James Packer’s investment vehicle Ellerston Capital has taken a major stake in online department store DealsDirect.
The investment, reported by the Australian Financial Review to be worth a third of the company, will see DealsDirect co-founders Paul Greenberg and Mike Rosenbaum, along with two other investors, sell their stake to Ellerston Capital. The deal is understood to be worth $10 million.
New Woolies CEO set to take on Coles
Grant O’Brien, the new CEO of Woolworths, has set his sights on taking on a rejuvenated Coles after being appointed to the job yesterday.
O’Brien, who replaces the retiring Michael Luscombe, previously played AFL football and started at Woolworths as a shelf stacker. His appointment comes amid a frenzied price battle between Woolworths and Coles.
Disaster bill hits $9 billion
The total cost of natural disasters that hit Queensland and parts of Victoria earlier this year will reach $9 billion, according to the Treasury.
The estimate is a significant rise on the previous estimate of $5.6 billion. Treasurer Wayne Swan said that the impact of the floods and Cyclone Yasi will be greatest felt by the resources and agriculture industries.
The Dow Jones industrial average was up 23.31 points to 12,400.03. The Australian dollar was down slightly to 103.65 US cents.