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Domino’s Pizza commits to net zero by 2050, details huge expansion plans



Domino’s Pizza has joined a growing number of major companies making the carbon emission pledge, while also outlining expansion plans.

Domino’s Pizza is pushing ahead with massive expansion plans and joined the growing number of companies committed to net zero emissions by 2050.

The company has also warned it expects to be faced with higher food and energy costs next year.

The fast food behemoth held its annual general meeting and provided a trading update on Wednesday.

Chief executive Don Meij said its network was already 15 per cent bigger than this time last year through new store openings and acquisitions.

There are 3169 stores in the network and the plan is to more than double that number by next decade.

“We have a busy new store pipeline and this year, we aim to open a record number of new stores,” Mr Meij said.

“Indeed, we are targeting FY22 to be the largest expansion of our store footprint in our company’s history.

“We also remain active in pursuing additional markets.”

Over the next three to five years, Domino’s is targeting 9-12 per cent new store growth, and chairman Jack Cowan gave more detail in his speech to investors.

“Where other businesses in our category or broader industry immediately went on the defensive when Covid-19 arrived, Domino’s Pizza Enterprises expanded our presence – opening more stores, marketing to more customers, donating more meals to the community,” Mr Cowan said.

“With the acquisition of Taiwan, our tenth market, and a review of our modelling, Domino’s now expects to operate more than 6650 stores by 2030.

“We foresee significant upside beyond 2033 in our existing businesses, particularly Europe and Asia.”

Mr Meij said the network in both regions were “planned to be bigger than the entire Domino’s Pizza Enterprises of today”.

Mr Meij said Domino’s would, in the next 12 months, set time-bound and science-based targets with an interim goal and a commitment to reach net zero greenhouse gas emissions before 2050.

“We are embracing this responsibility to take action now, and inspire our industry and supply chain partners.”

He said Domino’s would partner with Compassion in World Farming on the company’s Better Chicken Commitment, expanding its pledge for Europe to include Australia and New Zealand.

“We have also expanded our offerings to vegan, vegetarian and flexitarian customers, with plant-based cheeses and alternatives to our traditional proteins,” Mr Meij said.

On expected higher food prices in 2022, Domino’s said long term contracts would provide some buffer.

Shareholder activist Stephen Mayne asked Mr Cowan, aged 79, whether he planned to emulate the boss of the publisher of this title – News Corp chairman Rupert Murdoch – in continuing his career into his 90s.

The executive said that “may be wishful thinking”.

“I may not be that lucky but that would be my desire,” Mr Cowan elaborated.

Originally published as Domino’s Pizza commits to net zero by 2050, pushing ahead with massive expansion plans

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Rollercoaster session for ASX, fails to hold onto post-Reserve Bank of Australia meeting rally



The ASX surged after the RBA flagged keeping the cash rate at its historic low for another two years, but couldn’t hold onto the gains.

The Australian sharemarket slumped lower despite positive overseas leads and after failing to hold onto its post Reserve Bank of Australia meeting rally.

The benchmark S&P/ASX200 index closed 0.63 per cent lower at 7324.3, while the All Ordinaries Index erased 0.59 per cent to 7646.6.

Ord Minnett said US stocks rose overnight in generally lacklustre trade, as investors looked ahead to the Federal Reserve’s monetary policy meeting on Wednesday, while European stocks hit record highs as expectations of interest rate hikes supported bank stocks.

CommSec analyst Steven Daghlian said the local bourse started out in the green but faded as investors traded tentatively awaiting the outcome of our own central bank’s monthly board meeting.

OMG chief executive Ivan Tchourilov said it had been a rollercoaster, with the ASX gaining ground after the RBA determined to keep the cash rate on hold, as expected, while noting higher than expected inflation.

“The Reserve did well to remain ambiguous on expectations, although we’re still looking at a 2023 interest rate hike instead of the previous 2024 forecast,” Mr Tchourilov said.

“Commodity prices were mixed, as was our resources sector.”

After iron ore prices slumped, Rio Tinto lost 2.54 per cent to $88.66, BHP dropped 2.34 per cent to $35.56, Fortescue shed 2.65 per cent to $13.95 and Champion Iron sank 7.22 per cent to $4.24.

Nickel miner IGO plunged 8.42 per cent to $8.92, while Whitehaven Coal plummeted 9.54 per cent to $2.37.

Origin Energy slid 1.95 per cent to $5.02, while Beach Energy dropped 3.93 per cent to $1.34 after announcing its managing director and chief executive Matt Kay had handed in his resignation to pursue other opportunities.

But battery minerals company Magnis Energy Technologies was a stellar performer, rocketing 18.48 per cent to 54.5 cents.

“Magnis released their annual report after market close yesterday and the market is starting to see some value in Magnis’ proposition,” Mr Tchourilov said.

“Despite operating at a loss without a finished product, they have $665m in binding offtake sales lined up for 2022.

“The patented battery technology is gaining traction in the US market, where a new battery plant is being built in New York to meet demand.

“Magnis has already returned 280 per cent in share price this year, but will be one to watch especially closely into 2022 when battery production begins to ramp up.”

Insurance providers retreated after Insurance Australia Group downgraded its full-year guidance, upping its assumptions for hail and severe storm impacts in South Australia and Victoria last month to $1.045bn, from $765m previously.

“Cost allowances for natural perils have been lifted significantly after the first quarter came in more expensive than expected,” Mr Tchourilov said.

“Margin guidance for the period has slipped a full 3 per cent and they’re allowing room for extreme weather events to continue into next year.

“IAG is maintaining strong underlying performance as reported in its end of year results. However, if the first quarter is anything to go by, it will be an expensive year for insurance providers.”

IAG shares tumbled 7.03 per cent to $4.50, while Suncorp gave up 4.15 per cent to $11.31 and QBE softened 2.39 per cent to $11.83.

Financial technology platform provider Praemium Ltd leapt 14.46 per cent to $1.42 after knocking back Netwealth Group’s $785m takeover offer, saying the bid did not appropriately value its current performance and near-term trajectory.

Wealth manager Netwealth gave up 2.06 per cent to $17.15.

ANZ fell 1.1 per cent to $27.84, Commonwealth Bank backtracked 0.5 per cent to $105.76, National Australia Bank declined 0.88 per cent to $28.20 and Westpac slumped 2.73 per cent to $23.13 a day after releasing disappointing full-year results.

However, Morningstar equity analyst Nathan Zaia said Westpac could fix its productivity issues, noting it was the cheapest of the major banks.

Property stocks fared well, with Goodman Group surging 5.57 per cent to $23.49 after upgrading its full-year guidance, while Charter Hall Group rose 3.28 per cent to $18.59 after doing the same on Monday, while Lendlease added 2.39 per cent to $10.70.

Mr Daghlian said Goodman, the largest industrial property group on the ASX, which operates in 17 countries, was pocketing higher earnings partly because of demand for warehouses had surged during the pandemic-driven e-commerce boom.

Meal kit delivery service Marley Spoon continued to tumble after downgrading its full-year guidance last week, sinking 11.9 per cent to 92.5 cents.

The Aussie dollar was fetching 74.76 US cents, 54.76 British pence and 64.4 Euro cents in afternoon trade.

Originally published as Rollercoaster session for ASX, fails to hold onto post-Reserve Bank of Australia meeting rally




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NBA news: Brooklyn Nets vs Washington Wizards result, Patty Mills produces ‘insanely’ good performance



Patty Mills almost blew the roof off the Barclays Centre in Brooklyn when he ‘broke the ankles’ of a Washington Wizards player.

Patty Mills produced a masterful performance off the bench for the Brooklyn Nets, scoring 21 points in their 104-90 win over the Washington Wizards.

The 21-point haul was Mills’ second for the Nets since the season began having made the move to Brooklyn from San Antonio in August.

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Playing in a star-studded team alongside NBA superstars Kevin Durant and James Harden, the Aussie stole the show at the Barclays Centre in Brooklyn and continued to make his case as the best sixth man in the league.

He sent the crowd into absolute raptures at the end of the first quarter when he “broke the ankles” of Wizards player Aaron Holiday before stepping back and sinking a three-pointer.

Mills also contributed two rebounds and three assists in the 23 minutes he was on the hardwood as the NBA world continued to sing the praises of the Australian.

Speaking after the game, Mills believed there were two key factors that played a role in the Nets emerging with the 14-point victory.

“I think number one, our energy and our juice that we were able to bring to the floor tonight,” Mills said.

“The second thing was defensively, just being able to feed off the energy. Great start to the game and to be able to keep the team like that to 90 points is what we’re trying to do.

“Our defensive end was much better tonight.”

Mills’ second 20-point game in just four appearances is giving fans plenty of reasons to think he is set for a big season with the Nets.

But what exactly is it that makes Mills change games from the bench that helps to lift his teammates?

“I try to insert that energy that the game needs,” Mills said.

“Create that juice, that atmosphere, where you can spread and be infectious that way, having an impact on the game.”

Mills is back in action for the Nets when they face the Miami Heat on Thursday, with tip-off scheduled for 10.30am AEDT.

Originally published as NBA: Patty Mills produces yet another ‘insanely good’ performance for Brooklyn Nets




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NFT collector group buys Wu-Tang Clan album



A group of NFT collectors has paid $4 million to purchase the only copy of a one-of-a-kind album by the rap group Wu-Tang Clan.

According to US media reports earlier this week, retweeted by PleasrDAO’s Twitter account, the group paid $4 million for the two-disc, 31-track album.

Originally published as NFT collector group buys Wu-Tang Clan album




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