Morning Headlines

Sell shares or else, PM tells ministers

Federal government ministers have been told to sell off shareholdings and divest from blind trust arrangements under a tough new code of conduct implemented by Anthony Albanese. The Fin

Regis Resources provides golden opportunity for other miners

Fortescue Metals boss Andrew Forrest may have walked away from Regis Resources, but many in the market remain convinced a buyer will be turning up for the company any day. The Aus

Energy retailers investigated for $100m hedges

Australian regulators are investigating two energy retailers that urged customers to find another supplier – blaming unprofitable market conditions – and then sold valuable hedging positions for up to $100 million. The Fin

Coal exports trump iron ore for first time since 2009

Australia’s trade surplus hit a record $16 billion in May bolstered by surging demand and record prices for commodities, including coal and gas, though fuel imports also jumped 23 per cent amid soaring global energy prices. The Fin

Zip dips on bad debts, growth by acquisition

Shares in troubled buy now, pay later company Zip sank again due to fresh concerns about the company’s growth aspirations in the face of rising bad debts and higher costs. The Fin

Blackstone pours $590m into Xpansiv carbon platform

Australian-founded global carbon trading platform Xpansiv has received a $590m cash investment from funds managed by US private equity giant Blackstone. The Aus

Recruitment company’s ‘Tinder date’ mining job ad apology

A Perth recruitment agency has apologised for posting a fly-in, fly-out job advertisement claiming “drillers are hotter and get more Tinder dates” just a fortnight after a parliamentary inquiry into sexual harassment in the resources sector handed down a report critical of the blokey culture on mine sites. The West

Mat’s back as Libs debate key reforms

Former finance minister and factional heavyweight Mathias Cormann is back in Perth this month for a visit that coincides with the most high-stakes WA Liberal Party State conference in memory. The West

WA solar pioneer launches $8.5m legal action

A West Australian solar pioneer has launched an $8.5 million legal action against a company he founded in 2015, alleging it continued to ride on his coattails after his resignation. The West

The Australian Financial Review

Page 1: Australian regulators are investigating two energy retailers that urged customers to find another supplier – blaming unprofitable market conditions – and then sold valuable hedging positions for up to $100 million.

Page 3: Federal government ministers have been told to sell off shareholdings and divest from blind trust arrangements under a tough new code of conduct implemented by Anthony Albanese.

Page 4: Foreign Minister Penny Wong says it is in Australia and China’s interests to stabilise the relationship between the two trading partners ahead of a possible meeting with her Chinese counterpart, despite tensions over Beijing’s refusal to condemn Russia’s invasion of Ukraine.

Page 6: Australia’s trade surplus hit a record $16 billion in May bolstered by surging demand and record prices for commodities, including coal and gas, though fuel imports also jumped 23 per cent amid soaring global energy prices.

Page 17: Long-suffering shareholders in Link Group have warmed to the latest sweetened offer for the share registry and superannuation administrator, after chairman Michael Carapiet said the board would consider Dye & Durham’s new bid of $4.70 a share.

Page 19: Shares in troubled buy now, pay later company Zip sank again due to fresh concerns about the company’s growth aspirations in the face of rising bad debts and higher costs.

AGL Energy and Origin Energy are likely to be afflicted by some of the difficulties that led to a cut in rival retailer EnergyAustralia’s credit rating to one notch above ‘‘junk’’, but the damage may be greater at the smaller end of the sector, analysts say.

The Australian

Page 1: Boris Johnson resigned as British Prime Minister on Thursday night after losing the support of his ministry and party, and with the country at the mercy of a dysfunctional government, but vowed to stay on until a new leader was chosen.

Page 2: The university sector says it wants a review of the Australian Research Council, announced by the government on Wednesday, to limit the Education Minister’s veto power of grant decisions.

Page 3: Top vaccine experts have advised younger people that having a second booster shot is unlikely to substantially reduce their risk of catching Covid-19, with very limited evidence available on the efficacy of fourth doses in reducing transmission and hospitalisation in those under 50.

Page 4: New Zealand Prime Minister Jacinda Ardern says Pacific Island nations should not be forced to “pick sides” amid growing strategic competition in the region, describing China’s involvement in the Indo-Pacific as “not new”.

Page 13: Australian-founded global carbon trading platform Xpansiv has received a $590m cash investment from funds managed by US private equity giant Blackstone.

Page 14: Fortescue Metals boss Andrew Forrest may have walked away from Regis Resources, but many in the market remain convinced a buyer will be turning up for the company any day.

The West Australian

Page 5: An Aboriginal woman who took her own life while seeking mental health treatment at Hedland Health Campus died after staff left her alone in a hospital room — despite knowing she was a suicide risk.

Page 10: All West Australians over 30 will become eligible for a fourth COVID jab from Monday amid warnings the latest variants are driving a wave of infections and hospitalisations that threatens to be the worst of the pandemic to date.

Page 11: A Perth recruitment agency has apologised for posting a fly-in, fly-out job advertisement claiming “drillers are hotter and get more Tinder dates” just a fortnight after a parliamentary inquiry into sexual harassment in the resources sector handed down a report critical of the blokey culture on mine sites.

Page 19: Former finance minister and factional heavyweight Mathias Cormann is back in Perth this month for a visit that coincides with the most high-stakes WA Liberal Party State conference in memory.

Business: Western Australian LNG and iron ore has again helped drive Australia’s trade balance to another record surplus in May.

A West Australian solar pioneer has launched an $8.5 million legal action against a company he founded in 2015, alleging it continued to ride on his coattails after his resignation.

Tianqi Lithium raised about $HK13.5 billion ($2.5b) after pricing its Hong Kong second listing at the top of a marketed range, in the Asian financial hub’s biggest share sale this year.

WA’s not-for-profit sector is facing significant challenges amid the ongoing war for talent, with staff shortages making it difficult for mental health organisations to meet increased demand for services.