CBD

Hewson has his lightbulb moment

Former opposition leader and doctor John Hewson is no longer substantially MAD.

The corporate Mr Fix-it has sold down his stake in Energy Mad, a New Zealand designer and manufacturer of energy-saving lightbulbs that has listed on the Kiwi exchange under the stock code MAD.

Hewson gave notice of the move to the NZX on Tuesday, the same day the company disclosed it was poised to end its string of losses after recording a positive first-quarter result.

The doc has flogged off 648,500 MAD shares, which at Tuesday's closing price of NZ36¢ were worth about NZ$233,500 (about $200,000), reducing his holding from 5.3 per cent to 3.14 per cent.

Figuring out what Hewson actually reaped is as impossible to calculate as the GST on a birthday cake. This is because he has been gradually selling down since December 2011, two months after the company listed.

But whatever the price, it represents a modest profit. Although he left before the float, Hewson used to be chairman of Energy Mad, receiving 2 million shares as part of his pay package.

He departed after a disagreement over direction - Hewson was interested in restructuring and listing offshore but others preferred to stay loyal to the land of the long white cloud.

The company floated at NZ$1 a share, but hasn't since troubled that price.

Rio double-take

CBD did a double-take when an "Andrew Harding" popped up on Twitter spruiking an article in The New Yorker about the "ugly international scramble" to develop the Simandou iron ore deposit in Guinea. Why on earth would Rio Tinto's new head of iron ore give oxygen to an article that effectively questions how his company and others are behaving in the West African nation?

Sadly, closer inspection revealed the Andrew Harding spruiking the story was the BBC's Johannesburg-based Africa correspondent, not the suave, marathon-running Andrew Harding who works for Rio Tinto from a lofty office in Perth's Central Park building.

CBD suspects the latter Harding's view of the article might differ from the former's.

Iemma welcome

He may no longer have a role at the SCG (CBD, Wednesday), but former premier Morris Iemma is still welcome in western Sydney.

Iemma was one of four SCG trustees sent back to the pavilion on Tuesday when their terms on one of NSW's most prestigious boards were not renewed.

Never fear, there's always the Morris Iemma Indoor Sports Centre, in Riverwood, south of Bankstown.

Sure, the SCG has AFL and Test cricket, but the MIISC boasts a full program of indoor sports, including netball, basketball, soccer and actionball, "a mixed six-a-side sport which combines basketball and netball".

There's also a gymnastics program - "the ideal way to tumble, jump and spin into fun and fitness" - but as an ex-politician, Iemma has probably already seen enough backflips to last a lifetime.

Packer piles in

Far from his proposed Sydney smoking lounge, Crown Casino boss James Packer has reportedly made a big move in the world capital of superficiality, Hollywood, with a little help from his filmmaking mate Brett Ratner.

Deadline Hollywood reports the pair's company, RatPac Entertainment, is to contribute three-quarters of up to $450 million being raised to finance film production at movie studio Warner Bros. A deal could be struck within a fortnight, the website reports.

No word yet on whether there's any involvement from Packer's other great Tinseltown friend, Xenu-fearing superstar Tom Cruise.

Got a tip?

bbutler@fairfaxmedia.com.au