13/07/2017 1HERSA1 A022 - fpproperty.com.au
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1HERSA1 A022 THE SYDNEY MORNING HERALD THURSDAY, JULY 13, 2017 22 BUSINESSDAY Rich lister, bogan in war of words CBD Carolyn Cummins C ollingwood, in Mel- bourne’s inner north, does not scream glam- our, so it’s little wonder that you will find a self-proclaimed ‘‘bogan’’ in a stoush with a rich- lister over a casino-style property proposal. Running smack bang into mil- lionaire developer Tim Gurner, is Y arra Council’s Stephen Jolly, who told CBD, the $67 million, 383-apartment plan, was ‘‘better suited to Macau, Las Vegas, or even Monaco’’. ‘‘It’s just not the right develop- ment. Collingwood is an artistic community, and the sparkling white building looks like a magnet for every tagger [graffiti artist] in Melbourne,’’ Jolly says. But being a construction worker, Jolly said he has worked on many sites for many developers, ‘‘no doubt some owned by Gurner’’. ‘‘I have to pay my bills and feed my kids like everyone else, I’m not a Nimby [not in my back yard], I just think they could have done a better design.’’ Wheatley returns Having cut his teeth at JB Were and Goldman Sachs in research, then investment bank advisory, be- fore taking a break to reconnect with his family, property supremo Simon Wheatley has returned in a new role with Fat Prophets’ Angus Geddes, to manage a new real es- tate investment company. Known as Fat Prophets Global Property Fund, it will provide in- vestors with exposure to a portfo- lio of global real estate listed com- panies, primarily REITs, with the aim of raising up to $220 million. LIC’s are back in favour, even James Packer’s Contango Asset Management forged ahead with a LIC focusing on global stocks. Clients can be assured there will be no favour by the managers when it comes to investing, as Wheatley, who once famously put a sell on Frank Lowy’s Westfield, has also hired ex-Perennial Investment Partners and former Macquarie Funds Management executive David Kivell, known as ‘‘killer’’ for his scrutiny on REIT managers, as the independent chairman of the LIC’s investment committee. It’s online people Now CBD would not want anyone to think that our attendance record at university was spotless. However as an arts student the whole world is one’s classroom, in- cluding the pub. We did think though the kids heading single file in matching jumpers to the busi- ness school were much better at the nuts and bolts elements of uni- versity, like turning up to class. How times have changed, at least if an exasperated LinkedIn post from a Deakin Business School lecturer is any guide. The complaint from associate professor Adrian Raftery asked: ‘‘Should I use the ole size 16s?’’ ‘‘I don’t know about you but my generation always showed up for lectures and seminars... Here is my first class for 2nd semester which was supposed to have started 15 mins ago,’’ he said. ‘‘After being pumped up to give a great class, I am deflated that they couldn’t bother their arse to show up. ‘‘Students don’t realise that their lecturers could be their best advocates for getting a job. What would you do if you were in my shoes?’’ Well that question sparked a lot of response with other lecturers suggesting maybe universities need to change to recognise how the young ’uns want to be taught these days – gasp! Telstra’s chief spinner Jason Laird replied: ‘‘We don’t know each other but I just want to give you an ‘attaboy’ and hope you don’t worry that it reflects something about you.’’ Peter Borbiro, who is 14 years deep at the Australian Tax Office as director risk and intelligence management, says he has had sim- ilar experience when he teaches. ‘‘I had one student turn up to an online tutorial where I discussed the final exam ... The subject was Superannuation Law. The one stu- dent who did turn up did very well,’’ he replied. Can CBD just point out this Borbiro tutorial was online. It was online! As one financial plannernoted: ‘‘Perhaps change the session to how your parents are spending your inheritance and you will not afford that new iPhone 20 in 2030?’’ Takata recalls yet more airbags Car safety Takata has added 2.7 million air bags to their safety recall. Takata has added another 2.7 mil- lion air bags to the largest car in- dustry recall in the United States after a new hazard was detected in testing. The company told the National Highway Traffic Safety Adminis- tration on Monday that a subset of its air bag inflaters – ones that rely on calcium sulfate to keep them dry – can, like other versions, rup- ture while deploying the bags, hurl- ing metal shards into vehicles. Ford, Mazda and Nissan in- stalled the inflaters in vehicles manufactured for the US market from 2005 through 2012, according to Takata, of Japan. All are on the driver’s side of the vehicles. The recall adds to an effort that was previously expected to cover 70 million Takata air bag inflaters in 42 million vehicles. Takata’s problems with defective devices began in 2008, when Honda ini- tially recalled 4000 vehicles that used Takata technology. So far, the safety agency says, about 17 million air bags have been replaced in the United States. The deaths of at least 17 people worldwide, including 12 in the US, have been linked to Takata inflaters. On Monday, Honda said a person in Florida died last summer after a Takata inflater ruptured in a parked 2001 Accord during an attempt to make an unspecified re- pair with a hammer. Takata and the safety agency said they knew of no ruptures re- lated tolatest recall. Exposure to moisture and tem- perature fluctuations can degrade the propellant, which contains am- monium nitrate, a volatile com- pound Takata’s inflaters use to de- ploy air bags. The company used a variety of chemical agents to keep the propellant dry in its devices over the years, with some combina- tions showing a greater propensity to fail than others, federal regulat- ors said. The latest recall is the first in- volving the inflaters that use calci- um sulfate as a drying agent. The inflater can combust in an ‘‘over- aggressive’’ manner, potentially rupturing and causing harm, ac- cording to a filing Takata submit- ted to the highway safety adminis- tration. Takata’s latest admission brought fresh criticism of the com- pany in Washington. In a statement, Takata said it had decided to recall inflaters that use calcium sulfate ‘‘out of an abundance of caution.’’ The devices are Takata’s earliest gener- ation of ammonium-nitrate inflaters using calcium sulfate as a drying agent. The company is now testing later generations of those devices. Takata pleaded guilty to crimin- al charges in January and agreed to pay a $1 billion fine related to its faulty air bag inflater systems. After filing for bankruptcy protec- tion last month, it is selling its as- sets. The company has said that it ex- pects to fund the air bag repairs through the asset sale and that it has secured financing to ensure it can continue operations, including dealing with the defective inflaters, while it restructures. New York Times Toshiba in talks to revive sale of $24 billion chip unit Technology Talks with the preferred consortium have stalled. Toshiba Corp is in talks with West- ern Digital Corp and Taiwan’s Fox- conn, as well as with an already preferred bidder, as it seeks to re- vive a stalled $US18 billion ($24 bil- lion) sale of its chip business, bank- ing sources said on Tuesday. The Japanese conglomerate confirmed it was in talks with suit- ors, but did not name them, noting it had been unable to reach an agreement by a self-imposed June 28 deadline with its preferred bid- der – a group that includes state- backed fund Innovation Network Corp of Japan, the Development Bank of Japan, US private equity firm Bain Capital and South Korean chipmaker SK Hynix Inc. A representative for Western Digital declined to comment, and a representative for Foxconn, the world’s largest contract electron- ics maker, formally known as Hon Hai Precision Industry, was not im- mediately available for comment. Talks with the preferred consor- tium have stalled over what sources say are proposals by SK Hynix that it helps fund a deal through convertible bonds – a step that could eventually give it an equity interest in the world’s second-largest maker of NAND flash memory chips. Toshiba doesn’t want its South Korean rival to have an equity or management influence in the chip business – a stance it has taken to satisfy a Japanese government keen to keep Toshiba’s technology under domestic control. Toshiba told its creditor banks at a meeting on Tuesday that it had begun talks with alternative bid- ders because talks with the consor- tium had stalled, the banking sources said. They did not want to be identi- fied as they were not authorised to speak publicly on the matter. ‘‘Toshiba had no option but to say it’s in talks with other suitors because the preferred consortium is falling through,’’ said another of- ficial involved in the talks. Toshiba needs to sell its chip business to plug a hole in its bal- ance sheet by the fiscal year-end in March, to avoid an automatic deli- sting of its shares from Tokyo’s stockmarket. The 140-year-old laptops-to- nuclear conglomerate was still recovering from a $US1.3 billion accounting scandal in 2015 when it was hit by billions of dollars of cost overruns at its now bankrupt US nuclear unit Westinghouse in December. Toshiba executives have been reluctant to consider a deal with Western Digital, with sources saying ties between the two com- panies have been strained since Western Digital bought SanDisk, Toshiba’s memory chip business partner, in May last year. Reuters
Transcript of 13/07/2017 1HERSA1 A022 - fpproperty.com.au
1HERSA1 A022
THE SYDNEY MORNING HERALD THURSDAY, JULY 13, 2017
22 BUSINESSDAY
Rich lister, boganin war of words
CBDCarolyn Cummins
Collingwood, in Mel-bourne’s inner north,does not scream glam-our, so it’s little wonder
that you will find a self-proclaimed‘‘bogan’’ in a stoush with a rich-lister over a casino-style propertyproposal.
Running smack bang into mil-lionaire developer Tim Gurner, isYarra Council’s Stephen Jolly,who told CBD, the $67 million,383-apartment plan, was ‘‘bettersuited to Macau, Las Vegas, oreven Monaco’’.
‘‘It’s just not the right develop-ment. Collingwood is an artisticcommunity, and the sparklingwhite building looks like a magnetfor every tagger [graffiti artist] inMelbourne,’’ Jolly says.
But being a construction worker,Jolly said he has worked on manysites for many developers, ‘‘nodoubt some owned by Gurner’’.
‘‘I have to pay my bills and feedmy kids like everyone else, I’m nota Nimby [not in my back yard], Ijust think they could have done abetter design.’’
Wheatley returnsHaving cut his teeth at JB Wereand Goldman Sachs in research,then investment bank advisory, be-fore taking a break to reconnectwith his family, property supremoSimon Wheatley has returned in anew role with Fat Prophets’ AngusGeddes, to manage a new real es-tate investment company.
Known as Fat Prophets GlobalProperty Fund, it will provide in-vestors with exposure to a portfo-lio of global real estate listed com-panies, primarily REITs, with theaim of raising up to $220 million.LIC’s are back in favour, evenJames Packer’s Contango AssetManagement forged ahead with aLIC focusing on global stocks.
Clients can be assured there willbe no favour by the managers whenit comes to investing, as Wheatley,who once famously put a sell onFrank Lowy’s Westfield, has alsohired ex-Perennial InvestmentPartners and former MacquarieFunds Management executiveDavid Kivell, known as ‘‘killer’’ for
his scrutiny on REIT managers, asthe independent chairman of theLIC’s investment committee.
It’s online peopleNow CBD would not want anyoneto think that our attendance recordat university was spotless.
However as an arts student thewhole world is one’s classroom, in-cluding the pub. We did think
though the kids heading single filein matching jumpers to the busi-ness school were much better atthe nuts and bolts elements of uni-versity, like turning up to class.
How times have changed, atleast if an exasperated LinkedInpost from a Deakin BusinessSchool lecturer is any guide.
The complaint from associateprofessor Adrian Raftery asked:‘‘Should I use the ole size 16s?’’
‘‘I don’t know about you but mygeneration always showed up forlectures and seminars... Here is myfirst class for 2nd semester whichwas supposed to have started 15mins ago,’’ he said. ‘‘After beingpumped up to give a great class, Iam deflated that they couldn’tbother their arse to show up.
‘‘Students don’t realise thattheir lecturers could be their bestadvocates for getting a job. Whatwould you do if you were in myshoes?’’
Well that question sparked a lotof response with other lecturerssuggesting maybe universitiesneed to change to recognise howthe young ’uns want to be taughtthese days – gasp!
Telstra’s chief spinner JasonLaird replied: ‘‘We don’t knoweach other but I just want to giveyou an ‘attaboy’ and hope you don’tworry that it reflects somethingabout you.’’
Peter Borbiro, who is 14 yearsdeep at the Australian Tax Officeas director risk and intelligencemanagement, says he has had sim-ilar experience when he teaches.
‘‘I had one student turn up to anonline tutorial where I discussedthe final exam ... The subject wasSuperannuation Law. The one stu-dent who did turn up did verywell,’’ he replied.
Can CBD just point out thisBorbiro tutorial was online. It wasonline!
As one financial plannernoted:‘‘Perhaps change the session tohow your parents are spendingyour inheritance and you will notafford that new iPhone 20 in2030?’’
Takata recalls yet more airbagsC a r s a f e t y
Takata has added 2.7 million air bags to their safety recall.
Takata has added another 2.7 mil-lion air bags to the largest car in-dustry recall in the United Statesafter a new hazard was detected intesting.
The company told the NationalHighway Traffic Safety Adminis-tration on Monday that a subset ofits air bag inflaters – ones that relyon calcium sulfate to keep themdry – can, like other versions, rup-ture while deploying the bags, hurl-ing metal shards into vehicles.
Ford, Mazda and Nissan in-stalled the inflaters in vehiclesmanufactured for the US marketfrom 2005 through 2012, accordingto Takata, of Japan. All are on thedriver’s side of the vehicles.
The recall adds to an effort thatwas previously expected to cover70 million Takata air bag inflatersin 42 million vehicles. Takata’sproblems with defective devicesbegan in 2008, when Honda ini-tially recalled 4000 vehicles thatused Takata technology. So far, thesafety agency says, about 17 millionair bags have been replaced in theUnited States.
The deaths of at least 17 peopleworldwide, including 12 in the US,have been linked to Takatainflaters. On Monday, Honda said aperson in Florida died last summerafter a Takata inflater ruptured ina parked 2001 Accord during anattempt to make an unspecified re-pair with a hammer.
Takata and the safety agencysaid they knew of no ruptures re-lated tolatest recall.
Exposure to moisture and tem-
perature fluctuations can degradethe propellant, which contains am-monium nitrate, a volatile com-pound Takata’s inflaters use to de-ploy air bags. The company used avariety of chemical agents to keepthe propellant dry in its devicesover the years, with some combina-tions showing a greater propensityto fail than others, federal regulat-ors said.
The latest recall is the first in-volving the inflaters that use calci-um sulfate as a drying agent. Theinflater can combust in an ‘‘over-aggressive’’ manner, potentiallyrupturing and causing harm, ac-cording to a filing Takata submit-ted to the highway safety adminis-tration.
Takata’s latest admissionbrought fresh criticism of the com-pany in Washington.
In a statement, Takata said it
had decided to recall inflaters thatuse calcium sulfate ‘‘out of anabundance of caution.’’ Thedevices are Takata’s earliest gener-ation of ammonium-nitrateinflaters using calcium sulfate as adrying agent. The company is nowtesting later generations of thosedevices.
Takata pleaded guilty to crimin-al charges in January and agreedto pay a $1 billion fine related to itsfaulty air bag inflater systems.After filing for bankruptcy protec-tion last month, it is selling its as-sets.
The company has said that it ex-pects to fund the air bag repairsthrough the asset sale and that ithas secured financing to ensure itcan continue operations, includingdealing with the defective inflaters,while it restructures.
New York Times
Toshiba in talks to revivesale of $24 billion chip unit
T e c h n o l o g y
Talks with thepreferred consortiumhave stalled.
Toshiba Corp is in talks with West-ern Digital Corp and Taiwan’s Fox-conn, as well as with an alreadypreferred bidder, as it seeks to re-vive a stalled $US18 billion ($24 bil-lion) sale of its chip business, bank-ing sources said on Tuesday.
The Japanese conglomerateconfirmed it was in talks with suit-ors, but did not name them, notingit had been unable to reach anagreement by a self-imposed June28 deadline with its preferred bid-der – a group that includes state-backed fund Innovation NetworkCorp of Japan, the DevelopmentBank of Japan, US private equityfirm Bain Capital and SouthKorean chipmaker SK Hynix Inc.
A representative for WesternDigital declined to comment, and arepresentative for Foxconn, theworld’s largest contract electron-ics maker, formally known as HonHai Precision Industry, was not im-mediately available for comment.
Talks with the preferred consor-tium have stalled over whatsources say are proposals by SKHynix that it helps fund a dealthrough convertible bonds – a stepthat could eventually give it anequity interest in the world’ssecond-largest maker of NANDflash memory chips.
Toshiba doesn’t want its SouthKorean rival to have an equity ormanagement influence in the chipbusiness – a stance it has taken tosatisfy a Japanese governmentkeen to keep Toshiba’s technologyunder domestic control.
Toshiba told its creditor banksat a meeting on Tuesday that it hadbegun talks with alternative bid-ders because talks with the consor-tium had stalled, the bankingsources said.
They did not want to be identi-fied as they were not authorised tospeak publicly on the matter.
‘‘Toshiba had no option but tosay it’s in talks with other suitorsbecause the preferred consortiumis falling through,’’ said another of-ficial involved in the talks.
Toshiba needs to sell its chipbusiness to plug a hole in its bal-ance sheet by the fiscal year-end inMarch, to avoid an automatic deli-sting of its shares from Tokyo’sstockmarket.
The 140-year-old laptops-to-nuclear conglomerate was stillrecovering from a $US1.3 billionaccounting scandal in 2015 whenit was hit by billions of dollars ofcost overruns at its now bankruptUS nuclear unit Westinghousein December.
Toshiba executives have beenreluctant to consider a deal withWestern Digital, with sourcessaying ties between the two com-panies have been strained sinceWestern Digital bought SanDisk,Toshiba’s memory chip businesspartner, in May last year.
Reuters
