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The Australian Business Review
 

Good morning,

Nine Entertainment chairman Peter Costello has resigned, three days after a physical confrontation with a journalist at Canberra Airport. Long-serving Nine board member and deputy chair ­Catherine West was announced as Mr Costello’s replacement.

EnergyAustralia has suffered months of delays at its new $300m gas power station in NSW, with the state’s first new gas plant in a decade yet to deliver supplies to the national electricity market due to technical issues.

The Future Fund could step up its investment in renewable energy if it finds new deals with “the right risk return profile,” according to its new chair, Greg Combet.
Perry Williams
Business editor
The markets


Making news this morning
1
Pharmacist fraud accused’s mega-mortgage
Supercar-loving pharmacist Ben Huynh, who faces charges over an alleged ­Pharmaceutical Benefits Scheme fraud, has mortgaged his Dural mansion at an eye-watering 36 per cent per annum.
2
Poor weather dumps on ski ticket sales
The worst ski season in decades and soft economic conditions have led to a steep drop in ticket sales for top resorts Perisher, Falls Creek and ­Hotham.
3
Feted Besen’s clarion call to save arts sector
Daniel Besen has called on all levels of government and wealthy benefactors to do more to back the arts sector, warning that community-based organisations are in danger of failing.
Editor's picks
KING’S BIRTHDAY HONOURS
Trump’s taunts sparked Kitchen’s KPMG tilt
It was disparaging comments made by Donald Trump about women during the 2016 election campaign that prompted Alison Kitchen to throw her hat in the ring to chair KPMG.
By GLENDA KORPORAAL
COMPETING BIDS
Offers in for $9m-plus ski lodge
Offers for Sastrugi Lodge, Thredbo’s priciest snow offering, are under consideration after its expressions of interest marketing campaign closed last week.
By JONATHAN CHANCELLOR
CASINOS
SkyCity faces state probe after losing Austrac case
South Australia’s Acting Liquor and Gambling Commissioner will decide in the coming days whether to restart an investigation into the suitability of SkyCity to hold the Adelaide casino licence.
By CAMERON ENGLAND
Commentary
Costello’s sudden exit exposes deeper crisis at Nine
By ERIC JOHNSTON
Associate Editor
Nine is now moving toward a full-blown crisis as the media company lacks the authority to deal with its deep-seated issues.
The rate-cutting party begins
By CHARLIE JAMIESON
Contributor
The Reserve Bank of Australia may be slow to join the fun but it’s time for investors to rethink.
Dataroom
→ Coal fall unlikely to hit Whitehaven’s Blackwater sale
Whitehaven Coal is understood to be targeting August to announce a selldown of a stake in its Blackwater coal mine, that it purchased as part of a broader $6.4bn acquisition from BHP
→ Talk of imaging unit suitors going the whole Healius
More names are emerging around the hoop for the Healius diagnostic imaging unit sale, but some believe the more interesting deal to surface will be a buyout of the entire company.
→ Cairns no longer in box seat to chair Fletcher Building
Fletcher Building may be getting closer to naming its new chairman but it’s now not expected to be Mark Cairns, who was earlier said to be a strong contender for the role.
 
 
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