Good afternoon. The Woolworths CEO, Brad Banducci, has resigned unexpectedly as political pressure mounts over the company’s expanding profits at the same time as shoppers grapple with fast-rising grocery prices. The company’s shares were on track for their worst losses in years.
Banducci stood down on the same day the company released its half-year profit to December 2023, which increased to $929m.
Woolworths is facing multiple parliamentary inquiries and a year-long pricing investigation from the competition regulator, designed to determine whether it is using its dominant market position to pressure suppliers and price-gouge shoppers.
Top news
Government crackdown on flight cancelling at Sydney airport | Airlines will face penalties if they decide to cancel flights at Sydney airport without valid reasons and could lose their takeoff and landing slots, as the government aims to help smaller airlines better compete at Australia’s largest airport. Larger airlines such as Qantas, Jetstar and Virgin have been accused of strategically cancelling their flights in a practice known as “slot hoarding”.
Yang Hengjun will not appeal suspended death sentence in China | The Australian writer was found guilty on espionage charges in February after spending five years in prison. The deputy prime minister, Richard Marles, said the government “will continue to advocate on his behalf each and every day”.
New Zealand MP dies after charity run | New Zealanders have expressed shock and devastation at the sudden death of Green MP Efeso Collins, who collapsed after a charity run in Auckland. Collins, who was 49 and of Samoan and Tokelauan descent, entered parliament as a Green MP in the October 2023 election.
Which cars pollute more than manufacturers claim? | Some vehicles on Australian roads use 20% more fuel than claimed, and the worst offender is the BMW X3. The MG3, Audi Q5 and Toyota Yaris Cross Hybrid also made the list. Read the story.
UK high court rejects legal challenge over arms sales to Israel | The high court dismissed the challenge, but campaigners say they will appeal against the decision. Last week, a Dutch court ordered the government of the Netherlands to stop supplying F35 fighter jet parts to Israel within seven days, citing violations of international and humanitarian law. Italy and Spain also blocked all arms exports to Israel as soon as the attacks in Gaza started.
More US sanctions for Russia | The US will announce a major package of sanctions against Russia on Friday prompted by the death of political opposition leader Alexei Navalny, but also devised as retaliation for the two-year war Vladimir Putin initiated against Ukraine, Joe Biden said.
AstraZeneca boss’s $33m pay package under fire | AstraZeneca’s chief executive, Pascal Soriot, has cemented his position as one of the best-paid FTSE 100 bosses as he drew criticism from corporate governance experts. Soriot’s £17m pay package is 1,000 times the minimum wage.
Imran Khan’s rivals say they can form government | Imran Khan’s political rivals have announced details of a coalition agreement, naming Shehbaz Sharif as their joint candidate for prime minister amid continuing concerns about the legitimacy of the recent Pakistani elections.
In pictures
The new Rio: queer communities under Jair Bolsonaro
Between 2015 and 2022, the Northern Irish photographer William Rice portrayed Rio’s queer communities to explore themes of identity, self-expression, fashion and escapism during the rightwing government of Jair Bolsonaro in Brazil. Click here to view the gallery.
What they said …
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“We’ve been really clear on saying that the licence that we have for the 19th team in Tasmania … that we do need to have a stadium in Hobart, at Macquarie Point, [seating] at least 23,000 people and with a roof, because that was a pivotal part of the business case.” – Andrew Dillon, AFL CEO
The AFL has said it is standing firm on its “no stadium, no Tasmanian team” stance as the state gears up for an election, with the planned $715m ground in Hobart’s CBD continuing to be a divisive election issue.
In numbers
Before bed read
‘The worst film ever made’: how Sex Lives of the Potato Men broke British cinema
When the puerile comedy bombed, the film-makers blamed the critics and the Tories blamed the UK Film Council. Twenty years on, we reassess the legacy of a cinematic pariah whose champions include Stewart Lee and Mike Leigh. Read the story here.
Daily word game
Today’s starter word is: WASH. You have five goes to get the longest word including the starter word. Play Wordiply.
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