Sarah Thompson and Anthony Macdonald Sep 17, 2019 AFR Bankers are back at the bowser – this time for one of the country’s largest independent fuel retail chains Puma Energy. Puma Energy’s owner, commodities trader Trafigura, finds itself under the pump and has been working with Bank of America Merrill Lynch bankers to try and relieve some of the pressure. The release valve includes assessing interest in its Australian assets, where it has 360 retail fuel sites, 222 shops, 81 restaurant/cafes and 60 truck stops, according to the company’s annual report, as well as a big fuel transport business. It is understood BAML took second round bids for the Australian business last Friday and has told onlookers that Puma Energy and its owner Trafigura could be ready to deal inside the coming month. Sources said the Australian assets on the block were pitched with about $50 million EBITDA and would…

STEPHANIE PALMER-DERRIENSeptember 17, 2019 StartupSmart Aussie car-sharing platform Car Next Door has bagged $6.2 million in funding from South Korean auto manufacturer Hyundai, as it prepares for growth, and for a major shift in the transport industry. Founded by Dave Trumbull and Will Davies in 2012, Car Next Door was one of the original sharing economy platforms in Australia, allowing drivers to lend their vehicles to neighbours who need a one-off set of wheels. Now, it has about 150,000 borrowers on the platform, and about 3,000 cars in Sydney, Melbourne, Brisbane, Canberra, Perth and the Gold Coast. As of the end of 2018, it was seeing 100% revenue growth, year-on-year, pretty much since it was founded, Davies tells StartupSmart. And that translated to marketplace revenues of about $15 million per year, he adds. This latest funding follows another recent raise of $1.8 million, from existing investors. But the co-founders aren’t…

SEPTEMBER 18, 2019 AFP Health-conscious American millennials have found their drink of choice: alcoholic carbonated water that is lower in calories and carbs than beer and wine. A hard seltzer craze is sweeping the US as generations Y and Z pursue healthier lifestyles, influenced by viral trends on Instagram and YouTube. US sales of the bubbly booze, also called spiked seltzer, have soared almost 200 per cent this year compared with last year, according to research firm Nielsen. “It has replaced other canned alcoholic drinks for me,” says Hannah Stempler, 25, who lives and works in New York. Stempler drinks White Claw, the brand at the forefront of the beverage fixation. The company said sales were up more than 265 per cent on-year at the beginning of this month and that it held 61 per cent of market share. Truly, another brand, saw sales spike 163 per cent in Q2,…

Sep 18, 2019 AFR Let’s also hope ASIC’s report on governance helps to re-focus the director community on what it can actually do – setting the tone from the top, setting risk appetite and setting strategy – and doesn’t simply create another layer of unrealistic expectations. The only good thing about the state of confusion inside Australia’s boardrooms is that it’s finally sparking debate about what we can and should expect from directors. New research from the Australian Institute of Company Directors,  to be released on Wednesday, adds to that debate by suggesting boards are struggling to walk the talk on innovation. Australian directors are in choppy waters and confused at their roles.  David Rowe While 75 per cent of directors surveyed said their organisation has an innovation vision, or a strategic plan that features innovation, 57 per cent of directors didn’t know what percentage of their total expenditure was…

Customers don’t buy a company’s social views along with their products. And companies don’t buy their employees’ consciences along with their labour. Parnell Palme McGuinnessColumnist Sep 17, 2019 AFR One thing is clear: the public supports the right of business leaders to free speech. A resounding 78 per cent of Australians surveyed for the Committee for Economic Development of Australia’s inaugural Company Pulse support corporate leaders speaking out on issues of national importance. Beyond this headline figure, however, is widespread scepticism that what business leaders say is in the national interest. Less than 50 per cent of the public surveyed believes that “business leaders are advocating in the national interest when they speak out”. CEDA chief executive Melinda Cilento points to the public debate over company tax to explain the disconnect. Business leaders who last year argued for a company tax cut believe it to be in the national interest,…

09/17/2019 CSNews SACRAMENTO, Calif. — California is the latest state to take action against the growing concerns around electronic cigarettes and vapor products.  On Sept. 16, Gov. Gavin Newsom signed an executive order directing the California Department of Public Health (CDPH) to launch a $20-million statewide digital and social media public awareness campaign to educate youth, young adults and parents about the health risks of vaping nicotine and cannabis products.  He also tasked CDPH with developing recommendations to reduce smoking among young adults and teens by establishing warning signs with health risks where vaping products are sold and on product advertisements. “We must take immediate action to meet the urgency behind this public health crisis and youth epidemic,” Newsom said. “As a parent, I understand the anxiety caused by the deceptive marketing tactics and flavored options designed to target our kids. With mysterious lung illnesses and deaths on the rise,…