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Indian Prime Minister Narendra Modi presents his national statement on day two of COP26.

India’s 2070 climate pledge divides opinion

PM Narendra Modi’s importance to the fate of COP26 meant that many seemed willing to give him the benefit of the doubt.

NSW Premier Dominic Perrottet is confident Sydney is in for a “strong summer”.

Early freedoms a ‘last push’ to hit 95pc jabbed

Fully vaccinated NSW residents will get select new freedoms nearly one month early but the unvaccinated will stay shut out until at least December 15.

Morgan Stanley scolds Westpac; RBA ahead

Netwealth targets $785m Praemium merger, IAG falls on margin guidance downgrade. Goodman jumps on guidance hike. Wall St gains in late rally. Iron ore fell 3.6pc to $US103.43 a tonne.

Calls to scrap quarantine for all international arrivals

NSW brings forward freedoms for fully vaccinated people, but unvaccinated people will have to wait until December 15; ACT hits 93.2pc fully vaccinated; Queensland records no new cases; Victoria’s cases drop below 1000. Follow updates here.

Inflation expectations point to accelerating wages growth

Evidence of elevated inflation expectations highlights that wages growth is climbing, while consumer confidence rebounded to its highest level since July 2021.

Housing ‘haves’ and ‘have-nots’ worry Westpac’s King

Boss Peter King says the financial health of those with a home is good. It’s those trying to break into the market he worries about.

RBNZ says house prices largely outside its control

The Reserve Bank of New Zealand has played down its ability to curb soaring house prices, saying it only has a small role to play in keeping the market steady. 

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Glasgow Summit

Britain’s Prince Charles, right, greets India’s Prime Minister Narendra Modi, ahead of their bilateral meeting, during the COP26 summit.

Climate promises ‘nothing but blah blah blah’ without action

Western leaders used the opening of the COP26 summit in Glasgow to try to salvage support for concerted global action on climate change.

Prime Minister Scott Morrison pitches patience.

PM takes his technology sales pitch to the world

Scott Morrison believes technological advances will heal the climate policy divide between developed and developing nations.

Beyond Zero Emissions chair Eyton Lenko says

‘It really is policy that holds us back, not the technology’

The Prime Minister said their future innovation would do the heavy lifting in getting to net zero, but Aussie climate tech experts say policy changes could do it today.

Biden left bare in Glasgow after progressives’ bluff fails

Powerful US senator Joe Manchin didn’t blink when his Democrat colleagues tried to pressure him into voting for a bill with bigger climate change investments.

India, China, Russia kill climate deal

Britain and the US have accused the three nations of failing to grasp the urgency of global warming after they dashed hopes of meaningful progress on the issue.

start-ups

First AML co-founders Bion Behdin, Milan Cooper and Chris Caigou are looking at international expansion plans after raising capital.

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. 

Dan Fitzgerald, Managing Partner of ReGen Ventures says the business case for investing in climate-friendly technology companies now makes clear sense from every angle.

Byron Bay-based $50m climate tech fund seeks to save the world

A new VC fund run from Byron Bay by a former Macquarie investment banker and hedge fund manager will target a boom in ‘nature-based’ climate tech solutions.

Nick Benson, founder of Atelier, which helps bring a range of new product ideas to life.

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. 

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.

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.

Podcast | How Australia’s top entrepreneurs built their fortunes and what they learnt along the way.

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Companies

Marina Go will become the chairman of online beauty products company Adore Beauty.

Adore Beauty dealmaker chairman Justin Ryan resigns

New chairman Marina Go says the strategy won’t change as the group tries to harness more of the shift to e-commerce.

Praemium told the ASX that its board had “taken time to carefully consider the proposal ... and has unanimously concluded ... it undervalues Praemium’s business and is not in the best interests of Praemium’s shareholders”.

Praemium snubs takeover bid from rival Netwealth

ASX-listed Praemium has rejected a non-binding offer to merge with larger competitor Netwealth and form a wealth administration powerhouse with $94 billion under control.

Greg Goodman: Riding the ecommerce boom

Goodman assets head for $70b as online boom supercharges earnings

Goodman upgraded full-year earnings growth to 15 per cent from 10 per cent forecast in August on the back of high occupancy rates and strong rental growth.

BHP’s exit from thermal coal is looking less certain.

BHP’s plan to exit thermal coal is in doubt

BHP’s exit from thermal coal is looking less certain as record prices and shifting investor attitudes put the brakes on its planned retreat from the dirtiest fuel.

Telix gets first regulatory tick on prostate cancer imaging product

The Therapeutic Goods Administration has approved the biotech’s lead prostate cancer imaging product Illuccix.

Westpac under pressure on turnaround promise

The bank’s promise to grow the business while cutting costs is under the spotlight as investors dump shares after a disappointing result.

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.

Companies in the News

Search companies

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Markets

A Hawaiian Airlines plane comes in to land.

Why the price of carbon credits is ‘going to the moon’

This week’s UN climate summit in Glasgow is helping put a rocket under the global market for carbon credits, which have surged to record levels.

Elon Musk, 50, weighed in on philanthropy over the weekend on Twitter.

Elon Musk is now three times richer than Warren Buffett

The Tesla CEO’s net worth rose by $US24 billion to $US335.1 billion on Monday as the electric car maker’s shares jumped 8.5 per cent in New York.

AFR

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.

ASX to rise, bolstered by late rally in New York

Australian shares are set to open higher with a heightened focus on the Reserve Bank’s policy meeting. $A steady.

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.

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.

The AFR View

Editorial

The AFR View

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.

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.

John Davidson

Columnist

John Davidson

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.

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.

Glenn Fahey

Contributor

Glenn Fahey

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.

Craig Emerson

Columnist

Craig Emerson
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Politics

Scott Morrison approaches Emmanuel Macron at the G20 summit in Rome.

Macron has slurred all Australians: PM

An unapologetic Scott Morrison says Emmanuel Macron has slurred all Australians by calling him a liar.

Scott Morrison approaches Emmanuel Macron at the G20 summit in Rome.

‘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.

Former premier Gladys Berejiklian talks to reporters before giving evidence at ICAC on Monday.

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.

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World

Jes Staley, boss of Barclays.

Jes Staley exits abruptly as Barclays CEO amid Epstein probe

Staley’s surprise departure caps a tumultuous six years as boss of the British lender amid the shadow of the investigation into sex offender and socialite Jeffrey Epstein.

China has already begun vaccinating young children. South-east Asia is likely to begin soon.

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.

Steelmaking in China. China produces 56 per cent of the world’s steel, mostly through blast furnaces that use iron ore and coking coal.

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.

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.

Property

The heritage-listed Windermere estate as it looked in 2014 when bought by Sam Guo.

The ‘Chinese Gatsby’ just sold his Sydney mansion for $20m

Businessman Sam Guo’s seven-year ownership of the historic Windermere home in Hunters Hill has been eventful, but the party is over.

Trying to bring housing prices down: Investor loans are picking up even as owner-occupier loan growth slows.

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.

The Green at The Lakes, Mermaid Waters.

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.

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.

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Wealth

A hydrogen-powered car in front of a hydrogen production plant electrolyser.

What to consider before investing in hydrogen

Pricing estimates, its place in the global energy mix and where to find opportunities should be on the checklist.

Healthcare cloud solutions to watch

How to invest in technology companies that help manage patient and healthcare outcomes.

Check the Young Rich Lister horoscope

Our resident astrologer examines Australia’s wealthiest Millennials by zodiac sign.

Technology

University of Melbourne student Finn Blake, 21, says Facebook has been heavily intertwined in his life in both positive and frustrating ways.

Facebook’s Meta morph not enough to please 20-somethings

Rebranding or not, young Australians who have been using Facebook since high school have mixed feelings about the social media giant.

Mina Radhakrishnan, CEO and co-founder of :Different, a property management tech start-up.

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.

Facebook CEO Mark Zuckerberg said his company is rebranding itself as Meta in an effort to encompass its virtual-reality vision for the future.

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.

Work & Careers

Ansa Finance manager Joshua Fuoco is also facing charges for managing a company while banned by ASIC.

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.

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Life & Luxury

Shot of a young hiker enjoying the view of the ocean from a lookout while camping AFR

Travelling close to home is here to stay

Slow days connecting with the Australian landscape were not only a balm during the pandemic, they reinforced that we might not need so many overseas escapes.

Vince Corry, part of owner of Incentivise, says the public has adopted the horse as their own.

Inside Incentivise’s old-school tilt at Melbourne Cup glory

Incentivise has emerged from nowhere to be the shortest-priced Melbourne Cup favourite since Phar Lap.

Under fresh NSW rules, there is a 180-day limit on short-term rental properties in greater Sydney, the Ballina area, Newcastle, Dubbo and the Clarence and Bega Valleys,

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.

Sisters and business owners Stef and Jess Dadon have boycotted the Melbourne Cup and other racing events for three years, saying it is a “no-brainer” for them.

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.

Designer Kit Willow says the amount of discarded clothes she sorts through at Upparel is “absurd”.

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.

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