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James Murdoch makes statement in the style of his dramatic departure – Sydney Morning Herald

James Murdoch’s resignation letter was brutally succinct, making clear his departure was a rejection of the company’s direction.

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It’s long been clear that James – a raging left-winger by his family’s standards – was on the outer and that his older, more conservative brother Lachlan is set to take over when 89-year-old Rupert dies or retires.
In more united times: Lachlan Murdoch, Rupert Murdoch and James Murdoch at the 2014 Television Academy Hall of Fame in Beverly Hills, California. Credit:Invision
Even so, James’s resignation came as a shock – more for the way the news was delivered than the fact he was stepping down…

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Toyota profit plunges on halved car sales – Australian Associated Press

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Toyota’s profit plunged 74 per cent in the last quarter as the coronavirus pandemic sank vehicle sales to about half of what the top Japanese car maker sold the previous year.

Toyota Motor Corp. reported on Thursday a profit of 158.8 billion yen ($A2.01 billion) in April-June, down from 619 billion yen in the same period last year.

Toyota sold nearly 1.2 million vehicles globally during the quarter through June, down from 2.3 million vehicles last…



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As it happened: BHP’s 4.9% bounce helps ASX close higher – The Sydney Morning Herald

The ASX 200 closed 0.7% higher, helped by commodity prices, stimulus hopes, and the prospect of a vaccine. BHP reached its highest close since January 24.

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An ex-dividend Rio Tinto added 1.5 per cent to $105.50 and Fortescue Metals set a new high close of $18.57 in climbing 1.5 per cent for the day.
A strong session for the miners came after spot gold touched a new record high of $US2055 an ounce and iron ore continued its push towards $US120 per tonne.
Iron ore has been phenomenal and continues to rise, Burman Investments portfolio manager Julia Lee said.
It will be interesting to see what will happen as Brazil comes back online but because the…

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Alex Wade’s lucrative 18 months at AMP – The Australian Financial Review

The head of AMP Australia received a $270,000 cash sign-on bonus and $310,000 in relocation costs when he joined the company in 2019.

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Isn’t AMP the gift that keeps on giving. For gossip columnists and other muckrakers, that is. Definitely not for its shareholders, advisers, employees, etcetera.
The tally of those benefiting from AMP has to include its star hires, though. The departed head of AMP Australia Alex Wade received a $270,000 cash sign-on bonus and $310,000 in relocation costs when he joined the company as group executive, advice (replacing royal commission witness Jack Regan) in January 2019. Wade would also receive…

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