitouts co-founder
Advice for going green, from one chief executive to another James Chin Moody Sendle co-founder