Forrest in billionaire bust-up with US tycoon Paul Tudor Jones
Fortescue has been accused of unethical and immoral conduct by one of the world’s richest men, after he was dumped as a co-investor in its clean energy projects.
- Live
- Markets Live
Miners push ASX up; Elders, Brickworks shares drop
Shares edge up at noon, tracking Wall Street’s gains; RBA minutes this morning; Fortescue board approves FID on US hydrogen project; Microsoft rises after hiring OpenAI founder Sam Altman. Follow updates here.
- Opinion
- Chanticleer
The lesson in fall of short seller who took on Fortescue, Macquarie
News that famed investor Jim Chanos is shutting his hedge funds might raise a smile at those firms. But there’s a tip all shareholders shouldn’t miss.
‘I’ve never seen anything like this’: Inside OpenAI’s chaos
Internal debate about the ChatGPT maker’s mission exploded into view during a wild few days of corporate drama.
Chalmers sets new expectations for ASIC
Treasurer Jim Chalmers has announced that the government will set a statement of expectations for the corporate regulator focusing on cyber, financial services and climate.
- Live
- Need to Know
RBA focused on demand drivers of inflation: Bullock
Michele Bullock tells the ASIC Forum that central banks are “trying to get on top of” demand drivers of inflation; Danielle Wood expects AI to fuel productivity growth. Follow updates here.
China warns Australia over ‘irresponsible’ navy incident
Beijing says Canberra should be mindful of improving relations, after Anthony Albanese called the navy incident involving Australian divers reckless and unsafe.
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Companies
Inside the Optus HQ rumour mill – and blame game
Last year’s cyberattack did not claim the telco’s chief executive, Kelly Bayer Rosmarin. There was little doubt a massive network outage this month would.
Fortescue pulls trigger on $1.14 billion in green energy projects
The Andrew Forrest-led company will proceed with its first three projects as part of ambitious plans to become a major force in hydrogen and renewable energy.
- Exclusive
- Renewables
Grok wields carrot and stick on AGL pay, climate ambition
Mike Cannon-Brookes says he will spare AGL Energy a second strike on pay but wants the board to aim higher.
- Updated
- Telecommunications
Optus’ leadership up for grabs as CEO resigns
Former StarHub boss Peter Kaliaropoulos has been installed as chief operations officer, with Gladys Berejiklian, the former NSW premier, another contender.
EY’s Janet Truncale: Project Everest survivor with a mountain to climb
The first woman to become global chief of a big four consulting firm faces the challenge of uniting EY after its failed split.
Citi bankers brace for job cuts as ‘Project Bora Bora’ advances
The US bank could cull back-office roles and eventually some banking positions as it embarks on a restructuring that reduces management layers and its overall workforce by at least 10 per cent.
Allen & Overy in difficult situation over hack, say rivals
Cybersecurity experts from Australian law firms say Allen & Overy’s Australian arm is “damned if they do and damned if they don’t” regarding a cyberattack update.
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Markets
Citigroup cuts over 300 senior manager roles in latest restructuring
The workforce reductions may continue around the globe into next year as CEO Jane Fraser seeks to simplify the Wall Street firm.
Here’s what happened in markets overnight
Australian shares were set to open higher, bolstered by gains on Wall Street. RBA meeting minutes loomed. Altman’s hiring boosted Microsoft.
US is seeking $6b from Binance to end case
Negotiations between the Justice Department and Binance include the possibility that its founder, Changpeng Zhao, would face criminal charges in the US.
- Opinion
- Interest rates
Federal Reserve officials talk too much
It’s no wonder forecasters and traders show little hesitation in consistently ignoring the central bank’s guidance, including for policy rates.
Trailblazer of sustainable investing says ESG should be banned
Nanuk money manager Tom King has slammed the ESG fund sector, saying labels and scores are “meaningless”.
Opinion
Why the Optus CEO had to go – and quickly
The telco’s outage points to much deeper problems in Australia’s readiness to cope with cyberattacks and tech failures affecting critical infrastructure.
Columnist
Does the Reserve Bank’s ‘narrow pathway’ to a soft landing exist?
The central bank aspires to bring inflation down while maintaining close to full employment. But this is not how things have worked out in the past.
Economist
‘Stabilisation’ with China doesn’t mean no surprises
The essence of the matter is that there are always going to be surprises on the strategic front. That doesn’t mean that the government hasn’t been flat-footed.
International Editor
How to write an opinion article for the AFR
We publish opinion articles from external contributors every week. Here are some tips.
Opinion editor
Rooftop solar overload has blown up energy markets
Probably the only way to build massed renewable generation will be as regulated assets, meaning governments underwriting the whole nine yards.
Energy expert
The inescapable tyranny of working for a toxic boss
The prevalence of pernicious management and workplaces is difficult to measure - but numerous scandals show it is a problem in every sector.
Columnist
Politics
- Exclusive
- Carbon challenge
Labor EV policy faces delays as cost-of-living politics bite
Mounting fears of a backlash against the policy, which would drive up the price of many medium-sized cars, SUVs and utes, are weighing on deliberations.
Is David McBride a whistleblower, a criminal or both?
The army lawyer says he leaked secret documents to defend Australian soldiers accused of illegal killings in Afghanistan, not expose them.
Head of powerful new industry super lobby group is not an insider
Misha Schubert has a background in journalism, advocacy and is currently the head of Science and Technology Australia.
Albanese evasive on China navy incident
The prime minister will not say whether he raised with Xi Jinping the incident between the nations’ navies.
ASIC to target dodgy sustainability claims and sham green funds
The crackdown on green shonks will be unveiled by Australian Securities and Investments Commission chairman Joe Longo at ASIC’s annual conference in Melbourne on Tuesday.
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World
Trump-loving new president’s plan to end economic chaos in Argentina
A self-described “anarcho-capitalist”, Javier Milei has proposed abolishing the central bank to end years of economic chaos.
- Updated
- AI
Weekend of OpenAI drama ends in a Microsoft coup
Microsoft announced Sam Altman would lead its new in-house AI team after he was dumped from his start-up OpenAI in dramatic circumstances.
‘Important signal’: Lachlan Murdoch in surprise Ukraine trip
The Fox Corp CEO’s visit comes as concern in Ukraine mounts over the future of vital US military and economic aid with the war with Russia showing no end in sight.
Boris Johnson ‘bamboozled’ by science, COVID-19 inquiry hears
The UK’s chief scientific adviser said Boris Johnson struggled to understand the advice of scientists during the COVID pandemic which killed 232,000 in the UK.
OpenAI board taps former Twitch CEO to succeed Altman
Emmett Shear won over directors because he appeared to recognise the existential threats that AI presented.
Property
Sydney housing prices could fall 4pc next year
Sydney house prices are predicted to fall as much as 4 per cent next year, triggered by a sharp decline in housing affordability amid ongoing interest rate increases, the Housing Boom and Bust report reveals.
I should have sold two years ago, says vendor of $1.33m unit
An unusual dwelling failed to sell as an office. When pitched as an apartment, it achieved a different result – but still sold too cheaply for the owner.
The Sydney harbour penthouse where the furniture alone’s $1m
The duplex atop Sydney’s new Kurraba Residences is furnished throughout with pieces from Liaigre, the ultimate French interior design brand.
‘Pendulum swinging’ on housing market as clearance rates fall
BresicWhitney CEO Thomas McGlynn says with ‘fewer runaway results’ happening, it is unclear whether the market will end the year favouring buyers or sellers.
- Opinion
- Bonds
Where the green shoots are in retail property
As investors get more certainty about the path for interest rates in Australia the retail real estate sector is one to watch.
Wealth
- Exclusive
- Philanthropy
Rich List family’s $100m gift to change lives
The Snow family is already one of Australia’s top philanthropists and it is making another big donation to transform global understanding of the immune system and autoimmune diseases.
Three ways to check your super fund is doing its job
Being able to compare performance is particularly important for SMSF members given they can operate in a vacuum when it comes to investment return comparisons.
One age group is feeling the economic pain more than the rest
Australians spend almost the same amount on things considered essential and discretionary. But the 25-29 age group is the only one cutting back on both.
Technology
OpenAI staff threaten to go to Microsoft if board doesn’t quit
More than 700 of the AI firm’s roughly 770 employees signed a letter stating that they were “unable to work for or with people that lack competence”.
- Exclusive
- Funding
Aussie songwriter’s tech firm is now worth $879m
He used to write songs for Delta Goodrem. Now Paul Wiltshire has a growing band of investors including Richard White, Perennial and Epic Games supporting his platform for musicians.
X chief Linda Yaccarino resists pressure from advertisers to quit
A groundswell of executives and friends from the advertising industry privately urged the industry veteran to resign to save her reputation.
Work & Careers
‘WFH is not a god-given right’: Business leaders back workplace ruling
Corporate leaders have welcomed a Fair Work Commission ruling that found being in the office could have benefits for productivity and collaboration.
EY in talks to close London HQ as staff work from home
EY wants to move to a more environmentally friendly building, and staff are also spending less time in the office after the pandemic changed working patterns.
Life & Luxury
- Opinion
- Review
This $3000 robot will mow your lawn while you sleep
A new robot from Ecovacs can automatically cut your grass for you, but only if you’ve mowed it first.
- Tony Davis
- Motoring
Is Australia ready for a $120k Kia?
The Korean carmaker’s boxy new flagship electric EV9 SUV is big on size – and price.
The jewellery item loved by tennis stars, royalty and rappers
An athlete’s bracelet, anyone? Here’s why you should sport the accessory of the elite and champions that never goes out of style.
What on earth is a French tuck - and how do I perfect it?
Struggling with tucking in those big, billowy blouses? We quiz the shirt expert.
How skills learnt playing chess helped this business owner
When jewellery designer Alina Barlow’s dad taught her to play, she loved it straight away.
