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The Australian

Good morning,

A major Santos shareholder has shown its hand on the $30bn mega deal, as the energy giant’s suitor XRG signals a commitment for local gas supply, a key hurdle for regulators.

Meanwhile, spare a thought for Lendlease boss Tony Lombardo, who was the only ASX 100 CEO not to get a bonus last year, while the latest research shows Australia's most powerful bosses now earn 55 times the pay of the average worker.

And Labor’s pledge to adjust the power price cap is politically popular, but risks backfiring by putting unsustainable pressure on energy retailers already operating on razor-thin margins.

Vesna Poljak

Business editor

The markets

Making news this morning

1

Cold showers warning from transmission boss as grid stripped thin

The boss of Australia’s largest electricity transmission provider said the nation’s power grid was dangerously light and needed back-up buffers, like coal.

2

Gateway on hunt for assets with new fund

After a stellar first fund, the industrial property funds house sees plenty more ways of making money, even as the cycle cools after values jumped during the pandemic.

3

Major project status for North Qld silica miner chaired by Wayne Swan

Wayne Swan-chaired Diatreme Resources has won major project status from the federal government for its silica sands project in Far North Queensland.

Editor's picks

Football crazy CBA locks in behind Socceroos

Matt Comyn’s Commonwealth Bank looks set to score a soccer sponsorship monopoly for Australia’s national teams – but will that help or hurt the bank’s brand at the next World Cup?

Abysmal apartment market hurting investors

If you want to lose money in the property market, buying a unit seems the best way to do it, as the widely anticipated market rebound for residential apartments has not happened.

The rise of solo ‘sports’ shows how Aussie leisure is changing

Forget cricket or golf. The most popular participatory sport in Australia is now walking. Although, the rise of pickleball might give it a run for its money.

By BERNARD SALT

Commentary

‘Sell America’, global fund managers declare

By DAVID ROGERS

Markets Editor

Fund managers are maintaining substantial underweight positions in both US equities and the greenback, potentially setting up significant ‘pain trades’ if market sentiment shifts.

ChatGPT making us stupid: MIT

By JARED LYNCH

Technology Editor

A study has revealed a potential decline in critical thinking and problem-solving skills, raising questions about the true cost of convenience in the age of artificial intelligence...

DataRoom

→	Santos deal may inflate its rivals

Santos’s buyout by the Abu Dhabi National Oil Company and The Carlyle Group is likely to add share price firepower to its rivals.

→	Recut deal with Platinum favours L1 Capital

Market experts say the move by L1 Capital to recast its merger deal with Platnum Asset Management was the difference between a deal getting across the line or being called off.

→	Goldman Sachs makes fresh hires for equities team

The Wall Street bank is hiring operatives from RBC and UniSuper.