The search is on for Australia’s most sustainable companies.
How Bankman-Fried’s crypto empire collapsed
The cryptocurrency billionaire, who has gone from industry leader to industry villain in just one week, speaks out about his stunning fall from grace.
- Updated
- Energy
Cannon-Brookes scores historic win in AGL battle
Shareholders elected all four of the activist billionaire’s nominees to the board at the annual meeting, against the recommendation of chairwoman Patricia McKenzie.
- Live
- Markets Live
ASX falls; lithium stocks tumble; Cannon-Brookes wins AGL board battle
Mike Cannon-Brookes’ Grok wins four seats on AGL’s board. RBA to save forward guidance only for emergencies. Chinese stocks extended a sharp November rebound. Japan’s economy unexpectedly shrinks. Follow for updates.
COVID-19 wave to ‘peak soon and drop quickly’
The nation’s top doctor says the latest wave is near its peak and cases should drop sharply soon after, despite a near-50 per cent increase in infections.
Warwick McKibbin says Reserve Bank should abandon inflation targeting
Professor Warwick McKibbin argued inflation targeting is unsuitable for a new world of supply shocks induced by climate change, at a UBS conference on Tuesday.
- Live
- Need to Know
Zelensky tells ‘G19’ now is the time to end Russia’s war
The Ukraine leader said Russia has turned the Zaporizhzhia nuclear plant into a “radioactive bomb that can explode at any moment”; G20 diplomats agree on draft statement; Indonesia’s Jokowi urges leaders to not fall into cold war. Follow updates here
Whispir cuts 30pc of staff, shares surge 40pc
The sold-off tech stock is looking to save millions of dollars from job cuts, accelerating its path to cashflow breakeven by 2023.
Australia’s two most influential corporate columnists, Tony Boyd and James Thomson, unpack the most important stories in business, markets and politics.
Companies
- Updated
- Earnings season
Economy resilient as cost pressures mount: CBA
CBA boss Matt Comyn said rising energy, wage costs and supply chains are top concerns for business to be discussed with Treasurer Jim Chalmers at a meeting of bank CEOs next week.
CBA boss Matt Comyn says he’s ‘shocked’ by FTX collapse
The spectacular failure of the FTX exchange will trigger a regulatory reckoning for the entire crypto sector, CommBank’s CEO said.
Sales surge for XTEK, makers of the ‘Ferrari’ of body armour
XTEKtek’s share price has tripled in nine months, as demand for body armour and ballistic helmets climbs in troublespots around the world.
- Opinion
- Chanticleer
Why CBA is happy with the Twilight Zone economy
Commonwealth Bank boss Matt Comyn knows something doesn’t add up about the economy right now, but his bank’s results show why he doesn’t mind.
United Malt says beer won’t go flat in a recession
The global malt supplier sees value in a couple of pints at the pub in tougher economic times.
Buffett bets $7.5b on Taiwan chipmaker despite China-US tensions
Berkshire Hathaway bought into the strategic chipmaker as the US and China have clashed over leadership in the global technology industry.
- Exclusive
- Cybersecurity
Medibank class action could go as far as the High Court
A lawsuit over Medibank’s failure to protect the health records of 9.7 million customers could settle the question of whether Australians can sue for invasion of privacy.
Companies in the News
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Markets
‘Brace for impact’: Higher rates are yet to hit stocks
Morgan Stanley has warned that Australian shares face a challenging six months as the lagged effects of the RBA’s monetary tightening hits company earnings.
Fed officials say more work to do means higher rates ahead
US Federal Reserve officials reminded investors that more work needed to be done to tame inflation, dashing hopes for a slower pace of policy tightening.
Energy prices are soaring, so why are taxpayers propping up new solar?
The surge in energy prices is little help to new renewable projects, prompting the Clean Energy Finance Corp to step back in with support for solar and wind.
Crypto contagion spreads after FTX collapse
Investors have started pulling funds from Singapore-based Crypto.com after it emerged its management team may have mishandled $US400 million of customer funds.
- Opinion
- Cryptocurrencies
Crypto’s contagion risk is not reflected in prices
There are widespread and entirely rational fears that the run on FTX that collapsed it into bankruptcy is spreading across the crypto industry.
Opinion
Defining the purpose of superannuation is not that simple
The industry’s best argument for continuing generosity in the tax settings on super is one that it doesn’t make: that Australia needs savings.
Economist
Nuclear power a non-issue for the rest of the world at COP27
One of the most striking things for an Australian at Sharm El Sheikh is how uncontroversial atomic power is as part of clean-energy baseload mix.
Federal MP
FTX: from cover boy to wanted poster?
The story here might be about old-fashioned financial fraud rather than any inherent unravelling of the underlying technology.
Editorial
Why Anthony Albanese’s affordable housing plan doesn’t add up
The headline of 1 million new homes over five years sounds good. But the detail of how to encourage a far more modest goal of 40,000 social and affordable homes is missing.
Columnist
Inflation fight needs fiscal policy
It would be easier to believe in the RBA’s hopes for a soft landing if governments were stepping up to correct their overspending.
Economist
Republicans need a growth strategy, not Donald Trump
The party must keep its Trump-era focus on the working class. But it must offer them the means to real economic improvement not populist false hope.
Contributor
Politics
- Exclusive
- Victorian election
Former Vic auditor attacks Andrews’ privatisation claims
The man who audited Victoria’s debt-laden finances during the 1990s says Victorian Premier Daniel Andrews’ claim privatisation of the SEC failed is “complete bullshit”.
AFR readers back government controls on gas prices
Almost two in three readers of The Australian Financial Review believe the government should intervene and push down gas and coal prices temporarily.
- Exclusive
- Foreign investment
‘I’m asking you to invest’ Ed Husic tells investment bankers
Industry Minister Ed Husic will on Tuesday make the first public pitch to investment bankers, venture capitalists and private equity firms to work with the $15 billion National Reconstruction Fund.
How Albanese came to terms with China
The prime minister spent his years in politics developing a ‘find a way’ through approach to what is likely to be one of his greatest tests - his relationship with Beijing.
Out of the deep freeze: Xi Jinping agrees to meet Anthony Albanese
The PM will push China to lift trade bans on Australia and lean on Russia to exit Ukraine in the first meeting between the two nations’ leaders in six years.
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World
Inside the $60m Bahamas penthouse where FTX was run
Sam Bankman-Fried and his team lived and worked in the waterfront apartment that is now for sale. Helpfully, it included a garage for the failed crypto king’s Corolla.
Trump dealt another blow as key ally loses midterm race
The result comes amid widespread infighting among Republicans after a poor midterms showing.
- Exclusive
- Renewables
Forrest’s hydro plan beaten by China and Japanese interests
A massive generation project in Indonesia is set to break ground next month, but Fortescue is not involved despite signing an MOU.
- Analysis
- China relations
Xi, Biden ease cold war fears, but suspicions linger
China’s unpredictable leader, Xi Jinping, has signalled a thaw in US hostilities, but is there substance in Beijing’s claims it wants to work with Washington?
How Musk scored a $84b pay deal that’s now under fire
The world’s wealthiest man is expected to testify this week in a court case brought by investors unhappy over his compensation.
Property
Who’s buying the Melbourne revival story on a 1pc yield
The sale of seven properties on a street corner is an example of private players convinced there is a bright future for one of the country’s most battered CBDs.
Commercial work picks up as home building retreats
The latest six-monthly forecasts from Australia’s peak construction forecaster show a ‘surprising resilience’ from two sectors emerging from the pandemic.
Singapore’s Frasers Property steers through choppy times
Riding high in Frasers’ commercial pipeline is the $3 billion Central Place Sydney project it is developing with Dexus.
Seachanger quits ‘boring’ Noosa, goes back to Melbourne
Southern staters have long migrated north to Queensland and the pandemic increased that. But not all stay – and leaving can be profitable.
Rising borrowing costs choke up apartment pipeline
Rising borrowing costs are also now affecting build-to-rent developers as well as for-sale apartment developers, a new report shows.
Wealth
From Play School with love: $20m bequest backs young scientists
Jennie Mackenzie loved children and life. Before her death last October, she bequeathed $20 million to the University of Sydney.
Bezos to give away most of his $184b fortune
The Amazon founder’s announcement came just hours before reports the company plans to cut about 10,000 jobs.
- Opinion
- Inheritance
How to get your tax bill lower when inheriting super
You may have a very close relationship with someone who wants to leave you their retirement savings, but the ATO has the final say.
Technology
KKR’s Alludo scores Nitro board backing for $500m offer
The Nitro has thrown its weight behind KKR-owned Canadian software company Alludo’s $2 per share offer, despite some investors still believing it undervalues the company.
Buffett bets $7.5b on Taiwan chipmaker despite China-US tensions
Berkshire Hathaway bought into the strategic chipmaker as the US and China have clashed over leadership in the global technology industry.
Musk’s latest Twitter cuts: outsourced content moderators
Twitter’s new owner Elon Musk is further gutting the teams that battle misinformation on the social media platform as outsourced moderators learnt over the weekend they were out of a job.
Work & Careers
Expert lends support to crossbench push to split IR bill
A prominent industrial relations expert says the government should withdraw its most contentious multi-employer bargaining law and rework it.
- Opinion
- Chanticleer
‘Irreversible’: David Thodey’s work from home warning
The Xero and Tyro chairman says business leaders hoping for a full return to the office need to accept a more permanent shift to working from home is here.
Life & Luxury
Exactly what to wear to your office Christmas party
The annual work bash can be a minefield where manners are concerned. Luckily, your outfit is easily arranged.
Hunting for black truffles in an underground universe
There’s nothing more luxurious than staying at a trufflerie with your own chef, while connecting with the people who grew your food and made your wine.
This CEO rides to work in Sydney – but his eye is on the Himalayas
We Are Unity boss Ben Bars is looking forward to cruising on some of the highest roads in the world.
Opera Australia takes a stab at a new ending for Carmen
Opera on the Harbour will move to Cockatoo Island in 2023. As for the heroine’s fate, the director has no intention of “reinforcing bad thinking”.
‘So expensive’: Business trims the long lunch as costs soar
Melbourne investment banker and self-confessed expert long luncher David Williams has a novel way of gauging inflation and the cost of living.
