Former Origin boss Grant King is not wasting any time when it comes to leading the charge at his new job as president of the Business Council of Australia.
With Malcolm Turnbull's plans to slash corporate tax rates in peril, King is leading his team to Canberra on Wednesday to show Bill Shorten's troops the error of their ways.
"I'm seeking to understand the reasons why the Labor Party no longer supports company tax reductions, having previously strongly supported it. I'm concerned that this change of heart is driven by populism rather than good policy," said King in a press release that will certainly help the Labor faithful see the light.
and this is what @billshortenmp said about #corporatetaxreform to the @ACOSS in March 2011. #ausbiz #auspol pic.twitter.com/MN8iGDUjfL??? The Business Council (@BCAcomau) March 27, 2017
King has even prepared a bedtime story for those holdouts: "If this bill isn't passed, there's no plan B other than hiding under the doona and pretending that global investors can't take their money overseas."
That'll scare them.
Taxation is just one issue holding back big business as it seeks to create high-paying jobs in Australia.
"Business wants to step up to create the conditions for higher incomes, employ more people and invest in Australia but we are being held back by high taxation, stifling regulation and increased energy costs," said King.
On the latter point, if King is worried about energy costs, maybe he could talk to his former employers at Origin about the multibillion-dollar gas export facility he championed for so long.
My store Myer
The smash-and-grab raid on Myer's share register was almost certainly conducted by billionaire Solomon Lew, who is laying another trap for any acquisitive South African retailers.
But if there is one thing we can safely say, it is that Edison - the South African retailer run by former Myer boss Bernie Brookes - is not likely to be among the suitors.
Sure, Bernie knows where all the bodies are buried, but there is no way the South African apparel retailer is going to be able to take advantage of Brookes' insider knowledge.
Edison was heading towards bankruptcy until last year, thanks to the fact that Bain acquired it in an ill-considered, and highly leveraged, deal in 2007. It paid $US1.7 billion for the business just as the financial crisis was about to hit.
The company dodged bankruptcy in April by getting bondholders to agree to defer payments on its $US950 million debt load. The bondholders were then handed control in a debt-for-equity swap that had Bain walking away from its investment in the group.
Bernie was then able to boast that Edison was no longer "desperate and dateless" when it came to selling off assets to improve cash flow.
"Now we can focus on fixing the business, which I think is the first time we've been able to do that rather than focus on the balance sheet as we've done in the past four years. It will be exciting," he told a South African newspaper after the debt restructure.
Yes, he can finally get around to fixing the business rather than emergency surgery to keep the debt-addled group afloat.
There was a time when Edison was interested in acquiring Myer. That was back in 2005 when Edison was cashed up and Myer was about to be flung out of the Coles Myer empire.
Myer was acquired by private equity group TPG, which brought in Brookes to sort out the problems. And Edison went into the hands of Bain Capital.
Gordian knot
You can never have too much exposure to the underperforming TV sector. Just ask former billionaire and Win Corp owner Bruce Gordon.
The Bermudan resident's stuttering negotiations with Southern Cross Media - to acquire its northern NSW television stations - finally resulted in a deal on Tuesday for the princely sum of $55 million. Subject to FIRB and other approvals, of course.
Gordon already owns 15 per cent of Nine Entertainment, and 15 per cent of Ten, on top of the sprawling regional media operations housed in WIN.
WIN's Wollongong radio station i98FM was not part of the deal. Maybe Bruce's son, Andrew Bruce Gordon, liked the idea of listening to his own radio station now that he has moved from Sydney back to the 'Gong.
Steady Ramsay
You can't accuse the mob at Ramsay Health Care of throwing caution to the wind.
Following a "comprehensive global search" the company unearthed Craig McNally as its new chief, replacing Chris Rex.
McNally is no stranger, he is its current chief operating officer (COO) and has been with the group for almost 30 years. Rex served as COO for 13 years before taking the top job.
"He has played a pivotal role in all major acquisitions and developments completed by Ramsay for over two decades," said chairman Michael Siddle, who himself served a 17-year apprenticeship as deputy chairman before taking the big chair.
You can see a pattern here can't you?
Speaking of continuity. His predecessor, Pat Grier, has even served on the board since stepping down as CEO in 2008.
But not Rex, he plans to retire from the board when he departs the CEO's office in July.
Not to worry, Rex also did not do too badly out of his CEO duties.
According to Ramsay's annual report he collected remuneration totalling just under $18 million last year, and this may have triggered the 22 per cent protest vote at the AGM against the grant of performance rights to Rex and another senior executive.
Follow CBD on Twitter. Got a tip? ckruger@fairfaxmedia.com.au
