PM pledges $2b green energy investment fund for SE Asia
The federal government will establish a $2 billion finance facility to help fund green energy and infrastructure investment in South-East Asia, to tap into spiralling demand for renewable power.
- Updated
- Foreign relations
Don’t force your problems with China on us: Malaysian PM’s plea
Anwar Ibrahim says his country is “fiercely independent”, as Penny Wong warns the region is facing its most “confronting circumstances” in decades.
- Exclusive
- Investment banking
Macquarie lauded embattled Indian tech investment as its scandals grew
In two investor updates last year, the asset manager lauded the profitability of Byju’s even as other backers slashed the value of the embattled education platform.
- Opinion
- Chanticleer
Downer’s stoush with KPMG a big test for corporate Australia
Cosy relationships between big four audit firms and directors have greased corporate Australia’s wheels for decades. Now they are coming under pressure.
- Exclusive
- Political lobbying
Meta flew in top reputation fixer ahead of news bombshell
The tech giants have amassed an army of lobbyists to deal with fights on news and tax. These are the fixers pounding Canberra’s corridors of power.
‘Substantial’ risk to GDP growth as firms destock
A surprise fall in inventories could shave 1 percentage point off GDP growth and raises the possibility the economy contracted in December for the first time since the pandemic downturn.
- Analysis
- Israeli-Palestinian conflict
Why Biden must get even tougher with Netanyahu
The US president should use the UN Security Council to create facts in international law, forcing Israel to scale back its campaign in Gaza and its settlement of the West Bank.
Breaking news on companies, politics and economics, in your inbox as it happens.
Tuesday tech
- Exclusive
- Funding
Tech founders ‘delusional’ about falling company valuations
Seasoned investors have warned that entrepreneurs are delusional after a new study found most were confident of raising capital this year at higher valuations.
Crypto casino Stake.com denies trademark claims
A cryptocurrency gambling company with the same name as a share trading platform says it rebranded the F1 team it sponsors at the Melbourne Grand Prix to avoid confusion.
- Analysis
- The Breakdown
Black George Washington? Google shows pitfalls of ‘woke’ AI
Google’s chief executive, Sundar Pichai, apologised after his company’s AI tool inserted people of diverse backgrounds into requests for historical images.
- Opinion
- Digital Life
We don’t believe it. A smart home device that actually works?
Every six months or so, we perform in-depth experiments to see if smart home devices are still as bad as ever. This time, we got a different answer than usual.
- Exclusive
- Media & marketing
Inside Facebook’s secret media deals
Confidential until now, details of two agreements struck by Meta for news provide a glimpse into what the social media giant gained for its funding.
ASEAN SUMMIT
Australia, Malaysia seek to defuse tensions on Israel-Hamas
The two countries agree there should be an immediate humanitarian ceasefire and the release of all remaining Israeli hostages being held in Gaza.
- Analysis
- ASEAN
The first day of this summit exposes the gulf at ASEAN
The first day of the ASEAN-Australia summit offered a classic illustration of the existing gulf in regional diplomatic cultures and approaches.
We will never take sides on US v China: ASEAN chief
ASEAN Secretary-General Kao Kim Hourn says South-East Asia wants to see improved relations between China and the US.
- Opinion
- ASEAN
If we don’t take advantage of ASEAN’s rewards, others will step in
Australia’s trade and investment with its giant Asian political and economic neighbour is seriously underdone. Where should we start to change things?
- Opinion
- East Asia Forum
ASEAN must anchor regional security through co-operation
Australia needs ASEAN leaders now, more than ever, to be an effective anchor for security in the region.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Downer EDI sues KPMG for failing to detect accounting irregularities
The contractor has sought to blame its auditor for the scandal, which wiped some $500 million from its valuation, forcing the firm to quit as auditor.
Genex shares surge as Japanese utilities giant lobs bid
Scott Farquhar’s Skip Capital and a partner walked away from a lower bid for the Queensland renewables developer 14 months ago but remain its biggest shareholder.
Billionaire Paul Little struggles to exit investment in Russian miner
The ASX-listed Siberian coal operation is arguing in the Federal Court that it has not breached sanctions put in place after the invasion of Ukraine.
Avenue Bank wins full APRA licence, bank guarantees in sight
Avenue will take on the major banks in the $9 billion market for rent guarantees demanded by commercial property landlords.
- Opinion
- Chanticleer
Why rising house prices make RBA rate cuts less likely
The latest data from the housing market says supply remains weak, and prices are rising again. That will probably give the RBA a headache.
Qantas’ sunrise dream faces cheaper ultra long-haul competitor
Turkish Airlines is pursuing a different strategy to take Australians direct to Europe, which is likely to be much cheaper than Qantas’ long-haul project.
Lynas not standing still after mega-merger stalls
Lynas boss Amanda Lacaze missed out on a tie-up with a New York-listed rival aimed at challenging China’s dominance. What next for the rare earths player?
Companies in the News
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Markets
Super funds put money back to work, fuelling ASX rally
BHP, CSL and QBE were among the most popular stocks held by super funds last year, while Fortescue was by far the most unloved.
Mortgage wars yet to stop CBA shares from marching ahead
Commonwealth Bank hits a new high on the ASX even as 15 analysts covering the stock rate it a “sell” and say it is the most overvalued big bank on the exchange.
Rate cut bets ramp up as traders price US slowdown
Weaker than expected US manufacturing data has reinforced bets that the Federal Reserve rate could cut rates as early as May.
VanEck’s bid for ASX bitcoin ETF boosted by record interest
The investment manager wants to launch a local bitcoin exchange-traded fund, and is waiting on approval from the corporate watchdog.
‘Substantial’ risk to GDP growth as firms destock
A surprise fall in inventories could shave 1 percentage point off GDP growth and raises the possibility the economy contracted in December for the first time since the pandemic downturn.
Opinion
Rebooting farm productivity will help achieve climate goals
Delivering sustainability outcomes is paramount for farmers, but more work needs to be done to understand the challenges in the sector as costs rise faster than revenues.
Head of ABARES
Ukraine needs total Western support - and so does Israel
Both are fighting for Western civilisation - one against Russian imperialism, the other against Iranian-backed Islamism. And we should want both to win.
Contributor
In WA, a lesson in the tough reality of processing lithium
Albemarle’s emerging plant is a living example that reality is much harder than Australia’s rhetoric about more downstream processing in lithium hydroxide.
Columnist
Dunkley sets up Labor’s 2025 win
While the Liberals look down rabbit holes like crime and refugees, Labor plans to claim vindication on economic policy.
Former Labor minister and economist
If we don’t take advantage of ASEAN’s rewards, others will step in
Australia’s trade and investment with its giant Asian political and economic neighbour is seriously underdone. Where should we start to change things?
Economist
Dunkley shows Liberals can win Teal seats
Defeat for Liberals in the byelection offers “blue shoots” in seats that turned teal if they focus on the economy.
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
Drumgold ‘delighted’ as judge finds inquiry biased
A court has found the inquiry by former judge Walter Sofronoff was infected by bias because of his contact with Janet Albrechtsen, a journalist from The Australian.
It’s the economy, Peter: What Dutton should take from Dunkley
Open hostility towards Scott Morrison in Victoria has been replaced with begrudging respect for Peter Dutton, MPs involved in the Dunkley campaign say.
Dry conditions to cost Australian farmers, with grim outlook for wine
Dry conditions and soft international grain prices have led to Australia’s agricultural output dropping by 15 per cent, hitting farm incomes.
Australia, Malaysia seek to defuse tensions on Israel-Hamas
The two countries agree there should be an immediate humanitarian ceasefire and the release of all remaining Israeli hostages being held in Gaza.
- Exclusive
- Political leadership
Tas Libs, Labor ‘sniffing around’ Lambie in search for majority
The outspoken senator is fielding a team of 12 candidates at the Tasmanian election. They are on track to secure one-in-every-10 votes.
SPONSORED
World
Nikki Haley wins her first Republican primary
Her victory at least temporarily halts Donald Trump’s sweep of the GOP voting contests, although he is likely to pick up several hundred more delegates this week.
Newly enlarged NATO starts drill in Finland, Norway and Sweden
With more than 4000 Finnish soldiers taking part, the Nordic Response 2024 represents the newcomer’s largest ever participation in a foreign exercise.
Xi to resist pressure to step up stimulus
This week’s National People’s Congress is expected to focus instead on the longer-term goal of turning China into an advanced manufacturing superpower.
Israel ‘boycotts’ Gaza ceasefire talks over hostage list
Washington has insisted the ceasefire deal is close. But the warring sides have given little sign in public of backing away from previous demands.
- Analysis
- Israeli-Palestinian conflict
Why Biden must get even tougher with Netanyahu
The US president should use the UN Security Council to create facts in international law, forcing Israel to scale back its campaign in Gaza and its settlement of the West Bank.
Property
New house pipeline drops to weakest in almost 12 years
Australia’s new housing cycle is reaching a trough, but this doesn’t mean a fast pick-up anytime soon.
Tax rise ‘last nail in the coffin’ for Victorian property investors
Melbourne property manager Carmen Littley says she has lost 52 investor clients since landowners were slugged in the most recent state budget.
Lendlease defends guidance shock
The beleaguered property giant says it could not have disclosed a change in its forward guidance any earlier than last month’s December half announcement.
How Country Garden plays into China’s property mess
When China moved in 2020 to reduce the risk of a housing bubble, it set off a cash crunch for developers that was worsened by pandemic lockdowns.
Chinese buyer outbids locals by $1m for luxury Gold Coast home
A FIRB buyer paid $7.7 million for a newly built Miami-style mansion in Mermaid Waters – over $1 million more than any local offered for it.
Wealth
- Analysis
- Cars
The 20-year, multibillion inheritance feud dividing the Fiat dynasty
Gianni Agnelli’s daughter Margherita signed a document in 2004 that has spurred lawsuits and set her against her three eldest children.
‘Investments of passion’: Why I spent $15,000 on wine in three years
Tim Baker was bitten by the wine bug in France.
- 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.
Technology
TikTok dragged into Albanese’s Facebook fight
The government has told the video social network with 8.5 million Australian users to strike deals with media companies for the value of their content on its site.
As Facebook turns 20, news is out, fun is in
Social media are more popular than ever, but social networks are dying.
- Exclusive
- Funding
Tech founders ‘delusional’ about falling company valuations
Seasoned investors have warned that entrepreneurs are delusional after a new study found most were confident of raising capital this year at higher valuations.
Work & Careers
- Exclusive
- Trade unions
Christy Cain follows John Setka out the door at CFMEU
The militant union head is stepping down as part of a change of the guard that could result in the construction division leading the broader union.
- Opinion
- Gender equality
Vanessa Hudson is not alone. Why women teeter on ‘glass cliff’
Female workers are deemed more likely to rise to the top when the job is dire, the risk of failure is high and men are less interested in the gig.
Life & Luxury
- Opinion
- Digital Life
We don’t believe it. A smart home device that actually works?
Every six months or so, we perform in-depth experiments to see if smart home devices are still as bad as ever. This time, we got a different answer than usual.
This play about the Lehman Brothers disaster is three hours long. It’s riveting
Masterfully acted and brilliantly staged, The Lehman Trilogy is as much the story of capitalist America as it is of the doomed bank.
‘A Mars bar in a yellow skin’: the truth about bananas
Is the popular fruit really such a health saviour? Here are the pros and cons of making bananas one of your five a day.
‘We don’t do curry’: this chef wants to change our idea of Indian food
Is progressive Indian food anything like the stereotype? What actually is Filipino cuisine? All will be revealed at the Melbourne Food and Wine Festival.
- Driving With Tony Davis
- Motoring
BYD’s fast new EV sedan is hot on Tesla’s tail
The Chinese makers of the BYD Seal Performance Sedan are so proud of its acceleration they’ve put a badge on the boot boasting of the rate. But this fast EV has other surprises, too.
