Latest news with #MalcolmBundey
AU Financial Review
25-05-2025
- Business
- AU Financial Review
Can MinRes' cleanskin chairman tame the Chris Ellison show?
Mineral Resources founder Chris Ellison isn't known to be a retiring type. On analyst calls and in interviews, the mining industry veteran is not afraid of browbeating anyone who questions his management style. His blunt-speaking approach is said to be no more refined in the boardroom. It is into this boardroom that Malcolm Bundey, a Melbourne-based packaging industry expert with no mining experience, will enter as non-executive chairman of the highly indebted West Australian company in July.
AU Financial Review
19-05-2025
- Business
- AU Financial Review
ASX to rise as Wall St rebounds; RBA cut in focus
The ASX is set to lift as investors look to an expected rate cut by the Reserve Bank of Australia and Wall Street rebounded after a shock US credit downgrade. A renewed wave of dip buying pushed US markets into positive territory but the dollar remained lower. The S&P 500 wiped out a slide that earlier topped 1%. Several strategists said any pullback could be an opportunity to wade back into the market amid bullish momentum boosted last week by the US-China tariff truce, with some big banks watering down their recession calls. Bonds also came well off session lows, following a slide that briefly put 30-year yields above 5%. Market highlights ASX futures are pointing up 58 points or 0.7 per cent to 8369. All US prices are as of 1.30pm New York time. Today's agenda The main focus for markets today is the Reserve Bank of Australia's interest rate decision. Most economists expect the central bank to cut rates for the second time this year. The current expectation is a 0.25 percentage point cut, which would take the cash rate below 4 per cent for the first time since 2023. Top stories Policy demands could lead to Libs-Nats split | The Nationals are demanding the Liberals stay committed to their key policies as a condition of staying in the Coalition. | The two presidents spoke on the phone with the threat that the United States would walk away from its commitment to the war. MinRes' new chair to pocket $8.34m if he turns miner around | The Mineral Resources board has lured Malcolm Bundey, a packaging sector veteran, to become its chair with a bumper package of share options. | The prime minister was in Rome for the Pope's inauguration mass and the two leaders spoke about their shared concern for global conflict.
The Age
19-05-2025
- Business
- The Age
ASX breaks winning streak as investors await RBA rate cut
Domino's pizza shares dropped 2.6 per cent after the surprise resignation of its chief executive after nine months in the job. Less than one year ago, shares were valued at $39.35 per share – they are now $24.55. Miners BHP (down 2.4 per cent), Fortescue (down 4.9 per cent) and Rio Tinto (down 1.3 per cent) suffered losses after a fall in iron ore prices. Mineral Resources (down 8.8 per cent) slumped as it unveiled its new chair, Malcolm Bundey, who will take over from James McClements on July 1. The price of oil fell, which weighed down the energy sector, with Woodside (down 1.5 per cent) Santos (down 1.7 per cent) and Yancoal (2 per cent) among worst performers. Commonwealth Bank (up 1 per cent) bucked the trend in the banking sector, closing at $171.36, while ANZ (down 1.7 per cent), NAB (down 0.5 per cent) and Macquarie Group (down 1.6 per cent) all lost ground. The lowdown David Bassanese, chief economist at BetaShares ETFs, said it was hard to pinpoint what drove the changes in the market but speculated there could be some 'nagging doubt' that the RBA would cut rates tomorrow. 'It [a rate cute] is almost a virtual certainty, priced into the market,' said Bassanese. 'Maybe just some concern that there's a nagging doubt that the RBA may not cut rates tomorrow.' Big-four banks are predicting a rate cut, which the RBA will announce on Tuesday afternoon. It is expected to lower the cash rate by 0.25 percentage points. HSBC chief economist Paul Bloxham said it was obvious a rate cut was needed, but the cautious approach of the RBA made it hard to predict. 'The RBA's patient approach to dealing with the post-pandemic inflation surge has paid off,' said Bloxham. 'Core inflation has fallen back into the RBA's target band without a recession or large retrenchment of the jobs market.' If not for the concern regarding a rate cut, the day's losses could be the result of some profit-taking after a stretch of positive closes on the ASX, Bassanese said. Loading Bassanese also said credit ratings agency Moody's decision to downgrade the United States' AAA credit rating – combined with deepening concern that growing debt will damage America's standing as the choice destination for global capital – may have affected the slide. The Moody's downgrade caused US Treasury yields to move higher, increased appetite for haven assets and boosted gold after its biggest weekly decline in six months. The one-notch cut from Moody's comes more than a year after Moody's changed its outlook on the US rating to negative. The credit assessor now has a stable outlook. 'While we recognise the US' significant economic and financial strengths, we believe these no longer fully counterbalance the decline in fiscal metrics,' Moody's wrote in a statement. Tweet of the day Quote of the day 'We'll get the first of the Productivity Commission's reports today on things we can do to improve our ... productivity. Well, let's hope something comes of it. I'll believe it when I see it.' – Economics editor Ross Gittins examining how to grow productivity.
AU Financial Review
19-05-2025
- Business
- AU Financial Review
New MinRes chairman shows delulu is infectious
So it was Malcolm Bundey who Perth-based MinRes plucked from obscurity to become non-executive chairman on Monday. This was the result of an 'extensive international search'. Eye roll. Bundey has never been an ASX chairman before (he is the deputy chair of the $4 billion Brickworks). He's based in Melbourne. He also hasn't worked a single day in the mining industry. The 'extensive global search' nonsense is becoming a real bugbear. Frivolous window dressing to justify the fees paid to recruitment firms. Nine Entertainment (publisher of this masthead) spruiked its 'comprehensive international search' for its new CEO, to then name the interim chief Matt Stanton in March. Last year, the AFL concluded a 13-month 'incredibly competitive' search to find Gil McLachlan 's replacement, to end up with Andrew Dillon, the guy down the hall. A Richard Goyder succession special.
Reuters
19-05-2025
- Business
- Reuters
Australia's Mineral Resources names Malcolm Bundey as next chair; shares slide
May 19 (Reuters) - Australia's Mineral Resources ( opens new tab on Monday named outsider Malcolm Bundey as non-executive chair, replacing James McClements after a decade in the role and sending shares of the lithium miner down 9% amid a broader governance shake-up. Bundey is currently the deputy chair at brick manufacturer Brickworks ( opens new tab and has previously worked as a managing director and executive chief at packaging solutions provider Pact Group ( opens new tab. The mining services provider plunged 8.8% to A$24.08 in its weakest trading session in nearly five weeks, after tumbling as much as 10.2% earlier in the session, making it one of the benchmark's (.AXJO), opens new tab worst performers. "I would say his lack of mining experience could be driving the sell-off today, but he is surrounded by a highly mining-experienced board and leadership team," said Grady Wulff, market analyst at Bell Direct. "His experience and role to play comes through the extensive management and leadership skills he has," added Wulff. The billionaire Chris Ellison-founded company has been trying to rebuild its tarnished image following scandals last year tied to its founder, which led to a string of board departures. The Onslow Iron Ore project haulage road in Western Australia will be a priority for the new management due to several incidents which have impacted the performance of the project, Wulff said. In March, the company restarted haulage operations after a week following a road train accident.
