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Good morning,

Sydney pub baron Jon Adgemis is already on his second lifeline as part of a debt rescue deal negotiated for his troubled hospitality business after the latest installment payment due on money owed to former bartenders and property managers came up half a million dollars short.

Meanwhile, suspicions of a clandestine personal relationship between Super Retail Group chief executive Anthony Heraghty and human resources boss Jane Kelly allegedly arose five years ago, according to new court documents that claim his wife was aware of the disputed affair.

And this week’s massive power blackout in Spain has reignited a deep political divide over Australia's energy future and offered a timely reminder to Anthony Albanese and Peter Dutton over the perils of any slip-up when it comes to keeping the lights on, writes chief business correspondent Perry Williams.

Vesna Poljak
Business editor
The markets


Making news this morning
1
Labor hands foreign wind giant a sweet political deal
Labor offered Equinor 90 days to decide whether to accept an offshore wind licence offer in NSW – enough time for the election to be decided and for it to walk away if the Coalition wins.
2
Contrarian shows there’s money to be made from market chaos
Global markets are in turmoil but not everyone is in a state of panic and MFS Investment Management’s Zahid Kassam is making the most of the stock volatility.
3
Feros family swoops on landmark pub for $37m
The pub industry is surging, with big ticket sales again becoming a feature of the industry as top families chase trophy properties.
Editor's picks
MARGIN CALL
Packer siblings part ways over charity fund
After a decade of bestowing philanthropic largesse on many a worthy cause, Margin Call hears the Packer Family Foundation run by James and sister Gretel is being wound down.
By YONI BASHAN
MARGIN CALL
Hoopla over NBL teams’ travel deal becomes a bit of a balls-up
The NBL’s chair is already off-side with Illawarra Hawks’ Jared Novelly and now Perth Wildcats’ owner is ropeable about Larry Kestelman’s links to an exclusive travel deal for the league.
By YONI BASHAN
MERGER
Wine giant to put labels on the chopping block
Australian Wine Holdco has flagged a restructure of its expanded portfolio after finalising a mega merger of Accolade Wines with Pernod Ricard’s wine division.
By GIUSEPPE TAURIELLO
Commentary
‘Don’t bet against America’: Cbus’ top stockpicker keeps faith
By ERIC JOHNSTON
Associate Editor
The new head of the $100bn construction-aligned industry fund major intends to keep deploying cash in the US.
HESTA customers ‘imprisoned’ by super fund blackout
By JAMES KIRBY
Wealth Editor
Industry super fund HESTA’s seven-week tech shutout of its customers exposes them to the vulnerabilities already identified in an industry battling issues of transparency.
DataRoom
Bega, Fonterra in standoff over brands
Bega Cheese appears to be playing hardball with Fonterra over the latter’s $2bn-plus Mainland Group sale process, after refusing to waive its legal right to take back its brand licences.
MS Australia stages comeback with strong deal pipeline ahead
The Wall Street bank was hit by the deal slowdown in 2023 but is building further on its recovery staged last year.

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