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Good morning,

Qantas has urged customers to be on the lookout for potentially sinister contact from criminals purporting to work for the airline, after the personal information of six million people was stolen from an offshore customer database. Industry sources said the stolen cache was yet to be shopped around on the dark web, and Qantas confirmed on Thursday it had not received any ransom demand from the hackers.

Meanwhile, Domino’s executive chair Jack Cowin has blamed a rift between his outgoing chief executive and the board over the pace of change required to restore the pizza maker’s fortunes for the shock resignation of Mark van Dyck after just seven months in the job.

And superannuation giant AustralianSuper looks to have delivered the worst performance of the major funds for the financial year, as listed equities once again powered returns elsewhere.

Vesna Poljak
Business editor
The markets


Making news this morning
1
Spanish giant out in front for $4bn VNI West project
Spanish renewable energy giant Iberdrola is in pole position to win the development partner contract for the $4bn electricity transmission line between NSW and Victoria.
2
Who got cash from Dubber’s missing $30m and when?
ASX-listed technology company Dubber is suing its ex-chief executive and his lawyer, breaking down for the first time where a missing $30m went, to who and when.
3
King points to China’s hand in demise of Aussie mineral smelting
The Albanese government faces tough calls on sovereign capability and the future of Made in Australia, as China ramps up minerals processing.
Editor's picks
MARGIN CALL
Where in the world is Trump’s one-time Aussie ‘advancer’?
Young and conservative, Phillip Hancock was inside the Donald Trump pre-election machine so did he make it to the White House? Well, close but no cigar.
By JOHN STENSHOLT
INVESTING
AI is reshaping investment portfolios
Navigating markets feels like paddling up a creek without a paddle. Buying a 60/40 portfolio and waiting for bonds to cushion equity dips may not cut it any more.
By ROGER MONTGOMERY
EXCLUSIVE
Game on for Quintessential as Olympics prompts office race
Funds house Quintessential ran early with office purchases as the cycle turned and is now targeting a site near Brisbane’s planned Olympics village.
By BEN WILMOT
Commentary
Macquarie’s CEO succession is a matter of timing
By ERIC JOHNSTON
Associate Editor
The modern Macquarie Group likes to hang on to chief executives but the bank’s board is already thinking about who takes over from Shemara Wikramanayake.
ASX is overvalued so buckle up for a reality check
By DAVID ROGERS
Markets Editor
July is normally a good month for Australian stocks, but there are good reasons to be cautious.
DataRoom
GemLife’s IPO success comes at a cost to rival Ingenia
Institutional investors appear to be rotating out of GemLife’s competitor, Ingenia, to take positions in the new listing.
HSBC to offload local retail bank
The British bank is tipped to be days away from releasing sale documents for a business worth billions of dollars with top banks expected to be lining up.
Brookfield opens data room for La Trobe Financial
Brookfield is understood to have opened a data room to bidders for its $3bn-plus sale process of La Trobe Financial.

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