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Published on: Wednesday, January 11, 2017

  • James Packer is back on the Crown Resorts board as a director after stepping down as executive chairman in August 2015, and leaving the board as a director in December 2015. Packer’s appointment to the board is part of several leadership changes at the company after Crown decided to reduce its Macau exposure and focus on Australian assets. Chairman Robert Rankin will also step down at the end of January, to be replaced by former Sydney Morning Herald editor, John Alexander. Rankin will also step down as chief executive of Packer’s Consolidated Press Holdings (which owns 48.2% of Crown).

James Packer. AAP

  • Primary Health Care chairman chief executive, Peter Gregg, is facing charges of falsifying company documents in 2011 during his time as an executive at Leighton Holdings. Gregg received a notice from ASIC to appear in court on January 31 over the alleged breaches of the Corporations Act. His lawyers say he denies breaching any civil or criminal law, and will seek to have the notice dealt with as a matter of urgency. Yesterday, shares in Primary Health care fell 4.75% to $4.01.
  • Online classifieds company REA Group will buy a 14.7% stake in the Indian-based online real estate marketing company, PropTiger, for $67.9million. “India is one of the fastest growing property markets in the world and the country is seeing a rapid transition from traditional to digital real estate advertising,” REA Group CEO, Tracey Fellows, said in a statement to the ASX. “This cornerstone investment in India is aligned with our global strategy.” Shares in REA Group climbed 0.5% yesterday to $57.26. 
  • The World Bank forecasts that the global economy will accelerate in 2017. The 189-national lending agency said global growth might expand at a 2.7% annual rate in 2017, down from the bank’s June forecast for 2.8% growth. However, that result is better than last year’s 2.3% growth. “We are encouraged to see stronger economic prospects on the horizon,” World Bank President Jim Yong Kim said (AAP).
  • At 0700 AEDT on Wednesday, the local SPI 200 futures contract was up 24 points at 5,740 points.

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