Dutton sets sights on Coles, Woolies ‘market domination’
The Opposition Leader has flagged action on property acquisitions and land banking as part of a new policy to boost competition.
- Opinion
- Political leadership
Albanese’s shrewd GG choice won’t settle for cutting ribbons
Sam Mostyn is whip smart and is more than capable of using her role to bring attention to various causes as she sees them, in a non-confrontational manner, writes Phillip Coorey.
‘Mission finally accomplished’: How Seven got its Lehrmann exclusive
After a four-month mission, thousands of dollars, and allegations of prostitutes and drugs, Seven finally secured a tell-all interview with Bruce Lehrmann.
‘Not honourable, but lawful’: Uber justifies using spyware on rival
Uber’s lawyers said taking private data from its rival GoCatch was not like burglary, and compared its lawbreaking to publishers selling Lady Chatterley’s Lover.
Oil Search director’s comments allegedly cost exec new job
Former Oil Search executive Ayten Saridas allegedly lost a job she had begun working in after disparaging remarks from a board member contacted as a reference.
- Opinion
- Investing
Caledonia’s $9b bet on Zillow hits an activist short seller wall
The hedge fund backed by some of Sydney’s wealthiest families says the real estate portal’s share price could triple by next year. Others think it will halve, writes Jemima Whyte.
Japan, US to seek Australia’s help in bolstering Indo-Pacific defence
Japanese officials indicate Australia would have a role to play to bolster ties in the region and reduce the risk of confrontations between China and the Philippines.
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legal affairs
Seven allegedly paid thousands for drugs, prostitutes for Lehrmann
In three explosive affidavits, a former Seven producer claims the network paid for housing, meals and drugs to score a tell-all interview with Bruce Lehrmann.
- Analysis
- Defamation
Ten flips the Higgins narrative against Seven
Judge Michael Lee must decide if a man who may have lied to his lawyers, judges and the public has a reputation worthy of being protected.
- Analysis
- Lehrmann trial
Lehrmann judge to test ‘lipstick on a pig’
Justice Lee knows that if he leaves anything out there – even a late affidavit by an ex-staffer at Spotlight – that could be an asterisk over his judgment.
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?
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.
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Companies
- Updated
- Oil
Karoon plots path from oil junior to major through the Gulf of Mexico
The ASX-listed group spent $1.1 billion buying the interests last year. It plans to increase its spending in a bid to boost reserves by more than a third.
Massive cost blowout could scupper Regis’ NSW gold mine hopes
The development will now need more than $1 billion to come online, leaving brokers warning that it may never get off the ground. Regis shares fell 4 per cent.
Mighty Craft in last ditch sell-off to get debt burden under control
The ASX-listed group, which owns a big stake in Better Beer, has sold Mismatch Brewing and the 78 Degrees spirits business to a consortium of publicans.
Christopher Pyne emerges as Hanwha’s man in Canberra
The Korean conglomerate has lobbed a $1 billion bid for ASX-listed Austal. The local shipbuilder has rejected the offer, saying it won’t be approved.
- Exclusive
- Private equity
Hillhouse Capital plots Australian outpost, snares ex-Blackstone exec
The private equity firm has about $63 billion in assets, but like many of its peers, the investor wants to expand throughout Asia.
Flutter warns of Sportsbet headwinds as annual profits slide
Sportsbet boss Barni Evans would not rule out job losses after parent company Flutter revealed the local offshoot’s financial results.
Coal power surge raises pressure to extend Eraring
A surge in coal generation in NSW during the March quarter has raised pressure on negotiations between Origin Energy and the state government to postpone closing Australia’s largest power station.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
ASX drops 1.3pc as property tumbles; Westgold plunges 15pc
Shares decline at the closing bell; gold resets record high; WiseTech’s Engelhard to retire from board; Westgold plunges over 10 per cent after latest quarterly production update.
Commodity markets flash warning signal for stocks
The concurrent rally in oil and gold prices shows that geopolitical risks have returned to markets which is a “negative omen” for risk assets.
News-powered hedge fund raises $100m to trade on reporters’ scoops
Hunterbrook Capital places trades based on scoops uncovered by reporters at its affiliated newsroom, Hunterbrook Media, which is separated by a layer of compliance.
The era of big mining dividend paydays is coming to an end – for now
Morgan Stanley’s analysts have told clients that BHP will be particularly affected amid an iron ore price slump. Lithium miners will similar cut their payouts.
$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.
Opinion
Albanese’s shrewd GG choice won’t settle for cutting ribbons
Sam Mostyn is whip smart and is more than capable of using her role to bring attention to various causes as she sees them, in a non-confrontational manner.
Political editor
The PM has made a silly billion-dollar bet on solar panels
The price of solar panels has plunged and overseas makers are going broke, making it even more puzzling why the government is making a $1 billion taxpayer bet.
Economics editor
Higher oil prices, inflation and debt give investors plenty of worries
There’s little wonder US bond yields are pushing higher, sending sharemarkets lower. The big question is whether this will turn into a full-blown correction.
Columnist
As NATO turns 75, Ukraine war remains a test of wills with a tyrant
Supporters of Ukraine must act quickly, lest the 75th anniversary of the key Western alliance instead marks a collapse of will and capacity in Ukraine.
Editorial
We should be glad banks are speaking up
Australia’s big banks are at the coalface of the economy. Governments should be listening when they highlight the need for change.
Columnist
Why boards need their strategy captured on one page
Good governance is about strategy and judgment, not compliance and process. How do boards get those things to the fore?
Corporate leader
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
Sam Mostyn goes from boardroom to Yarralumla
Sam Mostyn has become the first major significant figure to be appointed to the role of governor-general, after a trailblazing career as a lawyer, director, AFL commissioner and equality activist.
Teals warn Labor has ‘dropped the ball’ on small business
The independent MPs, expected to play a crucial role in next year’s federal election, also hit out at the Coalition for failing to support sensible changes.
Albanese ‘outraged’ after aid worker’s death as condemnation grows
Israel’s top military commander has apologised for the death of Zomi Frankcom and six colleagues killed in a botched Israeli airstrike in Gaza.
‘I want to introduce myself’: Mostyn’s first speech as GG
Sam Mostyn, born in Canberra, rose from an army family to become a political and corporate power player. This is her story.
The new governor-general - in her own words
Sam Mostyn has been one of Australia’s most influential company directors for many years, shaping policies on gender, climate and First Nations issues.
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World
Israel’s drone pilots ‘targeted aid convoy’ with guided missiles
According to Israeli security sources, drone pilots deliberately guided missiles down on to the three clearly marked humanitarian vehicles travelling below.
NATO mulls $165b ‘Trump-proof’ military fund for Ukraine
The proposals would give the Western alliance a more direct role in co-ordinating the supply of arms, ammunition and equipment.
How Tesla lost its grip on the EV market
Sales of the company’s electric cars dropped in the first three months of the year, even as other car makers sold more battery-powered vehicles.
WeWork predicts $12b in rent savings after bankruptcy ends
The co-working company’s plan to reduce its real estate comes as it separately fields an offer by Adam Neumann to buy back the company he co-founded.
Biden warns Xi on Pacific partners, trade and Middle East
The American and Chinese presidents spoke by phone for nearly two hours, discussing Beijing’s treatment of US allies, including Australia.
Property
- Exclusive
- Luxury property
Melbourne print boss offers ‘hardly lived in’ $28m Point Piper pad
Printing heavyweight Wayne Sidwell lists his Point Piper pied-à-terre asking $28m, while the Penn family seek a strong return on their Double Bay investment
The ‘next Justin Hemmes’ swoops on Bruce Gordon’s iconic Illawarra pub
Glenn Piper’s decision to acquire the iconic Scarborough Hotel from Rich Lister Bruce Gordon for $9.5 million is a sign that pub deals are returning.
Four key Melbourne suburbs haven’t built a major project in five years
Developers are warning that overhauling planning powers alone won’t be enough to fix the state’s chronic housing crisis.
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.
Rents rise 11pc in Victoria as investors flee: NAB
Victorian property investment declined last year while advertised rents increased by 11 per cent, according to new data from NAB.
Wealth
Why picking ASX biotechs is mostly for the crazy brave
It’s a space with a reputation for rollercoaster returns and outlandish sales pitches, but some investors get lucky.
Is it worth getting a Qantas home loan for the points?
It’s no good getting a ‘free’ one-way ticket to France but having no money to buy yourself a decent pain au chocolat.
A new class system is emerging even within the world’s 1pc
The Forbes’ rich list has gained $US2 trillion as Taylor Swift and Sam Altman have become billionaires, but 14 people at the top belong in a new category.
Technology
- Opinion
- Electric vehicles
The big worry for car makers: what if the EV slowdown is not a blip?
If politicians cannot persuade consumers to buy EVs, will they tear up their net-zero pledges, or turn to other measures to drive sales?
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?
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.
Work & Careers
Childcare rebates could spike to $14b, but women not returning to work
A key objective of the most recent changes to childcare subsidies was to encourage more women into the workforce. But they haven’t taken the bait.
It took seven years before my career change paid off
Welcome to our new AFR series featuring professionals who have made a big career leap into the unknown.
Life & Luxury
The secret to streamlined packing
What to take? What to leave out? Packing for an overseas holiday can be fraught. So, from lists to laundry bags, these are the hacks we swear by.
Why ‘divorce rings’ are going viral
The trend of such jewellery, embraced primarily by women, is about breathing life into one’s marriage bands after a split.
Streeton, Campbell works promise hefty returns in $12m art sale
An Arthur Streeton painting bought for £7 has hopes of $1.5 million at the year’s first big sale.
From Branson to Nadal – big names are investing millions in Mallorca
Forget the parties and tacky tourism around Magaluf. Celebrities and luxury hotel chains are putting up brass plates across one of Spain’s favourite Balearic Islands.
Going to France for the Games? Here’s your restaurant guide
Three of France’s top chefs are designing the menus for the Athletes Village at the Olympics. But spectators can also win by visiting their buzzy, innovative restaurants.
