Economy

Rinehart, Murdoch lift stakes in Ten: Midday roundup

Engel Schmidl /

Gina Rinehart and Lachlan Murdoch have increased their respective stakes in Ten, according to statements sent to the Australian Securities Exchange.

 

Ten has said both shareholders have bought more stock in the company, with Rinehart now holding a 10.6% stake through her subsidiary Hanrine Investments.

Murdoch, who is the company’s chairman, lifted his stake from 186 million shares to 256 million. The purchase was made through two separate subsidiaries – Illyria Nominees Television, and Cavalane Holdings.

“Mr Murdoch has a relevant interest in the shares in Ten Network Holdings Limited held by Cavalane as he controls Illyria,” the statement read.

The shares have been purchased as part of Ten’s $200 million capital raising.

Seven West Media chief steps down

David Leckie, chief executive of Seven West Media, has said he will step down from his role after nine years in the job and move to Seven Group Holdings.

“We’ve had fun, kicked some goals and together built a very good media business,” he said in a statement.

“But it’s time for me to take a career step and I’m looking forward to playing a key role in Seven Group Holdings and further enhancing the company’s media presence.”

Director Don Voelte said the company maintains a strong management group.

“Our objectives are clear: leadership in a sector undergoing radical change, develop our management teams, improve our financial performance without impacting the product for our readers, viewers and advertisers, and create opportunities to expand our presence in media,” he said.

Myer to build a store in Darwin

Myer announced plans today to build a new store in Darwin, Northern Territory.

The new Myer Darwin will be a two-level 12,000 square metre store featuring a large range of apparel, cosmetics, homewares and electrical merchandise.

Myer chief executive Bernie Brookes said the store would be the first full-line department store in Darwin and delivered an opportunity for Myer to reach a significant growth area and a new customer base in the north of Australia.

“As we optimise our store network across the country, Darwin is the ideal location for a new store, and will expand our customer base and footprint into the Northern Territory for the first time.

“Darwin is a region of significant economic growth and the community support for the addition of a Myer store has been tremendous,” Brookes said.

“Our national store network and strong Myer brand provide a unique advantage in supporting our omnichannel strategy.

“While we continue to be committed to a program of new stores and refurbishments, we are also seeking to maximise the productivity of floor space in all of our stores,” he said.

Shares down after EU fears cause weak offshore leads

The Australian sharemarket has fallen this morning, after investors have remained fearful the European Union won’t be able to sort out its economic fears.

The benchmark S&P/ASX200 index was down 15 points or 0.4% to 4012.8 at 12.00 AEST, while the dollar remained just over parity at midday.

In the United States, the Dow Jones Industrial Average fell 138 points or 1.1% to 12,502.7.

Moody’s downgrades 28 Spanish banks

Moody’s has downgraded 28 Spanish banks as the country calls for another rescue loan worth $125 billion.

“Moody’s will assess the impact of the upcoming recapitalisation on banks’ creditworthiness and bondholders once the final amount, timing and form of funds flowing to each individual bank are known,” the organisation said in a statement.

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