India, China, Russia kill climate deal
Britain and the US have accused Russia, China and India of failing to grasp the urgency of climate change after they dashed hopes of meaningful progress on the issue.
‘I don’t like losing’: Macron ‘knew’ the subs contract was in peril
Relations between Australia and France have hit a new low after French President Emmanuel Macron branded Prime Minister Scott Morrison a liar.
Westpac under pressure on turnaround promise
Westpac’s promise to grow the business while cutting costs is under the spotlight as investors dump shares after a disappointing result.
- Live
- Need to Know
World reaches 5 million dead from virus
The recorded death toll from COVID-19 has passed 5 million as cases continue to surge even in highly vaccinated countries. Follow updates here.
Westpac’s fluffed comeback routine leads to 7.4 pc share price drop
Westpac has fallen victim to the vicious competition in the mortgage market, having to pay a high price to grow market share in the desirable owner-occupier home loan segment.
- Analysis
- Berejiklian inquiry
Anything to declare? Berejiklian at best shows poor judgment
It’s now clear former NSW Premier Gladys Berejiklian had an obligation to declare her relationship. Her best-case scenario is that the public thinks Berejiklian showed incredibly poor judgment.
Sydney Aviation Alliance prepares for landing at Sydney Airport
There’s some undeniable proof of life in IFM Investors and Global Infrastructure Partners’ camp as they home in on their record-breaking acquisition of Sydney Airport.
The biggest stories in business, markets and politics, and why they matter, in your inbox at 8pm.
Glasgow Summit
World ‘one minute to midnight’ on climate change, Boris Johnson warns
The plea comes after the British Prime Minister told a news conference following the G20 summit in Rome that ‘if Glasgow fails, the whole thing fails’.
- Opinion
- Glasgow summit
Too many tagalongs, too high a carbon footprint at COP26
Many COP26 attendees are bag carriers, professional lobbyists and other inessential extras. Better for them to attend digitally.
G20’s climate side-step casts pall over COP26 summit
The failure of leaders from the world’s 20 biggest economies to bolster their climate ambitions has cast a pall over hopes the Glasgow summit can deliver a result.
- Opinion
- Glasgow summit
Funding clean technology is the way to avoid climate disaster
We need to turn lab-proven concepts into ubiquitous products that people want and can afford to buy, writes Bill Gates.
G20 waters down 2050 pledge
Resistance by big emitters China and India is dimming the prospects of an environmental breakthrough in Glasgow.
start-ups
- Exclusive
- Funding
Investors pile in as ex-strategy consultant banks $29m for start-up
Blackbird Ventures has led a $28.7m round in First AML, after using its software to make sure it doesn’t back companies that facilitate money laundering.
- Exclusive
- Funding
Meet the former consultant turning influencers into entrepreneurs
Behind every great social media influencer is a man who knows how to make and source a kick ass niche product for them to on sell to their followers.
- Exclusive
- Business IT
Atlassian’s $4b rival plans Aussie assault after big money funding
ClickUp, a fast-growing rival of Australian software giant Atlassian, is poised to make an aggressive push into the Australian market after raising $US400m.
- Exclusive
- Skills shortage
Shorter weeks and free travel aimed at stopping ‘great resignation’
Australian tech companies are becoming creative in their bid to source and retain talent, as a new report shows one in four Australians plans to soon quit their job.
This New York-based fund manager hates Alibaba but loves PayPal
The payments sector has entered a golden era, says Aravt Global’s Yen Liow, who hails from Melbourne.
Podcast | How Australia’s top entrepreneurs built their fortunes and what they learnt along the way.
Companies
Westpac can fund the energy shift: Peter King
Despite a retreat from Asia, Westpac boss Peter King says it can still play a role funding renewables as ANZ steals a march.
- Exclusive
- AGM season
Myer board spill to go down to the wire
There are still a few outstanding important votes yet to be handed in with Geoff Wilson keeping coy on his intentions, while Investors Mutual’s Simon Conn is backing the retailer’s board.
- Analysis
- Manufacturing
Meteoric rise of Tesla’s stock price is good for all investors
Why did the Hertz-related rise in Tesla’s stock make me laugh? It’s because the numbers make no sense to me, yet the wider sharemarket can still reap the rewards.
Western Sydney Airport ‘on track’ despite COVID-19 delays
Western Sydney Airport warns that COVID-19 lockdowns affected the $5.3 billion project’s budget but says flights are still scheduled to take off by late-2026.
Judo kicks in first bank float in 25 years
Judo Bank shares jumped by 7.6 per cent on debut, catapulting the lender into ASX 200 contention after raising $657 million in the year’s fourth-biggest IPO.
- Exclusive
- Funding
Meet the former consultant turning influencers into entrepreneurs
Behind every great social media influencer is a man who knows how to make and source a kick ass niche product for them to on sell to their followers.
Saudi Aramco earnings surge on higher oil output and prices
Net profit in the third quarter climbed to $US30.4 billion, beating analysts’ estimates slightly, as crude prices and the company’s production increased.
Companies in the News
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Markets
RBA should not be pressured to pay dividends: economists
A possible recapitalisation of the Reserve Bank’s balance sheet would not stand in the way of its newfound role as a policy tool of last resort.
Westpac’s fluffed comeback routine leads to 7.4 pc share price drop
Westpac has fallen victim to the vicious competition in the mortgage market, having to pay a high price to grow market share in the desirable owner-occupier home loan segment.
Bond sell-off hits vulnerable corners of the sharemarket
Real estate, utilities, tech and healthcare are among sectors susceptible to rising bond yields. For every 1pc increase in interest rates, REITs will weather a 4pc hit to profits.
South Korea exports growth supports rate rise decision
The resilience in exports will solidify bets that the Bank of Korea will push ahead with another interest-rate increase at this month’s meeting.
Investor loan growth makes APRA’s job tricker
Investors are borrowing more as owner occupiers and first home buyers pull back, suggesting regulators need new tools – if any at all – to cool the hot market.
Opinion
Australia’s vaccine-led escape from the gilded cage has begun
NSW and Victoria are now showing how other states - including WA - can safely start to rejoin the world as soon as their vaccination rates catch up.
Editorial
Why Meta should have been Facebook’s name from the beginning
There’s a lot to joke about in Facebook’s laughable attempt to escape its reputation as the internet’s most toxic company.
Columnist
Big bets are coming due for Westpac and the RBA
Peter King is yet to convince investors he has the right approach and Philip Lowe is struggling to make the market have faith in his 2024 timetable for rate rises.
Columnist
The road to net zero passes through nuclear power
Opposition to nuclear power is on par with unscientific anti-vax conspiracy theories, and just encourages reliance on coal.
Contributor
Education establishment fails the curriculum reform test
Bureaucrats and academics stubbornly hang on to education practices and pet ideas that have no basis in evidence.
Contributor
How Morrison stifles carbon market forces
If the federal government can’t do anything constructive on climate change, it should at least get out of the way of those who can.
Columnist
Politics
- Analysis
- Berejiklian inquiry
Anything to declare? Berejiklian at best shows poor judgment
It’s now clear former NSW Premier Gladys Berejiklian had an obligation to declare her relationship. Her best-case scenario is that the public thinks Berejiklian showed incredibly poor judgment.
New-generation vaccine may foil COVID-19 variants
While current vaccines direct antibodies at parts of the virus that can easily mutate, the new approach is to target a tiny part of the virus that cannot afford to change.
RBA rate rises to boost bank profits
Interest rate rises in response to inflation would boost the profit margins of banks and be partly underwritten by the RBA if borrowing costs rise before 2024.
PM’s plan for net zero emissions fails to convince AFR readers
A survey of readers of The Australian Financial Review has found most believe the Morrison government’s plan for net zero by 2050 is not up to scratch.
Government agencies slim down for remote working
The ACCC is consolidating its offices, as other federal agencies redesign for hybrid working and state agencies evolve to regional hubs, in response to staff wanting to continue remote working.
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World
Now for the kids: FDA kicks off rush to vaccinate under-12s
The sign-off on Pfizer is the first green light for a Western-developed vaccine to be used in children younger than 12.
Biden hails EU-US steel deal as chance to curb ‘dirty’ Chinese imports
Washington and Brussels have set aside a long-running dispute to aim for a global arrangement to encourage low-carbon production.
- Analysis
- Japan
Kishida, a former foreign minister, will prioritise Australia ties
Japan’s new prime minister is expected to make Australia a foreign relations priority as he continues his predecessor’s work bolstering security alliances in the region.
Abbott echoes Biden warning on China supply chain dependence
Former Prime Minister Tony Abbott has issued a warning over China supply chain reliance following similar warnings from President Biden.
Inflation tests Biden agenda
The President has been forced to rebadge his signature spending policies as help for households as price pressures start to blight a sparkling US recovery.
Property
Investor loan growth makes APRA’s job tricker
Investors are borrowing more as owner occupiers and first home buyers pull back, suggesting regulators need new tools – if any at all – to cool the hot market.
Sunland sells Gold Coast retail development site for $46 million
Sunland Group has sold the last of its undeveloped sites, reaping a $26 million profit.
Ingenia lays out $552 million acquisition pipeline
As the land lease sector for downsizing Baby Boomers matures, the developer has bought its way to expand in the premium lifestyle niche of the market.
- Exclusive
- Hotels
Hilton to open new Garden Inn hotel in western Sydney in 2023
The $60 million development of the 140-room hotel opposite the Nepean Hospital is being undertaken by Bill Moss’ Boston Global.
CBRE earnings buoyed by industrial boom, office leasing
Enquiry volumes for office space are at their highest level since 2017, while sublease availability in Sydney has declined sharply, by 21 per cent quarter-on-quarter.
Wealth
Check the Young Rich Lister horoscope
Our resident astrologer examines Australia’s wealthiest Millennials by zodiac sign.
- Opinion
- Bonds
Why your investment decisions are going to become harder
How to read signals from the bond market, what they mean for your share decisions and how to think about scenarios for your portfolio.
Borrowers rush to fix loan rates as end of cheap money looms
Ultra-low interest rates, financial fears about COVID-19 and the prospect of higher payments are causing record numbers of borrowers to fix their loan rates.
Technology
- Exclusive
- Skills shortage
Shorter weeks and free travel aimed at stopping ‘great resignation’
Australian tech companies are becoming creative in their bid to source and retain talent, as a new report shows one in four Australians plans to soon quit their job.
Why Facebook has become Meta
Critics see the move as a timely attempt by Mark Zuckerberg to distance the company from its latest wave of scandals, but he says the shift has been planned for months.
Hunt likens voter ID plan to checking in with QR code
Australians will be able to show digital ID on their smartphone under controversial new legislation from the Morrison government
Work & Careers
Toorak finance broker taken to court over suspected underpayments
The businessman was “an intentional participant” in the alleged underpayments of staff, who the workplace watchdog claims were paid below minimum wage.
Wharfies sacked for refusing COVID-19 jab
The maritime union will defend the jobs of almost two dozen wharfies who were fired for not getting vaccinated against COVID-19.
Life & Luxury
Why finding a holiday stay in NSW will be twice as hard
Online accommodation platforms have suspended thousands of short-term rental listings following the launch of compulsory registration in NSW on November 1.
The Melbourne Cup is falling out of fashion
It was once the event of the spring season, but the Melbourne Cup is losing some fashionable fans.
Fashion from landfill? Australian designers say it’s the future
What will retail look like a century from now? The question has resulted in the Future from Waste Lab, soon to open in Melbourne.
Peek inside a luxury penthouse that comes with its own forest
The owner of this two-storey apartment atop a 53-storey building in Canada’s Vancouver is looking forward to the day it snows in her living room.
How to own a Melbourne Cup day horse for $100
An ownership platform offering micro-shares in race horses gives owners all the thrills with little of the expense.
