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The Australian Business Review
 

Good morning,

Star Entertainment Group’s auditors have raised red flags about its ability to continue as a going concern with expenses related to the phased opening of the new Queen’s Wharf precinct a key concern alongside loss of market share, financial crime remediation and the impact of casino operating reforms, according to the annual report released late yesterday, which also revealed that former CEO Robbie Cooke pocketed $5.12m last financial year.

Meanwhile, a string of Chinese stimulus measures over the past week aimed at kickstarting the world’s second biggest economy has sent iron ore prices surging and lit a fire under the shares of Australia's biggest producers of the steelmaking commodity.

And digital advertising company REA Group has pulled its takeover proposal for Rightmove after being rejected for the fourth time with its British target saying the latest $12bn bid still undervalues the property portal’s growth prospects.
Perry Williams
Business editor
The markets


Making news this morning
1
Sumitomo bets on Aussie homes with Metricon move
The Japanese giant has bought a majority stake in Australia’s largest home builder, paving the way for it to take full control in coming years.
2
Private credit hits back on risk threat as regulators take a look
Despite interest rates staying higher for longer, private credit operator Hamilton Lane says the environment for defaults in the sector was ‘pretty benign’.
3
Proxy group attacks Perpetual board over pay, performance
Payments to Perpetual’s senior management are out of whack with industry norms, according to influential proxy group ISS.
Editor's picks
MARGIN CALL
Bitter turn in Bolton’s legal battle
Describing the affairs of Nick Bolton and his Keybridge Capital as ‘messy’ would not be doing them justice. But matters appear to be spiralling out of control for the corporate raider.
By NICK EVANS
MEDTECH
The Aussies battling Musk to control the mind
Synchron counts Bill Gates and Jeff Bezos among its investors and has demonstrated its brain computer interface can be used safely by people with paralysis.
By JARED LYNCH
AVIATION
Mystery flight: Koala Airlines keeps strategy under wraps
Far from being deterred by the fate of Bonza and Rex, Koala Airlines is preparing to become Australia’s next domestic contender – just don’t ask when, where or how.
By ROBYN IRONSIDE
Commentary
This is our moment: Telstra CEO maps out her AI vision
By ERIC JOHNSTON
Associate Editor
Vicki Brady says big telcos have once again found themselves at the front of a tech revolution.
Resources rebound could spell more records for share market
By ANTHONY KEANE
Personal finance writer
Resources stocks have surged 17 per cent in a month but are still in negative territory for 2024. Experts examine the outlook.
DataRoom
→ Wesfarmers dips toe in water for MinRes gas assets
Perth-based conglomerate Wesfarmers is believed to be among the parties taking a look at the Perth Basin assets of the Chris Ellison-backed Mineral Resources.
→ FNZ in the hunt for SuperChoice
The global financial services company is believed to be weighing up an acquisition of Potentia Capital’s $700m digital transaction company.
→ FTI Consulting in top spot to win Mosaic Brands role
FTI Consulting has been preparing to work on a Mosaic Brands collapse.

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