Calling ASX, ASIC: part I. The Australian Financial Review’s Chanticleer columnist, Tony Boyd, has the best local business story of the day (topping the global bribery and corruption exclusive in The Age and SMH and HuffPo) with a report on how Target’s solid December half-year profit recovery seems to have been a fiddle:

“Wesfarmers is investigating deals done with 30 foreign suppliers to discount store Target, which boosted profit by 25% in the first half with the express condition that the money flow back to the suppliers through higher prices before the end of the financial year. The suppliers rebate arrangements lifted Target’s profit for the six months to December by between $US10 and $US15 million. Without the deals the Target earnings before interest and tax would have slumped about 15% instead of rising 5.7%. The reported results were the best at target for three years.”