Mayne Pharma shares crash after suitor Cosette threatens to walk
US pharmaceutical giant Cosette has threatened to abandon its $672 million takeover bid for Adelaide-based drug company Mayne Pharma after the target issued weaker-than-expected earnings guidance and disclosed a possible US regulatory issue with one of its key products.
Mayne shares plunged more than 30 per cent on Wednesday after it said private equity-backed Cosette was reviewing the deal because it thought there had been a 'material adverse change' in the company's financial performance since it made its offer in February.
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ABC News
2 hours ago
- ABC News
With a 'direct ear' to the treasurer, have police outranked paramedics as the SA government's top priority?
"Having the direct ear of the treasurer certainly is an advantage for me as a chief executive and it's my job to make sure I exploit that." One day after the South Australian government handed down a budget with law and order as its centrepiece, SA Police Commissioner Grant Stevens smiled as he summed up the fortuitous position he finds himself in, just nine months out from the next state election. "It's one of those few occasions where we have a senior cabinet minister as the minister for police," he told reporters. "I'm grateful for that level of focus that the government is putting on law and order and policing in South Australia." Mr Stevens was referring to Stephen Mullighan — a long-serving Labor cabinet minister who happens to not only be police minister, but treasurer too. Having a cabinet boss who is also in charge of government spending gives Mr Stevens a unique opportunity to wield influence, and the latest state budget could be seen as a case in point. Hundreds of millions of dollars for more police officers, firearms and infrastructure formed part of what Mr Mullighan described as "the largest boost to police funding in the state's history". As ABC News previously noted, there was no mistaking the budget message the government was trying to send, with photos of police officers splashed across the budget papers and projected onto screens around the budget lock-up room. But turn the clock back three years, and the government was keen to spruik a different kind of frontline worker, whose presence was keenly felt at the last state election, and whose absence from the latest budget front-page raises questions about the government's priorities going forward. "Labor will fix the ramping crisis." It was an election mandate that brought the party to government in March 2022, and which has since become an annoying itch for MPs forced to defend the government's progress. When the Malinauskas government handed down its first budget in June 2022, a photo of a nurse, paramedic and doctor graced the front-page — a nod to the $2.4 billion in health spending budgeted that year. But in 2025, ramping remains high. Ambulances spent 3,700 hours waiting outside emergency departments in April, a decrease on the month before but still much higher than the worst month under the previous government. Despite the government's latest budget tipping an additional $1.9 billion into the health system over the next five years — $1.7 billion of which is just to address increasing demand — health unions were not too pleased. "This budget is strong on crime but soft on health," Australian Nursing and Midwifery Federation CEO Elizabeth Dabars said. "We know that they've put additional investment into health, but the reality is that the demands in the system on nurses and midwives are far too great to endure." Paramedics were equally scathing. "It is inconceivable that we are nine months out from the next election, and the government that promised our community that it would fix the ramping crisis, has not budgeted for any additional ambulance resourcing, or to address ramping and response times," Ambulance Employees Association general secretary Paul Ekkelboom said. "The best this government can do is reframe the narrative away from ramping, and abandon on its commitments to the people of South Australia." But Premier Peter Malinauskas said health remained one of the government's top priorities, and budgeted spending on health eclipsed spending on police. "Let's take nurses for instance: We committed at the last election that we would employ an extra 300 nurses. We've smashed those numbers out of the park by the tune of many, many hundreds," he told ABC News Stateline. "Similarly with doctors, we said we'd employ an extra 100 doctors into our system over the life of our time in government. Last year alone, we increased it by over 300 over and above attrition." When questioned on his progress on "fixing the ramping crisis", Mr Malinauskas pointed to ambulance response times. "They're rolling up to triple-0 calls on time and that is the difference between life and death," he said. "We have made inroads (in fixing the ramping crisis), notwithstanding the fact that clearly, we still would like to see ramping improve. "As those new beds come online that we've invested in so heavily and quite dramatically — and there are hundreds coming online over the next couple of years — we hope it improves." So, if health is still a priority for the government, what has prompted it to deliver a budget so heavily focused on law and order — especially when overall crime rates have dropped across the state? According to Mr Malinauskas, SA Police has a "genuine need" for more resources. "They've seen demand grow not in crime in the traditional sense and how we might think of it, but more through the burden of increasing demands around domestic violence responses … also with call-outs to mental health cases," he said. "We've seen that demand grow and we've also got a growing population. "We haven't had that big uplift in police numbers in our state now for quite a long period of time." "Tough on crime" policies are considered politically popular, but Mr Malinauskas denied crime would become an election focus for his government. "I'd much rather have elections focused on other matters — education for instance, rather than crime — but that doesn't mean there isn't a need that we have a responsibility to address." But that is also the case for the health system, which continues to struggle through ambulance ramping and bed block. Without a "direct ear" to the treasurer, it is yet to be seen whether doctors, nurses and paramedics will receive the same level of attention from Labor in the months leading up to March 2026, as they did ahead of the last state election.
West Australian
5 hours ago
- West Australian
World Gold Council working to lure artisanal miners across globe away from ‘illicit actors'
The World Gold Council estimates up to 20 per cent of the world's supply of the precious metal is produced by 'artisanal' miners whose activities are vulnerable to exploitation from 'illicit actors' such as terrorists and mercenary organisations like the notorious Wagner Group. During his visit to Kalgoorlie-Boulder this week, the council's chief strategy officer Terry Heymann said the London-headquartered organisation wanted to bring these small-scale miners into the formal gold supply chain and make them less likely to work with 'informal and illicit markets'. Artisanal and small-scale mining involves individuals usually working by themselves and mainly by hand or with some mechanical or industrial tools. 'This is very different from the large-scale professional mines . . . (it's) not really happening in Australia, it's much more of an issue in other parts of the world, but it's an issue that we care about deeply and we're doing a lot of work in how to support responsible artisanal and small-scale gold mining,' Mr Heymann said. 'A number of my colleagues this week are in Ghana, where the Ashanti King is actually convening a conference to address this issue, which is how do we support access to the formal markets for small-scale and artisanal gold mining? 'Why is that important? 'Because if they don't have access to the formal markets, they go to the informal and illicit markets. 'And that's a real challenge for the gold industry, one that we're actively involved in and doing a lot of work on.' Mr Heymann said a report it held in partnership with former British deputy prime minister Dominic Raab highlighted the dangerous nature of these 'illicit actors'. '(Mr Raab's) findings, unfortunately, are really stark . . . without access to the formal market, these illicit, informal and sometimes illegal miners are forced to work with illicit actors, and that then gets into supplying gold funding for terrorist groups, mercenaries, with the Wagner Group as an example.' The Wagner Group is a Russian-based private military company which has been involved in conflicts across the globe, including the current war in Ukraine. Notoriously, in June 2023 the group's then-leader Yevgeny Prigozhin launched an 'armed mutiny' against the Russian military — but it ended before the Wagner Group's planned march on Moscow. Mr Prigozhin died in a plane crash in Russia in August 2023. Mr Heymann said the issue was extremely important for the whole gold sector. 'It's a different part of the gold sector to where most of the people investing in gold are going to be getting their gold from,' he said. '(And) it's not something the industry can do by itself, and this is why we are calling on governments around the world, particularly those involved in the G20, who can really group together and make a difference on this to take action, to be part of this coalition of the willing to actually drive change. 'My boss, the CEO of the World Gold Council, was meeting with the secretary-general of the Organisation for Economic Co-operation and Development last week, who is Australian — Mattias Cormann — and he pledged OECD support to us. 'The OECD has been hugely involved in this, and I think it's that level of support we need — of the OECD, of national governments in Australia, in the US and Canada, big mining nations using their ability and their leverage to bring together different groups of people who can really address this issue.'
West Australian
6 hours ago
- West Australian
Inter line up former player Chivu to replace Inzaghi
Beaten Champions League finalists Inter Milan will appoint their former player and youth coach Cristian Chivu as manager to replace the recently departed Simone Inzaghi. Inter president Giuseppe Marotta said on Friday that the deal would be announced once details have been worked out with Parma, Chivu's current club. Inzaghi left Inter on Tuesday, four years to the day since his appointment and three days after his side suffered a 5-0 defeat by Paris St-Germain in the Champions League final to end the season trophyless. He was named coach of Al-Hilal a day later. Italian media reports had already named Chivu as the new manager with the 44-year-old Romanian set to sign a two-year contract, and Marotta, speaking at the Serie A Festival, all but confirmed the news. "To win, money alone is not enough, expertise, planning, experience, and many other qualities are needed," Marotta said. "All these qualities are what we believe to have, for example in the case of Chivu. I'm saying this because I cannot give official confirmation as there is a bureaucratic aspect we need to overcome with Parma." Meanwhile Gian Piero Gasperini has been named as Roma's new coach, taking over for the retiring Claudio Ranieri following his successful run at Atalanta. "I need a significant challenge," Gasperini said in an interview released by Roma. He has signed a three-year deal for the club owned by Texas-based businessman Dan Friedkin. In nine seasons at Atalanta, Gasperini guided the Bergamo club to a Europa League triumph in 2024, six top-four finishes in Serie A, and a Champions League quarter-final. Atalanta have turned to Croatian Ivan Juric, who left Southampton following their relegation from the EPL, as Gasperini's replacement.
