WiseTech in crisis; Coalition ahead in polls; petrol, diesel sales hit record
Feb 24, 2025
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WiseTech Global faces a governance crisis as four independent directors resign over disputes, raising questions about its future. Meanwhile, political polls suggest a potential shift in power as opposition leader Peter Dutton gains traction. In an unexpected turn, petrol and diesel sales in Australia hit record levels. Additionally, Perpetual bids farewell to a $2.2 billion proposal from KKR, highlighting the ever-evolving landscape of corporate finance. The podcast also touches on market fluctuations and earnings reports revealing growth in utilities and banking.
WiseTech Global faces a governance crisis following the resignation of key directors amid disputes over founder Richard White's influence.
Recent polling data shows a potential lead for the coalition over Labor, indicating shifting voter sentiments ahead of the upcoming election.
Deep dives
WiseTech Global's Crisis and Board Resignation
WiseTech Global is currently facing significant turmoil following the resignation of four independent directors, including the chairman, over major disagreements regarding the founder, Richard White. The resignations were attributed to 'intractable differences' within the board, particularly concerning White’s ongoing role as he holds a substantial 38% ownership in the company, which he founded in 1994. The crisis intensified with a recent downgrade in the company's earnings outlook due to delays in the launch of new products, leading to a 20% decline in share price upon trading resumption. This situation not only raises questions about WiseTech's governance but also highlights the tension between founder influence and board independence in corporate settings.
Australian Election Polls Indicate Coalition Gains
Recent polling data reveals a shift in public support towards the coalition, suggesting a potential 52-48% lead over the Labor party, sparking discussions about the upcoming election. This change comes in the wake of a recent interest rate cut and reflects a notable swing away from Labor, with some analysts predicting the coalition could secure government if current trends persist across the nation. Despite Prime Minister Anthony Albanese's personal approval rating improving, the coalition’s lead indicates changing voter sentiments as the election draws near. The political landscape remains fluid, with analysts advising caution when interpreting poll results given past inaccuracies.
Rising Demand for Petrol and Diesel Amidst EV Transition
Petrol and diesel sales in Australia have reached record highs, countering expectations amidst an increasing emphasis on electric vehicles (EVs). The CEO of Ampol indicated that the traditional fuel demands remain strong, despite the company's challenges in rolling out EV charging stations due to grid connection issues. Interestingly, the report highlighted that while EV adoption has stagnated, major car manufacturers are pivoting back toward hybrid vehicles, suggesting a transitional shift rather than a complete move to electrification. The surge in demand for petrol and diesel emphasizes the complexities and challenges of energy transition in Australia as consumers navigate their fuel choices.
One of the market darlings of recent years, WiseTech Global, is in crisis after four independent directors, including the chair, resigned over differences around founder and former CEO Richard White.
And more, including:
Post-interest rate polls suggest opposition leader Peter Dutton has a chance of forming government.
And petrol and diesel sales in Australia hit record levels.
Plus Perpetual walks away from a $2.2b bid from private equity group KKR, and plenty of earnings results.
And don’t miss the latest episode of How Do They Afford That? - the script that can help you avoid a loyalty tax. Get the episode fromAPPLE,SPOTIFY, or anywhere you listen to podcasts.
