05 May IS THE WFH HONEYMOON OVER? COVID-19 LESSON FOR LEADERS; MACQUARIE CONFERENCE GOES VIRTUAL
Welcome to today’s business and media intelligence, with insights collected over the past 24-hours as Treasurer Josh Frydenberg reveals the shutdown is costing the Australian economy an estimated $4 billion a week.
- COVID-19 LESSON FOR LEADERS: BEWARE OF IGNORING CLIMATE CHANGE
- While COVID-19 has accelerated the fortunes of some companies, it has been a day of reckoning for others, according to a Sequoia Capital partner. It seems that those business leaders who played down warnings of the plague have been given a taste of the consequences of ignoring scientists’ warnings about a greater scourge: climate change. Read the oped in the Financial Times. (Subscriber Access)
- CORONAVIRUS HAS BECOME ONE OF THE BIGGEST KILLERS IN 2020, EXCEEDING MALARIA
- The Economist has looked at the figures globally and concluded that COVID-19 is now more deadly than the SARS, H1N1, MERS, and Ebola epidemics combined. However, amid the gloom, there are some bright spots. As people stay indoors under lockdown, there will be fewer road accidents, which is the eighth-leading cause of death worldwide.
Australian company news
- MACQUARIE’S ANNUAL CONFERENCE GOES VIRTUAL
- Macquarie’s annual Australian equities conference is set to go ahead today, providing an opportunity for ASX companies to get back in front of institutional investors. But it will all be virtual – no lunches, no dinners, and most definitely, no handshakes and networking. Read more here and view the line up here.
- CROWN DECLARES COVID-19 A ‘ONE-OFF EVENT’
- Crown Resorts declared on Monday that it believed the government-mandated shutdown of its operations since late March should be treated as a one-off event in the company’s accounts for the year to June 30. It sets the scene for other hard-hit companies to follow suit. Read The Australian’s article here. (Subscriber Access)
- REPUTATION RISKS: BANKS AND BAD DEBTS
- Insolvency experts are expecting a large wave of insolvencies after the stimulus measures expire. So, what will banks do, given this reputation minefield? Experts say banks will be “more reasonable” in handing firms to receivers because of the lasting damage to their brands from the Hayne royal commission. Read the AFR article here. (Subscriber Access)
- COVID-19 EXPOSES M&A RISKS
- HSF’s Rodd Levy says that there are no easy answers to how COVID-19 relates to issues such as adverse material change in a transaction. But, he argues, “at least the current examples will cause directors and shareholders to proceed more carefully and not to simply assume a bidder will proceed happily if there is a change in circumstances”. Read the AFR article here. (Subscriber Access)
- IS THE WFH HONEYMOON OVER?
- Between Zoom fatigue, being stuck in front of your computer all day and juggling full-time work with home-schooling the kids, experts say many employees are, well, losing interest. Workplace expert Michelle Gibbings says many clients feel they are “working longer hours, they’re exhausted and yet they feel like they’re getting less done.” Read the AFR article here. (Subscriber Access)
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.