Steelmakers, smelters may be paid to cut emissions
Steelmakers and alumina refiners could be offered taxpayer-funded financial support under proposals to be released by the Albanese government.
Santos defies critics with $3.7b oil push
Santos has stared down fossil fuel activists and pressed the button on a new $3.7 billion oil project in Alaska.
CSL enters pivotal year as it forecasts return to profit growth
Australian blood products giant CSL is projecting a return to growth and a record profit in 2023, driven by plasma donation volumes returning to pre-pandemic levels for the first time since COVID-19.
Private sector wage increases big, but not big enough
Average private sector pay rises hit a decade high 3.8 per cent in the June quarter, which economists say shows growing momentum that will force the RBA to push the official interest rates to about 3 per cent.
Governor-General joins criticism of Morrison’s secret ministries
David Hurley says he assumed the then-prime minster would have made his additional portfolios public.
- Opinion
- Chanticleer
Brambles wields pricing power as critical link in US supply chain
It’s rare for a $17 billion firm like Brambles to surge on an earnings release. But it shows the benefits of being a critical link in the US supply chain, writes Tony Boyd.
- Opinion
- Morrison portfolio saga
Morrison stands defiant in the face of overwhelming political logic
Scott Morrison’s explanation for his behaviour used a biblical analogy to justify his supreme faith in his own actions.
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Companies
CSL enters pivotal year as it forecasts return to profit growth
Australian blood products giant CSL is projecting a return to growth and a record profit in 2023, driven by plasma donation volumes returning to pre-pandemic levels for the first time since COVID-19.
- Opinion
- Chanticleer
Company directors issued with a cyber alert
A panel of experts from the law, forensic accounting, insurance and government have rung alarm bells about inadequate cyber risk management in Australian business.
Super Retail boss: consumers are spending freely
Super Retail Group boss Anthony Heraghty says consumers are spending freely in the early weeks of the new financial year as unemployment plumbs near-50-year lows and households sit on record savings.
Brambles shows how to conquer inflation
Chief executive Graham Chipchase says the group isn’t on customers’ Christmas card lists as it clawed back $670 million in higher timber costs for pallets.
OZ Minerals calls for ‘mindset shift’ on SA copper co-operation
The copper miner at the centre of BHP’s $8.3b takeover bid says a new era of cooperation in the South Australian copper fields could unlock “incredible” value.
Billion-dollar NYSE firm buys out Smorgon’s tech firm
Melbourne-based tech consulting firm Transpire has been acquired by a New York-listed Brazilian operator, which has plans to expand in Australia.
Why Cooke was hooked on Tassal
Canada’s Cooke Inc wanted more than just salmon and prawn farms when it kept casting out bigger offers for Tassal Group.
Companies in the News
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Markets
Brambles, Super Retail lead shares higher on bumper day of earnings
Analysts updated valuations as blue-chip profit reports gave insight into the economy, helping push shares 0.3 per cent higher on the Australian Securities Exchange.
Magellan shares dip as new CEO puts faith in scale
New chief executive David George says shareholders will have to wait until October for his plan to restore the asset managers’ fortunes.
- Analysis
- Sharemarket
Valuation plot thickens for Adore, Redbubble, Temple & Webster
Temple & Webster has been rewarded for margin and cost base management, while Redbubble has been slaughtered for increased investment.
Investors risk misreading Fed in ‘most hated’ rally
Global equities have surged 13 per cent since the middle of June as investors predict the softening US economy will prompt the Federal Reserve to cut rates.
ASX closes up 0.3pc, UK inflation rises 10.1pc
RBNZ lifts rates to 3pc. Redbubble dives 30pc. Downer, Magellan fall on results. Domain says property FOMO over. Austal upgrades FY22 earnings guidance. Follow for updates.
Opinion
Morrison stands defiant in the face of overwhelming political logic
Scott Morrison’s explanation for his behaviour used a biblical analogy to justify his supreme faith in his own actions.
Columnist
Morrison’s secret ministerial business doesn’t pass pub test
Even if the former PM had been upfront with the Australian people from the start, he would have struggled to offer a plausible reason for the five secret ministerial appointments.
Editorial
Why ‘privatisation’ should not be a dirty word for the NBN
The Albanese government is mistakenly moving away from selling public assets, by setting up $50 billion of funds to shower taxpayer money on special interests.
Economics editor
Australia is well-placed to be world’s renewables pioneer
Look past politicised and arbitrary targets, and this country has a better chance than the northern hemisphere of making renewables work.
Energy expert
The world needs more gas, and a speedy decision on Sunrise
A permanently deadlocked project in the Timor Sea is no use to anyone.
Editorial
Morrison’s ministerial mess needed cleaning up not covering up
Making appointments public is not a legal requirement. But it seems timely to revisit this and to formalise the requirement for transparency.
Law professor
Politics
‘Abrasive, rude megalomaniac’: Labor MP on Morrison’s secret ministry
Home Affairs Minister Clare O’Neil said former PM Scott Morrison’s media address about ghost ministry was “vintage Morrison”; former PM denies taking over portfolios, will not resign. How the day unfolded.
Governor-General joins criticism of Morrison’s secret ministries
David Hurley says he assumed the then-prime minster would have made his additional portfolios public.
Liberals vow to divert $34.5b from rail project to Vic health
In the first major policy diversion between the major parties ahead of November’s Victorian election, Opposition Leader Matthew Guy said a Coalition government would pause the controversial Suburban Rail Loop.
Google not a publisher, court says in defamation win for tech giant
The High Court has ruled Google is not legally responsible for defamatory news articles as it is not the publisher of such content.
Coalition bungled COVID vaccine rollout planning: review
A major audit has found the Morrison government left plans for the vaccine rollout until too late and did not co-ordinate properly with state governments.
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World
UK inflation hits double digits for first time in 40 years
The figures highlighted the tough task the Bank of England faces bringing inflation down, now it has spread from energy prices to other goods and services across the economy.
China’s premier urges more pro-growth policies as economy sputters
Li Keqiang asked local officials from six key provinces that account for about 40 per cent of the country’s economy to bolster pro-growth measures.
Germany’s Uniper suffers $17.5b hit in energy shock
Earnings from the utility, which last month received a government bailout, show just how severe the situation is as the European Union braces for winter.
Top US retailers ease fears of recession even as inflation persists
Walmart provided a less gloomy outlook while Home Depot reported record earnings.
Cheney loses Republican primary in Trump victory
Liz Cheney, the Republican who has spearheaded investigations into Donald Trump’s role in the US Capitol uprising, has lost her congressional primary race.
Property
- Exclusive
- Industrial
Horse stud bought for $379k in 1994 sold as industrial play for $100m
The Jesmond Dene horse stud 45 kms from Melbourne where Bart Cummings trained a Caulfield Cup winner has been bought by ISPT for $100m
Hong Kong toolmaker powers into $130m Melbourne Airport shed
The 74,200-square-metre facility will be the largest built to date at the business park, and the second giant shed leased by Techtronic Industries.
Logos to develop $100 million Qantas training facility
The global logistics investor has acquired a second site it will develop near Sydney Airport for the national carrier’s use.
- Exclusive
- Commercial real estate
Atlassian Central construction kicks off
A construction contract has been signed on the site, which will set a benchmark in sustainability for Sydney’s future tech central precinct.
Dexus eyes an end to office disruption
With office towers comprising more than two-thirds of its $18.4 billion portfolio, Dexus is highly exposed to any weakness in the sector.
Wealth
How to play hardball with your lender to cut mortgage costs
Here’s a look at the most competitive rates to use as leverage when you renegotiate your home loan.
- Opinion
- Superannuation
Dollar cost averaging: why you should know what it is
The strategy of making regular deposits into an investment even when markets move against you remains a compelling choice for investors.
- Opinion
- Bonds
How to get your head around fixed income
Just as with equities, the uncertain outlook for inflation is a game changer for bonds.
Technology
Billion-dollar NYSE firm buys out Smorgon’s tech firm
Melbourne-based tech consulting firm Transpire has been acquired by a New York-listed Brazilian operator, which has plans to expand in Australia.
Adam Neumann’s yet-to-open company is worth $1.4b already
The founder of WeWork, whose spectacular rise and fall has been chronicled in books, documentaries and a scripted television series, has a new venture — and a surprising backer.
PE ownership or not, Nearmap’s future is in the metaverse
Nearmap has recorded a 29 per cent surge in revenue to $145.9 million, driven by growth in the flourishing North American market.
Work & Careers
Dismal apprentice dropout rate compounds skills crisis
With one in three first-year apprentices dropping out, experts say young people need a clearer idea of what they are signing on for.
This simple trick will make networking less stressful
Hate that feeling of walking into a large conference hall and seeing a sea of people you don’t know? Here are two strategies to help you to start networking.
Life & Luxury
Get ready for a wet summer as La Nina returns
Australia faces a 70 per cent chance of La Nina returning this spring, with a high likelihood of wet conditions over the next three months, just after massive floods hit the east coast.
Here’s why Tasmania’s Huon Valley is a taste sensation
It’s not just cider, apples and natural beauty this fertile region is famous for. Take a 30-minute drive from Hobart and discover all it has to offer.
Rare Australian gemstones revealed in high jewellery collection
Cartier’s 2022 Beautes du Monde explores beauty with new stones and unique combinations, including opals from NSW’s Lightning Ridge totalling 23.9 carats.
- Opinion
- Winemakers
Why Penfolds returned to Bordeaux to create its latest red
The winemaker is one of several Australian producers who are making wine their way, in France.
- Opinion
- New car snapshot
Porsche Taycan RWD: It’s not as fast but has all the speed you need
The basic electric sports car has dramatic styling, a simple yet elegant interior and instant response. All for $159,700 plus on-road costs.
