Toyota urges Labor to put brakes on clean car plan
The country’s top-selling car brand, Toyota, has urged the Albanese government to slow the pace of new car emissions standards, saying it is too ambitious.
BHP sheds jobs, axes white-collar teams in global reset
BHP rocked its workforce with a major restructure disbanding specialist teams and putting far greater responsibilities on its iron ore, coal, copper and nickel leaders.
‘Temporary’ nickel tax breaks could cost $800k per worker
The 10 per cent credit would be the equivalent of about $825,000 per worker, or six times what the previous Labor government provided to car makers.
Business ‘nauseated’ as federal agencies back WFH deal
The four largest federal government agencies have voted overwhelmingly to end mandatory work-from-office rules as part of an 11.2 per cent pay deal.
Saint-Gobain buys into CSR’s dark past along with its bright future
The French giant’s $4.3b takeover of the building products group, pivotal to Australia’s industrial development, isn’t without thorny issues.
Power market in the dark as negotiations over Eraring drag on
A burst of heat in NSW on Thursday looks set to reinforce how vital the generator is for keeping the lights on, adding pressure to the ongoing discussions.
EQT’s record-breaking fund opens door for rich Australians
The private equity firm raised about $36.5 billion on Wednesday in a historic round in which Australians played an unsung role.
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
- 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.
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.
Perpetual frustrates analysts with no update on demerger
Perpetual CEO Rob Adams says he understands the frustrations about the lack of detail surrounding plans to break the company up.
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 exit
Deputy chairman Saranne Cooke was appointed after a difficult period for the governing body, which has faced questions over its governance.
Companies in the News
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Markets
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.
Morgan Stanley tells investors to rethink exposure to Wall Street
The bank’s wealth unit says the outperformance of US equities, in part due to the surge in the Magnificent Seven, has left global markets imbalanced.
RBNZ surprises with toned-down rate rise talk
The Kiwi dollar fell sharply after New Zealand’s central bank surprised with a policy pivot, saying that the risks to the outlook for inflation were now more “balanced”.
- Opinion
- Chanticleer
The very good news that markets are ignoring
A reliable indicator of better economic and earnings growth has been flashing for months. It just might help keep the global equity melt-up running.
Big tech’s profit machine eases fears of rally reversal
A robust US earnings season has underlined for investors that the big technology trade is here to stay.
Opinion
Report card on the REITs: mind your debts
Lessons from earnings season: retail property surprised on the upside, logistics cooled a tad, office continued to lag, and housing inquiry rose.
Contributor
Data centres are hot property - and not just for the returns
Macquarie Technology CEO David Tudehope says data centres are not just good investments, they will allow Australia to participate in the entire AI value chain.
Columnist
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
Ghostly galleons are no deterrent
The government’s announcement on Australia’s surface fleet doesn’t past the pub test. But is the nation’s strategic paradigm also dated?
International editor
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
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
Voters will focus on right decision, not 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.
Victorians stay to protect homes ahead of catastrophic fire warning
Victorians under threat from bushfires have largely fled before catastrophic conditions descend, but others are staying to protect their homes.
- 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.
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.
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.
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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.
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.
- Explainer
- US election
Your dinner party guide to the US election
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.
McKinsey ‘advised Chinese agencies’ in row over Beijing work
The consultancy giant, facing calls to be barred from winning US contracts, said claims it had advised the central Chinese government were “inaccurate”.
- Opinion
- US election
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.
Property
Melbourne estate hits the market for $49m
More than a hectare of inner Melbourne is on offer, with the historic estate re-entering the market alongside a neighbouring property for $48.8 million.
- Opinion
- Australian economy
Data centres are hot property - and not just for the returns
Macquarie Technology CEO David Tudehope says data centres are not just good investments, they will allow Australia to participate in the entire AI value chain.
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.
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
How Apple’s new goggles will rock your reality
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.
The eyes have it: Little Prince makes big splash
Deborah Halpern’s boldly coloured bust smashed through its estimate as early season auctions get underway.
Julian pays $450 for a car spot to charge his Tesla
Welcome to our weekly series where we speak to EV drivers who explain the highs and lows of electric life in Australia.
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.
