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China lodges official protest at Australia’s Taiwan response
In a wide-ranging press conference, Ambassador Xiao Qian also denies China offered cash to Nauru to cut ties with Taiwan.
BlackRock’s $19b GIP buy could net Australian outpost millions
The money manager will pay most of the $US12.5 billion purchase price in stock, handing GIP’s six founders 7 million shares now and 5 million in five years.
ASX at risk of a correction on ‘aggressive’ rate cut bets
Strategists say only a recession justifies the current rate cut expectations, leaving the sharemarket at risk of a sizeable sell-off.
China hits GDP target, but growth tipped to slow
Economists say China will be unable to repeat its 5 per cent annual GDP growth rate this year without big ticket economic stimulus.
Property taxes on foreign buyers may be illegal
Taxes imposed by federal and state governments could breach international treaties with eight countries and be open to legal challenge.
- Opinion
- Chanticleer
Three reasons Red Sea crisis hasn’t sent oil surging
The situation in the Red Sea gets worse by the day, but the price of oil has barely budged. Big oil bosses are baffled, but analysts see three forces at play.
- Opinion
- Israeli-Palestinian conflict
Biden is running out of patience with Netanyahu
Bad blood between the Israeli prime minister and the US Democrats goes back a long way. The danger now is that Israel never escapes from the baleful Bibi era, writes James Curran.
Breaking news on companies, politics and economics, in your inbox as it happens.
SUMMER READING
‘On Ozempic I immediately lost all desire for alcohol’
Intriguingly, some users also reported that semaglutide decreased their desire to smoke or vape.
Bill Ackman brings activist playbook to the culture wars
The investor fashioned a place for himself as an arbiter of how public companies should behave. He’s now using similar tactics to dictate terms far beyond business.
- Opinion
- Diversity
The real danger posed by diversity, equity and inclusion
In the name of these progressive concepts, all too many institutions have violated their constitutional commitments to free speech, due process and equal protection of the law.
The scientists fighting back against climate doomers
As the realities of climate change begin to bite, there’s a new problem emerging: the voices suggesting it’s too late to stop looming, species-ending catastrophe.
- Opinion
- US election
The case for Trump – by someone who wants him to lose
You can’t defeat a political opponent if you refuse to understand what makes him formidable. Trump got three big things right — or at least more right than wrong.
AUSTRALIAN OPEN
Swiatek wary of ‘sportswashing’ as Rafa takes Saudi gig
Women’s world No.1 Iga Swiatek is concerned by Rafael Nadal’s new Saudi role, while a former Australian player says the kingdom will pump more money into tennis.
The worst thing about facing Novak Djokovic on court
Australia’s Alexei Popyrin has waited five years for a rematch against the man he considers the greatest player of all time. He gets his chance on Wednesday.
Barty was both annoying and inspiring, Swiatek says amid Aussie wipeout
World No.1 Iga Swiatek faces another challenging task in the second round of the Australian Open.
De Minaur goes through after Raonic injury
Alex de Minaur will move into the second round of the Australian Open after Canadian Milos Raonic withdrew with a hip injury halfway through their match.
‘Victorians got the best deal’: Labor defends Open’s $100m bailout
The state government says taxpayers scored the “best deal” through a $100 million bailout for Tennis Australia in exchange for extended hosting rights.
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Companies
Worley tells ASX corruption claims were ‘not material’
The global engineering group did not disclose an arbitration decision that found it willfully ignored the corruption of an Ecuadorian subcontractor.
NAB appoints receivers to companies at centre of alleged Westpac fraud
NAB has appointed receivers at two companies central to Westpac’s claim it was the victim of a scheme that falsified invoices to steal $15 million.
Fix regulatory cloud over oil and gas: EnergyQuest
How policy decisions are resolved on offshore gas consultation and the future of gas will be critical for Australian LNG, EnergyQuest says.
UBS drafts in Gail Kelly as Credit Suisse takeover ramps up
The Swiss bank hopes the former Westpac chief executive will bring her experience overseeing St George’s merger to the UBS board.
Qantas brand plunges to 41st after horror year
The Flying Kangaroo tumbles down the rankings, while the Woolworths brand is worth $15.4 billion, making it Australia’s most valuable.
Coles names new arbiter as Jeff Kennett resigns from post
As renewed scrutiny comes to the grocery sector, Coles has appointed experienced lawyer Jenny Linsten to the role dealing with supplier disputes.
Battling Santos, a university scientist lied to Tiwi Islanders
Climate geoscientist Michael O’Leary wanted to help Indigenous Australians stop a gas pipeline. A judge found he and other outside experts went too far.
Companies in the News
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Markets
Fed official cools rate hype, $A falls, yields surge
A US official poured cold water on hopes of aggressive rate cuts as soon as March, leading traders to temper bets of eventual rate relief from the Reserve Bank too.
- Opinion
- Chanticleer
Markets are all-in on rate cuts. Did this man just spoil the party?
Tuesday night’s comments from Fed governor Christopher Waller showed even the slightest hint of doubt can rattle investors.
- Opinion
- Chanticleer
Keep hands off Future Fund, Costello tells government
Retiring Future Fund chairman Peter Costello says governments must not be allowed to use the $200 billion sovereign wealth fund to support nation-building.
Goldman profit soars 51pc as traders ride market rebound
The investment bank reported a rise in profits after a year in which it laid off thousands of employees.
Here’s what happened in markets overnight
Australian shares are set to open modestly higher as Dow pares losses late. US 10-year yield rises to 4.06pc. Australian dollar tumbles more than 1pc.
Opinion
Is generative AI coming for your job?
Generative artificial intelligence will disrupt many high-skilled occupations, but some will benefit from the resulting increase in productivity and salaries, writes Karen Maley.
Columnist
Biden is running out of patience with Netanyahu
Bad blood between the Israeli prime minister and the US Democrats goes back a long way. The danger now is that Israel never escapes from the baleful Bibi era.
International editor
The bitcoin ETF hype is missing the bigger story
Bitcoin will turn out to be a sideshow whose only role is to pave the way for state-backed digital money and tokenisation.
Economics editor
Time for Nikki Haley to take off the gloves
Unless the struggling presidential hopeful reverses course and attacks Donald Trump, the nomination race might just be over.
Columnist
US voters have got what they want: a Trump-Biden rematch
Voters tell pollsters they don’t want Trump or Biden. Yet they have been underwhelmed by the plentiful alternatives to both of them.
US political commentator
Green defenders overreach themselves in the Tiwi Islands
In a pushback against environmental lawfare, a Federal Court judge has seen through attempts by expert witnesses to manipulate spiritual beliefs and push their own agenda.
Editorial
Politics
- Updated
- Israeli-Palestinian conflict
Wong meets families of hostages, warns over death toll
Penny Wong tells senior Israeli politicians that democracies are held to a higher standard and how the country defends itself matters.
‘What not to do’: Gas project ruling a lesson for lawyers
The Federal Court’s ruling will “make it more difficult” to bring similar claims, but lawyers will seek to refine evidence in future cases.
- Analysis
- Liberal Party
‘They have decided to be a conservative, right-wing party’
Melbourne’s Goldstein electorate is a test of whether the Liberal Party can create a cohesive national strategy to defeat the teal independents.
Australia doesn’t accept ‘premise’ of Israel genocide claim: Wong
Penny Wong makes strongest comments yet on international legal action that has split the West and Muslim nations over Israel’s conduct in Gaza.
EDO lawyer slammed by judge in Santos case moves on
An Environmental Defenders Office solicitor found by a judge to have distorted the words of an Indigenous witness has left the organisation.
SPONSORED
World
Qatar clinches medicines deal for Israeli hostages
More than 120 hostages have been held in Gaza since October 7 and many have health conditions, including cancer and diabetes, that require regular medical care.
Red Sea trade disruption spreads as US strikes Houthis
Shell has reportedly suspended shipments through the Red Sea and Japan’s Mitsui OSK Lines is rerouting its ships.
Green investor calls out Biden’s climate law for enriching consultants
The bill has too many hurdles that are delaying implementation and enriching middlemen while leaving less money for green projects.
‘Choosing China is not a risk’: Beijing shrugs off slowdown
Premier Li Qiang said the economy grew 5.2 per cent last year, and put out the welcome mat for foreign investors. But he fired a first warning at Donald Trump.
Trump presidency won’t derail business, Forrest says
The Fortescue boss has a lot riding on the Inflation Reduction Act and is a big backer of Ukraine. But he doesn’t see Mr Trump entirely abandoning either of them.
Property
New home building slumps to decade low
There is unlikely to be any short-term change that will flip the switch and make large-scale housing developments viable.
This couple’s eastern suburbs mortgage costs just $130 a week
David and Victoria Basile’s first home purchase was made in Sydney’s eastern suburbs – they believe it’s an area where property prices will never drop.
The secret to getting workers back into the office may be ... chefs
Top restaurateurs are betting that fine dining is the missing ingredient in getting people back into office towers and CBDs, and big landlords agree.
Neighbourhood mall deal activity to pick up as cap rates rise to 6pc
The gap between buyer and seller expectations for neighbourhood malls has narrowed, providing fertile ground for more deals in 2024.
Investment bankers’ top property picks for 2024
With rates relief unlikely before the second half of the year, the hunt for commercial real estate that can generate inflation-beating rental growth will be keener than ever in 2024.
Wealth
I’ve inherited $1m. Now what?
A large inheritance can mean goals that perhaps felt like a dream may be within reach, but plan carefully, advisers say.
School fees paid? Then double your budget
Rising school fees are heaping stress on household budgets. And then there’s the extra cost of uniforms, sports gear, music lessons and camps.
- Opinion
- SMSFs
Do this before adding solar panels to your rental property
If the property is owned by a self-managed super fund, be sure to stick to these rules.
Technology
Australia’s light touch on AI rules comes with warning for business
The Albanese government’s plans to regulate artificial intelligence contrasts with the European Union’s, which will ban some high risk uses, but aligns with the United States.
- Analysis
- AI
AI plan leaves Australia a digital backwater
Australia has fallen in behind its AUKUS partners, embracing a light-touch, low-key approach to revolutionary AI technology.
Tesla’s ‘race to the bottom’ might make its $141b loss worse
Elon Musk’s electric vehicle maker is off to its worst start to any year ever – and the odds of an imminent turnaround do not look good.
Work & Careers
School fees paid? Then double your budget
Rising school fees are heaping stress on household budgets. And then there’s the extra cost of uniforms, sports gear, music lessons and camps.
Inflation brings a brutal start to the school year
The return to school is always a financially stressful time for lower-income families, but this year is particularly tough.
Life & Luxury
- Opinion
- Fitness
How I went from couch potato to fit – in my early 60s
It seemed like an impossible task - to get physically fit after a lifetime of hating exercise. This is how it happened.
- Opinion
- Electric vehicles
EVs are cheaper than ever – and that’s bad for their owners
But over the next 12 months, the advantage will move back to the buyers. For rental companies, and individuals, that’s going to be the ideal time to buy.
Uniqlo sues retailer Shein for allegedly copying viral shoulder bag
The Japanese firm has accused the Chinese company of ripping off its popular Round Mini Shoulder holdall.
The Tina Fey effect: how the original Mean Girl made comedy smarter
The comedian has never kowtowed to cancel culture, but she has slightly reworked the musical version of her 2004 hit “Mean Girls” to acknowledge changing mores.
The world’s most powerful – and weakest – passports
Some nations have access to almost 200 destinations without having to apply for visas. Citizens of other countries, however, face a lot of paperwork.
