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However, Moore, who was chief minister from July 2022 to 2024, when her government was brought down in a vote of no confidence, said she thought the challenge for Farnham this political term would be balancing ministers elected on wanting to cut costs and Senator Tom Binet who had previously called for more spending.

This article was written by

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

The chairman of KPMG Australia is stepping down and two partners are leaving the firm after a bruising parliamentary hearing and allegations of wrongdoing at the major consultancy.

National chairman Martin Sheppard will leave the company shortly, along with audit partners Paul Rogers and Eileen Hoggett.

Mr Rogers and Ms Hoggett had been named in parliament for allegedly accessing confidential information from long-term audit client Lendlease with other KPMG staff to help them win additional contracts.

A whistleblower revealed the purported misconduct while also alleging mishandling of documents from Macquarie Group, Westpac, Dexus and Optus.

Several top KPMG staff including former chief executive Andrew Yates have already resigned over the scandal, which was the subject of a blockbuster hearing on Friday that included scorching criticism of the firm.

“The parliamentary committee’s inquiries highlighted issues, including unethical behaviour by senior personnel and the human impact of KPMG’s handling of the whistleblower,” said KPMG’s interim chief executive, Stan Stavros.

“KPMG Australia is focused on ensuring those failings are understood, addressed and not repeated.”

Mr Sheppard was hauled over the coals by senators at the committee hearing for his firm’s initial refusal to hand over internal documents, citing confidentiality, professional privilege and the risk of prejudicing the administration of justice.

Committee chair Deborah O’Neill described the move as an insult while flagging that KPMG could be investigated for contempt.

The consulting firm later relented and began producing material for the committee.

KPMG on Tuesday said it would overhaul its governance arrangements, including appointing its first independent chair and independent members to its Australian board.

The firm will also review and update the board’s role and remit, and appoint new independent board members in priority areas such as audit quality, ethics, whistleblower oversight and other matters of public interest.

An external third party will be appointed to undertake an immediate lessons-learned review into the whistleblower matter.

“The decisions announced today are necessary and immediate,” Mr Stavros said in a statement.

“We did not meet the standards expected of us and we recognise the impact this has had on the whistleblower, our people, our clients and the community.

“Trust will only be rebuilt through sustained action and demonstrable change. We are determined to confront what went wrong, act transparently and ensure these failings are not repeated.”
 

Elite athletes including Sir Jason Kenny and Dame Sarah Storey say ‘A Great North Games would be a national Games’

More than 40 Olympians, Paralympians and elite athletes, amongst them Sir Jason Kenny and Dame Sarah Storey, have thrown their weight behind a potential bid to host the games in the north of England.

Ministers confirmed last month that they would undertake an assessment that could lay the groundwork for an Olympic and Paralympic bid in the 2040s.

The strategic assessment, conducted by UK Sport, will scrutinise the costs, the socio-economic advantages for the North, and the likelihood of a successful bid.

More than 40 prominent figures from across British sport have now put their names to a joint statement of support for a North of England Games.

The statement has drawn backing from sporting stars including Dame Laura Kenny, Sir Jason Kenny, Dame Sarah Storey, Britain’s most successful Paralympian, double Olympic champion Tom Pidcock, Ed Clancy, gymnast Beth Tweddle, and Steve Cram.

They are joined by Sir Brendan Foster, founder of the Great North Run, Olympic medallists Laura Weightman and Marc Scott, Paralympic medallists Susie Rodgers, Krysten Coombs and Rob Davies, and a new wave of talent such as Paris 2024 Paralympic champion Poppy Maskill.

On Tuesday, northern mayors Oliver Coppard, Kim McGuinness, Tracy Brabin, David Skaith and Luke Campbell will convene at the Olympic Legacy Park in Sheffield to explore how the north of England can develop a “credible, deliverable vision” for the games. In their statement, athletes describe a northern-hosted Games as “a moment of renewal and confidence for the entire United Kingdom”.

It read: “As Olympians, Paralympians, athletes and competitors who have had the honour of representing Great Britain and competing on the highest stage, we write to express our strong and united support for the north of England to host a future Olympic and Paralympic Games.

“The legacy of the London 2012 Summer Olympics and Paralympics showed what is possible when the country comes together behind a shared ambition. Now is the moment to build on that legacy.

“Many of us have seen first-hand that the north of England has the ability to host a box-office Games: world-class venues, experienced event hosts and a passion for sport like no other place.”

It continues: “Few moments unite the country like the Olympic and Paralympic Games. We have felt that unity – in packed stadiums, in town squares, in schools and living rooms across the country.

“A ‘Great North’ Games would be a national Games. It would bring the country together in common purpose. It would showcase the very best of Great Britain.

“We believe that hosting a Games in the north of England in 2040 would be a moment of renewal and confidence for the entire United Kingdom.

“We are proud to add our voices to this vision and to support a northern Games that would inspire generations to come.”

The outcome of the preliminary assessment will establish whether a more comprehensive technical feasibility study is commissioned to evaluate the costs, benefits and practicality of staging the Games.

Any ultimate decision on whether and when a future bid might proceed would rest with the British Olympic Association and British Paralympic Association.

Analysts said the biggest trigger for the stock was the proposed Jio IPO, which could give investors greater visibility into the telecom company’s growth and profitability metrics. “The primary reason for the buying interest in Reliance Industries was the value unlocking from the Jio IPO that could provide investors clear insight into Jio’s ARPU,” said Vyom Chheda, Research Analyst, StoxBox.

Agencies

Bullish View: Investors welcome listing plan that will offer visibility into telecom growth; also positive on group’s AI initiatives and ramp-up of new energy ventures; RIL gains 3%

Jio Platforms, the telecom arm of Reliance Industries, on Friday filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for an initial public offering. Bankers indicated the IPO size is likely to be around $4 billion (over ₹37,000 crore), valuing the telecom operator at around ₹13 lakh crore. Reliance’s market cap is ₹17.95 lakh crore. “The value unlocking of the telecom business into a large cap from a mega cap is positive,” said Gaurav Sharma, head of research, Globe Capital.

Nomura has a ‘Buy’ rating on the stock and a target price of ₹1,640, implying an upside potential of around 24% from Monday’s close.

“Post the potential Jio IPO, new catalysts to look forward to may come from ramp-up of new energy business and revenue contribution starting FY27 growth of the AI business with 120MW by FY26-end; and potential listing of the Retail business,” said Nomura analysts.

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At the AGM, chairman Mukesh Ambani detailed Reliance’s execution roadmap for its AI business and outlined plans for scaling up the company’s new energy ventures “The company indicated a long runway for growth in retail and consumer business and announced investments in an AI plant in Jamnagar,” said StoxBox’s Chheda. “The optimism in Reliance Industries is expected to continue, and investors should subscribe to the Jio IPO.”
Motilal Oswal Financial Services expects RJio to remain Reliance’s biggest growth driver, with digital services likely to contribute about 80% of the company’s incremental Earnings Before Interest, Tax, Depreciation and Amortisation (Ebitda) over FY26-28.