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Good morning,

Mining giant BHP has sacked dozens of contractors as it investigates allegations of corruption involving its BMA coal operations in Queensland.

Meanwhile, fund managers are calling on ANZ to urgently rectify its governance and compliance issues including within its under-pressure retail bank, given the risks posed by regulatory fines and further capital outlays.

And Australian data centres operators are eager to capitalise on President Donald Trump’s $800bn commitment to outcompete China and build artificial intelligence infrastructure in the US.

Perry Williams

Business editor

The markets

Making news this morning

1

Nervous wait on refunds as Queen’s Wharf tower plan rejigged

An investor says he will be lucky to escape with his deposit after the Hong Kong developers behind a Queen’s Wharf apartment tower canned contracts, redrew plans and jacked up prices.

2

Foreign owned pub group still against Australia Day

The country’s second largest pub group, Australian Venue Co, which walked back on a ban on Australia Day continues to shun the national day in favour of ‘January Long Weekend’ events.

3

Development green light for nation’s tallest timber tower

Plans to construct Australia’s tallest commercial fully massed timber building have received development approval for Sydney’s CBD.

Editor's picks

Electric vehicle brand Polestar expands to South Australia

Swedish electric vehicle brand Polestar has set up a South Australian presence after strong demand from local buyers.

By CAMERON ENGLAND

FINANCIAL SERVICES

Why CBA makes this investment guru nervous

Australian Foundation Investment Company boss Mark Freeman has cautioned on the outlook for equities and bank valuations.

By CLIONA O’DOWD

Commentary

Trump’s project Stargate launches AI into new space race

By ERIC JOHNSTON

Associate Editor

The new Trump administration’s massive spending plan will certainly flow through to a handful of Australian companies which are already enabling artificial intelligence.

Trumped: ASX’s inferior value driving investors to Wall Street

By JAMES KIRBY

Wealth Editor

The secret behind the steady exit of local investors from the Australian sharemarket is not so much the attraction of Wall Street, but the poor value offered by the ASX.