Retail Food Group net assets leave questions unanswered
The franchising giant behind Gloria Jeans, Donut King, Brumby’s Bakery, and other well-known businesses is under scrutiny after it valued its brands at $52 million despite all their financial losses.
Retail Food Group’s goodwill is in the black on their ASX listed balance sheet with their net assets currently sitting at $19.5 million, a major difference to the $52 million they valued their brands, which could put its net assets in a negative position.
Set to file lawsuit, Huawei says no way to US Government
Tech giant Huawei plans to file an international lawsuit against the US government, after Washington banned all federal departments from purchasing their products.
Huawei claims America has violated its own constitution by singling out a group for punishment without trial, after it passed legislation banning the use of its technology, specifically in the rollout of the 5G network.
Timor researchers test DNA to find migrant Aussie crocs
Researchers are collecting DNA from crocodiles in Timor Leste after a rapid increase in population, to determine if Australian species are found in the area.
Professor Sam Banks from Charles Darwin University says, “because [in Australia] we’ve had such a successful crocodile conservation management program, we are now effectively pumping out crocodile migrants that are going and settling in countries around Australia.”
8AM Zedlines
Good morning, this is Laura and Georgie with your 8AM Zedlines.
Plastic Pollution on the Rise
The rate of plastic pollution is expected to double by 2030 according to World Wildlife Foundation’s global plastic report, Solving Plastic Through Accountability.
The report says that since 2000 more plastic has been used than in all the years before, with each individual currently using 53 kilograms of plastic on average every year and over 300 million tonnes of plastic waste generated collectively.
Wynnum West Park Development Proposed
Brisbane City Council’s planning committee have endorsed a 67-townhouse development for a 17,000 square metre lot in Wynnum West.
The land that has been vacant for some time and is close to Wynnum plaza was initially owned by the state government with the intention of building public housing but was sold to developers mid last year.
Wartime Love Story
A collection of wartime items discovered behind the Bulimba uniting church has uncovered a love story, after local historian Harold Peacock brought his metal detector to the site.
The buried items, including brooches, a rising sun Army badge, and several buttons, are deduced to have belonged to army nurse Marjory McDonagh and her sweetheart, Alfred Harrison.
Peacock suspected that Marjory was burying the memories of Officer Harrison after he married another local, while Marjory never married.
NAB executive charged
A former National Australia Bank executive has been charged over her alleged role in a $40 million bank fraud.
Rosemary Rogers allegedly accepted $5.4 million worth of bribes in the form of paid personal expenses from contractor Helen Rosamond to maintain the contract and approve overstated invoices.
An NAB spokesperson said, police have confirmed no one at NAB is under investigation, including former CEO Andrew Thorburn, and there is no suggestion of any wrongdoing by anyone at the company.
In-Home Aged Care Exposed
In-home aged care is under review, following a government funded report, which has highlighted issues with the system, including high fees, no access to reliable information, and undertrained and understaffed support workers.
Dr Sarah Russell, author of the report, said, "I was expecting home care packages to enable people to live well at home and was very surprised to find some people quite traumatised by the experience."
Explosives Uncovered in London Transport Hubs
British counter-terrorist command have responded to the delivery of three improvised explosives sent to major transport hubs in London, where they defused the devices.
The small devices were posted to Heathrow Airport, Waterloo train station, and a smaller municipal airport in London, where they caught fire when opened, but all were disarmed within hours.
Mayor Sadiq Khan, thanked the division of counter-terrorist police for their “swift action to keep Londoners safe”, as transport authorities remain on the lookout for any more suspicious packages.