THE NEWS WRAP: ASX chief says a foreign takeover will be more likely after regulatory changes
ASX chief executive Elmer Funke Kupper believes proposed new regulations will make it easier for foreign investors to mount a successful takeover of the exchange.
The new regulations come two years after an attempted takeover of the ASX by Singapore’s SGX was blocked by regulators.
"The regulatory problem has been fixed. If it were to happen again, the regulator would say we're now comfortable under Australian laws, irrespective of who owns it, that we can take control of it,” Funke Kupper said.
Investor questions over former News Corp executives at Ten Network
The growing number of former News Corporation executives at the Ten Network is expected to come under investor scrutiny, following the appointment of the struggling broadcaster’s new chief executive.
Late last week, Ten’s former chief executive, James Warburton, was dismissed from the company after a little more than a year in the role, with former News Corp executive Hamish McLennan filling the role.
It is understood Lachlan Murdoch, who owns 10% of the network, flew out from New York to personally discuss the position with McLennan 10 days ago.
Facebook co-founder says social media giant could revolutionise health and education
Facebook co-founder Eduardo Saverin has foreshadowed moves by the social media giant into new industries, including health and education, during an interview at The Wall Street Journal's Unleashing Innovation conference in Singapore.
"Healthcare and education are two of the critical cornerstones. I do hope from an innovation perspective that is tackled next. It is our livelihood. There is so much that can be learned and pushed through," Saverin said.
Saverin claims that there was ‘limitless’ potential for Facebook to innovate in conjunction with start-ups, while the social media giant’s focus on people would be its key competitive advantage.
On Friday, the Dow Jones Industrial Average closed up 0.86% to 14000.57. The Aussie dollar is steady at US103.04 cents.