Business

THE NEWS WRAP: Abbott urged Turnbull to slow NBN resignations

Andrew Sadauskas /

The office of Prime Minister Tony Abbott advised Communications Minister Malcolm Turnbull to slow the mass resignations from the NBN Co board earlier this week, according to media reports.

 

The revelation follows the mass resignation of NBN Co directors earlier this week, with the Prime Minister’s office urging resignations in an orderly fashion.

 

“I asked for their resignations. We had a discussion with the chairman [Siobhan McKenna] and she was very amenable and understanding that the incoming government would expect to have maximum flexibility in terms of dealing with the board,” Turnbull said.

 

Nine eyes December IPO

 

Nine Entertainment is planning a $3 billion listing before the end of year, as the company completes the purchase of its Perth affiliate from WIN Television.

 

The purchase follows a similar deal to buy the network’s Adelaide affiliate from WIN earlier this year, along with the sale of the company’s magazine arm to German media group Bauer.

 

“Following detailed discussions with WIN proprietor Bruce Gordon and the completion of due diligence requirements, we are now in a position to finalise the contracts on this pivotal deal for the Nine Network,” Nine Entertainment chief executive David Gyngell says.

 

The IPO is set to be conducted by UBS, Morgan Stanley and Macquarie.

 

Peter Anderson to stand aside as ACCI chief

 

Australian Chamber of Commerce and Industry chief executive Peter Anderson has announced he is stepping down from the role in January, after serving with the group for 12 years, including six as its main spokesperson.

 

“I have not sought an alternate role in the public or private sector, nor had one offered,” Anderson said.

 

“I have no current plans other than to complete my service on a high note and then ride my bicycle from north to south Thailand for charity in the month after my departure.”

 

Overnight

 

The Dow Jones Industrial Average is down 0.43% to 15334.59. The Aussie dollar is down to US93.89 cents.

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Andrew Sadauskas

Andrew Sadauskas is a former journalist at SmartCompany and a former editor of TechCompany.

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