How immigration turned into a political nightmare for Biden
More than 9 million illegal immigrants have crossed the border since Biden took office. With polls showing more voters trust Trump on immigration, the president is under the hammer.
Meta refuses to pay for news, setting up war with publishers
The government will force Meta to the negotiating table to pay local media companies for news, after the company behind Facebook and Instagram said it will not renew multimillion-dollar deals.
ASX charts wildest ever earnings season as traders scramble
The sharemarket may have ended February largely where it began, but beneath the hood, short sellers and asset allocators were scrambling to shift money.
- Opinion
- Chanticleer
What I learnt from 27 CEOs in 29 days
Profit season is like a magical mystery tour of the economy, revealing pain, profits and potential. Here’s what we learnt from speaking with 27 top CEOs.
- Live
- Markets Live
ASX hits record high; Life360 soars 30pc, lithium miners rally
Shares add 0.5pc; NAB’s McEwan to join BHP. Life360 hits 61.4m users. Wall St gains, bond yields ease on US inflation data. Bitcoin tops $US61,000. Follow here.
- Opinion
- Income tax
Talented people make nations pay for high taxes
The best and brightest minds globally are fleeing high-tax regimes for jurisdictions offering financial incentives, writes Christopher Joye.
- Exclusive
- Australian economy
Weak consumer spending won’t stop price rises
Chief executives say tepid consumer spending on discretionary items such as sporting equipment and liquor won’t stop companies pushing through further price increases for internet plans, insurance and other staples.
Breaking news on companies, politics and economics, in your inbox as it happens.
Edition
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
review
The CIA’s secret mission to help Ukraine defeat Putin
Once seen as thoroughly compromised by Russia, Ukraine’s intelligence agencies have been turned by US spies into deadly weapons against the Kremlin.
- Opinion
- Psychology
Is your colleague a sociopath?
Also known as “dark triad” personalities, these manipulative narcissists are indifferent to people’s feelings.
- Analysis
- Byelection
The Dunkley byelection could make history
Byelections are important, but it’s mainly marketing with little policy content in the race for Dunkley.
- Exclusive
- Liberal Party
What Scott Morrison does next
Unable to find a job in Australia, the former prime minister has joined a large engineering company in Dubai. He is also working in venture capital.
In China a poor social score affects where you can sleep, dine or live
The social credit system is designed to be a huge network of control covering businesses and government agencies as well as individuals.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Life360 shares surge 37pc on expansion plan
Family tracking app Life 360 is eyeing advertising dollars to accelerate its revenue growth.
Buy now, pay later is pulling off the improbable – a comeback
Block and Zip valuations are rising as peak interest rates pass. Klarna is considering listing in the United States. Is the sector’s winter finally over?
Mortgage stress rates hit fastest pace in at least two years
Some non-bank lenders say they are allocating more investor loans, where delinquencies are lower, into their residential mortgage-backed securities issues.
Australia Post CEO pushes for closure of more branches
Chief executive Paul Graham warned that despite the first “green shoots” of last year’s postal shake-up, more branches needed to shut to avoid future losses.
BHP puts former NAB boss Ross McEwan into chairman race
The miner’s current chair, Ken MacKenzie, is in his seventh year in the position, with the company observing an informal policy of limiting terms to nine years.
- Updated
- Media & marketing
Southern Cross’ big shareholders in push to oust board and executives
Chairman Rob Murray has defended his side’s handling of a takeover offer from rival ARN Media, and says ARN is not sharing critical information.
PAC Capital name to be taken off funds, stay on building
Clayton Larcombe’s controversial funds management business is distancing itself from its own name following negative publicity.
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Markets
Traders bet on June rate cut as US inflation slows
Investors raised bets the US Federal Reserve will kick off its first interest rate cut mid-year amid further evidence inflation in the world’s biggest economy is cooling.
Ray Dalio says magnificent seven are ‘fairly priced’
While some of Bridgewater’s readings look frothy, “we do not see bubbly conditions in aggregate”, the billionaire hedge fund founder said.
What happened overnight? Nasdaq Composite closes at record high as techs rally
US shares were mostly higher, paced by tech, after a key Fed inflation metric met expectations, bolstering rate pivot hopes.
Fed’s preferred inflation metric increases by most in a year
The core PCE data, on a six-month annualised basis, registered at 2.5 per cent in January, rebounding above the Fed’s 2 per cent target.
Regal assets climb as hedge funds take on ETFs
Retail investor interest in Australian hedge funds has dwindled to 10-year lows, as measured by assets, but Regal and Tribeca are seeing the opposite
Opinion
Philippines partners Australia on peace, stability and success in Asia
President Marcos’s speech is in keeping with the tightening network of Asian nations who are keen to keep the US engaged and are suspicious of Beijing’s intentions.
Editorial
Voters tuned out by Voice harder to fix than first thought
Should Labor suffer a large swing against it, or worse in Dunkley, it will be a serious setback. Equally, Peter Dutton needs a win in Victoria.
Political editor
Talented people make nations pay for high taxes
The best and brightest minds globally are fleeing high-tax regimes for jurisdictions offering financial incentives.
Columnist
How Australia can avoid predictable ASEAN pitfalls
South-East Asia will happily talk to us about stability and trade, but ignore us if we are only interested in pushing values and rivalries.
Columnist
Three reasons the green energy transition will be non-inflationary
Renewable technologies will get cheaper, price spikes from retiring coal plants will be avoided and exposure to volatile fossil fuel markets will be reduced.
Dunkley byelection is about nothing but politics
A lot will be read into the implications of Saturday’s poll because it’s essentially a purely political horse race short on substantial policy ambition.
Editorial
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.
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- Live
- Need to Know
Rod Sims says Meta showing ‘disdain’ for parliament
The former ACCC chairman slams Meta’s decision not to strike new deals with Australian media; Labor Senator Linda White has died after a short illness. Here’s how the day unfolded.
PM backs spy chief’s refusal to name turncoat ex-MP
Anthony Albanese retains confidence in ASIO boss Mike Burgess, who is under pressure to reveal the identity of a former politician cultivated by foreign spies.
- Updated
- Foreign relations
‘We won’t yield’: Marcos’ extraordinary speech to parliament
Philippines President Ferdinand Marcos jnr used incredibly frank language for a South-East Asian leader not heard before in Australia’s parliament.
Chalmers flags pre-election budget pivot from inflation to growth
Treasurer Jim Chalmers has begun laying the groundwork for increased spending closer to the next federal election.
‘We’ve gone soft’: Labor old guard backs Keating
Chairman Tony Shepherd has backed Paul Keating’s sentiment that “we have gone soft” but billionaire Gerry Harvey says Keating is living in the past.
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World
100 dead in Gaza aid chaos, Israeli troops accused of firing on crowds
Health authorities said more than 100 Palestinians were shot dead as they waited for an aid delivery, but Israel said they were run over by aid trucks.
‘Don’t they get it?’: Putin warns West of nuclear war risk
Vladimir Putin has vowed to complete his invasion of Ukraine and says Russia could use nuclear weapons if the West sent in troops.
Can Xi come up with a plan to save China’s economy?
Xi Jinping’s focus on national security over economic prosperity means his government is unlikely to announce major stimulus or reform when it announces its 2024 budget next week.
Biden, Trump trade fury over immigration at US border
The US president urged Donald Trump’s Republicans to pass border legislation, as he moved to defuse an immigration debate that threatens his re-election campaign.
Greg Coffey in talks to create $20b hedge fund firm
The Australian executive’s moves to acquire emerging-markets focused Emso Asset Management comes as investment groups seek scale amid eroding margins.
Property
‘The cost of doing business’: A building sector at boiling point
After a series of alleged large-scale tax fraud in the construction sector, subcontractors in the building industry fear they can no longer compete as firms underquote.
- Exclusive
- Luxury property
Royale treatment for interior designer’s $16m home
Tanya Johnston, the interior designer daughter of Royale Construction boss Peter, has listed her Hawthorn home in Melbourne’s east for about $16 million.
House price growth gathers speed as sentiment improves
Home values re-accelerated in February bolstered by increasing optimism about potential interest rate cuts later this year amid falling inflation.
Cromwell pins hopes on $500m Polish malls sale to curb debt worries
The Brisbane property fund manager’s gearing level is close to 45 per cent, well past its target range, as devaluations hit its balance sheet.
How worried should you be about commercial real estate?
Strains are surfacing four years after the pandemic. Valuations take a long time to adjust to shifts in demand, mortgages can take years to mature.
Wealth
- Exclusive
- Pubs
Jon Adgemis in financial dispute over his grandmother’s estate
The businessman’s Public Hospitality Group has been struggling with cash flow problems and is saddled with high debts.
‘Investments of passion’: Why I spent $15,000 on wine in three years
Tim Baker was bitten by the wine bug in France.
- Opinion
- Super Q&A
How much cash can my parents pump into superannuation?
This strategy could allow a couple to contribute $940,000 to super.
Technology
Did Apple just ditch its biggest ever Watch upgrade?
The world’s most popular watch manufacturer had been expected to make a huge overhaul to its Watch Ultra in 2024 or 2025.
‘Keeps me up at night’: How Australia’s government sees hacker threat
Home affairs Minister Clare O’Neil has warned of a growing threat of cyber sabotage to Australian power, telecommunications, health and water infrastructure.
- Exclusive
- AI
Labor minister says AI may be ‘humanity’s last invention’
Andrew Leigh’s concerns about the threat to people from computers adds to momentum to introduce restrictions on artificial intelligence.
Work & Careers
How big thinking will reshape universities
This is a critical moment for the higher education sector, which is set to be reshaped over the next 10 to 25 years.
What one of Australia’s top bankers thinks about the pay gap
Jarden co-chief executive Sarah Rennie discusses taking the plunge on a start-up and why investment banking is becoming more female-friendly.
Life & Luxury
AFL inclusion boss says Paul Keating was wrong on the Voice
Eight years into her role, and still recovering from the amputation of her lower right leg last year, Tanya Hosch keeps pushing on in a job where there is no finish line.
Why death metal is feel-good music
Can some forms of music actually be bad you? That’s what Plato thought in 4th-century BC, and it has been a cause for moral panic ever since.
‘Landmark’ research links processed food with 32 ways to die
Experts say a review of the link between ultra-processed foods and health shows governments should step in with restrictions akin to those on tobacco.
This opera turns the orchestra pit into a lake
Robert Lepage’s production of Stravinsky’s “Nightingale” for Adelaide Festival throws the singers into the deep end, literally.
Deep-sea robot finds walking fish among 100 new species
The discovery off the coast of Chile has intensified calls to protect submarine mountains in international waters.
