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The Australian Business Review
 

Good morning,

Embattled steel and mining giant GFG Alliance has been pulling hundreds of millions of dollars from its Australian operations and sending the money offshore to prop up its ailing international business.

Meanwhile, Rio Tinto is under pressure to ditch its dual listing on the London exchange and the ASX after an activist hedge accused the company of value-destruction in a move which coincided with the mining giant’s investor seminar in London.

Building unions have warned Woolworths against trying to break a union picket line in Melbourne, vowing to send large numbers of construction workers “at a moment’s notice” to support the warehouse employees taking indefinite strike action.

Perry Williams
Business editor
The markets


Making news this morning
1
Insurers aren’t listening: ASIC
The corporate regulator is considering going after insurers and executives who fail to deal with a surge in complaints.
2
EDO expert panned rival’s work unread
The professor lamented a statement by the Tiwi Land Council for suggesting that some Tiwi Islanders supported Santos’s plans for the Barossa gas project.
3
Ex telco chief’s insider trading trial closes
Years after former Vocus chair Vaughan Bowen was first accused of trading with inside information, he is still fighting the charges against him.
Editor's picks
MARGIN CALL
Rio joins the fun... and shoots self in foot
There’s radical transparency, and then there’s Rio Tinto, which has managed to promote the Rio-critical arguments of a heavy-hitting activist investor.
By YONI BASHAN, NICK EVANS
CRYPTO
Crypto cautious on ‘far-reaching’ regulation implications
ASIC’s proposal to require crypto companies to apply for a financial services licence or face a please-explain has seen crypto leaders strike a wary tone.
By DAVID ROSS
DEVELOPMENT
Packer backs $110m Surry Hills property play
The billionaire has become a canny property investor in the emerging luxury apartment space.
By BEN WILMOT
Commentary
Spotlight shining on super boards
By GLENDA KORPORAAL
Senior writer
Demands on superannuation directors’ skills and experience — in a cottage industry which has now become a financial colossus — are much higher than they ever were.
Forever home, meet forever mortgage
By JAMES KIRBY
Wealth Editor
Lenders and borrowers offering 40-year mortgages are an unfortunate sign of the new reality – even if property prices are falling.
DataRoom
Why did SG Fleet suddenly accept PEP takeover bid?
SG Fleet, after once rebuffing a bid from Pacific Equity Partners, accepted the exact same bid. Why?
Charter Hall weighing up Aveo interest
Big property investors such as Charter Hall and GPT Group are considering putting in offers for the retirement village operator now PEP has moved on.
UBS on ticket for $NZ1.3bn Auckland Airport trade
The Auckland Council’s Future Fund is selling airport shares to diversify its portfolio.

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