Coles pledges $10m to preserving Great Barrier Reef, Appen deal with Telus falls through and Boral confirms job cuts
Supermarket giant Coles plans to invest $10 million in ‘blue’ carbon capture and storage projects over the next decade.
Coles (ASX: COL) has pledged $10 million towards the development of blue carbon projects at the Great Barrier Reef off Queensland in an effort to preserve the reef and appeal to ethically minded consumers.
The significant investment from the retail giant towards an iconic Australian landmark incorporates investing $10 million over the next decade, capturing and storing carbon in oceanic or coastal ecosystems.
Coles chief executive officer Stephen Cain said such initiatives will aid preservation of the reef for future generations.
“Unlocking Australia’s blue carbon potential by investing in projects that support revegetation and regeneration of coastal ecosystems is crucial to preserving the reef,” he said.
In an effort to promote sustainability, just last year Coles outlined plans to be 100% reliant on renewable energy by the end of 2025, while slashing carbon emissions by over 75% within a decade, reducing wastage and plastic use, and ultimately reaching net zero emissions by 2050.
The investment is timely for the Great Barrier Reef, which has suffered a series of environmental setbacks in recent times.
Appen
After news broke earlier in the week that artificial intelligence (AI) data services company Appen (ASX: APX) secured a $1.2 billion deal with Telus International, the Canadian company has now surprisingly revoked its offer.
The announcement on Thursday afternoon comes less than 10 hours after the company declared the bid.
While there was no reason for the sudden change of heart, experts believe the withdrawal is a tactical move from Telus.
Appen provided a trading update recently, which rung alarm bells as its revenue has dipped below last year’s levels.
Despite this, the company’s year-to-date revenue, plus orders in hand for delivery, was up 14% on this time last year to $419 million.
Appen provides the world’s largest technology companies with crowd-based AI training data and an annotation base to enhance the accuracy of companies’ algorithms.
Boral
Boral (ASX: BLD) will cull hundreds of jobs as it readies for another round of heavy cost-cutting before 30 June under an internal program, ‘Project Next’.
The company employs roughly 4,500 workers and positions in procurement, administration, people and culture, and finance are set to be vulnerable with hundreds of jobs expected to be lost.
Consulting group PwC is working inside the company, 70% owned by the Seven Group, aiming to lift investment returns at Boral amid the current flooding disruptions and rising inflation.
Floods, rising energy and fuel costs have been expensive for Boral, causing the latest $45 million profit downgrade on 18 May.
Newcrest Mining
Newcrest Mining (ASX: NCM) has announced news of discovering gold-copper targets and high-priority soil at the IGO Paterson farm-in project.
In the discovery, seven copper and gold anomalies were uncovered, as well as three air core anomalies and four soil anomalies.
IGO (ASX: IGO) and Newcrest fully fund the ongoing exploration activities operated by Antipa Minerals (ASX: AZY) on the Paterson farm‐in project and Wilki farm‐in project.
Antipa managing director Roger Mason said the potential is significant and the results so far are extremely encouraging.
“Last year’s exploration results, whilst early stage, provided great encouragement, defining a number of early stage but high priority exploration targets that have the potential to deliver a major greenfield discovery,” he said.
Novonix
Novonix (ASX: NVX) has announced the retirement of non-executive director Trevor St Baker from the board of the company.
The decision, effective immediately, comes as Mr St Baker hopes to devote more time to the establishment of a second St Baker Energy Innovation Fund (SBEIF).
He said Novonix was pivotal in the decarbonisation transformation of energy and transport businesses around the world and the future of the company is bright.
“I am also excited about the company’s continuing growth as a significant battery material and energy storage solution provider as these sectors grow to serve these transformations,” he said.
Novonix chairman Admiral Bob Natter said the company was prepared for the retirement, with a succession plan to be rolled out.
Kelsian
Kelsian (ASX: KLS) has sold its East London bus operations for £20 million (A$35 million) this week, as it hopes to reposition business in the United Kingdom and “enhance long-term competitiveness”.
The transaction is significant for Kelsian, providing a strategic platform for potential UK and European opportunities.
The company will still be involved in the London bus market, with a 12.5% stake in RATP Dev Transit London, as well as the 100% freehold interest in the Westbourne Park bus depot.
Kelsian’s transaction with Stagecoach Bus Holdings will see roughly 500 bus and depot staff left in the dark, as well as divesting 11 route contracts on top of other considerations.