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- Opinion
- Chanticleer
Why real estate agent John McGrath couldn’t crack the ASX
His brokerage broke the golden rule of IPOs – and paid for it ever since. It’s a reminder that for every success, dozens never quite crack the big time.
- Exclusive
- Venture capital
Blackbird slashes valuations of top Aussie start-ups
Culture Amp, Eucalyptus and Hivery are among start-ups backed by Blackbird, that have been marked down by independent auditors PwC, as valuations fall across the sector.
Keep minimum wage rise to 2pc, says employer group
Business group ACCI will argue that the Fair Work Commission overcompensated for inflation last year with its record high minimum wage rise and must correct it.
‘Legacy of fear’: government watchdog fires parting shot at Andrews
Victoria’s outgoing ombudsman Deborah Glass has warned about the ‘dangerous impact of creeping ‘politicisation’ on the state’s public service.
- Live
- Markets Live
ASX gains as real estate jumps, ALS sinks on Nuvisan rescue effort
ASX back near all-time high. ANZ says iron ore prices nearing a floor. McGrath rallies 25pc on buyout bid. Follow for more.
- Opinion
- Chanticleer
Surprise energy transition story in Monday’s $1b buyout
The last time vessel owner MMA Offshore hit the headlines, it was an offshore oil and gas services group going broke. Now it has a $1 billion bid, and investors can thank the energy transition.
Childcare giant G8’s $46m ‘no admission’ settlement
Even with insurance, shareholders will still take a hefty hit after the board decided to settle for “commercial” reasons.
Breaking news on companies, politics and economics, in your inbox as it happens.
GRAND PRIX
Ferrari upsets as who’s who flock to the Australian Grand Prix
Ferrari clinched first and second as a bevy of business leaders, billionaires and celebrities watched Australian rookie Oscar Piastri finish fourth.
Sainz wins drama-filled F1 as Ferrari storm podium
Carlos Sainz won his first Australian Grand Prix after Max Verstappen suffered a dramatic car fire early in the race.
The bizoids learning to rev at the Grand Prix
Corporate types flocked bright and early to Albert Park’s Paddock Club, which by 2pm on Sunday was full to heaving for Melbourne’s Grand Prix.
Percat wins as Payne’s pain continues at Albert Park
Nick Percat has claimed his first Supercars win in four years in Melbourne as rookie Matt Payne’s nightmare weekend continued.
Good luck finding a table: How F1 gave Melbourne its mojo back
Melbourne’s premium hotels and restaurants are near or at capacity this weekend ahead of the Australian Grand Prix, which is enjoying a boom as women and young people stream in.
monday media
Google’s secret meeting warns of AI threat to ad jobs
The tech giant hosted about 10 independent advertising agencies to underline that AI would start doing the more menial tasks automatically.
Scene of Lehrmann Thai massage snafu uncomfortably close for Murdochs
Rupert Murdoch’s eldest daughter Prudence MacLeod has been trying to buy a new home in Sydney; Southern Cross Austereo’s bankers ask for a stay of execution.
Trump Media merger wins investor approval
The deal clears a near-final hurdle for Trump Media & Technology Group and a potential windfall for the former president.
Disarm Meta’s nuclear option for news, indie publishers say
Should Facebook and Instagram be legally required to host news on their sites? A group of small and diverse news outlets believes so.
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.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- Exclusive
- Pubs
Debt-laden Adgemis mortgages mum’s and grandmother’s homes
The ex-KPMG dealmaker has denied the loans are related to the hospitality empire he is hoping to refinance.
McGrath backs buyout after ‘challenging ride’ on ASX
McGrath founder John McGrath concedes the company’s decision to go public has been tough and returning to private hands was the best outcome.
Childcare giant G8’s $46m ‘no admission’ settlement
Even with insurance, shareholders will still take a hefty hit after the board decided to settle for “commercial” reasons.
ALS writes down $258m drug stake, buys remainder for nothing
The laboratory testing group says it will be able to run the European pharmaceuticals business better once it owns the entire group.
Perseus prevails in $270m bidding war over Tanzanian gold project
After seven months, the board of OreCorp has flipped its support and recommended shareholders back the takeover over a bid from Canada’s Silvercorp Metals.
Big banks take four weeks to hand over a mortgage
The ACCC’s push to shrink the time it takes to discharge a mortgage from one big bank to another has failed to yield any gains for borrowers.
Booktopia vows to do anything to stay afloat
The boss of the book retailer says all options are on the table in a strategic review hastened by a disastrous share price performance.
Companies in the News
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Markets
Small-cap funds hunt for ‘miniature seven’ to rival big tech
The Small Ordinaries is edging ahead of its large-cap rival, spurring hopes small caps can lure back the large investors. Here’s where the fund managers are investing.
‘Sell the rally’: Citi turns bearish on lithium
Citi has joined Goldman Sachs in calling for a correction in lithium prices, suggesting that it’s time for traders to take profits following the recent rally.
Three reasons the tech bull run may be over
Peter Thiel, Jeff Bezos and Mark Zuckerberg are among bosses selling hundreds of millions of dollars in company shares in a sign that markets may be peaking.
- Exclusive
- Managed funds
Platypus appoints fund manager Jelena Stevanovic as CEO
The Sydney-based investor has been promoted to chief executive, where she hopes to grow the $5 billion money manager’s client base.
- Opinion
- Chanticleer
Macquarie’s new FOMO meter flashes red, points to these eight stocks
Macquarie’s new measure of investor sentiment should be a warning sign for those chasing this impressive rally.
Opinion
Australia bets big on rare earths after China sparks panic
Western governments want to break China’s stranglehold on the processing of rare earths into metals and magnets vital for modern living and defence. Australia is key to that. Can it work?
Columnist
A competitive Australia needs more than words
Treasurer Jim Chalmers is now asking the right questions about Australia’s future, even if he needs to find better answers.
Editorial
How the US suing Apple could change Australians’ digital world
The US Department of Justice has taken Apple to task over the very things it’s being tried for in a Melbourne courtroom. Does one case affect the other?
Columnist
Why Australia needs a new energy partnership with Japan
A spat over gas supplies and the huge potential for future fuels means it’s time for a binational body to talk over energy issues.
Trade expert
Australia can’t muddle through Trump 2.0 – we need to plan now
A re-elected Donald Trump will be better prepared to reshape America’s place in the world. Australia and its allies must be ready too.
Asia expert
A British friend with important lessons for Australia
The UK is a good strategic partner for us. It is also a public policy laboratory for what works – and what does not.
Columnist
Reports
AI’s brave new world
Artificial intelligence is being used by hackers to create ever more convincing fakes, but the technology is also giving our leading companies an edge.
Politics
Supermarket break-up push ‘a wider economic risk’
Frustrated by political interference, business leaders want major parties to rule out a Greens bill this week to bust up Coles and Woolworths.
Audit uncovers skipped tests, backfilled data on road project
Subcontractors helping to build roads have been faking tests, in one case backfilling data after layers of the road were laid down.
Lambie demands integrity measures, rethink on Tassie AFL stadium
The minor party founder and federal senator says transparency and integrity issues will dominate as Tasmanian Premier Jeremy Rockliff tries to form government.
New system to track labour hire in government
A new Department of Finance database will provide the first-ever consolidated view of the use of labour hire throughout the Federal Government.
- Exclusive
- ATO
The day a 34-year-old Sydneysider got a $116m tax bill
The Tax Office’s pursuit of a wealthy Taiwanese-Sydney family illustrates how investigations that take years can suddenly accelerate.
SPONSORED
World
‘Tortured’ suspects appear in Moscow court as Russia mourns
Three of the four men were officially identified as citizens of Tajikistan, according to Russian media. They appeared in court badly bruised and disorientated.
US, Japan plan biggest security upgrade in more than 60 years
Joe Biden and Fumio Kishida are to announce the move to counter China at a White House meeting next month.
Moscow attack exposes Putin’s weakness
After the concert attack, Vladimir Putin ignored a claim of responsibility by the Islamic State, tried to implicate Ukraine and mischaracterised a US warning.
High-flying Hong Kong bankers become a lost generation
Out of work or facing deep salary cuts, some fear that this is not even rock bottom as US-China geopolitical tensions fracture capital markets.
Royals ‘enormously touched’ by support after cancer announcement
Kate’s statement via a video message, which was filmed at Windsor Castle, triggered an outpouring of support from well-wishers.
Property
What this $1.3m sale shows about the value of housing
The vendor of an old house on a six-lane highway made it stand out in a sea of properties going to market as development sites.
BWP hits 58pc ownership to secure Bunnings deal
As of Monday morning, the Bunnings landlord held 57.5 per cent of voting power in its smaller rival. It could end up with over 80 per cent.
Booming suburbs where house prices surged more than 20pc in 12 months
House prices in hundreds of suburbs nationwide jumped more than 20 per cent in the past 12 months, despite three interest rate rises, surging cost of living and worsening affordability.
Real estate investors turn to lawyers after ‘huge’ CO2 shock
Property owners across Europe will need to invest vast sums in renovations to ensure their buildings are not emitting illegal levels of carbon dioxide.
House prices on the march as buyers get in before rate cuts
House prices are set for another strong rise this month as the busiest auction weekend of the year pointed to strong demand. But investors are getting out.
Wealth
Tax cuts fail to beat inflation for high earners
Failure to recoup seven years of tax bracket creep under the stage three income tax cuts will leave high earners $6400 behind, new analysis shows.
What to do with a big inheritance
Around $10 billion worth of shares, cash and property is bequeathed every month in Australia. Experts weight in on how to manage a windfall.
How investors get risk wrong
Contrary to popular wisdom, more volatile stocks do not outperform.
Technology
CSIRO backs its long-term VC bet despite nil returns
The CSIRO’s VC fund has not returned a dollar to public coffers despite receiving $175m from taxpayers over seven years, but insists it is on track.
One AI hacking tool has fallen. Others will rise to take its place
A baffling incident from Hong Kong, where a worker was fooled by deepfake colleagues into sending fraudsters $US25 million, shows the risks that companies are facing.
Keep AI on a tight leash or embed bias, experts say
AI’s potential to reinforce discrimination is one of its most worrying effects. New regulations aim to keep the powerful technology in check.
Work & Careers
- Exclusive
- Private schools
Emails revealed as ousted Cranbrook head hires top silk
If Cranbrook governing council thought a quick resignation from headmaster Nicholas Sampson would bring about a swift end to its media agony, it was wrong.
Union leader charged over pro-Palestinian port protest
The Sydney leader of the maritime union is among 19 pro-Palestinian protestors who were arrested overnight following a rally against an Israeli shipping company.
Life & Luxury
- Opinion
- Digital Life
Can Asus’ two-screen Zenbook make you ditch Apple’s MacBook?
Asus has absolutely nailed this year’s Zenbook Duo dual-screen notebook. It’s a pity Intel can’t nail it too and help Apple’s rivals really compete.
Ferrari upsets as who’s who flock to the Australian Grand Prix
Ferrari clinched first and second as a bevy of business leaders, billionaires and celebrities watched Australian rookie Oscar Piastri finish fourth.
- Driving With Tony Davis
- Motoring
Porsche brings its all-electric race car to Australia
Porsche has shown off its prototype electric race car, the GT4 e-Performance, as it rolls on with plans for a parallel Cup series.
How to spend 48 hours in Istanbul
With new flights starting and a free stopover included, it’s time to tick Türkiye’s biggest city off your bucket list.
Winx’s first foal is for sale. She’s expected to make history.
The birth was one of the toughest endurance tests for Australia’s champion mare Winx. Now her filly could break another record.
