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The Australian Business Review
 

Good morning,

Westpac’s board has tapped search firm Heidrick & Struggles to assist as it ramps up efforts to ­secure its next chief executive , a move that has triggered defensive strategies at its major bank rivals keen to retain their top ­talent.

The corporate regulator has been accused of fumbling a major investigation by confiscating the passport of a Melbourne-based prop­erty developer based on the mistaken identity of a Swiss family with the same surname.

Like the fabled golden city of El Dorado, the legend of one of Australia’s biggest gas fields lurking under our feet often has a life of its own. Millions of dollars have been spent exploring what is thought to be a gas-rich region and dozens of wells dug. Some reaching more than 2km below the surface. Apart from frustration, writes Eric Johnston, there’s little to show for it.

Perry Williams
Business editor
The markets


Making news this morning
1
Government urged to chase missing tax billions
An insolvency practice that went after the Binetter family’s Nudie Juice company wants the government to establish an agency to reclaim billions in unpaid tax due to businesses going insolvent.
2
‘There’s more to AI stocks than just Nvidia’
The AI boom has propelled Nvidia to dizzy heights but investors can look further afield to get exposure to those set to benefit most from this disruptive technology.
3
Australia must make case for global funds: Citi boss
Citi CEO Mark Woodruff is talking up Australia on the global funds stage with hundreds of billions needed for energy, minerals and housing development.
Editor's picks
AVIATION
High price of flexibility for airline passengers
Corporate travellers put such high value on flexibility that they’re paying up to five times more for a flex fare than a ticket that doesn’t allow flight changes.
By ROBYN IRONSIDE
COMPETING BIDS
Laser Clinics co-founder pulls top-priced listing
Sydney’s priciest weekend listing, a Mosman trophy home, was pulled on auction-eve by Babak Moini, co-founder of Laser Clinics Australia.
By JONATHAN CHANCELLOR
EXCLUSIVE
Wave of claims to Nine’s review
A groundswell of anger among female employees at Nine Entertainment is sweeping through all corners of the media company.
By SOPHIE ELSWORTH, JAMES MADDEN
Commentary
Covid’s ‘long tail’ to keep rates higher for longer
By PAUL BLOXHAM
Making sense of the economy at the moment is more difficult than usual. Despite growth slowing to a near stall speed, price and cost pressures are still too strong.
Dataroom
Anglo sets up for $7.5bn coal exit
British mining giant Anglo American is expected to appoint an investment bank any day for a sale of its $US5bn ($7.5bn) portfolio of Australian coalmining assets.
Hunger for GyG shows Retail Food Group’s a cheap snack
Analysts at Shaw and Partners believe the roaring success of Guzman y Gomez on the first day of its trading last week makes Retail Food Group look cheap.
IFM well-placed in race for Healius
IFM is understood to be sharply focused on the diagnostic imaging business up for sale by Healius, hiring investment bank Morgan Stanley for a tilt at the operation.