Ten wins bid to reopen Lehrmann case
Former Liberal staffer Bruce Lehrmann allegedly leaked thousands of pages of confidential documents to Seven, then lied about it under oath, a court has heard.
Fortnite billionaire admits he loved, deceived Apple
When you get one of the world’s richest and most popular computer nerds into the witness stand for sworn testimony, what’s the first question you want to ask them?
Visa rejections hit record as overseas students top 700,000
There were 713,000 international students living in Australia in February, but a corner has been turned as visa rejections pile up.
- Exclusive
- Cash economy
Banks ramp up plans for cash disruption after Armaguard deal fails
One option being considered is for smaller cash couriers to step in if the monopoly money transport business owned by Lindsay Fox collapsed.
Oil Search investigation found executives ‘felt belittled’ by MD
Part of the report was read out in court, with former chief financial officer-designate Ayten Saridas suing the company for alleged bullying and harassment.
Uber admits to illegal activity at launch in Australia
A Melbourne trial to judge if Uber unfairly scuttled a rival’s business has begun with the ridesharing giant admitting it operated illegally in Australia a decade ago.
Population surge, small households fuelling home prices: RBA
The resilience of the housing market recovery could make the RBA reluctant to deliver cuts to the cash rate later this year, according to economists.
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tuesday tech
- Exclusive
- Start-ups
How Macquarie’s $46m investment in an Aussie tech firm turned into $1
Macquarie Capital poured $46m into Plutora, but sold its stake for a dollar, and administrators have met to try to figure out what is left in its operations.
- Analysis
- The Breakdown
‘AI honeymoon is over’, Canva co-founder declares
Just two years after the last technology bubble burst, investors shouldn’t mistake AI tools that look like magic for a business model that is.
Uber’s ‘espionage plot’ to ‘crush’ Packer-backed rival GoCatch
Well before the ride-sharing giant dominated, it had a big local rival. This week, Victorian courts will hear explosive claims of how it killed the competition.
- Exclusive
- Cloud
Google ‘ghosts’ Aussie staff on promotions as cloud boss quits
The boss of Google’s local cloud division has resigned, with employees saying it has scaled back promotions as it struggles to compete with Amazon and Microsoft.
- Opinion
- Digital Life
Big house? This new security camera can reach into every corner
Swann’s new MaxRanger4K AI-based security camera system uses a new type of WiFi with a range of hundreds of metres, if not thousands.
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Companies
Cettire shares slide 16pc on Bell Potter downgrade
The company’s house broker said the luxury marketplace would continue to outperform peers, but it would be harder for it to generate high growth.
Origin Energy suitor EIG nabs stakes in three major LNG projects
The private equity group, partly owned by Saudi Aramco, has made three investments in ventures run by Woodside, Chevron and Shell and will open a local office.
Oil Search investigation found executives ‘felt belittled’ by MD
Part of the report was read out in court, with former chief financial officer-designate Ayten Saridas suing the company for alleged bullying and harassment.
- Opinion
- Chanticleer
Packaging group hits the turps, investors stuck with the hangover
A once boring packaging company is doing what it can to make investors more wary of big offshore M&A.
- Updated
- Defence
South Korea’s Hanwha a ‘credible buyer’ for shipbuilder Austal
The ASX-listed group has rejected a bid from the defence and aerospace conglomerate after warning it would probably fail to gain required government approvals.
Citi’s local businesses log losses amid global restructuring
The US bank’s Australian financials come amid a broader slump in profits at investment banks’ local outposts.
Orora flags earnings pain at its big French acquisition Saverglass
The ASX-listed bottle manufacturer purchased the 126-year-old business last year. On Tuesday, it said orders were lower than expected, sending shares lower.
Companies in the News
Search companies
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Markets
ASX retreats from record high; gold miners rally, Mesoblast soars 70pc
Shares end in the red after resetting record high. Cettire and Orora sink. The Reserve Bank of Australia softens language in latest meeting. Iron ore rebounds after Monday’s rout.
$A hit as strong US data dents rate cut hopes
The local currency is back below US65¢ after traders pushed back the likely timing of the first rate cut by the Federal Reserve and the Reserve Bank of Australia this year.
Inflation set to ease, but it will be bumpy: survey
While higher prices are forecast to ease, economists warn that should inflation reignite, the RBA will stand pat on rate cuts at least for this year.
RBA will struggle to cut rates this year: survey
The RBA is expected to be the last major central bank to start cutting interest rates and economists predict the cash rate will remain on hold at least until November.
Gold rally ‘has legs’, as price tipped to reset record
Gold has already jumped more than 9 per cent this year, with ANZ and JPMorgan projecting the precious metal to hit $US2300 an ounce by December.
Opinion
Reserve Bank ponders the market plumbing
The Reserve Bank board is repurposing the financial system as its cheap pandemic funding is flushed out. It’s doing it as financial markets are only too happy to splash the cash.
Senior reporter
Investors fear Fed will abandon three rate cuts this year
The sell-off in US bond markets suggests investors are anxious that stubborn US inflation will force the Fed to opt for “one and done”.
Columnist
Can Australia compete in the new post-inflation world?
The “new neutral” medium-term interest rate will make global competition for capital far more intense. The country needs to get ready for that.
Economics professor
Putin waiting for Washington to collapse if Trump wins
The Russian leader sees an opportunity to re-establish a sphere of influence in Europe if Donald Trump is re-elected US president.
Columnist
Solar fantasy gives industry policy a bad name
Australia does not have a great record at industry policy. Creating a bucket of government money for solar panels in the midst of a global subsidy war looks even less likely to work.
Editorial
Boeing heard all the warnings, it just wasn’t listening
The aircraft manufacturer deliberately moved its headquarters to be away from day-to-day business. It was a disaster.
Commentator
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
Ramsay Foundation splashed $7m on failed Voice campaign
Rich Listers, major charitable foundations and big corporates spent millions on last year’s Indigenous referendum.
NSW clubs ‘acutely aware’ of money laundering laws
Lobby group ClubsNSW said its members had recently met with the financial crime watchdog to ensure they were complying with anti-money laundering laws.
Australia locks in $1b defence deal with Germany
The manufacturing deal will create at least 600 jobs in Queensland but was thrown into doubt last year after Labor snubbed the company involved for its own defence contract.
PM ‘expects full accountability’ for aid worker’s death
The PM says the tragic death of Zomi Frankcom is “completely unacceptable”; Jim Chalmers says RBA minutes show it didn’t consider increasing the cash rate in March. Here’s how the day unfolded.
Almost one in three jobs created last year was for the NDIS
The growth in NDIS-related employment has masked the slowdown in private sector industries like construction, retail and manufacturing.
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World
US pushes Israel to halt Rafah invasion in ceasefire talks
The US-Israel talks focused on the potential operation in the southern Gaza city that has exposed one of the deepest rifts between the two allies.
Trapped vessels start moving out of Baltimore after bridge collapse
The city’s shipping channel has been blocked since a loaded container ship lost power and collided with a support column of the Francis Scott Key Bridge a week ago.
Avian flu outbreak in US cows tracked by Australian officials
The CDC says this is a developing situation and so far, a person in Texas who had direct contact with dairy cattle, has tested positive for H5N1 bird flu.
Iran vows revenge on Israel for deadly missile strike
Seven officers, including generals from the elite Revolutionary Guard, have been killed in the Israeli strike on Iran’s consulate in Damascus, as tensions soar.
Trump pays $269m bond to halt asset seizure
The former president, who is campaigning to return to the White House, is still on the hook for the full amount, plus millions in interest, if his appeal fails.
Property
The four Perth suburbs delivering 25pc-plus returns for investors
While eight of the top 10 performing suburbs for house price growth in Perth lie across the city’s south, four have climbed more than 25 per cent in a year.
Record-breaking house prices make early rate cuts ‘less likely’
Home values nationwide hit new peaks in March, boosted by strong gains in the more affordable markets, but rising prices could also delay rate cuts.
‘It’s OK to rent’, developer tells Canadians priced out of homes
With high rates of homeownership, renting in Canada has traditionally been a transitory state. As home prices and borrowing costs have jumped, that is changing.
Six Sydney suburbs haven’t built a major project in years
Some of the suburbs earmarked for aggressive development haven’t had a single major unit project in five years. The NSW government wants to change that.
East coast buyers bet on AUKUS, power Perth’s property boom
Perth is the country’s hottest property market as migrants converge with east coast investors betting that major defence contracts will boost rents and returns.
Wealth
- Opinion
- Property investment
The right apartment still a good stepping stone to wealth
The price difference between houses and apartments has reached record levels, but units are still an important stepping stone on the property ownership journey.
- Opinion
- Trusts
Why estranged family members might still have a claim on trust money
A decision in the Victorian courts found that trustee must engage in bona fide inquiries about potential beneficiaries.
The mystery of the mansion and the $2.7b bitcoin haul
What were two Chinese women doing in a rented mansion in London with an astronomical amount of cryptocurrency?
Technology
US and UK sign landmark agreement on testing safety of AI
The deal represents the first bilateral arrangement on AI safety in the world and comes as governments push for greater regulation.
- Opinion
- Digital Life
One control panel for all your home devices is still a lot to ask
So far, Amazon’s new Echo Hub is the best at controlling smart devices around the home. Nevertheless, the smart device industry remains fundamentally broken.
- Exclusive
- Cloud
Google ‘ghosts’ Aussie staff on promotions as cloud boss quits
The boss of Google’s local cloud division has resigned, with employees saying it has scaled back promotions as it struggles to compete with Amazon and Microsoft.
Work & Careers
Union delegates should get free iPads from bosses: CFMEU
Employers are protesting against a push for union delegate minimum rights including an iPad, a phone, filing cabinet and private lockable area.
McKinsey offers staff nine months’ pay to leave
The management-consulting firm is dangling the pay, along with career-coaching services and other resources, to some UK staff who would like to leave.
Life & Luxury
The Danish city that is definitely worth the side trip
Aarhus embraces its Viking identity via myriad museums, great restaurants, and even a strange clown pub.
‘Eating out in France is a lottery you’re likely to lose’
On a trip to see family in a country known for its culinary excellence, a former Financial Review restaurant critic finds both delights and disappointments.
Can Netflix’s billionaire founder Reed Hastings disrupt skiing?
Can the new owner of Utah’s Powder Mountain transform the ski industry the way he did entertainment, even as he learns the ski business on the fly?
No cruise? No problem. We got a bonus week in Rome
The disappointment of a cancelled cruise is replaced by the joy of an unexpected luxury stay in the Eternal City.
Can you have kids AND nice furniture?
Is it best to put off owning something you’d enjoy, or keep a beloved heirloom locked away until some later, safer date? I decided to ask the experts.
From the gallery
Rich List
Cettire shares slide 16pc on Bell Potter downgrade
- 1 hr ago
- Carrie LaFrenz and Jonathan Shapiro