With more than 1.4 million cases globally, COVID 19 remains the global story of the day. Here are the insights we have collected over the past 24 hours to share with you.  

International news 

  • Executive pay cuts continue to be a hot topic 
    • The Financial Times writes that the “CEO’s coronavirus conundrum” is how much pay to sacrifice as they close operations and stand down staff Looking at pay cuts taken by CEOs around the globe, the article includes advice about sharing the pain across the board and C-suite. Read the full FT article here.  (Subscriber access) 

Australian company news  

  • Newcrest maintains guidance and announces $20m community support fund 
    • With all of its mines continuing to operate and no confirmed cases of COVID-19 at its operations, Newcrest bucked the trend and yesterday announced no change to FY20 guidance. It also unveiled a new $20 million fund to support communities and vaccine research. Read the ASX announcement here. 
  • Betting on recaps 
    • Tribeca has launched a new recapitalisation fund targeting shares in small to mid-sized companies that are subject to discounted equity raisings. Read Street Talk column in The AFR here(Subscriber access) 
  • Co-working spaces feeling the squeeze of start-up exits
    • Independent co-working spaces are reportedly closing, and start-ups are trying to renegotiate agreements with global giants such as WeWork as remote working takes hold. Read more in The Sydney Morning Herald. (Subscriber access) 
  • While more and more Australians are watching television, listening to radio or reading newspapers and social media outletsthere isn’t much good news for our commercial media. Advertising is shrinking due to the restrictions put in place to combat the virus Our Senior Director Luis M Garcia explains what’s happening in the commercial media sector 

Australian markets   

  • APRA cautions banks on dividends 
    • While APRA hasn’t ordered Australian banks and insurers to stop paying dividends altogether, it has warned their boards that it expects dividends to be “materially reduced” and to only be made “after extensive stress testing and consultation with APRA”. Read APRA’s letter here 
  • Warning that continuous disclosure obligations apply to social media in a trading halt 
    • ASX-listed biotech firm Cellmid has been forced to respond to an ASX query after social media posts by an executive about a COVID-19 diagnostic test. Read Cellmid’s ASX release here and The Australian’s article here. (Subscriber access) 
  • Director sentiment hits record low 
    • The latest AICD survey of over 1,000 directors has revealed 73 per cent are pessimistic about the general business outlook – and three in five expect job losses over the coming year.  Read more here.  
  • Retail shareholders lose out in equity raisings 
    • With capital raisings in the news, business columnist John Durie explains the behind the scenes process of equity raisings in The Australian today, writing that retail shareholders are often “left on the sidelines and … lucky if they get to pick up a few crumbs and must accept a massive dilution”. Read The Australian article here 

Our daily briefing is not meant to be a summary of media coverage but rather, insights that may be helpful in understanding how organisations are communicating with stakeholders in a time of crisis – and what comes next. Sign up via email