Singapore's CapitaLand aims high with $20b funds target in Australia
The Australian arm of Singaporean investment giant Capitaland aims to more than double its local funds under management to pass $20 billion over the next four years, with much of that hoped-for uplift likely to come from M&A style deals.
With neat timing, Capitaland has brought on board two former investment bankers to steer towards that goal, with Angelo Scasserra as its chief executive and Rahul Bharara as chief investment officer.
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The Age
35 minutes ago
- The Age
Cleaning up the Qantas mess that Alan Joyce left
In what must be one of the greatest corporate understatements of all time, Vanessa Hudson described Jetstar Asia as having a 'challenged history'. It is always difficult for executives to clean up their own messes, which is why his successor at Qantas – the more collaborative Hudson, couldn't get the mop and broom out fast enough. Loading This is where the Qantas board should have stepped in and insisted this particular Asian experiment was put to bed. It is a strong indictment of their (lack of) governance that this business was allowed to continue in the face of the structural losses it was sustaining. Its costs were spiralling, and its competition was firing, and given its position as a budget airline, there was little wriggle room to raise prices. Hudson now needs to juggle the Qantas finances during a period of very capital-expensive fleet renewal. There was no room on the balance sheet to sustain losses from Jetstar Asia which will be $35 million this year. (The closure of Jetstar Asia's 16 routes will not affect Jetstar International's operations or those of Jetstar Japan.) And you would have to think that Hudson, who was formerly Qantas chief financial officer, will be combing through the business looking for other Joyce business follies that she can minimise. Not only will Qantas no longer need to absorb Jetstar Asia's losses, but it gets its hands on 13 planes to deploy more usefully. Some will retire existing but older Jetstar aircraft, some will replace aircraft that are leased, others will head west to add to mining routes, and a couple will be used to expand Jetstar's capacity in the domestic market. This will reduce Qantas Group's cost profile and allow aircraft resources to be redeployed to areas that are profitable. Hudson will be highly aware that the resurgence and relisting of its competitor Virgin Australia will now also compete with Qantas for investors. The operating environment for our two Australian airlines is as healthy as it has ever been, with rational pricing between the two ensuring that both make healthy margins but that there isn't much widespread discounting for the flying public. Loading That said, there are plenty of bumps to contend with. Qantas said domestic capacity for the group in the second half of the financial year was lower due to Cyclone Alfred in Queensland, which will cost the group $30 million in earnings. And international capacity growth will be cut to 9 per cent because of industrial action. There is no room for sentimentality from Hudson when it comes to excising Joyce's former folly.
Sydney Morning Herald
36 minutes ago
- Sydney Morning Herald
Cleaning up the Qantas mess that Alan Joyce left
In what must be one of the greatest corporate understatements of all time, Vanessa Hudson described Jetstar Asia as having a 'challenged history'. It is always difficult for executives to clean up their own messes, which is why his successor at Qantas – the more collaborative Hudson, couldn't get the mop and broom out fast enough. Loading This is where the Qantas board should have stepped in and insisted this particular Asian experiment was put to bed. It is a strong indictment of their (lack of) governance that this business was allowed to continue in the face of the structural losses it was sustaining. Its costs were spiralling, and its competition was firing, and given its position as a budget airline, there was little wriggle room to raise prices. Hudson now needs to juggle the Qantas finances during a period of very capital-expensive fleet renewal. There was no room on the balance sheet to sustain losses from Jetstar Asia which will be $35 million this year. (The closure of Jetstar Asia's 16 routes will not affect Jetstar International's operations or those of Jetstar Japan.) And you would have to think that Hudson, who was formerly Qantas chief financial officer, will be combing through the business looking for other Joyce business follies that she can minimise. Not only will Qantas no longer need to absorb Jetstar Asia's losses, but it gets its hands on 13 planes to deploy more usefully. Some will retire existing but older Jetstar aircraft, some will replace aircraft that are leased, others will head west to add to mining routes, and a couple will be used to expand Jetstar's capacity in the domestic market. This will reduce Qantas Group's cost profile and allow aircraft resources to be redeployed to areas that are profitable. Hudson will be highly aware that the resurgence and relisting of its competitor Virgin Australia will now also compete with Qantas for investors. The operating environment for our two Australian airlines is as healthy as it has ever been, with rational pricing between the two ensuring that both make healthy margins but that there isn't much widespread discounting for the flying public. Loading That said, there are plenty of bumps to contend with. Qantas said domestic capacity for the group in the second half of the financial year was lower due to Cyclone Alfred in Queensland, which will cost the group $30 million in earnings. And international capacity growth will be cut to 9 per cent because of industrial action. There is no room for sentimentality from Hudson when it comes to excising Joyce's former folly.
Courier-Mail
an hour ago
- Courier-Mail
From Wallabies to wealth: huge payday looms for 25-yr-old star
At just 25, ex Wallaby and Qld Reds star Jordan Petaia is cashing in with a near $1m annual contract in Los Angeles, but a shrewd Australian deal might net him even more before the Lions roar in. Mr Petaia officially retired from rugby union late last year when he left Brisbane to pursue a career in the United States with the NFL – securing a three-year $2.965m deal with the Los Angeles Chargers that Spotrac figures say give him an average annual salary of $988,333. MORE: Cash-strap student turns $40k to 38 homes Palaszczuk scores insane 684 per cent return on Brisbane property MORE: Tradie's colossal 5.5m find in Aus backyard Million-dollar shock: Most Aussies now priced out of house market But he could soon much more than that without lifting a finger off a Brisbane property he bought the first year of the pandemic in June 2020 for $790,000. House prices in Fairfield have jumped 54.4 per cent in the last five years, which would mean a jump of $429,760 in the property's value – taking it to $1.22m. Valuation estimates show the market value could even go as high as $1.43m for the sports star, making more in one signature than he'd do all year training. The property is the first Mr Petaia bought while he was with the Queensland Reds, during which time he amassed a total 31 caps for the Wallabies. MORE: Shock twist as former Virgin CEO to tear down $17m mansion Inside slumlord's crumbling empire: derelict, unliveable, worth millions Ray White Holland Park agents Piers Crawford and Brad McMahon have taken the property at 34 Brisbane Corso to market, with the post-war house on a 647sqm site set to draw strong market attention in an area of regrowth, walking distance from the University of Queensland. 'Jordan has told us he is looking forward to settling into Los Angeles life and is loving the opportunity and high performance environment of the NFL and the Chargers,' Mr Crawford said. 'The home has been very good to him over the years, but he has made the decision to move on.' 'Fairfield is the perfect lifestyle location being so close to parks and Brisbane River, University of Queensland and the cultural and entertainment precincts in West End and South Brisbane.' 'It provides excellent access to Mater and Princess Alexandra hospitals and is also in the highly sought-after school catchment of Brisbane South State Secondary College.' Mr Petaia has put some work into maintaining the house which was built in 1980. 'It has been recently renovated and presents very well and, being on a larger corner block, the site has very good development potential.' 'It will be perfect for any owner-occupiers or investors looking for a very liveable property with excellent opportunity for further development. We have had good interest so far.' The house currently has three bedrooms, a bathroom and parking for two vehicles with rental estimated from a low of $569 a week to as high as $709/wk. MORE REAL ESTATE NEWS
