ACCC weighs into GRail

The ACCC has formally weighed into the race for Glencore's GRail, kicking off its investigation into Aurizon's offer, according to the Australian Financial Review.

Up for grabs is Glencore's coal haulage business in the Hunter Valley, which is operated by US-based Genesee & Wyoming.

Attention has turned to Asciano's Pacific National, which is also expected to come under regulatory scrutiny given its position as the biggest coal hauler in the Hunter Valley.

Rio Tinto willing to sacrifice its “lowest cost” crown for cash

Rio Tinto chief executive Jean-Sebastien Jacques says the company would be willing to concede its mantle as Australia's lowest cost iron ore producer if it meant boosting free cash flow, according to the Australian Financial Review.

The miner retained the lowest unit costs in the Western Australian iron ore division in the first half of 2016 despite a spirited challenge from Fortescue Metals Group and BHP Billiton.

Banks defend climate credentials

Big banks accused of falling short on their climate change commitments have insisted they are living up to their pledges despite some ongoing funding for fossil fuel industries, according to the Australian Financial Review.

Responding to a campaign group's findings that the country's biggest four banks put almost four times as much money into the fossil fuel sector than the renewables sector since the Paris climate accord, some called into question the numbers, while others pointed to other ways they are helping drive the transition to a cleaner energy sector.