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The Australian
 

Good afternoon,

Wesfarmers chairman Michael Chaney has delivered a robust defence of profitable companies such as the Bunnings and Kmart owner, rejecting the notion that profit is "dirty word" as major retailers including Woolworths hold their annual shareholder meetings.

Coles, meanwhile, is pouring another $880m into a new robotic distribution centre to enhance its supply chain.

Gina Rinehart's $1.13bn deal to buy MinRes gas assets not only takes the heat off her friend and fellow mining billionaire Chris Ellison , but also means she plans to supply gas to the market as soon as possible.

Perry Williams
Business editor
The markets


Commentary
Senators need to stay strong on super law reforms
By ROBERT GOTTLIEBSEN
Business Columnist
I am increasingly optimistic that the nation-damaging superannuation legislation will not pass the Senate in its present, disastrous form.
Latest news
Brookfield must sell Victorian assets to acquire French green energy firm
The ACCC will not oppose Brookfield’s acquisition of French renewable energy developer Neoen, so long as the Canadian private equity giant divests windfarms and batteries in Victoria.
By COLIN PACKHAM
ACCC takes on Optus for targeting vulnerable people
The consumer watchdog alleges the nation’s second largest telco ‘manipulatively’ sold phones and plans to hundreds of customers that ‘they did not need and could not afford’.
By JOSEPH LAM
How Canva’s value just soared by almost $10bn
Canva is now valued at $US32bn after an ‘extraordinary’ year and several secondary share sales, adding an extra $2.5bn to the wealth of two of its co-founders.
By JARED LYNCH
New ‘must have’ tech releases driving JB Hi-Fi sales
Consumers determined to have new plasma TVs and the latest iPhones are buffeting JB Hi-Fi from the cost of living crisis hitting other retailers, its chief says.
By ELI GREENBLAT
Luxury savoir faire: Sofitel revamp just the beginning in five-star plan
The French hotelier is bringing back top-class hospitality to its landmark Sydney property and wants to expand to more destinations around Australia.
By BEN WILMOT

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