Category: 3. Business

From 1 January 2026,  Australia will become a mandatory and suspensory merger control regime. Businesses must notify the Australian Competition and Consumer Commission (ACCC) of acquisitions that meet specified thresholds and cannot complete these acquisitions without approval. To streamline approval for low-risk deals, a waiver notification process has been established.

What is a notification waiver?

A notification waiver is an ACCC decision that an acquisition does not need to be reported, even if it meets the notification thresholds established under the Competition and Consumer Act 2010 (Cth) (CCA) and the Competition and Consumer (Notification of Acquisitions) Determination (Determination). This process provides a quick and inexpensive way for acquisitions unlikely to affect competition or harm consumers to proceed without being in breach of notification obligations.

Importantly, the waiver process is not an alternative for all transactions, particularly those that raise competition issues. It should also not be considered a first step in the clearance process where there are overlaps that will require more detailed consideration. Waivers are appropriate for straightforward acquisitions that can be assessed quickly based on upfront information, without further investigation or third-party consultation.

When might a waiver be appropriate?

The ACCC has indicated that a waiver may be considered where there is:

• no or minimal competitive overlap, combined with very low market share (e.g., ~5%) and many alternative suppliers
• no vertical or conglomerate concerns, or both parties have very low market shares
• No complex scenarios, such as:
  • potential loss of future competition (nascent competitors or likely entrants)
  • high market concentration or vigorous competitor status
  • failing firm situations
  • complicated multi-segment markets
• no risk of consumer harm
• no need for third-party inquiries
• asset acquisitions where assets are not scarce and rivals can easily obtain similar assets

Waiver information requirements

The information requirements for a waiver application are still substantial and include details of:

• the Parties to the acquisition and the goods, services and industries involved
• acquisition and transaction information, including type of acquisition (horizontal, vertical, conglomerate, business input), commercial rationale, consideration, transaction value, related filings in other jurisdictions
• the threshold met and any exemptions
• the effect on competition, including for each relevant good/service with horizontal or vertical overlap, description and geographic supply areas, key suppliers in Australia, relevant market definitions and reasons, market share estimates for each party and key competitors (based on revenue for the last 12 months and including any underlying data in machine-readable format).

Final or most recent transaction documents, a list of related agreements, and a declaration by an authorised person confirming the accuracy and completeness of the application must also be included for the application to be valid.

Process and timelines

Waiver applications will be assessed from 12 January 2026 with an application fee of AUD$8,300 per acquisition. Applications are submitted online and the process is public with determinations published on the acquisitions register.

The ACCC is required to make its decision within 25 business days. If a decision is not made, the ACCC must not grant the waiver. Where the parties meet the notification thresholds, the principal party will be required to re-notify the transaction under a Phase 1 review.

Importantly, waivers do not provide statutory protection, cannot cure stale acquisitions (previously notified but not completed within 12 months) and are not available for transactions outside the definition of “acquisition” under the CCA.

Key takeaways

Whether the new merger control regime applies should be assessed early. Taking the correct approach will be critical in meeting deal timelines. If thresholds are met, an assessment will need to be made as to whether the transaction is truly low risk from a competition law perspective to determine if a waiver is appropriate.

Information is still required to be robust and insufficient information may lead to refusal. It will be important to plan for contingencies in deal completion timing and assess the extent to which statutory notification is required by the parties as conditions to completion.

The waiver process will assist with streamlining truly no risk transactions. Any acquisition that raises any element of competition assessment will need to be considered carefully to ensure that a waiver is the most appropriate avenue under the mandatory merger control regime.

_{White & Case means the international legal practice comprising White & Case LLP, a New York State registered limited liability partnership, White & Case LLP, a limited liability partnership incorporated under English law and all other affiliated partnerships, companies and entities.}

_{This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.}

_{© 2026 White & Case LLP}

Date:  12 January 2026

Phase One of the Rākau Rangatira project, opened in December 2024, restored the mana of Tāne Mahuta’s visitor experience, set new standards for kauri protection, and provided a significant boost to Northland’s visitor economy.

“We are excited that now Phase Two is ready to continue that momentum,” says DOC’s Northern North Island Regional Director Sue Reed-Thomas. “We are creating the conditions the forest needs to breathe and regenerate.”

Construction will begin in March 2026. Kauri Walks will be closed for approximately eight to10 months, while the Tāne Mahuta walk will remain open throughout the construction period.

Te Papa Atawhai DOC and Te Roroa iwi have worked closely on Rākau Rangatira, an ambitious multi-year programme. It is focused on safeguarding the mauri of Waipoua Forest while reimagining how visitors experience one of Aotearoa’s most revered natural and cultural landscapes.

DOC is investing $8 M in this next phase, a major step toward in futureproofing the forest and addressing the risks associated with ageing infrastructure near culturally and ecologically sensitive kauri root systems.

The construction will see the removal and replacement of the existing tracks at the Kauri Walks with a modern, elevated boardwalk system made from durable, low-impact materials designed to perform for at least 50 years in the rainforest environment.

“The current infrastructure is no longer fit for the long term,” says Reed-Thomas. “Phase One proved we can deliver infrastructure protecting both the ngahere and enhancing visitor understanding. Phase Two is about extending that standard across Waipoua. This is a bold investment in forest health, the visitor economy, and in the experience of naturing.”

The design will significantly reduce soil movement, one of the primary vectors for the spread of kauri dieback disease, which has been detected within 60 m of Tāne Mahuta.

As kaitiaki of Waipoua, Te Roroa emphasises this project is not simply an infrastructure upgrade, but an expression of intergenerational duty.

“This is about protecting taonga tuku iho that can never be replaced,” says Piripi Moore, Te Roroa Board Representative. “Visitors from across the motu and around the world come to stand beneath these ancient rākau rangatira. Most behave with respect, yet it takes only a few careless actions to cause irreversible damage. The risk is too great, and the loss would be absolute. Our responsibility is to act as good tūpuna today, so our mokopuna can experience the same wonder we do.”

Piripi says the upgraded experience will help transform visitor understanding. “When people understand the cultural and ecological significance of Waipoua, they become part of its protection. We want every visitor to leave not only inspired by the majesty of these giants, but aware of the responsibility we all share to look after them.”

Phase One of Rākau Rangatira upgraded the boardwalk, bridge and viewing platform at Tāne Mahuta. Public response has been overwhelmingly positive, with many noting the infrastructure now reflects the mana of Tāne Mahuta.
Phase One also demonstrated construction can be managed responsibly within this sensitive environment. No workers or machinery touched the forest floor at any point, and strict protocols were followed throughout.

Economically, the first phase will support visitor interest in the region, strengthening the Northland tourism sector. Phase Two is expected to further position Waipoua as a world-class nature destination and deliver long-term environmental and economic returns.

A recent 1080 operation in the Waipoua core zone has also reduced predators such as rats and stoats, which threaten native wildlife and weaken forest health. Early monitoring results show promising reductions in pest activity.

Rākau Rangatira forms part of a wider nationwide shift toward infrastructure and experiences that work for nature rather than against it.

“For Te Roroa, this mahi is about honouring our role as kaitiaki and ensuring that Waipoua remains a living legacy,” says Piripi. “If we do this well, these trees will continue to stand long after us, carrying forward the stories, identity and life force of our people.”

DOC staff and Te Roroa will continue working closely with iwi, local communities, tourism operators and conservation stakeholders.

Contact

CHESTNUT HILL (WPVI) – – After months of delays and disruptions, SEPTA riders tell Action News this change couldn’t come soon enough.

For the first time in months, SEPTA Regional Rail’s morning express service will resume Monday. The agency has been gradually returning more of its Silverliner Four rail cars to service, following federally mandated inspections. The return of express service is a major win for riders who say the delays have made daily commutes a challenge.

“It was making getting to work extremely difficult, especially having to rely on SEPTA,” said Rashea Daniels, of West Philadelphia.

And there’s more good news for riders in Center City. After weeks of repairs, the T-Trolley tunnel is set to reopen. The tunnel has been closed since November, and the project timeline was extended after crews discovered a newly installed part was causing additional damage to the infrastructure.

SEPTA says while the tunnel is reopening, some scheduled closures will still be necessary in the coming weeks to complete additional overhead wire replacements.

Riders hope the return to regular service will ease the congestion experienced over the past few months.

“Everybody trying to get to work and people trying to get to school so that becomes an inconvenience it just jams everything up,” said Daniels.

SEPTA is urging commuters to double-check schedules before heading out Monday morning.

Monday, 12 January 2026: The results of Eskom’s Generation Recovery Plan that commenced in April 2023 have enabled South Africa to return from the holiday break to a structurally stronger system entering 2026 than in five years, with an additional 4 400MW of capacity available compared to this time last year. Stability is reflected not only in terms of structural improvements in the generation fleet, but in fewer emergency interventions and improved maintenance discipline.

Since April 2023, the results of the delivery of the plan include:

• The Energy Availability Factor (EAF) has risen from 56.03% to 64.55%. During the current financial year, from 1 April 2025 to date, the fleet has achieved or exceeded the 70% benchmark on 55 occasions.
• Scheduled maintenance, also known as Planned Capacity Loss Factor (PCLF), reached a high of 12.76% in Financial Year (FY) 2025 following an intensive period of maintenance, and is currently at 9.32%, trending towards the global-best practice for power systems.
• The Unplanned Capacity Loss Factor (UCLF) declined from 31.92% to 16.02%.
• The savings from diesel usage in FY2025 were around R16 billion and continue to decrease in FY26, due to the reliability of the coal fleet increasing, enabling the safe reduction in the use of the open-cycle gas turbines (OCGTs), which play a vital role in providing emergency support during periods of supply shortage.

“The big picture through the peaks and troughs of delivering the Generation Recovery Plan is that Eskom has moved from a heavily constrained power system to an increasingly stable one, a power system that can reliably deliver 24/7, 365 baseload power. We will now maintain and build upon these early gains through a rigorous focus on operational reliability and sustainability. It has been ‘short-term pain for long-term gain’, and I would like to thank the country for its understanding and support, as well as our employees for continuing to deliver on our strategy,” said Dan Marokane, Eskom Group Chief Executive.

The passing of the Eskom Debt Relief Act in 2023 provided R254 billion to significantly reduce the financial pressure on Eskom’s balance sheet. This enabled Eskom to make vital investments and conduct planned and preventative maintenance, improving operational efficiency and reliability, the results of which South Africa is experiencing today.

“A reliable power system is not just measured in megawatts (MW); it is measured in investor confidence. The impact of Eskom’s improved performance has contributed towards South Africa receiving its first credit rating upgrade in two decades and the risk rating associated with Eskom’s 2033 bonds has dropped, providing early indicators to investors warming to the turnaround,” continued Marokane.

Eskom data sources

The Eskom data portal provides a 24/7 365 snapshot of system performance. [Eskom Data Portal].

Since May 2024, Eskom has released a detailed power system update every Friday, providing a consolidated view of key areas of its generation performance through the Media Desk and across its social media platforms. This is a deliberate effort to improv transparency.

ENDS

(Bloomberg) — Copper rose toward a record, as base metals opened the week in bullish form aided by concerns over supplies and a weaker dollar.

Three-month futures rose as much as 1.5% to $13,195 a ton in London, as aluminum and tin traded at the highest levels since 2022. The red metal used in wires and cables has gained more than 20% since mid-November on bets that a flow of metal to the US — ahead of the Trump administration’s decision on import tariffs — will leave the rest of the world short of supply.

Investors were also grappling with the implications of the US Justice Department threatening the Federal Reserve with a criminal indictment, which Chair Jerome Powell said was part of a campaign by the Trump administration to influence interest-rate decisions. The dollar fell, boosting commodities.

Metals have enjoyed a strong rally over the new year period, with the catch-all LMEX Index posting four weekly gains, the best run since August. Investors have been piling into hard assets seen as possible winners from US monetary easing, a weaker dollar, and the fracturing of supply chains. Copper hit a fresh peak last week, while aluminum and nickel both surged on Friday.

Copper holdings in Comex-tracked warehouses — one barometer of shifts in global holdings — have expanded for 42 weeks straight to a record.

Copper was 0.9% higher at $13,116.50 a ton on the London Metal Exchange at 11:14 a.m. in Shanghai. Among other metals, aluminum was up 0.7%, set for the highest close since April 2022 in the aftermath of Russia’s invasion of Ukraine. Tin rose more than 3%, taking gains since the start of the year to 16%.

©2026 Bloomberg L.P.

The National University of Singapore (NUS) and the Monetary Authority of Singapore (MAS) have jointly appointed Professor Alan M. Taylor as the MAS Distinguished Term Professor in Economics and Finance from 12 to 16 January 2026. Professor Taylor will be hosted by the Department of Economics at the NUS Faculty of Arts and Social Sciences and the Economic Policy Group of MAS during the term of the Professorship.

Professor Taylor is currently Professor of International and Public Affairs at Columbia University. He has been an external member of the Monetary Policy Committee at the Bank of England (BOE) since September 2024 and is a member of the Council on Foreign Relations Professor Taylor is also a research associate at the National Bureau of Economic Research (NBER) and the Center for Economic Policy Research (CEPR).  

Professor Taylor is widely recognised for his work on international trade, finance, macroeconomics and economic history. He has published in the leading economics journals including the American Economic Review, Econometrica and the Quarterly Journal of Economics. Professor Taylor was the Houblon-Norman/George Fellow at the BOE in 2009 to 2010 and awarded the John Simon Guggenheim Memorial Fellowship in 2004.

Professor Lionel Wee, Dean of NUS Faculty of Arts and Social Sciences, said, “We are privileged to host Professor Alan Taylor as the MAS Distinguished Term Professor. He brings a distinctive breadth of experiences and insights drawn from academia, industry, and the policy realm. Professor Taylor’s work has fundamentally reshaped our views of economic history and macro-finance, precisely at a time when the world economy is going through multiple, significant upheavals.”

Mr Edward Robinson, Deputy Managing Director (Economic Policy) and Chief Economist, MAS, said, “Professor Taylor is one of the pioneer researchers into the empirics of exchange rate behaviour, financial crises and capital flows in the context of the ‘open economy trilemma’, which says that a country cannot simultaneously maintain fixed exchange rates, free capital movement and independent monetary policy. His recent research with co-authors on the global natural interest rate has gained traction amongst central banks worldwide and comes at an opportune time as policymakers grapple with questions about the appropriate calibration for monetary policy in a post-pandemic environment. It is our great privilege to welcome him as the 24^th MAS Term Professor.”

Professor Taylor will deliver a public lecture at NUS on 14 January 2026 titled, “Driving over the peak — or a false summit?” Drawing on historical perspectives from the first age of globalisation in the 1800s to the present day, he will examine whether we have reached “peak trade” and explore the implications for monetary policy in an era of potential downswing in globalisation. In addition, Professor Taylor will engage in dialogue sessions with NUS faculty members to discuss his latest research findings.

Professor Taylor will also give a talk at MAS and engage senior policymakers and economists on international economics and monetary policy issues.

About the MAS Term Professorship in Economics and Finance

First established in 2009, the MAS Term Professorship in Economics and Finance is awarded to distinguished scholars, who are appointed as Visiting Professors at the Department of Economics at the NUS Faculty of Arts and Social Sciences, the NUS Business School, or the Lee Kuan Yew School of Public Policy. It aims to strengthen Singapore’s financial and economics research infrastructure and contribute to a vibrant research community and culture at local universities. Since its inception, the MAS Term Professorship in Economics and Finance has been awarded to 24 distinguished scholars over the last 15 years.

By 
Mahathir Almashor
, 
Hélène Marre

12 January 2026
4 min read

Malaysia has set an ambitious target to increase its renewable energy share to 70 per cent by 2050. Meeting this goal will require investment in reliable, safe and cost-effective energy storage solutions—such as battery energy storage systems—to manage intermittency, maintain grid stability and address peak demand challenges, particularly for solar generation.

Battery energy storage systems behave differently in hot and humid climates, yet most available research has been developed for cooler regions. For Malaysia, this gap affects how batteries are selected, designed and managed in conditions where heat and humidity significantly influence performance, safety and lifespan.

Recognising the need for climate-specific evidence, Malaysia’s Sustainable Energy Development Authority (SEDA) and CSIRO, undertook a joint study — supported by the Australian government’s Partnerships for infrastructure (P4I) initiative — to assess how different battery chemistries perform under Malaysia’s tropical conditions.

The joint report, Insights on Consumer-based Battery Energy Storage Systems in the Tropical Climate of Malaysia, reviews six battery chemistries. It provides a structured overview of factors that shape how battery energy storage systems operate in tropical environments and establishes a clear baseline for future planning and deployment across residential, commercial and industrial applications.

CSIRO’s Dr Mahathir Almashor, Senior Engineer, Energy Systems Program, said:

“This study was shaped by both scientific interest and practical relevance. Most international battery research comes from cooler regions including Japan, China, Europe and the United States. This creates a knowledge gap for countries operating in hot and humid climates. Malaysia’s conditions, together with SEDA’s strong interest in the topic, made it a natural partner. The findings are also highly relevant for northern Australia, where similar tropical environments exist.”

The study highlights several factors that shape how storage systems perform in Malaysia’s climate.

“Consistently high temperatures can accelerate side reactions leading to shorter life and higher risk of thermal runaway. However, Malaysia’s relatively stable temperature range offers more favourable conditions for most battery chemistries,” said Dr Almashor.

“Malaysia’s stable temperature range (22-32°C) also avoids the deep seasonal temperature swings that accelerate degradation in colder regions.”

However, consistently high humidity — often reaching 80–90 per cent — remains a significant challenge. Dr Almashor explained: “Humidity can accelerate corrosion and contribute to failures, even when battery energy storage systems are housed in climate-controlled enclosures. This risk is exacerbated by the lack of dedicated studies to the effects of humidity and salinity on specific chemistries. This report is a strong start in highlighting this research gap and its associated challenges.”

Mr Saiful Hakim Abdul Rahman, Director, Strategic Planning, SEDA emphasised that these findings reinforce the need for climate-appropriate system design, including protective enclosures, ventilation and thermal management tailored to Malaysian conditions.

“This research will support several policy processes, including the development of standards, guidelines and frameworks for safe, economically sound battery energy storage systems deployment,” said Mr Rahman.

The SEDA team said that the report’s international benchmarking is particularly valuable as Malaysia prepares updates to its National Renewable Energy Policy and Action Plan and continues implementing the National Energy Transition Roadmap.

“They will also inform SEDA’s training modules and technical materials, ensuring climate-related considerations—such as enclosure design, thermal management and chemistry suitability—are incorporated in industry guidance,” said Mr Rahman.

Both SEDA and CSIRO see opportunities to extend the work. SEDA identified several areas where further analysis would be valuable, including cost–benefit assessments for battery energy storage systems at different points in the grid, the development of a national-level energy storage roadmap, and studies on repurposing electric vehicle batteries for stationary applications. The team also expressed interest in exploring reverse power flow (from consumer to grid), drawing on Australian experience to support more flexible integration of distributed energy resources (DER) such as rooftop solar.

CSIRO, meanwhile, noted that the study has already attracted interest from other Southeast Asian technical agencies and research partners beyond Malaysia, reflecting a wider regional appetite for evidence on tropical storage.

“There is interest in exploring a second phase of work, potentially extending the research to other Southeast Asian contexts,” indicated Dr Almashor.

The report was presented at the Battery Energy Storage Systems Forum, a pre-event to the International Sustainable Energy Summit (2026).

Commenting on the findings, Mr Koh Keng Sen, Chief Operating Officer, SEDA, said it was a timely contribution to Malaysia’s evolving energy landscape.

“I see this report as a strategic tool for guiding battery energy storage systems deployment across diverse use cases. It provides granular insights into battery performance under tropical stressors and aligns technical feasibility with policy and market mechanisms,” he said.

“This kind of integrated analysis is essential for scaling storage solutions that support grid flexibility, decarbonisation, and long-term energy security.”

As more countries consider large-scale storage in tropical environments, the knowledge generated through partnerships like this can form part of a common reference point for future projects and regional planning.

This article was republished with permission from the P4I Initiative. Dr Mahathir Almashor is a Senior Engineer with CSIRO’s Energy Systems Program and Hélène Marre is Knowledge Lead with P4I.

Federal prosecutors have opened a criminal investigation into Federal Reserve Chairman Jerome Powell, he said on Sunday.

In a video announcing the probe, Powell said the US justice department served the agency with subpoenas and threatened a criminal indictment over testimony he gave to a Senate committee about renovations to Federal Reserve buildings.

He called the probe “unprecedented” and said he believed it was opened due to him drawing President Donald Trump’s ire over refusing to lower interest rates despite repeated public pressure from the president.

The Fed chair is the latest to come at odds with Trump and then face criminal investigation by the US justice department.

“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation,” Powell said.

“I have deep respect for the rule of law and for accountability in our democracy. No one, certainly not the chair of the Federal Reserve is above the law, but this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure,” he went on to say.

Powell has repeatedly come under fire from Trump for not cutting interest rates as quickly as the president have liked. In the second half of 2025, the Fed cut interest rates three times.

North Carolina Senator Thom Tillis, a Republican who is a member of the Senate Banking Committee, said he would oppose the nomination of Powell’s replacement by Trump, and any other Fed Board nominee, “until this legal matter is fully resolved”.

“If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” Tillis said in a statement.

“It is now the independence and credibility of the Department of Justice that are in question,” the senator said.

The investigation will be overseen by the US Attorney’s Office for the District of Columbia, according to the New York Times, which first reported the probe.