Anglo to Sell Its Coal Business in $3.8 Billion Peabody Deal

Anglo American Plc agreed to sell its steelmaking coal business to Peabody Energy Corp. for a fee that could rise to as much as $3.78 billion, as the miner’s restructuring gathers pace, Bloomberg News reported. Anglo is looking to dramatically simplify — and shrink — its business in a move that was announced during a successful rebuttal of a $49 billion approach from BHP Group earlier this year. For Peabody, the deal will significantly shift its product mix as the U.S. miner seeks to focus on metallurgical coal.
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Australia’s Central Bank Remains Jittery About Inflation Risks, Global Uncertainty

The Reserve Bank of Australia remains jittery about the risks of higher inflation and will have little tolerance for any data that point to further delays in taming price pressures, according to the minutes of its latest policy meeting, the Wall Street Journal reported. “Given the already lengthy period in which inflation had been above (2% to 3%) target, the board will have minimal tolerance to accommodate a more prolonged period of high inflation, even if this occurred because of factors that constrained the economy’s supply capacity,” minutes of the meeting held on Nov. 4-5 said.
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RBA Holds Key Rate at 13-Year High as World Waits on U.S. Vote

Australia’s central bank held its key interest rate at a 13-year high on Tuesday, aiming to keep up the pressure on stubbornly sticky inflation while joining much of the world in waiting for the outcome of US elections, Bloomberg reported. As expected, the Reserve Bank left its cash rate at 4.35%, marking a year at that level, and restated that it isn’t “ruling anything in or out” on policy. The RBA’s board highlighted the “high level of uncertainty” about the international outlook. Underlying inflation “remains too high,” the rate-setting board said in a statement.

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WiseTech CEO White Settles Bankruptcy Case With Former Lover

Australian billionaire Richard White has reached an out of court legal settlement with an alleged former lover who he was pursuing for bankruptcy, Bloomberg News reported. A notice of discontinuance was filed with the Federal Court of Australia late Monday, the court’s website shows. The case was settled out of court on Friday, according to a representative in barrister Bridie Nolan’s office, who asked not to be named because they aren’t authorized to speak publicly. Nolan was representing wellness entrepreneur Linda Rogan, who White had filed bankruptcy proceedings against.
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