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The Australian Business Review
 

Good morning,

Mining billionaire Chris Ellison has admitted he was a tax cheat who failed to make proper disclosures around a series of companies registered in the British Virgin Islands, and has apologised for what he calls “a serious lapse in judgment”.

Western Australia’s workplace safety watchdog has issued Andrew and Nicola’s Forrest $8bn philanthropic foundation with an improvement notice in the fallout from an incident where one of its employees needed to take extended time off work. 

Former PwC Australia chief executive Tom Seymour says the firm identified “partnership” structures being touted by former tax practice “rover” Neil Fuller as high risk in a 2016 review, after the firm sold the strategy to a number of clients.


Perry Williams
Business editor
The markets


Making news this morning
1
BHP offers $44bn deal in Samarco settlement
A deal could be signed as soon as Friday, days after the start of a separate class action in the UK that involves about 650,000 Brazilian claimants.
2
Why contrarian Kourtis has love for ‘hated’ stock
When he addresses the Sohn Australia conference, Ellerston Capital’s contrarian investor Chris Kourtis plans to surprise everyone with some love for one of the ‘most hated’ stocks.
3
CBA scrambling to reinstate customers’ cash after glitch
Commonwealth Bank has slugged thousands of customers extra for transactions after the bank’s systems double billed many for spending on their card.
Editor's picks
EXCLUSIVE
Inside Apple, Amazon and Uber’s war on waste
The tech titans are the biggest buyers of solar and wind energy but that’s not enough to offset the rapid rise of data centres that power the AI boom. Here’s how they plan to stay green.
By JARED LYNCH
INVESTING
Share tips: experts’ buy, hold and sell recommendations
A mixed bag of share tips this week has something for everyone, just like global financial markets last week. See their suggestions.
By ANTHONY KEANE
COMPETING BIDS
Plotting past prime ministerial purchases
Anthony Albanese and fiancee Jodie Haydon’s $4.3m purchase has copped some heat but history shows the PM is far from the first in the nation’s top office to spend big on property.
By JONATHAN CHANCELLOR
Commentary
New Westpac chief’s laundry list is fraught with risk
By JOYCE MOULLAKIS
Senior Banking Reporter
There’s a long list of items for the incoming Westpac CEO to address such as locking down an executive team and ensuring the bank’s risky technology overhaul is well executed.
DataRoom
ASX poised for more IPOs as conditions turn
Market watchers say interest rate cuts and improving economic conditions will make IPOs more attractive for companies, as one Aussie wool group
Aristocratic Vesteys selling out of prestige Adelaide Hills winery
The aristocratic Vestey family, once the second richest in the UK after the royal family, is selling its Australian wine interests including a leading Adelaide Hills winery.
OTR founders test investor interest in prime sites
Adelaide’s wealthy Shahins, the family behind The Bend racing car circuit and the OTR chain, which they sold to Viva Energy, are testing investor interest in some of their prime real estate.

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