IN BRIEF

NEW ASX HEAD The former head of the Sydney Futures Exchange, Rick Holliday-Smith, has been elected the new chairman of the Australian Securities Exchange, replacing David Gonski. Mr Gonski resigned as an ASX director to take up the chairmanship of the Future Fund board of guardians. Mr Holliday-Smith is chairman of Cochlear and a director of Servcorp.

NEW ASX HEAD The former head of the Sydney Futures Exchange, Rick Holliday-Smith, has been elected the new chairman of the Australian Securities Exchange, replacing David Gonski. Mr Gonski resigned as an ASX director to take up the chairmanship of the Future Fund board of guardians. Mr Holliday-Smith is chairman of Cochlear and a director of Servcorp.

WESTFIELD TALKS Westfield Group is said to be in talks to sell majority stakes in seven of its US shopping centres for about $US1 billion to Barry Sternlicht's Starwood Capital Group LLC, according to reports in the US. Five of the malls are among the 17 centres Westfield has been seeking to dispose of since last year. Westfield declined to comment.

SPUD TAX SETTLED The Tax Office has settled a $22 million tax case against Griffith potato farmer Paul Rennie. Operation Wickenby investigators had been probing Mr Rennie and his associated companies.

ASIC RULES The Australian Securities and Investments Commission has toughened disclosure rules for unlisted property schemes. ASIC said it was concerned retail investors were not receiving consistent information that could be compared between products.

TIGERS SALE The Colombian assets of Tigers Realm Coal are up for grabs, as the Owen Hegarty-backed explorer looks to sharpen its focus on its flagship project in Russia. Tigers has a strategic review under way that is expected to recommend it reduce its financial exposure to the Landazuri coking coal project in Colombia.

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