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The Australian Business Review
 

Good morning,

The Australian Securities & Investments Commission was among the regulators that received multiple warnings in 2020 and 2021 about problems with the ASX’s key technology overhaul project, including its scalability and governance, sources say.

Iron ore prices have dropped to a 21-month low after China’s largest steelmaker put the industry on edge by saying the sector faced a crisis more acute than the downturns of 2008 and 2015.

And GFG Alliance has cut about 50 jobs at its embattled Whyalla steelworks as rumours mount of late payments from Sanjeev Gupta’s global conglomerate.
Perry Williams
Business editor
The markets


Making news this morning
1
Qld government buys Lotus Creek wind farm project
The deal comes as Queensland Premier Steven Miles pushes to meet ambitious energy transition targets and sway voters with spending commitments.
2
KPMG cuts partner pay as slowdown drives tech pivot
The accounting firm has slashed partner pay following a slide in revenue driven by weaker demand from government and financial services, as it pivots to a greater focus on technology.
3
Melbourne property developer court case may be delayed
The Federal Court has approved Deloitte’s plan to pay Keystone’s investment management fees to CF Capital, despite a dispute about how the fees are calculated.
Editor's picks
COMMENTARY
New challenges as Treasury re-enters China market
The Penfolds producer has long been confident about the potential of the Chinese market, but faces a very different China from the one that closed its doors to Australia four years ago.
By GLENDA KORPORAAL
MARGIN CALL
Callide C power station probe obstructed
Forensic engineer Sean Brady was blocked from interviewing key figures at Queensland government-owned CS Energy for his investigation into an explosion at the Callide C power plant.
By NICK EVANS
FINANCIAL SERVICES
Magellan buys Vinva, farewells McLennan
Andrew Formica is putting his mark on Magellan with his Vinva deal, declaring its investment bank Barrenjoey is ‘nailing it’ as Hamish McLennan moves on.
By TANSY HARCOURT
Commentary
Telstra CEO has a chance to set the telco up for decades
By ERIC JOHNSTON
Associate Editor
Vicki Brady is working up a new plan to prepare the telco for the heavy spending required to meet the massive data wave that’s coming.
Dataroom
→ Blackstone low-ball offer for Iress up in air
New York-based private equity fund Blackstone was thought to be considering a bid for Iress valuing the stock at about $2bn, however that’s where Iress is currently trading.
→ Vocus back in talks for TPG’s non-mobile fibre assets
Revived talks between Vocus Group and TPG Telecom for a sale of the latter’s non-mobile fibre assets are understood to be well progressed, but price is the issue.
→ KKR, Permira line up for Fonterra Oceania
Kohlberg Kravis Roberts, Permira and Pacific Equity Partners are believed to be ready to bid for the assets of Fonterra Oceania.
 
 
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