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The Australian Business Review
 

Good morning,

Perpetual would be split into Australian and global operations under a transformation plan to unlock value proposed by fund manager Rodney Forrest, who's lobbying for a seat on the debt-laden financial services giant's board.

Meanwhile, the former head of the Business Council of Australia, Jennifer Westacott, has warned that the nation risks a “contagion” of anger and resentment unless it addresses its failings towards middle-class and working Australians. 

And Star Entertainment Group’s Queen’s Wharf is countersuing for millions of dollars in lost rent from luxury retailer DFS Australia after plans for a shopping precinct at the new casino property in Brisbane were abandoned. 
Perry Williams
Business editor
The markets


Making news this morning
1
Directors with ‘skin in the game’ reap rewards
Twiggy Forrest, Gerry Harvey and other top directors will pocket mountains of dividends in coming weeks and analysts say it’s good for all shareholders that they have “skin in the game”.
2
‘Game changer’ as billionaires invest in Willed
The Stokes family-backed Seven West Media is joining Ellerston Capital and billionaire Alex Waislitz’s Thorney Investment Group in backing the nation’s largest online will-writing and end-of-life planning platform.
3
Warehouse giant wins capital backers for $3bn trust
Two Asian funds will pump $536m into a new club that will invest in a fund run by ESR in a sign that premium industrial real estate remains hot.
Editor's picks
COMPETING BIDS
Reality check: Ambitious vendors face the facts in buyers’ market
Spring has seen weakening clearance rates for prestige home sales, with millions trimmed from the asking prices of properties in some of Australia’s most exclusive postcodes.
By JONATHAN CHANCELLOR
EXCLUSIVE
Business travel to take off despite economic uncertainty
Local businesses consider corporate travel non-negotiable, with more than four in 10 looking to increase the amount of time employees spend in the sky over the coming year.
By MATT BELL
COMMENTARY
Make the polluters pay
Fossil fuels cause global warming, damaging the planet, so a carbon price is essential, according to former ACCC chair Rod Sims.
By ROD SIMS
Commentary
PwC governance chair tells staff to knuckle down
By JOYCE MOULLAKIS
Senior Banking Reporter
John Green addressed staff and partners at PwC – in two separate groups – as part of a listening tour, where he drew a line in the sand under the firm’s woes.
Dataroom
→ Tabcorp boss Gillon McLachlan may consider services sell-off
Analysts at Macquarie believe it is worth about $610m, based on an underlying earnings multiple of about 10 times.
→ Pellegrino’s future in spotlight as Domain faces privatisation
Following the announcement of the departure of Nine boss Mike Sneesby, attention is now turning to the online real estate spin-off Domain and its CEO Jason Pellegrino.
→ CKI considers selling Wellington Network stake
The poles and wires would certainly be worth much more now, particularly given the huge profits power companies are reaping across the Tasman.
 
 
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