An insightful look at the week’s biggest tech stories, deals and trends delivered to your inbox.
ASIO on high alert as Middle East explodes
ASIO boss Mike Burgess says the agency has increased its vigilance since the Hamas attacks on Israel.
- Live
- Markets Live
ASX closes lower as Middle East tensions mount, tech stocks led fall
Shares post the worst one-day performance in four weeks as Biden departs Israel. Unemployment eases to 3.6 per cent in September. Follow for updates here.
Woolworths target PETstock to divest stores, vets after ACCC red flag
After a prolonged investigation, the competition regulator found several historical transactions by the pet retailer may have breached competition laws.
Israel conflict to drive inflation, raise rates pressure
Jim Chalmers has warned conflict in the Middle East could drive oil prices higher, as economists predict upcoming inflation figures may trigger another interest rate rise.
- Live
- Need to Know
Don’t go: DFAT warns travellers to steer clear of Lebanon
DFAT updates travel advice amid escalating conflict; NSW Premier Chris Minns says the Palestine colours will not light up the Sydney Opera House; Andrew Forrest’s Minderoo gives $10 million in Gaza aid. Follow updates here.
- Opinion
- Chanticleer
The pressure on Brookfield to lift Origin bid just went up
A valuation metric in the independent expert’s report into the $18.7 billion Origin takeover looks set to put more pressure on Brookfield to lift its offer.
Downsizing by stealth: How not to lay off staff
Mass redundancies kicked up a gear this year as profits have been squeezed. But not all employers have been upfront about the cuts and some have done it better than others.
The Legal Brief: Inside the industry’s biggest news, firms, cases, and personalities, delivered to your inbox every Friday.
ISRAEL-GAZA CONFLICT
Husic accuses Israel of collective punishment against Palestinians
The minister questioned why Australian buildings are not being lit up in Palestine’s national colours and called for civilians in Gaza to be protected.
‘A sight that will remain if I live a thousand years’
The recriminations over the Gaza hospital explosion that killed hundreds of civilians sheltering there reverberate around the region and beyond.
Gaza explained in eight maps
Here are eight maps that explain where Gaza is in the region, the historical context, who lives there and what it’s like on the ground.
Biden warns Israel to avoid ‘US mistakes of rage’
The US president urged the Jewish state not to be “consumed by rage”, but also vowed support and backed its claims on the hospital blast, as regional tensions simmered.
Who bombed the Gaza hospital that killed hundreds?
Hamas and Israel traded blame over a blast on an Anglican hospital in Gaza, as rage spread through the region over the carnage.
Carbon Challenge | Essential news and analysis for business and investors about Australia’s critical economic transition.
Companies
Origin valuation arms investors for fight on bid price
An independent expert’s valuation of Origin has given investors more leverage to argue for a higher price, despite the deal being deemed ‘fair and reasonable’.
- Exclusive
- Funding
Employment Hero secures $263m in year’s biggest capital raising
The human resources technology firm has shrugged off depressed private tech market sentiment and is now valued at just shy of $2 billion.
Konvoy Kegs raises $13m, expects more brewers to go bust
The keg company rents out 280,000 kegs to 600 beer groups in Australasia and is stepping up expansion in the UK and Ireland.
New Transurban boss Michelle Jablko wants to reward drivers
The CEO plans to offer incentives such as car hire and car wash discounts for users of the toll road group’s Linkt accounts to encourage motorists to keep paying for its roads.
Santos courts controversy on Barossa gas
The gas producer drew criticism from an activist shareholder group by refusing to concede its $5.8 billion project is running late.
Nick Scali shares climb on AGM update
The retailer joined Beacon Lighting in reporting improving trading momentum in a market where shoppers have largely been shunning bigger ticket items.
- Exclusive
- Class action
‘Aggressive’ litigation funder Omni Bridgeway accused in UK fee fight
A lawsuit against the Perth-based firm is the first major challenge after a UK Supreme Court judgment effectively nullified most litigation funding agreements.
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Markets
Morgan Stanley FX head testifies bank restricts barrier trades
The investment bank does not permit spot trades intended to move the underlying rate or to trigger a barrier rate.
Former AVZ director slams $1.5m Mihigo payment, calls for change
Peter Huljich said he voiced “severe concern” about the $US1 million cash payment and wants to return to the board to get the stock trading again.
Iran calls for oil embargo against Israel
Iran’s foreign minister called for a full and immediate boycott of Israel by Muslim countries, including an oil embargo on the country.
More than half of fundies betting on year-end rally: BofA
As higher rates for longer whipsaws market sentiment, global fund managers have edged higher their cash positions, a contrarian buy equities’ signal.
Here’s what happened in markets overnight
Australian shares were set to tumble 1.2pc. The US 10-year yield topped 4.9pc. Netflix surged. Tesla confirmed a margin hit. Jobs data were pending.
Opinion
Joe Biden’s fraught mission of deterrence
The US president’s Middle East trip just got more complicated. But his calculus remains the same: to pull the region back from the brink of a major conflict.
International Editor
Why Origin takeover is not a done deal
Arguments over the proposed takeover of Origin Energy demonstrate the confusion about energy transition. What is clear is that the business is performing well.
Columnist
Why retirees have to pay their fair share of tax
‘I worked hard and paid all my taxes’ does not pass the pub test when tax-free retirements now last so long.
Economics editor
Buck for EV road charging stops with Labor
Taxing the transition to cleaner vehicles should be part of a bigger discussion about cleaning up the nation’s tax system.
Editorial
Why cabinet needs the two Mikes – Pezzullo and Burgess
The ASIO chief and his portfolio secretary come from Canberra’s warrior class. Despite any personal failings, their frank and fearless advice is valuable.
Government editor
How a few lawyers turned Yes into No
Lawyers who tried to sell a maximalist Voice model as a modest one fell into abstraction, sophistry and legal fiction to do so.
Lawyer
Reports
Sustainable wealth
The latest special report in our Wealth series looks at ethical options in superannuation, ETFs and managed funds.
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by CMC MarketsPolitics
High Court allows government to appeal late Yunupingu’s case
The High Court has granted the federal government special leave to appeal the late Gumatj leader Yunupingu’s final court case.
- Updated
- Electric cars
High Court’s EV decision threatens state taxes
Lawyers say the ramifications of the decision are ‘monstrous’ and could trigger a shake-up in federal-state relations.
Labor backflips on aviation monitoring after Qantas drops opposition
Treasurer Jim Chalmers has reinstated the ACCC’s monitoring powers just weeks after the PM declared Australia had the most competitive aviation market “bar none”.
Mundine still wants second referendum after Voice defeat
No activisit and chairman of regional copper explorer Fuse Minerals says voters needed time to heal after the referendum campaign.
Make EV drivers pay or face cost-of-living backlash, Labor told
The federal government is reluctant to bring in a road-user charge for electric cars because it believes ownership rates of low-emission vehicles are still too low.
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World
Xi, Putin pledge to ‘deepen trust’ in US swipe
Xi Jinping met Vladimir Putin in Beijing to reinforce their ‘no limits’ friendship as the Israel-Hamas conflict escalates in the Middle East.
Trump-backed Republican loses US Speaker vote
Jim Jordan, who is backed by Donald Trump, must overcome deep Republican divisions in a second scheduled ballot, as the US House remains leaderless.
- Exclusive
- Hydrogen
Gupta execs in talks with Japanese investors on Whyalla expansion
Liberty Primary Metals CEO Theuns Victor said Japanese investors had shown huge interest in the business’s transformation to carbon-neutral steelmaking.
- Opinion
- Israeli-Palestinian conflict
America finds there is more to the world than China
The US is going through the most awkward phase in the life cycle of an empire. Its relative power in the world is down from its peak, but its burdens aren’t.
US law firm reviews decision to rescind job offers over Israel protest
Davis Polk reconsiders dismissals after two students deny authorising letters from Harvard and Columbia groups blaming Israel for October 7 Hamas attack.
Property
- Exclusive
- Luxury property
REA Group CEO Owen Wilson sells Toorak mansion listed for $17m
The real estate platform’s chief and wife Liesl paid $7.25 million in 2008. Real estate boss Danny Thomas has paid $13 million for an off-the-plan St Kilda penthouse.
Mirvac in $1b play to house downsizing Boomers
Mirvac will spend $300 million to acquire a near-half stake in the Serenitas portfolio of 27 land lease communities – affordable accommodation for downsizing baby boomers.
Is America’s hottest property market a bubble?
Austin has the fastest-growing office sector in North America, but some question whether the Texan city can absorb so much space.
The suburbs handing landlords 17pc capital gain and $20k cash flow
Rentals that are earning enough to cover the interest repayments can still be found in more than 80 suburbs nationwide, data from CoreLogic shows.
NSW club plans 100-room hotel to offset slide in pokies income
Club Sapphire Merimbula on the NSW South Coast hopes to build the tourist accommodation to create a new revenue source as gaming revenue declines.
Wealth
Business travellers, tourists could be caught in new tax rules
A proposed 45-day test for paying tax in Australia risks a significant blowout in the number of people considered to be living and working in the country, experts warn.
Relying on bank statements for tax deductions? Think again
A Brisbane businessman learnt the hard way that bank and credit card statements are not sufficient records to prove $48,000 in tax deductions.
Kate Morris’ goal is to make 10 other women ‘really wealthy’
Th Adore Beauty co-founder says the way to get serious about addressing under-investment in female fund managers and founders is the $3.5 trillion superannuation industry.
Technology
- Exclusive
- Israeli-Palestinian conflict
Crypto donations for Hamas being sought in Australia on Telegram app
Counter-terrorism authorities have been alerted to posts on the messaging platform seeking money to fund the militant group’s fight against Israel.
Big ideas trump commercialisation for new CSIRO boss
Doug Hilton has laid out plans for it to help answer the big questions facing society, while also making some money along the way.
- Exclusive
- Venture capital
AirTree bought and sold Canva in deal at market peak
The venture capital fund bought with its 2021 fund and sold from its 2014 fund at a $US39 billion valuation – a third higher than Canva is worth now.
Work & Careers
‘Like extra sleep’: the anti-burnout trend that’s just a breath away
A rising number of employers are turning to something called breathwork to help staff build resilience and improve their mental health after the pandemic.
Downsizing by stealth: How not to lay off staff
Mass redundancies kicked up a gear this year as profits have been squeezed. But not all employers have been upfront about the cuts and some have done it better than others.
Life & Luxury
Inside a brand that became a unicorn in just five years
A new book looks at the bumpy career of Emily Weiss, the enigmatic founder of Glossier.
- Opinion
- Performing arts
Almost-billionaire Swift could show Musk how to do rich
The singer-songwriter has made a fortune from her adoring fans and now has a chance to become the poster girl for responsible capitalism.
- Opinion
- Wine & spirits
These new clear spirits will expand your drinking horizons
Adventurous Australian distillers are upping the ante with local takes on popular styles around the world, from pastis to pear rakija.
- Opinion
- Review
Scorsese’s new film about oil and greed is one of his greatest ever
“Killers of the Flower Moon” is a movie of weighty moral force by Martin Scorsese, a director who is in command of the medium.
Why this pine stool is a design standout of 2023
A piece of furniture with a carved curved seat has been chosen as this year’s chair at MPavilion, a summer-long architecture and design festival in Melbourne.
