corporate governance

South Australian Premier Peter Malinauskas and Energy Minister Tom Koutsantonis warn they will withhold consent under new state resources legislation if the deal does not benefit South Australians.

After a four-year odyssey through administration, private equity ownership and operational restructuring, Virgin Australia is poised to relist on the Australian Securities Exchange (ASX) at a share price of $2.90 each. Bankers—led by Goldman Sachs, UBS and Barrenjoey—report “well in excess” demand from domestic and international anchor investors ahead of the book build. The initial public offering (IPO) will see Bain Capital, Virgin’s private equity owner since 2020, sell down its stake from 70.2 percent to 40 percent, raising approximately $685 million and valuing the carrier at close to $2.3 billion. Qatar Airways, which acquired a 25 percent stake in October 2024, will hold 23.4 percent; Virgin’s management team will own 6.4 percent; and up to 30.2 percent of the company will be in the hands of new shareholders when trading commences June 26 under ticker VGN.

When a major bank locked customers out of their accounts for seven weeks, public outrage would have been immediate. Australians rely on their superannuation funds in a way similar to bank accounts—yet industry super fund HESTA recently did just that. From mid-April until early June, over one million HESTA members were unable to access online account services while the fund switched administrators. HESTA insisted the outage would deliver “a better experience” in the long run. But for many members—with bills to pay, mortgages to settle, or urgent expenses to meet—that rationale rang hollow. The seven-week outage forced consumers to scramble for workarounds, in some cases risking financial stress.

The Shire of Coolgardie has formally accepted the resignation of its long-serving chief executive officer, James Trail, amid an ongoing independent investigation into workplace culture at the local government.

Senator Tim Scott (R-S.C.), the current Chair of the Senate Banking Committee, has built a reputation as one of the strongest Republican champions for minority-owned businesses and underserved communities. For years, Scott worked across the aisle to permanently authorize and expand the reach of the Minority Business Development Agency (MBDA) — a federal initiative dating back to the Nixon administration that provides grants, technical assistance, and mentorship to minority entrepreneurs.

Australian footwear institution Wittner has entered administration, becoming the latest casualty in a turbulent retail landscape. The 113-year-old company — one of the nation’s oldest surviving footwear retailers — is now being managed by administrators from Deloitte, who are urgently assessing its finances and options for a possible sale or recapitalisation.

Hello, and welcome to TechScape. In this week’s edition, we delve into the rollercoaster ride that is Elon Musk’s career. Despite a series of recent setbacks and growing public criticism, Musk remains at the helm of Tesla—an outcome that puzzles many industry watchers. Today, we examine the mounting challenges for both Musk and his marquee company, while also taking a look at how competitors like Apple and Meta are faring in their own tech battles.

Explore the significant economic challenges facing China, including a housing crisis and high youth unemployment, as well as a pivotal meeting between Xi Jinping and tech leaders that may signal a shift in government policy. This symposium could redefine the relationship between the Chinese government and the technology sector, impacting investment and innovation while providing insights into the future of China's economic landscape. Discover the implications for major firms like Alibaba and Tencent, and the potential for a collaborative environment that fosters growth amidst renewed investor confidence.