Webjet Faces Legal Action, ASX Hits Record Close, and Star Entertainment Scrutinized at AGM

2 min read | November 29, 2024 05:40 PM AEDT | By Team Kalkine Media

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Webjet Faces Legal Action, ASX Hits Record Close, and Star Entertainment Scrutinized at AGM — Image source: shutterstock

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Highlights

The ACCC takes legal action against Webjet for failing to disclose additional flight fees.

The ASX 200 hits a new record closing high, driven by IAG’s acquisition of RACQ’s insurance business.

Star Entertainment faces shareholder questions and a ‘first strike’ at its AGM.

Webjet Faces Legal Challenge from ACCC

The Australian Competition and Consumer Commission (ACCC) has taken action against Webjet (ASX:WEB), accusing the online travel company of misleading customers by failing to disclose extra fees when promoting discounted flight offers. The consumer watchdog claims that Webjet’s advertising did not clearly outline additional charges, which led to consumer confusion and could potentially breach Australian consumer protection laws. This legal action highlights increasing scrutiny on ASX consumer companies, with a particular focus on transparency in advertising and pricing practices.

.This legal action highlights the growing scrutiny on companies in the online travel space and their responsibility to provide transparent pricing information to consumers. The outcome of the case could have significant implications for Webjet’s operations and its future marketing strategies.

ASX 200 Hits Record High

The Australian share market saw a historic milestone as the ASX 200 closed at a new record high, buoyed by a strong performance in key sectors. Shares of International Airlines Group (IAG) soared after the company completed a significant acquisition, securing 90% of RACQ's insurance business. This move helped fuel investor optimism, driving the ASX 200 to a new closing peak. The broader market’s upward trajectory reflects a steady recovery in investor confidence across various sectors.

Star Entertainment Faces AGM Scrutiny

Casino operator Star Entertainment (ASX:SGR) faced tough questions from shareholders at its Annual General Meeting (AGM) in Brisbane. The company’s leadership is under scrutiny as shareholders expressed concerns over the company’s financial performance and corporate governance. During the AGM, Star received its first 'strike' vote, a rare occurrence in which a significant number of shareholders express disapproval of the company’s executive remuneration. This development puts additional pressure on Star Entertainment to address shareholder concerns and improve its governance practices moving forward.

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