--- title: Top Business News Stories - 31 May 2024 description: Stay informed with the latest updates on Australian shares, healthcare mergers, property development hurdles, energy investments, and mining industry decisions in the business world. --- [ASIC Business Registration ![Namecorp Logo](https://businessaustralianews.com.au/hubfs/Namecorp%20Logo.png)](https://namecorp.com.au?utm_source=ban&utm_medium=topbar&utm_campaign=registration) [![Business Australia News Logo](https://businessaustralianews.com.au/hubfs/logo/BAN-Logo-Black-Cropped.svg)](https://businessaustralianews.com.au/) - [Home](https://businessaustralianews.com.au) - [Start-Ups](https://businessaustralianews.com.au/blog/tag/start-ups) - [Technology](https://businessaustralianews.com.au/blog/tag/technology) - [Marketing](https://businessaustralianews.com.au/blog/tag/marketing) - [Our Community](https://businessaustralianews.com.au/blog/tag/our-community) - [Finance](https://businessaustralianews.com.au/blog/tag/finance) - [Legal](https://businessaustralianews.com.au/blog/tag/legal) - [Culture](https://businessaustralianews.com.au/blog/tag/culture) - [WIWO](https://businessaustralianews.com.au/blog/tag/wiwo) - [Trending](https://businessaustralianews.com.au/blog/tag/trending) - [Quick Links](https://businessaustralianews.com.au/blog/news/top-business-news-stories-31-may-2024#depth-dropdown-mobile-1-1) - [Home](https://www.businessaustralianews.com.au) - [Start-Ups](https://businessaustralianews.com.au/blog/tag/start-ups) - [Technology](https://businessaustralianews.com.au/blog/tag/technology) - [Marketing](https://businessaustralianews.com.au/blog/tag/marketing) - [Our Community](https://businessaustralianews.com.au/blog/tag/our-community) - [Finance](https://businessaustralianews.com.au/blog/tag/finance) - [Legal](https://businessaustralianews.com.au/blog/tag/legal) - [Culture](https://businessaustralianews.com.au/blog/tag/culture) - [WIWO](https://businessaustralianews.com.au/blog/tag/wiwo) - [Trending](https://businessaustralianews.com.au/blog/tag/trending) - [Help and Support](https://businessaustralianews.com.au/blog/news/top-business-news-stories-31-may-2024#depth-dropdown-mobile-1-2) - [Advertise With Us](https://businessaustralianews.com.au/advertise-with-us) - [Free Sign Up](https://businessaustralianews.com.au/subscribe) - [Contact Us](https://businessaustralianews.com.au/contact-us) - [About Us](https://businessaustralianews.com.au/blog/news/top-business-news-stories-31-may-2024#depth-dropdown-mobile-1-3) - [Privacy Policy](https://businessaustralianews.com.au/privacy-policy) - [Terms of Use](https://businessaustralianews.com.au/terms-of-use) [ASIC Business Registration ![Namecorp Logo](https://businessaustralianews.com.au/hubfs/Namecorp%20Logo.png)](https://namecorp.com.au?utm_source=ban&utm_medium=topbar&utm_campaign=registration) [Home](https://businessaustralianews.com.au) [Trending](https://businessaustralianews.com.au/blog/tag/trending) Top Business News Stories - 31 May 2024 # Top Business News Stories - 31 May 2024 #### BusinessCorp Published: May 31, 2024 Today’s roundup covers the latest updates from Australian shares, significant mergers in the healthcare sector, hurdles in property development, substantial moves in energy investment, and strategic decisions in the mining industry. Here's what you need to know. ## Australian Shares Poised to Open Higher Amid US Market Struggles ### Wall Street Recap Australian shares are set to open higher today, in contrast to a turbulent session on Wall Street. Cautious consumer spending and Salesforce's downturn heavily impacted the tech sector. - Dow: -0.9% - S&P 500: -0.6% - Nasdaq: -1.1% ### Tech Sector Slump Salesforce plummeted over 20%, significantly affecting the Dow. Nvidia and Microsoft experienced declines of 3.8% and 3.4%, respectively, and CrowdStrike dropped nearly 10%. Dell fell 5.2%, with an additional 12% decline in after-hours trading following disappointing results. ### Economic Indicators The US 10-year yield decreased to 4.55% as new GDP numbers revealed cautious consumer spending. Analysts anticipate further economic slowdown due to high interest rates. Market focus is on the release of April’s personal income, spending, and inflation data, expected at 10.30pm AEST on Friday, with economists predicting a 0.2% rise in the personal consumption expenditures price index, the smallest increase this year. ### Analyst Insights Goldman Sachs strategist Peter Oppenheimer cautions that rising bond yields could hinder stock market gains, predicting a sideways movement for the equity market in the coming months. ### ASX Highlights - ASX futures up 50 points or 0.7% to 7705 at 7am AEST - AUD +0.5% to 66.33 US cents - Bitcoin +1.3% to $US68,340 ### Stocks to Watch - Select Harvests releases earnings. - Nickel Industries holds an AGM. - BHP showcases growth projects in Chile. ### Global Markets - Europe: Stoxx 50 +0.4%, FTSE +0.6%, DAX +0.1%, CAC +0.6% - Commodities: Gold +0.2% to $US2342.69/oz, Brent crude -1.9% to $US82.01 a barrel, Iron ore -2.6% to $US115.85 a tonne ### Key Economic Data - Japan: April industrial production - China: May manufacturing and services PMIs - Eurozone: May CPI - US: April personal income, spending, and Core PCE ### Consumer Trends Kohl’s shares fell 22% after reporting a loss and a drop in sales, indicating cautious consumer behaviour. Amazon is increasing its stake in Grubhub to enhance its food delivery services. ### US Tech News Salesforce faces pressure as projections indicate slow sales growth amid the AI boom. Conversely, Foot Locker’s turnaround plan is back on track, with shares rising 15%. ### Other Headlines - Elon Musk to testify in an SEC probe of his Twitter acquisition. - WeWork gains court approval to restructure its debt and lease agreements. - Birkenstock shares surged 11.7% on strong earnings. ## Sigma Healthcare’s Acquisition of Chemist Warehouse Nears Final Stage Sigma Healthcare’s $8.8 billion acquisition of Chemist Warehouse is nearing its final stage with the ACCC, with a decision expected by mid-June. At Sigma’s recent AGM, CEO Vikesh Ramsunder faced a significant 47.5% vote against the company’s remuneration report due to concerns over his retention package. ### Governance Issues Ownership Matters warns of significant governance challenges if the merger proceeds, noting that Chemist Warehouse’s related party transactions, accounting for 84% of its $3.1 billion revenue in 2023, could pose transparency issues. The ACCC review and an independent expert report aim to address these concerns. Sigma has refrained from commenting due to the ongoing ACCC review, while the ASIC and the ASX are closely monitoring the situation. ## Sydney’s Property Development Challenges Sydney is Australia’s top city for property-development obstruction, with Woollahra leading the pack. Local property owners, including Brett Wells, face prolonged delays in getting renovation plans approved, exposing broader issues in Sydney’s housing market. ### Affluent Suburbs Resistance Premier Chris Minns aims to address this by increasing housing targets, with Woollahra’s yearly quota jumping from 100 to 380 dwellings. Despite strong resistance from affluent suburbs and local councils, enforcement of these targets remains uncertain. The cost of appealing against council decisions is substantial, exemplified by Brett Wells’ potential $450,000 expense to resolve his protracted case with Woollahra Council. ## HMC Capital’s Ambitious $2 Billion Energy Transition Fund HMC Capital has appointed a former prime minister to chair its new $2 billion Energy Transition Fund and is actively seeking its first major investment. The fund aims to acquire a stake in Symphony, a company connecting renewable energy generators to the grid, projecting $40 million EBITDA this financial year. ### Strategic Positioning With Australia needing significant network connections by 2050 to meet renewable energy targets, Symphony, along with competitor Lumea, is well-positioned to capitalise on this opportunity. ## Anglo American CEO Rejects BHP’s $75 Billion Bid, Focuses on Independent Growth Anglo American CEO Duncan Wanblad has closed the door on BHP’s $75 billion acquisition attempt, focusing on his ambitious restructuring plan. The plan involves selling off assets in diamonds, platinum, nickel, and Queensland coking coal within the next 18-24 months. ### Strategic Divestments Queensland coking coal mines have been highly profitable, delivering $999 million in net profit last year. Anglo American’s strategy aims to enhance shareholder returns, making the company potentially more formidable for future bids. 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