Nadine Blaney

And outdoor advertising company Omedia finds itself at the center of a bidding war.

Plus, it looks like the globe is heading for a super El Nino, meaning more droughts in Australia.

And beer is back with brewers claiming a turnaround in sales.

It's Tuesday, the 12th of May, 2026.

I'm Nadine Blaney from Ausbis.

Good morning to you, Sean Elmer.

The main story this morning, CSL has shocked investors by writing down the value of its assets by $7 billion, and that includes its VIFOR kidney treatment subsidiary.

It also cut its full year earnings and revenue forecasts.

Sean, it is one of the biggest write-downs in Australian corporate history and comes just three months after the company reaffirmed its guidance.

Investors were so frustrated yesterday.

Not happy at all.

CSL share price cratered.

It was down by 16%.

So, I mean, here's another one of your fun facts.

It's no longer one of the top 10 companies on the ASX.

Incredible.

$9 billion in value was lost yesterday alone.

And over the two years, its market cap has fallen by $100 billion.

What?

Four years ago, thereabouts?