Fund manager Elanor's long road ends in $125m rescue plan
But in a dramatic overhaul, ASX-listed Elanor will lose one of its most valuable mandates, managing Challenger Life's roughly $3 billion real estate portfolio, a move previously foreshadowed by The Australian Financial Review. That mandate is expected to go to Charter Hall.
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West Australian
2 hours ago
- West Australian
ASX-listed gold miners arrive at Diggers & Dealers with more than $7.5b of cash and bullion to play with
Local gold miners are making the annual pilgrimage to Kalgoorlie while carrying piggy banks bursting at the seams. The Diggers & Dealers Mining Forum begins in the gold heartland on Monday after a record year for the precious metal. Gold miners were already flying high at last year's Diggers & Dealers and since then bullion's value in Australian dollar terms has surged another 38 per cent to $5120 an ounce. ASX-listed producers of the precious metal are now flush with funds — collectively holding more than $7.5 billion of cash and bullion at June 30. How those riches will be spent, or not spent, is set to dominate conversation among the 2000-plus attendees at the three-day conference. 'Perhaps they could be used for further acquisitions although prices now paid to obtain such new assets are very high,' Surbiton Associates director Sandra Close said. 'The concern is that the larger the cash reserves become, the more the company may become a tempting takeover target.' Dr Close, who has been a gold industry analyst for three decades, said there was 'another rather obvious solution'. 'I am sure that shareholders would love to see higher dividends.' A wave of consolidation has already swept through the gold industry over the past 18 months, with about $9 billion of mergers between Red 5 and Silver Lake Resources, Westgold Resources and Karora Resources, and Ramelius Resources and Spartan Resources. Gold mines and early-stage developments have also been snapped up at a premium left, right and centre across WA. South Africa's Gold Fields in May shook hands with Gruyere mine partner Gold Road Resources to buy its half stake in the Goldfields project for $3.7b in cash and shares. A day prior to this handshake, Northern Star Resources wrapped up its all-stock deal to take control of De Grey Mining and its prized Hemi development in the Pilbara for $6b. Northern Star has the biggest pile of cash and bullion among miners listed on Australia's bourse. It held $1.9b at June 30, well ahead of Ramelius in second place at $810m. Evolution Mining had $760m, Vault Minerals $686m, Greatland Gold $575m and Regis Resources $517m as the other local miners with liquid asset balances over half a billion dollars by the end of FY2025. While gold chiefs are poised to chest-beat at Kalgoorlie's Goldfields Arts Centre's lectern, their battery metals counterparts will cut forlorn figures for the second year in a row. Some, like IGO's Ivan Vella, have decided not to front. WA's once-thriving nickel industry is one mine closure away from complete collapse, lithium remains in the doldrums and no local rare earth element explorers of note had a bumper year. Uranium has also lost its glow. The radioactive commodity became a hot topic at last year's Diggers & Dealers after former Coalition leader Peter Dutton gatecrashed the conference to spruik his nuclear energy policy. Mr Dutton's election failure in May and weakening uranium prices over the past 12 months have largely killed the hype. A notable absence at this year's forum will be the presence of any of the three biggest miners in the State — BHP, Rio Tinto and Fortescue. Fortescue presented last year via Kristen Pelc, a corporate development manager, and BHP had a booth — infamously an empty one after announcing a month prior to the conference that is sprawling Nickel West arm would into care and maintenance.
ABC News
4 hours ago
- ABC News
Need some 'motherly warmth'? In Japan, you can hire a grandma for as little as $60
As a grandmother-for-hire, 69-year-old Taeko Kaji performs a variety of tasks — from cleaning to cooking to giving life advice. "I never get bored," the Tokyo resident told the ABC. Japan is experiencing what some have called a "loneliness epidemic". Grandmother-for-hire services allow people to experience what it is like to have an older woman care for them in a maternal way, for as little as $60 a visit. They also provide a work opportunity in a society that usually does not value the skills and experience of older women. Ms Kaji said she wanted to find a job to keep her busy after her dog died. The only option she could find for a woman at her age was to be a cleaner. That was until her daughter came across a company that hired older women to play the role of grandmother for strangers. Ms Kaji is employed by Client Partners, a "women-only handyman" company that is run by women and employs only women. Client Partners started the OK!Obaachan (OK!Grandmother) service in 2011, hoping to tackle problems that women were suited for. "There were so many male handymen, and we knew that the market was saturated," chief executive Ruri Kanazawa told the ABC. "Just adding the word 'female' [to the business] really opened up the market." Of the company's approximately 300-400 staff, about 80 are over the age of 60. Other services the company offers include interpreters and tourist guides, or even renting a friend or an aunt. They say they get a wide range of customers, from men and women in their 20s to people in their 70s. Ms Kaji said one client, who was about the same age as her, hired her to pack their expensive tableware. Ms Kanazawa said the emotional support they provided was what made their company stand out from other "handyman companies". She said many of their clients sought their services because it could be hard for them to "ask for help even for things that could be solved between relatives or family members". "Some people may be abused, and some people may never have had a mother in the first place," she said. "Our grandmother staff members, who cook for the guests and act like a mother to them, help provide the motherly warmth they need." Kaori Okano, a professor of Asian Studies and Japanese at La Trobe University, studies gender relations in Japan. She said the company provided valuable opportunities for some older women. "These organisations value 'housewife' skills," said Professor Okano. "It gives a sense of self-fulfilment to these women who were previously unemployed that they can be useful and valued by other people." In Japan, retirees can receive income from employee pension schemes, similar to superannuation in Australia, and the national basic pension scheme. To be eligible for the pension, they need to have contributed to it through work, or their husband must have made contributions to their own employee pension scheme. Professor Okano said this meant some women might get less pension if they were not married or if they did not have regular income. "The dominant trend two decades ago was that women would quit their jobs and stay at home after they got married and had kids," she said. "And once their kids start school, they re-enter the workforce in casual or contract roles, also known as non-regular work." While Japanese mothers have been able to participate more fully in the workforce thanks to improved maternity leave and childcare, there is still a gender gap. Japan's 2024 Labour Force Survey found that the number of women with regular employment still peaked at 25-34 years old. Eriko Teramura, who is the professor of human resource management and labour economics at Japan's Meikai University, said she expected the number of older women in the workforce to increase. "Older women often have long periods of unemployment or part-time work, limiting their accumulation of work skills," Professor Teramura told the ABC. According to Professor Teramura, companies like Client Partners demonstrated the growing need for "social innovation that combines caregiving, community, and employment". "Contributing to society through life experience, emotional labour, and communication skills can provide purpose and income for older women," she said. OECD economists have warned that the decline in the working-age population in Japan could impact its economic growth. To counter this, they have recommended closing the gender gap in employment and increasing immigration. The Japanese government has made some efforts to address these labour gender disparities. A recent amendment to the Promotion of Women's Active Engagement in Professional Life Act will force companies to be transparent about their gender pay gap, as well as their share of women in managerial positions, from April 2026. Ms Kanazawa said working with her older colleagues has made her optimistic about Japan's future.
News.com.au
14 hours ago
- News.com.au
Stock Tips: It's lithium, property, supermarkets and… water for the win
It's no easy gig analysing share prices and company performance but somebody's got to do it. Every week two experts from our Share Tips columnist pool give us their recommendations. Jed Richards – Shaw and Partners BUY Cromwell Property Group (ASX:CMW) Trades at a notable discount to its net asset backing, presenting a value opportunity for income-focused investors. Offers a strong quarterly dividend yield of about 7.6% and its portfolio includes office properties, primarily leased to government and listed tenants, which contribute about 68% of its gross income. Assets are held for long-term investment and generate stable rental cash flows. Cromwell combines reliable income with potential capital upside. Duxton Water (ASX:D2O) Trading at a discount to its net asset backing, offering a compelling entry point for income and value investors. It provides a dividend yield of 4.98%, paid semi-annually, with consistent growth. The company owns a diversified portfolio of permanent water entitlements across the southern Murray-Darling Basin. With drought conditions emerging in parts of South Australia and Victoria, demand for water is rising, supported by government buyback programs. Benefits from stable annuity-style income through long-term leases to agricultural users. HOLD Santos (ASX:STO) Remains a solid energy holding with exposure to LNG and gas markets across Australia and Asia. The company is currently under a takeover proposal from a major international consortium, highlighting its strategic importance and potential value. While the offer is still under review and subject to due diligence and regulatory approval, it presents possible upside for shareholders. Santos continues to generate strong cash flow and maintains a stable outlook, making it a prudent hold. BWP Trust (ASX:BWP) Offers a solid, reliable yield supported by long-term leases to high-quality tenants, notably Bunnings Warehouse. This relationship provides consistent rental income and low vacancy risk. The trust holds a portfolio of well-located retail properties across Australia, with a focus on large-format retail. While growth may be modest, the income stability and defensive nature of its assets make BWP a prudent hold for investors seeking dependable returns in a low-volatility environment. SELL Origin Energy (ASX:ORG) Has performed well recently and now appears to be trading above fair value. We are locking in profits at this stage given limited near-term growth catalysts. While Origin remains a solid energy provider, its valuation looks stretched compared to peers. For investors seeking better value and income, AGL Energy offers a more attractive alternative, with stronger yield and improving fundamentals. Technology One (ASX:TNE) Has delivered strong share price increases, but now trades at a very high PE ratio – over 97 – making it one of the most expensive stocks on the ASX. Its dividend yield is low, under 1%, which limits income appeal. The company provides enterprise software solutions for government, education, and corporate clients, including financials, asset management, and HR systems. However, competition in cloud-based enterprise software is intensifying, and much of the growth appears priced in. I suggest locking in profits at current levels. Chris Haynes – Equity Trustees BUY Pilbara Minerals (ASX:PLS) One of the largest and most efficient producers of lithium globally, which is a key component in battery production. The lithium price has collapsed over the past 18 months due to excess supply. However, there are signs of supply reductions and a potential bottoming in the lithium price. PLS is well positioned to benefit from a recovery. High risk, but high potential return. Coles Group (ASX:COL) The new CEO has been executing effectively, with improving margins and solid revenue growth. COL has invested heavily in logistics and fulfilment over the past few years. These investment programs are nearing completion, and the full benefits are expected to flow through. This is a good time to invest in a well-known household name. HOLD Reliance Worldwide (ASX:RWC) Designs, manufactures and distributes branded water flow and control products for the plumbing industry. The key revenue driver is US housing starts, which have been sluggish due to mortgage rates around 7%, making home buying prohibitive. Once the outlook for rates improves, the stock price is expected to move upward. Lynas (ASX:LYC) Produces rare earth minerals used in critical products such as magnets. Volumes and realised pricing have been strong, and the share price has performed well. LYC is in a strong position as a dominant supplier outside of China. The company has announced potential growth projects in Malaysia and Korea. While the stock trades at relatively high multiples, these projects offer upside potential. Some consolidation in the share price is warranted. SELL Charter Hall (ASX:CHC) Manages and invests in office, retail, and industrial properties. The stock price has risen approximately 50% this calendar year, while the earnings outlook has only mildly improved. As a result, the price-to-earnings multiple is well above long-term averages. It's a good time to take profits. Atlas Arteria (ASX:ALX) Owns, operates and develops toll roads globally. Its major investment in the French toll road APRR faces challenges, particularly due to a government that is somewhat hostile to corporate ownership of toll roads. The recent strength in the share price presents a good opportunity to take profits.
