Rio Tinto’s New Chief Reveals Plans for a ‘Simpler’ Miner

Good morning and TGIF! Rio Tinto’s new chief Simon Trott held his first capital markets day since taking the helm in August, at a meeting in London where he unveiled his plans for streamlining the miner’s operations. The UK-listed shares briefly jumped before trading flat — let’s see how they do in Sydney today. - Carmeli Argana, Australian stocks reporter

This just in: The Pentagon has endorsed the Aukus security deal after a five-month review, according to a US lawmaker. Congressman Joe Courtney, the ranking member of the House Armed Services Subcommittee on Seapower and Projection Forces, said the review “correctly determined that its framework is aligned with our country’s national security interest.”

More on Rio Tinto: Trott’s focus will be on cutting costs and selling assets in an effort to turn the world’s second largest miner into a slimmed-down operation centered primarily on iron ore and copper. He plans to raise as much as $10 billion by offloading unwanted assets and putting the brakes on its expansion into lithium.

On the banking front, the Australian Shareholders’ Association told ANZ’s investors that Chair Paul O’Sullivan shouldn’t be re-elected, a recommendation that heightens the stakes at the bank’s upcoming annual general meeting. The association slammed O’Sullivan for the “serious” events that unfolded under his leadership.