Coles and Woolworths are grappling with a nearly $1 billion increase in costs to rectify staff underpayments. The supermarket giants have stated that a recent Federal Court ruling will have ‘significant and widespread’ flow-on effects for businesses of all sizes. This comes as both companies were already dealing with substantial back-pay obligations. Shares in both Woolworths and Coles have slipped due to these rising backpay costs.
In other news, Cobram Estate Olives is set to raise $185 million to fund its expansion into the US market. The deal includes the sale of 2 million shares held by Cobram’s joint chief executives, Sam Beaton and Leandro Ravetti. Cobram Estate Olives specialises in the production and sale of premium olive oils and related products. Aitken Mount is involved in the deal as well.
Meanwhile, in the tech sector, a UK billionaire, Alex Gerko, is offering interns a staggering $53,000 a month to secure top AI talent. Gerko will also provide a bonus to help successful candidates rent accommodation near the company’s New York office, highlighting the intense competition for skilled professionals in the artificial intelligence field. This move comes as companies globally are vying for talent in this fast-growing sector.
Lastly, China is reportedly preparing to open its bond market to Russian energy companies, despite existing sanctions related to the Ukraine war. This decision signals a deepening of financial ties between Moscow and Beijing amid ongoing international tensions.
