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The Australian
 

Good afternoon,

An affair between Super Retail Group chief executive Anthony Heraghty and then head of HR Jane Kelly created a rotten culture within the retailer, caused disharmony and corporate governance scandals, court documents reveal. The documents further claim the CEO misused company funds to further his sexual relationship with Ms Kelly.

Meanwhile, regional carrier Rex was $500m in debt when administrator EY was brought in last month, the first creditors' meeting has been told. 

And Wealth editor James Kirby says the market plunge has opened opportunities for investors but it's buyer beware as some observers believe a bigger fall is imminent.

On the Australian sharemarket, stocks continued their recovery from Monday's fall as US initial jobless claims data helped allay recession fears and China's higher-than-expected CPI inflation data buoyed commodities. The ASX 200 index ended Friday's trade 1.3 per cent higher at a five-day peak of 7777.7 points after rising as high as 7795.1 intraday.

Perry Williams
Business editor
The markets


Commentary
Where are the sharemarket bargain hunters?
By JAMES KIRBY
Wealth Editor
A ‘most distrusted’ sharemarket rally has come to a halt thanks to a reversal that some key players think hasn’t been severe enough.
Latest news
Super Retail chief ‘spat at execs, had affair with HR boss’
Court documents alleged a toxic culture at Super Retail Group included the CEO having an affair with the head of HR, misusing company funds for overseas trips and screaming at executives.
By ELI GREENBLAT
The father and son team cleaning up big time in Paris
It’s unglamorous work, but Craig Lovett’s risky move to fluke a cleaning contract for the Sydney Olympics led to a deal of a lifetime that his family firm is still reaping the rewards from now.
By JOHN STENSHOLT
Rex airline $500m in the red, administrators reveal
Rex owed $500m to 4800 creditors at the time of its collapse and its administrators say they are investigating the possibility the airline was trading while insolvent.
By ROBYN IRONSIDE
Where are the sharemarket bargain hunters?
A ‘most distrusted’ sharemarket rally has come to a halt thanks to a reversal that some key players think hasn’t been severe enough.
By JAMES KIRBY
‘I thought your husband was a single father’: brutal reality check for career woman
Melinda Cilento has blazed a trail in public policy at the BCA and CEDA plus the Woodside board by role reversing with her husband. But she hasn’t escaped the old stereotypes.
By DAMON KITNEY