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- Opinion
- Chanticleer
Apple case will show how hard it is to tame market power
We all know how Apple uses its power to keep us in its infamous ‘walled garden’ but we all love Apple products.
- Live
- Markets Live
Energy stocks drag ASX down; Fisher & Paykel jumps 6pc
Shares decline at the open; US equities reset record highs; Reserve Bank financial stability report pending; Fisher & Paykel upgrades profit guidance; Reddit leaps on debut, while Apple slumps on lawsuit; ANZ sees iron ore floor. Follow updates here.
- Analysis
- Australian economy
Rate reality check: Early RBA cuts ‘not on the cards’
The strong local jobs markets and patience from the US Federal Reserve will delay local interest rate cuts and undermine critics who claim the RBA has lifted rates too high.
Reddit IPO leaps on AI pitch, but not everyone believes the hype
The stock ended its first day of trading up 48 per cent, but investors say it’s more Snapchat than Meta, despite its deal to provide AI data to Google.
Greensill Group insurers dispute claims
Lex Greensill emailed an insurance underwriter in 2017 suggesting he “step up”. Years later, that relationship is under the microscope.
Glencore abandons coal production cap
Five years after it promised to cap annual coal production at 150 million tonnes, Glencore has withdrawn the policy.
- Live
- Need to Know
Block sizes key to solving housing affordability crunch
Drastically shrinking block sizes would slow price growth, Domain says; Tasmania’s plans to curb hydroelectricity sales are reckless, an economist says. Follow updates here.
Breaking news on companies, politics and economics, in your inbox as it happens.
Edition
AFR Magazine – fashion issue
Jimmy Choo’s sneaker move | Lululemon, a company with stretch goals | Dior relaunches a classic watch | The brand so hot it banned phones from its Paris show
review
After the invasion, Zelensky used peace negotiations to play for time
A new account of the invasion of Ukraine shows how the president tried to use peace talks to gain an advantage on the battlefield.
The Tinder cop: breaking up gangs who prey on the lonely
Romance fraud is the fastest-growing financial crime in Britain, where a lone detective took on an international network of fraudsters.
- Opinion
- Investing
Want better returns? Cut back on shares, bonds
University endowments and the Future Fund indicate that long-term bets on private equity and other unlisted assets produce better returns.
What if the 1pc aren’t getting that much richer?
A new understanding of the US economy suggests members of the 99 per cent are a lot wealthier than they look.
Japan wants to rewrite its war crimes history. A book sets it straight
A major new history explains the importance of this Tokyo trial, which provided searing evidence of civilian massacres and the killing of military prisoners.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Chemist Warehouse sales, profit surge ahead of ASX debut
Regulatory approval from the ACCC stands in the way of a combined Chemist Warehouse and Sigma, which have revealed robust financials before their merger.
Bruce McWilliam, the man you never want in the other corner, retires
Billionaire Kerry Stokes’ corporate fixer and media executive is leaving the group. A sometimes divisive figure, he has advised the country’s most influential moguls.
Star Sydney’s special manager in $1m payday
The documents also show Adam Bell, SC, who is overseeing a second inquiry into the casino, is expected to be paid $525,000 for his 15 week review.
- Exclusive
- Start-ups
$300m to ‘zero’: Blackbird-backed start-up stalls
VC backers of Baraja have written down their investment on the polarising LiDAR technology for autonomous vehicles to nil.
US pledges $1.28b for ASX rare earths stocks
Washington’s desire to break China’s stranglehold on the global rare earths industry has prompted it to pledge funding to two ASX rare earths aspirants.
Locked out home buyers need two rate cuts to have a chance
The MD of Brickworks says 13 rate rises, bureaucratic red tape and a 30pc jump in building material costs since mid-2022 have put detached housing out of reach.
Clive Palmer reaps $447m in royalties from Chinese adversaries
Rich Lister Clive Palmer says he is confident of success with massive damages claim against the federal and WA governments, and will stand his ground in a separate legal dispute with one of China’s biggest conglomerates.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Newhouse billionaires’ 5800pc Reddit gain helps ease their media woes
The family members have watched one clan after another surpass their wealth as their multi-generational media business sputtered, save for one key wager.
BoE keeps interest rate unchanged despite ebbing inflation
Echoing the Federal Reserve and Reserve Bank of Australia, the Bank of England says “things are moving in the right direction” but its rate-setters “need to be sure” before making cuts.
Societe Generale lifts S&P 500 target, says ‘run with the bulls’
US exceptionalism “has become the market norm”, strategists at the firm say, and they see no reason to shift away from US equities
All three US benchmarks reset records, Apple slumps on antitrust lawsuit
The S&P 500 pushed above 5260 and the Dow moved closer to the 40,000 mark as investors’ bets on a rate pivot were bolstered by a cut in Switzerland and a dovish turn in the UK.
$A jumps as jobs surge dashes rate cut hopes
The Australian dollar and bond yields rallied after the employment data shocked economists, prompting some, including Warren Hogan, to reconsider rate rises again.
Opinion
Cleaner cars a politically charged driving test for Chris Bowen
The climate change and energy minister should be cut some slack. He is in the minority attempting hard and unpopular reform, such as the new clean fuel policy.
Political editor
Why good news for jobs is bad news for rates
The government is celebrating robust jobs figures and a fall in unemployment. But Labor and the Reserve Bank will be quietly worried that this is only going to delay any cut in interest rates this year.
Columnist
It’s official: Fed confirms interest rates to stay higher for longer
The central bank is sticking to its forecast for three interest rate cuts this year, but buoyant economic activity means declines will be more modest.
Columnist
Labor’s home-grown foreign policy storms ambush Wong
No other Australian foreign minister has had to deal with a former prime minister - and reforming Labor legend no less - publicly second-guessing the government of the day’s foreign policy.
Editorial
Why gas exports make a false famine
Readers’ letters on Santos boss Kevin Gallagher’s gas export warning; a recent example of nuclear dangers; another entry for the list of politicians’ biggest mistakes this century; and pleas from our regular correspondents go answered.
Contributor
Nuclear vs Renewables shouldn’t be Ford vs Holden
Reducing the complexities of national energy policy to a clean energy brawl is the last thing Australia needs in the middle of the biggest industrial rebuild in the nation’s history, writes Matthew Warren.
Energy expert
Reports
Women to Watch 2024
Meet the next generation of leaders across five key sectors of the economy.
Politics
Australia to spend $5b on UK subs in AUKUS pact
Taxpayers will give the UK government almost $5 billion to subsidise an expansion of British production lines for Australia’s first nuclear-powered submarines.
- Updated
- Jobs
Jobs boom gives workers record slice of the pie
A renewed jobs boom has pushed workers’ share of national income to its highest level in at least two decades and fuelled expectations rates could stay higher for longer.
- Exclusive
- Energy security
The high-profile team for Labor’s electricity commission is gone
It counted some of the country’s sharpest minds on energy. And now the Victorian State Electricity Commission’s six-person expert panel has officially wound up.
Migration record after huge student intake
The country’s annual population growth of 2.5 per cent was the highest rate since 1952, keeping pressure on housing demand and infrastructure.
Economist sacked for student misconduct sues university over ‘ageism’
A 68-year-old professor accused of inappropriate behaviour with a student at the University of Melbourne has claimed he was fired because he was “decades older” than her.
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World
US accuses Apple of exploiting smartphone market
The iPhone maker is being accused of violating antitrust laws by blocking rivals from accessing hardware and software features on its popular devices.
US jobless figures ease as labour market stays resilient
Applications for unemployment insurance have remained subdued over the last year despite elevated interest rates and some signs of cooling in the labour market.
Former Steinhoff CEO Markus Jooste dies in South Africa
A police statement, which did not identify the former executive by name, said the cause of death was a fatal gunshot wound to the head.
Ireland’s ‘exhausted’ prime minister announces shock resignation
Leo Varadkar, whose Fine Gael party has struggled in the polls, said he would step down as leader of the country, citing “personal and political reasons.”
How our era of plenty could lead to human extinction
Technological advances over the past half century have immeasurably improved the lives of much of humanity. But this progress belies a possibly dark future.
Property
- Exclusive
- Retail property
Woolworths pays $51m for suburban mall in supermarket turf war
The supermarket giant’s property arm quietly snapped up the Niddrie Central mall in Melbourne’s north to maintain control of a key suburban site.
Mascot Towers sale set to proceed after threshold achieved
A minimum 75 per cent of unitholders in the Mascot Towers strata scheme have signed sales contract with purchaser Dowco Property Group.
We need land-less mortgages, Mirvac CEO Campbell Hanan says
Australia’s crippling housing affordability problem is shaking up postwar norms about ownership. It’s also prompting a rethink about financing.
- Opinion
- Property Observed
‘Get in at the right time, you’ll outperform’: Steinberg exits Dexus
The chief executive is stepping down from one of the country’s biggest firms, bringing to a close two decades of high-profile commercial property leadership.
- Exclusive
- Luxury property
Three trophy home sales in Sydney’s east fetch $68m
Wealthy buyers are moving to lock down prestige offerings in a city that has just been ranked fourth globally for super-prime sales.
Wealth
- Exclusive
- Governance
Australia’s highest-paid directors revealed
Women now account for more than 30 per cent of directors on ASX 200 companies – but they still don’t perform as well as their male colleagues in the money stakes.
How much should I spend on an engagement ring?
In a stroke of 1930s marketing genius, De Beers convinced men they needed to spend at least a month’s salary on a diamond engagement ring. But is that really a good rule of thumb?
Technology
- Exclusive
- Start-ups
$300m to ‘zero’: Blackbird-backed start-up stalls
VC backers of Baraja have written down their investment on the polarising LiDAR technology for autonomous vehicles to nil.
Why investors should take another look at Alibaba and China
abrdn portfolio manager James Thom says the Chinese sharemarket is oversold, is excited about India and reveals where is betting on AI in emerging markets.
Scrap metal online marketplace raises $1.4 million
The Funded blog is the home for news on the tech deals that are done in Australia, as soon as we hear about them.
Work & Careers
How missing AFL’s top job drove the F1 Grand Prix CEO
Travis Auld, the former AFL chief financial officer-turned F1 GP chief executive, has big plans for the race to go more female and family friendly, to help attract record crowds.
- Opinion
- Chanticleer
Macquarie infrastructure bigwig retires
Grant Smith, who heads up Macquarie’s infrastructure and assets investment activities, is retiring after a hugely successful 28 years.
Life & Luxury
Is he ever ‘just a personal trainer’?
Male fitness instructors have had a reputation for being flirts and girlfriend stealers. How true is it?
Stormy Daniels doco reveals a woman destroyed by Trump
The film looks at how the adult entertainer has repeatedly broken free from men trying to control her.
Why Lamborghini will have a petrol engine’s roar for a long time yet
A $1 million-plus hybrid vehicle is a signpost to Lamborghini’s future, with the sound of its engines preserved for as long as possible.
The best skincare routine for every age, from teens to 70s
Skin changes over the years – and so should how you treat it. But it needn’t be a faff, say the leading experts.
This week’s edits of lovely little luxuries: party food to fast feet
From the return of John Wilson and his simply fabulous catering to Veja French sneakers getting serious about running: we have inspired suggestions for you.
