Email
Star Entertainment was spying on the diary of special casino manager Nicholas Weeks as part of a ‘process of preparing for war’ with the regulators.
To view this email as a web page, go here.
The Australian
 

Good afternoon,

Star Entertainment bosses spied on special casino manager Nicholas Weeks’ diary and considered a class action as they “prepped for war” with the regulator, the explosive first day of a new inquiry heard.

Three of ASIC’s most senior figures including its chief executive are heading for the exit, in major changes at the top of the corporate regulator.

The competition watchdog is refusing to use its product recall powers to alert hundreds of thousands of people that their mobile phone might not be able to call triple-0 when 3G is turned off, despite appeals from the big telcos.

The Australian sharemarket fell to its lowest level in more than three weeks, as global investors await Israel’s response to Iran’s drone attack. The ASX 200 fell 0.5 per cent to 7752.5 points and the broader All Ordinaries lost 0.5 per cent to 8009.4.

Perry Williams
Business editor

The Markets

image

The Big Read

On a sultry Monday morning in late February, David Foster’s ­mobile phone started ringing shortly before 9.30.

Foster was in Sydney preparing for what was shaping up to be a densely packed board meeting to sign off on the latest accounts of Star Entertainment.

The former career banker was newly appointed chair of the wayward operator of Sydney’s three-decade old casino as well as two in Queensland, The Star Gold Coast and the new-mega Brisbane ­casino that is nearing completion.

While the chips were again flying back and forward on the gaming room floors of the properties after the pandemic shutdown, Star’s future was hanging by a thread. Foster’s job was to help ­secure it.

Eric Johnston, Perry Williams and Alexi Demetriadi

Read more

SECOND INQUIRY
Star spied on Weeks amid war with regulators: inquiry told
Star Entertainment was spying on the diary of special casino manager Nicholas Weeks as part of a ‘process of preparing for war’ with the regulators.
GLEN NORRIS
OUT THEY GO
Changing of the guard at ASIC
The corporate regulator is on the hunt for a new chief executive, as three of its most senior figures head for the exit.
By DAVID ROSS
EXCLUSIVE
‘Triple-0 fears’: ACCC snubs telcos’ call for help
Many Australians won’t be able to call triple-0 when the 3G is switched off this year. But the competition regulator has refused to help telcos in recalling affected handsets.
By JARED LYNCH
RETAIL
Supermarkets desperate to protect reputation: Fels
A Senate inquiry has been told of allegations that Woolworths and Coles are desperate to protect their reputation, while gouging suppliers and customers.
By ELI GREENBLAT
STAFF EXIT
Spotlight EP exits, thanks colleagues amid scandal
Channel 7 has confirmed Spotlight executive producer Mark Llewellyn has left the network, four days after it was first reported he had parted ways with his employer.
By SOPHIE ELSWORTH
CAPITAL RAISINGS
‘Building AI factories’: NextDC raises $1.3bn
An explosion in demand for data centres has led analysts to lift share price targets for NextDC after it completed one of the year’s biggest capital raisings almost fully subscribe...
By JARED LYNCH
MINING
Tiger’s Realm sells out of Russia after court loss
Tiger’s Realm has sold its Russian coal assets to a local tycoon after being caught on the wrong side of federal government sanctions.
By CAMERON ENGLAND
COMMENTARY
Why I switched off Facebook – and it’s bliss
I struggle to understand why the Albanese government is letting Meta run riot, with some Australians losing life savings via Facebook scams. Thankfully, we can all make a choice.
By JARED LYNCH
WEALTH
Is the property market heading for a soft patch?
After a strong run, auction clearance rates are now dropping and the time it takes to sell a residential property is increasing. What’s changed?
By JAMES KIRBY
WEALTH
Strong markets drive super fund returns
Double-digit returns are on the cards for super funds this year, with the median balanced option delivering 8.8 per cent for members over the nine months to the end of March.
By CLIONA O’DOWD