- Opinion
- Chanticleer
Guzman y Gomez’s IPO rests on three questions
The Mexican-themed restaurant chain has delivered strong growth despite a period of back-room drama. A big float valuation will rely on growth accelerating.
Inflation holds steady at 3.4pc in January
Ongoing price pressures in the housing market offset outright price declines in pantry staples such as beef and seafood in January.
Perpetual frustrates analysts with demerger non-update
Perpetual CEO Rob Adams says he understands the frustrations about the lack of detail surrounding plans to break the company up.
- Opinion
- Chanticleer
What we learnt: Flight Centre, Worley, Clinical Labs and Kelsian
Flight Centre rides the friendly skies, Worley cauterises a wound, Clinical Labs backs rival’s blood test move, and Kelsian delivers a miss.
- Live
- Markets Live
ASX flat; Neuren dives 13pc, NextDC rallies
Australian shares steady. January inflation holds steady at 3.4 per cent. Perpetual declares 65¢ dividend. Healius rout extends. Follow updates here.
Voters won’t focus on broken promise: PM
Anthony Albanese is reconsidering attending Sydney’s Gay and Lesbian Mardi Gras on Saturday night. The reason given is security concerns, not poor optics.
- Live
- Need to Know
Man shot in Sydney CBD
Police arrest a man after a shooting took place on Sydney’s Castlereagh Street; Jim Chalmers says the latest inflation figures show welcome progress. Follow updates here.
Breaking news on companies, politics and economics, in your inbox as it happens.
GENDER PAY GAP
Family choices explain part of gender pay gap, say bosses
Corporate leaders say women taking more family responsibilities makes the dominance of men in the highest-paid roles difficult to shift. But some female directors said women “deciding” to take on lower-paid work was a “false choice”.
Men dominate top pay quartiles at biggest companies
Men were far more likely to earn more than women the further up in organisations they moved, new data shows.
Overtime, bonuses help men earn more than women
Systemic barriers stop women picking up these overtime hours though, putting them even further behind their male colleagues financially.
A ‘cultural shift’ is needed to shrink banker gender pay gap
Morgan Stanley is seeking to increase the numbers of high-earning women at the bank. One fund manager says that will rely on men being more family oriented.
Full list: the gender pay gaps at Australia’s top 250 companies
The Australian Financial Review has dug through calculations of pay disparity at more than 5000 companies to zero in on the ASX200 and the largest private firms.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Guzman y Gomez pushes back IPO plans as losses widen
The Mexican-themed restaurant chain is backed by Barrenjoey and TDM Growth Partners. Global sales soared 30 per cent in the first half of the financial year.
Worley writes off Ecuador claims as interim net profit rebounds
Worley CEO Chris Ashton says the global engineering group could pursue claims for work done in Ecuador through the South American country’s courts after a $58 million write-down.
Irish giant CRH’s $2.1b bid wins over Adbri
The independent directors of cement maker Adbri have agreed to the $3.20-per-share offer from NY-listed Irish group CRH.
Woodside heads for fresh clash on climate as profits slide
The oil and gas producer’s pursuit of growth projects met with criticism from activist shareholder groups as benchmark profit dropped 37 per cent.
First woman to lead Racing NSW after controversial Balding exit
Deputy chairman Saranne Cooke was appointed after a difficult period for the governing body, which has faced questions over its governance.
Chinese technicians parachuted in to fix ailing WA lithium plant
Battery chemical giant Albemarle’s problems with its $2.3 billion lithium hydroxide plant in WA will be tackled by an expert team from China.
Start-up that delivered Australian founder $250m goes into liquidation
Video-calling company Hopin was a pandemic darling that has since sold off its signature software and is now relocating to the US.
Companies in the News
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Markets
Goldman CEO sees more uncertainty to soft-landing expectations
David Solomon says while optimism persists on the economic outlook, “my own view is it’s a little bit more uncertain”.
What happened overnight? Nasdaq paces modest gains, big tech optimism intact
Australian shares are set to rise modestly. S&P 500 in a holding pattern though optimism steady. Apple ending EV project. Bitcoin steady.
‘Earnings exceptionalism’ justifies big tech premium: Barclays
The bank said it lifted its year-end target for the S&P 500 in large part because mega-cap tech continues to defy even the most bullish earnings targets.
US economic narrative could turn negative: JPMorgan
Marko Kolanovic says he is wary that the prevailing Goldilocks narrative is at risk of turning towards something like 1970s stagflation.
More pain for nickel, lithium as supply deluge bites
Of the three key critical minerals, nickel has the darkest outlook because of cheap supply from Indonesia, but investors are backing copper as demand picks up.
Opinion
CEOs under pressure to get the balance right
As the political temperature heats up, chief executives have to weigh conflicting demands. Coles CEO Leah Weckert and Woodside’s Meg O’Neill insist their companies are getting it right, writes Jennifer Hewett.
Columnist
Board seats for super raise governance issues
Paul Keating’s 80th birthday interview raises the under-discussed issue of the impact of the $3.6 trillion union-influenced superannuation funds on the nation’s capital markets.
Editorial
Digital giants harm consumers and competition
New mandatory codes of conduct are needed to regulate the dominant market power of companies like Apple, Google and Meta.
ACCC Chair
Maths show supermarkets not to blame for cost-of-living crisis
The ferocity of the political campaign against Coles and Woolworths tells us more about politics than about alleged “price gouging” by the big two.
Economist
Tax carbon, but don’t gamble on green energy ‘superpower’
A carbon levy is required, but the money should be returned to households, not bureaucrats trying to pick ‘green’ winners, writes John Kehoe.
Economics editor
Why losing US elections is a lucrative business
Life is much cushier in opposition, especially in the United States, so there’s no reason to moderate to try and win power.
Contributor
Reports
Wealth: Turbocharging your retirement
This series of articles looks at the options for retirement income, the best asset mix heading into retirement, and what you need to know to retire overseas.
Sponsored
by Australian Retirement TrustPolitics
Labor fears possible loss in Dunkley poll
The battle for Dunkley has descended into a war of competing statistics and spin, as Anthony Albanese prepared the Labor Party for a close result, including a possible loss.
- Exclusive
- Tax avoidance
Sydney builder sidesteps $23m tax debt
A formwork subcontractor that worked on government projects collapsed owing $23 million to ATO, then continued its work through a related entity.
- Exclusive
- Critical minerals
Indian envoy backs Australian mining amid nickel turmoil
India’s new high commissioner to Australia wants to build on the “reservoir” of goodwill that has built up between Anthony Albanese and Narendra Modi.
Poor university teaching ‘a drag on productivity’
The Productivity Commissioner says there are no incentives inside universities to lift their game and no way for students to know what they are signing up to.
Maguire a ‘special kind of pest’ who had a hold over Berejiklian
The former premier’s secret relationship with the disgraced regional MP dominated proceedings in the second day of her attempt to appeal corruption findings.
SPONSORED
World
Wider Ukraine war ‘inevitable’ if NATO sends troops, Kremlin warns
Moscow’s warning comes after France’s Emmanuel Macron opened the door to sending Western forces to the war. But Germany’s leaders poured cold water on the idea.
Yellen says ‘unlock’ frozen Russian assets for Ukraine
The EU, G7 nations and Australia have frozen about €260 billion ($430 billion) in Russian cash and securities, but are undecided on what to do with them.
- Explainer
- US election
The seven candidates left (and why some don’t stand a chance)
Will the November vote be a rematch between Joe Biden and Donald Trump? With primaries and caucuses in full swing, and candidates dropping like flies, here’s the lowdown.
- Opinion
- Russia-Ukraine war
Macron lobs hand grenade into NATO dithering on Ukraine
The French president said sending ground troops to Ukraine “must not be ruled out” in a bid to shake up the alliance and send a strong signal to Vladimir Putin.
BlackRock tips Japanese stock rally to power ahead
The world’s biggest asset managers say the rally in Japan’s sharemarket has more room to run as foreign investors continue to invest.
Property
Ex-rental listings jump as more investors bail out
Higher mortgage costs and increasing regulation could spur more landlords to sell their investment properties, reducing the number of homes for rent.
Cbus could invest more than $500m in affordable housing: Wayne Swan
The boss of the industry super fund says it is comfortable with the risks of a new asset class and wants to play a role in resolving Australia’s housing crisis.
Singapore’s biggest money-laundering case tests weak property market
The arrest of China-born money-laundering suspects has spooked investors who have piled into a booming part of the island’s real estate sector.
Victoria’s home-building target is miles off: industry
Industry groups warn that the Victorian government is not on track to complete its bold vision of building 80,000 new homes a year for the next decade.
- Exclusive
- Construction
Sydney’s office-to-housing conversions that can’t get started
Plans to redevelop some Sydney office towers into much-needed apartments have stalled, as rising finance and construction costs stymie developers’ ambitions.
Wealth
How couples can narrow the gender pay gap in super
The gender pay gap and time out of the paid workforce mean women tend to retire with less superannuation, but there is a little-known strategy couples can use to even the score.
- Opinion
- Trader’s tale
I bought Nvidia at $US200 and I’m not selling
My US equities portfolio, dominated as it is by Nvidia, returned over 100 per cent, a handsome gain.
Sisters take on extended family to win $13.5m inheritance dispute
A sharp rise in blended families is creating complex legal issues, particularly for inheritance claims.
Technology
Apple cancels work on electric car, ending decade-long effort
The decision, which Elon Musk welcomed, means the iPhone maker is abandoning one of the most ambitious projects in its history.
Atlassian paid $284m tax before ATO deal
Over the past six years Atlassian’s Australian entity paid $283.8 million of tax locally before reaching an agreement to pay more tax.
Blackbird tours US hunting for Aussie deals abroad
Blackbird Ventures investment partners have picked up their search for the next Aussie-founded tech unicorns abroad, as bigger local deals dry up.
Work & Careers
20 microaggressions that should get you sent to HR
Increasing scrutiny of our workplace behaviour has put the spotlight on small acts that might cause offence. Here are some more to add to the list.
Poor university teaching ‘a drag on productivity’
The Productivity Commissioner says there are no incentives inside universities to lift their game and no way for students to know what they are signing up to.
Life & Luxury
This is the year when reality as we know it ceases to be
2024 is already a huge year for technology, with Apple changing the VR headset game and generative AI redefining the way we use mobile phones.
From a hot desk at Deloitte, the future looks bright
Over 14 floors of the award-winning Quay Quarter Tower, the professional services firm has created some of the most desirable workspace around.
These ‘cones’ of light are the latest in desirable design
Venice-based Lodes has been producing stylish lighting since 1950. Now it’s partnered with a top industrial designer to release something radically new.
- Edition
- Style
AFR Magazine -innovation issue
How the $8.8b Chemist Warehouse deal was done | Crypto investor reveals his rare car collection | Why a Rolex is about to get easier to buy
- Analysis
- Digital Life
Samsung’s Galaxy Ring will tell you when you should stay in bed
The phone maker has revealed details about its mysterious health tracker ring that looks like a wedding ring and signals your commitment to a good night’s sleep.
