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The Australian

Good morning,

Coles will retool its health, beauty and household categories as Australia’s second-biggest supermarket tries to claw back some of the estimated $400m in sales lost to a new generation of grocery rivals such as Chemist Warehouse, Amazon and Bunnings.

Meanwhile, Rio Tinto is poised to extract itself from one of the damaging lawsuits surrounding its Oyu Tolgoi copper mine in Mongolia to focus on its succession dilemma.

And celebrity real estate agent Monika Tu has been recognised for her extensive philanthropy over the past 20 years with a Medal of the Order of Australia.

Vesna Poljak

Business editor

The markets

Making news this morning

1

Gadens back for more in Magnis whistleblower mess

ASIC had already contracted the law firm to act for it after accidentally releasing a breach report involving Magnis Energy Technologies. The firm has now agreed to act for a key figure in the report, Matthew Boysen.

2

Optus courts other satellite deals after Musk’s failure to launch

As Telstra beat its rivals in the satellite race and Optus’s much-hyped Starlink deal stalls, the telco has been forced to seek new partners in the coverage war.

3

Final whistle in Lendlease tax fight against Tony Watson

A confidential settlement has been signed in the Lendlease whistleblowing case which Tony Watson was at the centre of.

Editor's picks

Mystery buyer nabs Sydney’s swankiest apartment for $80m

After years languishing on the market, Crown’s penthouse is about to be sold for a $20m discount to its original asking price of $100m back in 2019.

By LISA ALLEN, BEN WILMOT

KING’S BIRTHDAY HONOURS

From investment banker to climate warrior, Keith Tuffley’s second act

Keith Tuffley has spent two decades combining his passion for the environment with investment banking. ‘Are we handing across an economy, an environment and a planet which means that our kids will be poorer?’

By CLIONA O’DOWD

KING’S BIRTHDAY HONOURS

Energy veteran keeping a cool head in a bumpy transition

‘You’re no longer just talking about a single fuel source. There are multiple technologies, multiple time horizons and significant investment decisions that need to be made simultaneously,’ says Karen Moses.

By COLIN PACKHAM

Commentary

Lust for cuts is not Musk

By GREG IP

Entitlements are infamously difficult to cut. Yet that’s what House Republicans propose.

DataRoom

→	GIC and Future Fund line up 20pc stake of Transgrid for $2bn

Singapore sovereign wealth fund GIC and Australia’s Future Fund are understood to be shaping up to take out the Abu Dhabi Investment Authority’s 20 per cent stake in Transgrid.

→	Vault and Regis lead running for Bellevue Gold

The sale process for the $1.4bn listed gold miner Bellevue Gold is now in the second round, with Vault Minerals and Regis Resources said to be going head-to-head.

→	US firm could be solution to Mayne Pharma sale wrangle

Mayne Pharma’s suitor Cosette may be playing hardball with its target in a quest to wrestle its way out of a $675m buyout deal, but perhaps the solution could lie with a US-based rival.