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South Sydney Rabbitohs, Dylan Edwards on Latrell Mitchell’s form, are Rabbitohs contenders, Matty Johns

South Sydney Rabbitohs, Dylan Edwards on Latrell Mitchell's form, are Rabbitohs contenders, Matty Johns

Panthers fullback Dylan Edwards admits that Latrell Mitchell looks like he’s going to have an impact “every time” he gets the ball, ahead of their crunch clash on Thursday.

Mitchell has been in sensational form for South Sydney since returning from an almost three month injury lay-off against the Eels in early July.

The 25-year-old has been as his rampaging best with 42 tackle busts in just seven games, as well as 10 try assists, and four tries of his own.

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But his best performance of the year may have come against the Eels on Friday night, where he ran for an incredible season-high of 211 meters.

Rival fullback Edwards, who is a chance to return against Mitchell’s Rabbitohs on Thursday, was full of praise for the former Origin star.

“It looks like something’s going to happen every time he touches the ball,” Edwards said on Sunday Night with Matty Johns.

“(He’s) Pretty hard to tackle at the moment.”

South Sydney have made the most of Mitchell’s stellar form, winning six of their last seven to rise up the NRL ladder.

That one loss came in a golden point thriller against Cronulla, with Mitchell missing multiple field goal attempts that would’ve handed his side a key two-points.

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But Matty Johns still wasn’t convinced by the emerging premiership contenders, comparing them to a “nice Sunday drive” on his SEN radio show last week.

Johns believed that the Rabbitohs needed to maintain a higher level of intensity for 80 minutes, but his wish became a reality on Friday night.

“I’ve been waiting for this for South Sydney, an 80 minute effort and they certainly did it,” Johns said.

Crucially Cody Walker found his best football. The crucial thing for Cody is watching how he played his football game, is that Cody had more of a focus on the middle of the field if that makes sense.

“Linking with (Damien) Cook when Cook took off, rather than just trying to create numbers for his outside men.

“It was a performance where Cody just focused on Cody, and I thought that brought his best football out.”

Five-eighth Cody Walker scored two tries and forced two dropouts during what was one of his best games in Rabbitohs colors in recent memory.

Walker scored the opening points of the night after a clever link-up play with hooker Damien Cook caught Parramatta napping.

South Sydney Rabbitohs press conference | 06:28

Later on, the 32-year-old was in the right place at the right time as the ball fell to him, and allowed him to double his try scoring tally for the night.

Eels great Nathan Hindmarsh thought that Walker’s brilliance along, with Mitchell’s dominance, helped spur Souths on to a win over a “lethargic” Eels.

“Latrell playing back at his best, and then he can dominate the edges like he did on the weekend, so that leaves Cody with the opportunity to do what he does around the ruck,” Hindmarsh said.

“They just had tried. They had more intent than the Eels did, the Eels looked lethargic at times, well most of the time to be honest with you.

“Souths had this in them. They did it to the Eels earlier on in the season, they’re a dangerous side South Sydney.

“For me the disappointing thing for the Eels (was) not to score any points.”

While Souths would need an incredible win, and for the Storm to lose, to move into the top four, a win on Thursday will have a crucial say on how the ladder shapes up at the end of the season.

While Melbourne currently occupy fourth spot, they have three tough games to play against finals hopefuls Brisbane, the Roosters, and then the Eels.

However, it doesn’t get much easier for the Rabbitohs who have their own dates with destiny against the Cowboys and Roosters to finish the regular season.

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Business

Class action law firm investigates Hino over 860k vehicles sold with tampered data

Class action law firm investigates Hino over 860k vehicles sold with tampered data

An Australian class action law firm is taking on a subsidiary of Toyota over concerns that the carmaker faked data so that it could receive tax breaks from the government.

Bannister Law announced on Monday that it is investigating Hino Motor Sales Australia, which manufactures trucks and buses sold around the globe and is an affiliate of Toyota.

Hino has sold an estimated 860,000 vehicles with the promise of having low exhaust emissions and good fuel economy when the data had actually been faked.

Bannister Law said it was trying to see if Hino had breached the Road Vehicle Standards Act 2018 and the Motor Vehicle Standards Act 1989 and is considering launching a class action.

It comes just a few days after revelations from earlier this month that Hino Motors had falsified emissions data on some engines going back almost 20 years.

The truck-maker said an engine data falsification scandal had started as far back as 2004 and not in 2016 as previously admitted.

Globally, it’s understood there are 26 different engine types impacted by the tampered data, and 860,000 vehicles have been caught up in the scandal altogether. At least 39,000 Hino vehicles have been sold in Australia from 2012 to 2021, but it is unclear if all or just some of them were falsely represented to customers.

Hino had to recall 47,000 vehicles made between April 2017 and March this year over the data scandal. An additional 20,900 will be recalled in the near future.

Bannister Law is calling for all Australians who owned or leased a Hino vehicle at any point between 2004 and 2021 to register in an online form.

It is so far unclear which truck models were impacted by the scandal.

Just three days ago, to US law firm, Lieff Cabraser, started a class action against Hino over the same concerns.

“Lieff Cabraser is investigating reports that Hino Motors and majority Hino owner Toyota Motor Corporation (the Japanese parent of Toyota North America) have publicly admitted to intentionally cheating on their bus and truck vehicles’ emissions,” the legal company stated.

The case has been brought to the Southern District of Florida and the firm confirmed it was seeking more than $5 million in damages.

In March this year, Hino announced it had discovered widespread tampering evidence dating back to September 2016 and engaged an independent committee to investigate.

But in early August, that committee came back with a damning report that found the malpractice stretched back as far as 2004.

Investigators stated in their findings: “Hino cannot escape the determination that it made a false report.”

It was also discovered that a tax reprieve was a key motivator behind the malpractice.

Hino “aimed to achieve the fuel consumption standards in order to be eligible for tax preferential treatment but failed to achieve its goal, and thus, it engaged in misconduct by intentionally adjusting the calibration values ​​of the fuel flowmeter in order to meet the specification values ​​required. for application,” the report also stated.

Data was also falsified by measuring “the idling fuel flow quantity before the fuel flow quantity was stabilized and engaged in misconduct by intentionally selecting advantageous fuel consumption data”.

The findings, led by committee chairman Kazuo Sakakibara, claimed employees were not offered “psychological safety” and were “unable to change” due to the company’s past successes.

Representatives at Hino said the scandal was brought on by an “environment where engineers did not feel able to challenge superiors”.

Hino’s president Satoshi Ogiso apologized to reporters after the report’s bombshell findings, claiming the company’s management took its responsibilities and public image seriously.

Mr Ogiso said he received a message from Toyota president Akio Toyoda, who reeled at the scandal, accusing Hino of betraying the trust of company stakeholders.

In a statement, Hino said it “deeply apologizes for any inconvenience caused to its customers, shareholders, investors and other stakeholders”.

“Hino is currently investigating the impact of these matters on its earnings and will disclose any updates as appropriate in a timely manner,” it added.

News.com.au has contacted Hino for comment.

Bannister Law won the recent class action against Toyota for DPF issues and also won cases against Volkswagen and Audi. It is currently conducting a class action against Mitsubishi.

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Sports

AFL: Showdown win in Adelaide last thing for Crows and Port to play for

AFL: Showdown win in Adelaide last thing for Crows and Port to play for

With Port Adelaide’s prison bar guernsey out of bounds, skipper Tom Jonas has declared he’ll be happy to beat Adelaide in whichever guernsey he’s given on Saturday night.

Club chairman David Koch has been fighting a losing battle to gain permission from Collingwood for Port’s players to don the fabled prison bars in their home Showdown at Adelaide Oval.

But winning, not his wardrobe, is on Jonas’s mind in a natch that matters no matter when it’s played in a two-team town, more so given the Crows won the first stoush in 2022.

“It would be nice to wear the prison bars, but that’s a decision that is well beyond me,” Jonas said on Monday.

“I’ll run out there and beat the Crows in whatever they want me to wear.

“Certainly, we were on the wrong end of it last time and we want to make amends for that, for sure.

“I don’t think there’s any such thing as a dead rubber when it comes to a Showdown. There’s a huge amount of pride on the line.

“Essentially, there’s bragging rights around the state and you can walk around with your chest puffed out.”

The clash of cross-town rivals could be Robbie Gray’s farewell match, with the five-time Showdown Medal winner mulling retirement.

The four-time All-Australian, who was rested for the 84-point thumping of Essendon, has played 15 games this season to take his career tally to 270 but has been hampered by persistent knee problems.

Jonas remains unsure which way the 34-year-old is leaning as he considers his future.

“Robbie is a very private person,” he said.

“He’ll make the decision that’s right for him at the right time.

“I’m sure that he’s consulting all of the people that are important in his life.

“As far as I’m concerned, he’s an absolute champion of our club … he’ll do what’s right for him and the club at the right time.”

The Power bounced back into form in emphatic fashion against the Bombers, with the lopsided victory at Marvel Stadium snapping a four-game losing streak that dashed finals hopes.

While pleased with the performance, many fans will be left asking why Port was unable to perform at the same high standard more consistently in a season that started with premiership aspirations.

“There’s a lot of factors that go into that,” Jonas said.

“We’ve played some really quality sides in the last four to six weeks and Essendon are probably at a similar point in their season where you’ve got to find motivation and I think we had a great purpose and that made a huge difference.

“We got a good run on and played some exciting footy.

“Why we haven’t been able to do that consistently is the question we’ll be asking ourselves over the pre-season.”

The 52nd meeting of Adelaide’s AFL rivals will bring both clubs’ seasons to a close, but there is no shortage of motivation for each side despite the lack of a finals angle.

The Crows, who will take the momentum of a three-game winning run into the clash, famously claimed Showdown bragging rights earlier this season when Jordan Dawson kicked the winner after the siren.

Read related topics:Adelaide

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Business

Australian woman saves $30k through ‘cash stuffing’ trend

Australian woman saves $30k through 'cash stuffing' trend

Millennials struggling to build their wealth have flipped the idea of ​​having a cashless society on their head by reviving a saving technique that originated well before their grandparents’ era.

“Cash stuffing” is the latest money-saving trend growing in popularity in Australia, after it educated hundreds of young people in the UK and US on how to successfully budget.

Also known as the envelope method, cash stuffing involves withdrawing money – typically your monthly earnings – from your bank account and allocating it to a folder which represents a specific spending category.

Folders may represent weekly shopping budgets, holiday savings, fuel costs, mortgage repayments or bills.

The “cash stuffing” hashtag has accrued over 532 million views on TikTok, while sites like Amazon and Etsy have too jumped on board, selling folders, stickers and stationery specifically made for the trend to help kickstart the saving journey.

Daniel Jovevski, CEO and founder of budgeting and debt management app WeMoney, says the saving technique has re-emerged as Australians learn to cope with the rising cost of living.

“Cash stuffing or what budgeters call the ‘Envelope Method’ is back in vogue. This is largely driven out of the requirement to budget now more than ever with envelopes or pencil cases being the primary tool for people to squirrel money away,” Mr Jovevski told news.com.au.

“Tougher times with inflation and cost of living pressures have brought back this old but effective method as consumers combat increasing petrol and food prices.”

Caroline from CAROCASH, commenced her cash stuffing journey last year after learning about personal finance expert Dave Ramsey’s envelope system, which closely mirrors cash stuffing.

The small business owner told news.com.au that she has since saved almost $30,000 using the system.

“I saw how by dividing up your income into separate envelopes, you can save up and prepare for annual bills, holidays, medical and of course for savings,” Caroline said.

While Caroline insists that she is not a financial adviser, she has shared with others how simple the technique can be by documenting her journey on her YouTube channel.

How does cash stuffing differ from internet banking?

Simply put, cash stuffing is a physical method of internet banking.

Rather than splitting your weekly earnings into separate online banking accounts as some budgeters do, those using the cash stuffing method split their income into physical folders.

However Mr Jovevski said there is a psychological aspect to cash stuffing that most don’t experience through online banking or paying for transactions using their credit or debit card.

“This trend has deep behavioral benefits with prominent behavioral scientists identifying the method as helping people increase their “pain of paying”, meaning when we pay with cash we feel a little pain when we see the amount of money leave our wallets or envelopes,” he said.

“Contrasting this against tap-and-pay, where you don’t really see the physical movement of cash, it makes it easier to spend as all the friction has been removed.”

Caroline admitted that this was her situation prior to jumping on the cash stuffing bandwagon. Her de ella old spending habits de ella meant she would unknowingly use all her income de ella on other purchases prior to paying her bills.

“By doing the Cash Envelope System, you budget out your pay and then physically see the money grow or see where your money goes,” she said.

The benefits of cash stuffing

As the cost of living continues on an upward trend, Australians are becoming more conscious of their spending limits and habits.

The search phrase “what is budgeting” has jumped in interest by more than 65 per cent in the last year on Google Search whereas “budgeting apps” has been the most searched query in relation to the word “budget”.

And with budgeting the entire purpose behind cash stuffing, Caroline said there’s no other reason as to why someone who is struggling to manage their savings shouldn’t give the technique a go.

“Benefits include changing spending habits and your mindset on spontaneous spending, living within your means and being prepared for bills,” she said.

Other benefits Caroline mentioned include not feeling the need to get a credit card or use Afterpay and having less financial stress once you’ve mastered your budget.

“The more friction we have in paying, the less we spend and the easier it is to stay on track with our budgets,” Mr Jovevski added.

Being aware of the risks

While it’s great to have cash in hand, it doesn’t come without a heightened risk of losing your money. This may be through theft, fire, or simply misplacing it.

One way Caroline has overcome the threat of mishandling her hard-earned cash is by saving up to a certain amount before banking it, and then using “prop” or “fake money” to represent the savings in her account.

“As a graphic designer myself, I was able to create some fake play money for larger denominations – starting from $250 all the way to $10,000 – that we do not officially have here in Australia,” she said.

“Once I reach $1000 in cash, I swap that with a prop note and get the $1000 back to the bank.”

Another disadvantage associated with cash stuffing is its inability to earn interest as well as the time it takes to separate your money into folders and record the value in a spreadsheet or notebook.

“While there are plenty of upside benefits, the trade-off is additional work,” Mr Jovevski said.

“You have to consider if the cash-stuffing method aligns with the outcomes you want to achieve with your budget.”

end tips

One question that a lot of people ask Caroline is “how do you work out how much to budget for?”.

The savvy saver said she works out how much her bills will cost her on a monthly or yearly basis and then divides that amount by the number of weeks she has until it needs to be paid.

“Say you get paid weekly and you have an annual bill that is $700. You divide 700 by 52 which equals $13.50. That is what you would put aside each pay to have that bill “fully funded” in a year when it is due,” she said.

With a little bit of extra time and preparation, Caroline said anyone can give the saving technique a try.

“Honestly, just give it a go. There’s no schemes or tricks. All that is required is a little more than your time; time to go to the bank or ATM for the cash withdrawal, and time to sit down, make a budget and divide your cash into envelopes.”

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Entertainment

Prince Harry and Meghan Markle’s embarrassing Netflix deadline looms

Prince Harry and Meghan Markle's embarrassing Netflix deadline looms

When the current history of Hollywood gets written, April 19, 2022 will go down as the day that everything changed.

It should have been a routine earnings call during which Netflix co-CEO Reed Hastings took tech and business reporters through the company’s latest figures. Instead, Hastings revealed that the company had lost hundreds of thousands of subscribers for the first drop in numbers in 10 years.

The revelations immediately set off something of an earthquake from Wall Street to Los Angeles, with $75 billion in value being wiped off the company’s value in 24 hours.

Why this matters are the consequences this precipitous, stunning reversal in fortune could have for two people about 450km south of Netflix’s headquarters, in the wealthy enclave of Montecito.

In the course of that one earnings one call, not only did the streaming giant’s once-unassailable hold on the entertainment industry come unstuck, but so too did the supposedly cashed-up future of Harry and Meghan, Duke and Duchess of Sussex, start to look much less certain.

Monday marks 712 days since the world learned on September 2 2020 that the newly self-emancipated Sussexes had signed a reported $US140 million ($A197 million) deal with Netflix via no lesser news outlet than the New York Times with the story trumpeting the duo’s “new Hollywood careers”.

But today, those “new Hollywood careers” have yet to actually take off while once mighty Netflix has lost more than $US200 billion ($A280 billion) in value (yes, billion with a ‘b’) this year.

Nearly two years on from all the self-contributory ballyhoo of September 2, 2020, the landscape for both the titled duo and the streamer has significantly shifted beneath them all.

Will – or even can – the Sussex/Netflix marriage survive?

Not only have the fortunes of Netflix lurched wildly since 2020 but so have Harry and Meghan’s.

At the time the deal was announced, it seemed like the most obvious and logical pairing: Two of the most famous people in the world would worthily churn out documentaries or some such; inreturn; Netflix got to tout the fact that they had a real life Duke and Duchess on their books. Harry and Meghan would get squillions; the company would reap the rewards of the PR coup of the decade.

However, the royal duo are not exactly the sizzlingly-hot property they were back then now are they?

More than 30 months have passed since Harry and Meghan absconded from a life of stifling royal duty for the greener pastures of California and that lucrative embrace of corporate America.

In that time they have managed to ink a series of headline-making deals, including also with Spotify, the coaching company BetterUp and with Ethic, a fintech asset manager, along with launching their charitable foundation and undertaking a seemingly never ending parade of photo opportunities. .

On paper it sounds like it’s been a whirligig of achievement and just the sort of industrious self-starting that America was founded on. Except … what have they actually achieved?

Yes, they have made a series of donations to causes ranging from the World Food Kitchen to helping fix a women’s shelter’s roof after a storm which reflects their generosity and hunger to help others. Kudos. But writing a check here and there is hardly the sort of work that will ever see them make the long list for the Nobel Peace Prize.

Sadly, for two people who seem to truly care, there is not one issue, not one cause they have really moved the needle on since they embarked on this new life of theirs.

More importantly for their Netflix and Spotify paymasters, they have failed to genuinely set themselves up as leading voices of the day. They might do their darnedest to sell themselves as inspiring leaders but the proof is in the flaccid pudding that was the lackluster turnout to Harry’s recent UN speech from him.

The international community was hardly turning up in droves to hear him speak while Washington has largely ignored them.

Meghan’s cold-calling of senators about paid parental leave last year went down about as well as a gluten and dairy-free scone at a Buckingham Palace garden party and the Duchess has yet to emerge as any sort of powerplayer ahead of the midterm elections later this year.

In late June, the former actress took part in a conversation with feminist pioneer Gloria Steinem for fashion after the horrendous quashing of abortion protection, saying: “Well, Gloria, maybe it seems as though you and I will be taking a trip to DC together soon.”

Nearly two months on, the Duchess has yet to turn up inside the Beltway.

The bottom line is this: Harry and Meghan have proven totally unsuccessful at making themselves matter in the corridors of power in Washington, New York, Silicon Valley or Los Angeles.

The magic dust of their royalty has largely dulled in the last two years and the novelty factor has worn off. So too has their deal-making momentum seemed to have waned with them not having announced any other venture since July 2021 last year when it was revealed Harry was busy working on a memoir.

Things might look different today if in the last 712 days the Sussexes had been churning out series after doco after one-off specials for Netflix, but as we all know, that is not the case. The company has only ever publicly announced two Sussex projects: Harry’s documentary about the sporting event for wounded armed services personnel Heart of Invictus (an amazing initiative he started years ago as a working member of the royal family) and an animated children’s series from Meghan called Pearl.

In early May it was announced that Netflix was axing the Duchess’ show as part of a much bigger cost-cutting move, with numerous high-profile projects canned as the streamer dramatically tighten their belts.

Then later the same month came news that the company was about to get, as Page Six put it, their “pound of flesh” from the duo with the revelation that Harry and Meghan were already filming something called an “at home” docu series which has a hint of the ignominious about it. (More recent reporting has suggested that Netflix wants it to air before the year is out.)

Potentially hundreds of millions of dollars are riding on this docu series for the self-supporting, private jet-flying, polo-loving Sussexes.

If it turns out that the Duke and Duchess are TV gold, if they are about to demonstrate that they are binge-worthy stars who can pull in streaming viewers globally, then their US careers are set. Get another polo pony! Hell, buy seven.

But, if they fail to live up to the hype and the rhetoric? The huge sums being touted and all those lovely millions supposedly coming their way could dry up faster than a Californian lake.

(And it’s not as if their docuseries is likely to feature much royal access given that Harry and Meghan were embarrassingly sidelined by The Firm when they were in London for the Platinum Jubilee.)

Netflix is ​​clearly a very patient company when it comes to their superstar recruits. Take Barack and Michelle Obama who signed to Netflix and Spotify after they left the White House.

However, this week, Harry and Meghan will break the Obamas’ track record of the 716 days which elapsed between their Netflix deal being announced and their first marquee project starring one of them, coming, being released. (And in the interim they had released two children’s shows and produced two documentaries, one of which won an Oscar.)

Harry and Meghan might have titles and the Buckingham Palace Wi-Fi password but that is not enough of a distinction for big companies to merrily tip millions into their bank accounts for the chance to work with them. They have to actually do something to provide themselves.

They can’t just hope they can coast along on the whiff of a mothballed HRH here forever more.

Since that earnings call in April, Netflix has laid off hundreds of staff and made the drastic decision to finally introduce advertising to the platform. Can the company still afford to carry big name stars who don’t deliver on their books?

Just how much patience and faith will this newly humbled Netflix have for their yet-to-perform big-name hires?

To some degree, the same goes for Spotify too here.

In April, Meghan’s first outing for the audio giant called Archetypes was announced, promising a “groundbreaking” series would launch during the northern summer. With only weeks to go before autumn begins, again, the clock is ticking.

Daniela Elser is a royal expert and a writer with more than 15 years’ experience working with a number of Australia’s leading media titles.

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Sports

A-League: Joe Lolley joins Sydney FC

A-League: Joe Lolley joins Sydney FC

Sydney FC has added further English Premier League experience to its squad with the signing of attacker Joe Lolley.

Lolley, 29, made six appearances for Huddersfield Town in the 2017-18 Premier League season.

Since then he has spent the past five seasons in the second-tier English Championship with Nottingham Forest, helping then gain promotion the Premier League for the 2022-23 campaign which started this month.

However, having been deemed surplus to requirements at Forest, he grabbed the chance to move to Sydney FC, where he will team with another ex-Premier League player in former Everton, Manchester City and Sunderland midfielder Jack Rodwell, who joined the Sky Blues last week after a season with Western Sydney Wanderers.

“I’m extremely excited to be joining Sydney FC,” said Lolley, who has signed a two-year deal with his new club.

“I know there’s a lot of expectation to win every season, which is a great challenge,

and they’ve got a fantastic plan in place to do that, which really attracted me to

make the move.

“I really appreciate the intent shown by the club in bringing me to Sydney.

“The club expects to win and I’m looking forward to getting on the pitch with the lads

ahead of the season starting in around eight weeks.”

Sydney FC coach Steve Corica said Lolly had “proven quality at a high level in England”.

“He is the type of player we were targeting and we had to be patient to secure him,” Corica said.

“He brings a goal threat with his ability to cut inside and can also pick a pass.

“He’s got great energy, an amazing ability to carry the ball and works hard for the

team.

“Fans love him because he gives his all and I know he was hugely popular at

Nottingham Forest, so I’m sure he will be here.”

Read related topics:sydney

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Business

Cost of living: Vegetable, iceberg lettuce prices finally expected to drop

Cost of living: Vegetable, iceberg lettuce prices finally expected to drop

There is finally some good news for your grocery bill, with the price of many vegetables expected to drop back to regular prices.

The change comes as growers begin to report that they are back on track with their crops after flooding earlier in the year devastated crops in NSW and Queensland, leaving empty shelves in supermarkets as well as fast food stores such as KFC having to substitute lettuce for cabbage in their burgers.

speaking to the ABCMulgowie Yowie Salads director Shannon Moss said the price of vegetables – such as iceberg lettuce which peaked at around $12 a head at the height of the crisis – have remained high for so long because farmers essentially had to start from scratch.

“You have to remember a seedling in a nursery takes about four to six weeks to grow, then it’s another eight weeks in the ground to grow lettuce,” he said.

“So you’re looking at three to four months to grow any kind of lettuce.”

And while the industry still faces challenges caused by labor shortages, high fuel costs and fertilizer costs, the better weather has at least helped even out supply issues.

Mr Moss says he’s now back in the swing of things, producing about 30,000 cos lettuces a week which get sent out to Sydney, Melbourne and Brisbane.

“We’ve had nice weather where a lot of growers have got stock coming on,” Mr Moss said.

But while price drops are coming, Toowoomba-based greengrocer Bevan Betros warned people not to expect them to come down immediately.

“I don’t think they’ll get much cheaper just for the next week or two,” he told ABC. “They’ll get back down as the warm weather comes on, as we get into spring.

“We should be getting down under $2 again, hopefully in September.”

Read related topics:Cost Of Living

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Business

F45 founder sells home amid class action investigations after stock market plunge

F45 founder sells home amid class action investigations after stock market plunge

A struggling Australian fitness franchise that has been savaged on the stock markets is now facing not one, but five potential lawsuits.

F45 Training Holdings Inc, known for its high intensity interval training (HIIT) classes, was at first an Australian success story after hitting the New York Stock Exchange in July last year and raking in $500 million on the first day.

But two weeks ago things drastically changed; the company’s founder and CEO Adam Gilchrist stepped down while 110 employees were laid off and expansion plans were slashed significantly.

Stock prices plunged off the back of the news and dipped to 62 per cent of its original price at its lowest, when it sank to $US1.35 ($A1.90) on July 27.

At time of writing, according to MarketWatch, F45 stock was trading at $US2.15 ($A3) compared to its listing price of $US16 ($A22.50) just a year earlier.

Now five heavyweight class action law firms from the US are calling for investors to come forward to explore the possibility of filing a class action.

The firms are investigating whether F45 misrepresented itself to investors and the most recent legal firm only announced it was investigating the company on Friday.

In July last year at its initial public offering, F45 sold 18.75 million shares of stock priced at $US16.00 per share.

It had a stunning $US1.46 billion ($A2 billion) market capitalization however that has since slipped to $US183.6 million ($A258.60).

In May, F45 thought it had secured a $US250 million ($A350 million) line of credit to keep rapidly expanding but by the next investor’s meeting in July, this had failed through.

But during the July trading update, investors learned that credit line would not be available.

After planning to roll out 1500 new franchises this year F45 will instead aim for between 350 and 450 and its forecasted revenue has dropped from $US275 million ($A387 million) to $US130 million ($A182 million).

F45 fitness founder and CEO Adam Gilchrist – not to be confused with the cricket player of the same name – reportedly immediately listed his house on the market after the downfall.

Coincidentally, the same weekend that another law firm announced it was investigating the possibility of a class action, Mr Gilchrist successfully sold his $A14 million Sydney home.

Mr Gilchrist and Rob Deutsch founded the company in 2013 in the Sydney suburb of Paddington but Mr Deutsch left in February 2020 and said he was devastated to hear what had happened since then.

“Never in my wildest dreams could I have imagined this,” Mr Deutsch wrote on Instagram after the shock news of the lay-offs. “When I exited, and sold out of F45, I left a healthy, phenomenal, beast of a business. All the way from the company culture to the heart beat of the business… The workouts. F45 was special.

“I genuinely hope all of the 110 laid-off staff, find happiness and opportunities elsewhere.”

News.com.au has contacted F45 for comment.

On Friday, US law firm Labaton Sucharow called for investors to get in touch, the latest in a string of legal firms circling F45 like sharks.

Prior to that, Schall Law Firm, a US shareholder rights litigation firm, announced last Tuesday that it was investigating F45 “for violations of the securities laws”.

Then there was Bragar Eagle & Squire, PC, another shareholder rights specialist, which started its own investigation a day later.

Bragar Eagel & Squire stated the company’s revenue was “down significantly” compared to what was previously promised to investors.

James Wilson of Faruqi & Faruqi also called for investors who have “suffered losses exceeding $US50,000 ($A70,450) investing in F45 Training stock or options”.

Portnoy Law Firm also weighed in, saying it was investigating “possible securities fraud” and that it would provide a “complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses”.

Embattled CEO sells home

Mr Gilchrist reportedly listed his Sydney mansion, located in Freshwater in the city’s northern beaches region, on the market following his company’s stock crash.

Over the weekend, it’s understood to be have been sold.

The Sydney Morning Herald reported that strict gag orders prevented the real estate agents from disclosing its final price.

However, they did confirm it sold for more than he bought it for in 2019, which was $14 million.

Realestate.com.au reported that it sold more than $1 million over the reserve.

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Sports

NRL 2022: Cameron Ciraldo Bulldogs coach, pundits react, Bulldogs roster, Who is the Bulldogs coach?, Matt Burton contract, player signings

NRL 2022: Cameron Ciraldo Bulldogs coach, pundits react, Bulldogs roster, Who is the Bulldogs coach?, Matt Burton contract, player signings

Rugby league legend Mark Geyer has made a bold prediction following the Bulldogs’ appointment of rookie coach Cameron Ciraldo — while Fox League’s Andrew Voss is concerned the club’s “gamble” could backfire.

Ciraldo inked a five-year contract to join the Belmore club from 2023 onwards in a deal reportedly worth around $800,000-per-season.

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The 38-year-old was the hottest property on the coaching market following the axing of multiple coaches including Trent Barrett, but in the end NRL supremo Phil Gould got his man.

Ciraldo has been Ivan Cleary’s assistant for several years and former Panther Mark Geyer believes his appointment means Matt Burton’s tenure with the Bulldogs will almost certainly extend past 2023 after knocking back his player option for 2024.

“He’ll be the youngest coach in the NRL, 38-years of age and signs a five-year deal as I said it’s a major coup, but what it does is makes Matt Burton, now his signature will be a lot longer, he’ll sign on for longer,” Geyer said on Triple M.

“That means that Kikau won’t get cold feet, it means Reed Mahoney won’t get cold feet, the Fox (Josh Addo Carr).

“It’s a massive signing, a lot of people will be saying look he hasn’t done much but, he’s been an assistant coach but what he’s done is he’s very articulate in the way he prepares.”

Geyer also believes the Bulldogs are set for a “special” rebuild, going as far to say they could be premiership contenders within five years.

“It’s all about the team with Cameron Ciraldo it’s never about him so I think this is a major, major boost for the Bulldogs in the next five years,” he said.

“Cameron Ciraldo will, I’m not going to say it but they’re going to do something special in five years but they’re going to be close I would say.

“I reckon they’re going to be close to pulling off the biggest prize of all within five years.”

The Daily Telegraph’s Buzz Rothfield echoed Geyer’s remarks — but explained assistants who have been mentored by elite coaches don’t always become successful bosses themselves.

“At 38 he’ll be the youngest coach in the NRL but a terrific talent, he’s been a great right hand man for Ivan Cleary at the Panthers with all their success in recent years,” Rothfield said on the Big Sports Breakfast.

“He’s their minister for defense there, he’s the one who designed all the strategies to keep their line intact which has been so outstanding in recent times.

“Look the only thing I will say is just because you’re out of a Penrith system or Melbourne system it doesn’t automatically make you a great coach.

“I wrote this morning about Trent Barrett only having a 40 per cent win record despite the rap on ‘Baz’ (Barrett) when he came out of Penrith and Garth Brennan too.

“You look at guys like Adam O’Brien who came out of Melbourne and had a year under Trent Robinson.

“It doesn’t mean you’re going to be an immediate success but I’ve got this feeling that Cameron Ciraldo will prove that theory wrong, he’s got what it takes.

“I think it’s enormous for Canterbury and that he knows the pathways so well at Penrith, he’s been there over a decade on their coaching staff.

“He knows how to bring young players through, I think it’s a huge move for the Bulldogs.

“Put them (Kikau and Mahoney) in with Matty Burton and the rest of the team I think they’re going to be a real top eight chance next year.”

While many are backing Ciraldo to be a success, rugby league commentator Andrew Voss stated he wouldn’t be “signing a rookie coach for five years”.

Five-year coaching contracts have in the past gone pear-shaped — Anthony Seibold’s short-lived Broncos deal being the most recent.

Voss explained there are only a handful of coaches across the league that could warrant the long-term contract signed by Ciraldo.

“Any five-year deal, there’s an element of a gamble in it, even with a player.”

“But five years for an untried coach?” Penrith Panthers legend Greg Alexander asked.

Voss continued: “What if they haven’t played finals in a couple of years? I think five years is too much.

“Five years for a rookie coach? Trying to think of a coach you’d sign for five years, I think you’ve got to have the runs on the board.

“(Craig) Bellamy, (Trent) Robinson, (Ivan) Cleary, I don’t think there’s too many more.

“I’m not signing a rookie coach for five years.

“But, I wish Cameron Ciraldo all the very best.”

Originally published as Why Phil Gould’s $4 million gamble on Cameron Ciraldo could backfire

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Manase Fainu: NRL rising star jailed, convicted of church stabbing

Manase Fainu: NRL rising star jailed, convicted of church stabbing

NRL young gun Manase Fainu has been jailed as he awaits sentencing over the stabbing of a Mormon church youth leader during a wild and bloody brawl.

A jury took just two hours to find Fainu guilty of plunging a steak knife into the back of Faamanu Levi at the Church of Jesus Christ of Latter-day Saints at Wattle Grove in October, 2019.

The Crown prosecution made a detention application for Fainu to be sent to prison after he was found guilty of one count of wounding a person with intent to cause grievous bodily harm, which carries a maximum sentence of 25 years.

Defense barrister Margaret Cunneen SC previously flagged to the court the verdict would be appealed.

Judge Nanette Williams on Monday morning ordered the Manly Sea Eagles hooker to be taken into custody ahead of a sentence hearing later in the year.

During his trial, the court heard that one man Tony Quach had seen Fainu stab Mr Levi in ​​the back near his right shoulder blade during a late-night brawl in the church’s parking lot between two parked cars.

Another man, Kupi Toilalo, told the jury that he saw a man approach him and his friends with his left arm in a sling holding a knife.

It was not in dispute Fainu had undergone shoulder surgery a month earlier and had his arm in the sling at the time.

Fainu has been stood down from the NRL since the incident and has not played the last three seasons.

During the trial he denied playing any part in the stabbing or the brawl, claiming he stood back 10m because he was scared.

He said he began back-pedaling because he feared for his safety when he heard someone yell “knife, knife”.

Ms Cunneen told the court on Monday Fainu should be able to remain on bail after he had suffered an “enormous” and “unthinkable downfall”.

She said he needed time to adjust mentally and prepare financially for when he will be sentenced at a later date.

Ms Cunneen also tended to a character reference from Manly coach Des Hasler, who watched proceedings via audio visual link.

“This young man, Mr Fainu, had the promise of a most extraordinary football career ahead of him and that has been smashed,” Ms Cunnen said.

“Everyone would be entitled to say through his own fault he lost that.

“The necessary punishment the court must impose will also bring about the most extraordinary extra-curial punishment, that is the end of what had promised to be an extraordinary, exceptional stellar career in what Mr Hasler has described as the hardest game in the world. ”

The court heard he had previously battled prescription drug addiction and entered into rehabilitation.

His counselor Jan Earl told the court on Monday that Fainu had suffered a mental episode over the weekend, which involved him shaking uncontrollably, was being monitored by a mental health team and had to be prescribed anti-anxiety medication.

Ms Earl said that Fainu was feeling “great shame and remorse” and suffering depression, intrusive thoughts and suicidal ideation.

Ms Cunneen said that two of Fainu’s brothers, who were contracted to Manly, had paid his legal fees after the club advanced them money from their 2023 contracts

She argued he needed to make mental preparations to go into custody and ease the financial burden on his family, having been offered work as a laborer.

However Crown prosecutor Emma Curran said none of that amounted to special or exceptional circumstances.

During Fainu’s trial, the court heard that prior to the brawl, two of his friends – including Uona “Big Buck” Faingaa – were involved in an altercation on the church dance floor and escorted out.

Fainu told the jury he went to church dance with four of his friends because Mr Faingaa was seeking to collect money owed to him by a man for a concreting job.

He said he left the church grounds as his mates were being escorted out and apologized to a security guard for his friends’ behavior as he exited.

CCTV played to the jury showed Fainu, with his arm in a sling, jump the fence from an adjoining Coles car park back into the church grounds shortly before the brawl.

Fainu testified that he had told his friends that he would go inside to collect Mr Faingaa’s money by himself, however they followed him over.

Fainu told Ms Curran during his evidence he jumped the fence despite admitting that he could have walked back in the front gate.

More to eat.

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