BRIEFS

The article reports the EPA recommended Woodside Petroleum’s proposed $30 billion Kimberley gas hub. It’s in the news because West Australian Premier Colin Barnett defended the decision-making process after questions arose about a recent law change that allowed one EPA member, rather than three, to make recommendations in this case.

Environment Minister Bill Marmion changed the law last year to permit one EPA member to make recommendations instead of three. Premier Colin Barnett acknowledged that it was “coincidental” this change applied in the Woodside case, and the law change prompted scrutiny of the EPA process that investors and observers are watching.

Commonwealth Bank completed a book-build for its latest tier 1 hybrid offer and raised $1.5 billion from institutional investors. The offer attracted strong demand from brokers and the margin was set at 3.8%.

For everyday investors, CBA’s $1.5 billion institutional hybrid raise signals the bank was able to attract strong demand for capital at a 3.8% margin. While the raise was targeted to institutions, it’s useful for retail investors to note the bank’s ability to access funding and market appetite for its capital instruments.

Clean Seas Tuna is cutting about half its workforce and selling surplus boats as it deals with sick fish. The South Australian fish farmer recorded a loss for the second straight year, including a $17.7 million write-down after its yellowtail kingfish stocks were struck by illness.

Discount retailer The Reject Shop finalised a $27.4 million insurance claim for flood damage to its distribution centre in Queensland, according to the article.

Mirvac Group’s new chief executive is Susan Lloyd-Hurwitz. The article says she will start in the top job on November 5.

Administrators were appointed to women’s clothing chain Ojay on August 31. The administrator said he is hopeful a buyer can save the business, and Lowe Lippmann partner David Coyne reported there has been a “significant level” of interest.