Daily Roundup

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Biome Secures $5 Million Debt Facilities with NAB

Biome Australia has secured a $5.0 million secured debt facility with National Australia Bank (NAB) to accelerate the company's growth. The facility will replace Biome's existing debt facility and provide funding for inventory management and business expansion. The NAB facility comprises a $3.5 million Invoice Finance Facility and a $1.5 million Trade Finance Facility, offering improved interest rates compared to Biome's previous arrangement.

Stealth Launches New Consumer Brand RIVO

Stealth Group Holdings is introducing a new consumer own-label brand called RIVO, which will deliver essential consumable products through high-traffic convenience retail channels. The first product category under the RIVO brand is RIVO SAFETY, developed in partnership with PIP Global Safety. RIVO SAFETY offers a head-to-toe range of safety and light industrial essentials, including workwear, PPE, and hardware. The launch of RIVO aligns with Stealth's strategy to scale its consumer product offering across a national footprint of over 3,300 retail outlets.

ANZ Announces APRA Enforceable Undertaking and OW Report

ANZ's Global Markets business has faced concerns related to conduct, workplace behaviour, and non-financial risk governance. In response, the ANZ Board and APRA initiated an independent review by Oliver Wyman. The review found isolated incidents of unacceptable workplace conduct in the Markets business, including allegations of bullying and substance abuse. While not widespread, the review identified weaknesses in leadership, culture, and risk management processes that allowed these issues to persist. Detailed recommendations have been provided to address the root causes and rebuild trust.

Cochlear Awaits Clarity on US Tariff Impact

Cochlear is seeking clarification on the application of a new 10% tariff on Australian exports to the US, as its products are currently imported duty-free. The company is awaiting further details from US authorities and will provide an update to the market in due course.

xReality Group Announces Strategic Law Enforcement Research Program

xReality Group's US subsidiary, Operator XR, has entered a strategic research collaboration with the Advanced Law Enforcement Rapid Response Training (ALERRT) Centre at Texas State University. The research program will focus on advancing training methodologies using Operator XR's virtual reality system, with an emphasis on improving human performance in high-stress situations like active shooter response. ALERRT has trained over 300,000 first responders in the US with more than $180 million in funding.