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The Australian Business Review
 

Good morning,

ANZ chief executive Shayne Elliott is facing a multimillion-dollar hit to his pay and the prospect of handing back years of bonuses as he grapples with a major bond trading scandal.

Meanwhile, the nation’s most influential corporate governance adviser, Ownership Matters boss Dean Paatsch, is demanding to view hidden court documents linked to the Super Retail Group workplace scandal and legal battle, arguing shareholders should know the true nature of the legal and financial threats facing the retailer.

And the ASX 200 is poised to open sharply lower on Monday as investors worry about the state of the global economy amid signs the US may now have to accelerate rate cuts to arrest a slide in unemployment and avoid a recession.
Perry Williams
Business editor
The markets


Making news this morning
1
ATO winds up another Sam Mitchell company
Would-be cattle baron Sam Mitchell was relaxing on the deck of his luxury ocean-view home in the suburbs of San Diego as another company in his agricultural empire disintegrated.
2
Brisbane off and running towards $2bn Olympics goal
Games officials have poached the French executive who raised more than $2bn in commercial revenue for the Paris Olympics. He has a big task ahead of him for Brisbane in eight years time.
3
ABC ad spending soars as ratings fall
The taxpayer-funded broadcaster has increased its advertising spending by 33 per cent in the past 12 months, as it deals with declining audiences.
Editor's picks
COMPETING BIDS
Small market but Perth leads in auction clearance
Perth uncharacteristically secured the nation’s highest weekend auction success rate at 88.9 per cent, highlighting its residential property market’s ongoing recovery.
By JONATHAN CHANCELLOR
DIAMONDS
De Beers’ diamonds no longer Anglo’s crown jewels
Anglo American’s problem lies in competition from laboratory gems which sell at a fraction of the price but have become so good that a machine is needed to tell them apart.
By GEOFF HILL
EMISSIONS
Majority of carbon credits fail to pass muster: Rio
Most of the carbon credits that Rio Tinto examines in the US are unsatisfactory, underlining the task facing big miners as they try to meet emission reduction targets.
By COLIN PACKHAM
Commentary
Australian firms on edge over privacy law overhaul, AI
By JOYCE MOULLAKIS
Senior Banking Reporter
Proposed sweeping changes to the Privacy Act will have implications for individuals, and knock-on effects across businesses, particularly those interested in AI.
Dataroom
→ Gold shines again at Diggers and Dealers
Record gold prices mean miners of the commodity will once again be back in favour at the legendary annual mining conference in Kalgoorlie.
→ Receivership unlikely for Rex as EY readies for sale
Rex’s private equity lender PAG is believed to be holding off on a move to appoint a receiver as administrator EY starts preparing documents for a sale of the regional airline.
→ Canadians set to join Blackstone’s data centre pursuit
Blackstone increasingly looks favourite to buy the $15bn data centre business AirTrunk, with Canadian pension funds expected to be set to join forces with the New York-based buyout fund.
 
 
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