PM says protection is the ‘new competition’
Anthony Albanese will declare the free market can no longer be relied upon and Australia needs “sharper elbows” to safeguard sovereignty and the national interest.
Dutton decries PM’s ‘moral fog’ on antisemitism
In a blistering speech, Opposition Leader Peter Dutton blasted Penny Wong for “reckless” consideration of recognising Palestinian statehood.
Fed rate cut hopes fade as US inflation rises to 3.5pc
US consumer prices rose more than expected in March, dampening hopes that the US Federal Reserve would bring forward an interest rate cut.
KPMG hit with record $38m fine for exam cheating
KPMG’s Netherlands affiliate was found to have made multiple misrepresentations to the US accounting watchdog about its knowledge of the misconduct.
Merger reforms ‘will stymie big tech buying up start-ups’
Citing Facebook parent Meta’s purchase of Instagram in 2012 and WhatsApp in 2014, Gina Cass-Gottlieb said it was important the ACCC was able to think broadly about merger effects.
- Analysis
- Israeli-Palestinian conflict
The serious flaw in a two-state Palestine plan
Penny Wong’s intervention begs several questions, one being: how is a two-state solution possible when both Israel and Hamas don’t want it?
- Exclusive
- Food & drink
Publican Jon Adgemis’ luxury yacht not safe from creditors
Lenders tipped a company which owns the vessel into receivership last month – before handing it back. He is attempting to refinance his sprawling hotel empire.
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merger reform
Merger shake-up threatens to ‘kill off the start-up sector’
Tech leaders have warned that proposed merger laws will kill deals before they close, starving the sector of the capital it needs to continue to grow.
- Opinion
- The AFR View
Competition case for merger shake-up is unconvincing
Giving the ACCC bureaucrats more power might just add more red tape costs for little return. It would be more productive to focus on the obvious competition black spots.
- Opinion
- Competition
Deal makers trumped by economists in M&A shake-up
Lawyers and bankers will lose from the merger overhaul that attempts to tackle economic concerns that industry concentration has led to higher prices and fewer start-ups, writes John Kehoe.
Chalmers’ merger crackdown to shake up M&A
The ACCC will be able to block serial acquisitions and those that entrench the market power of big players, but Jim Chalmers rejected a “presumptive ban” on mergers.
- Opinion
- Chanticleer
Chalmers’ merger reforms will change dealmaking
The treasurer’s sweeping reforms will transform how deals are done in Australia, but could change the way the economy develops.
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Companies
NAB’s new CEO shuffles leadership team, promotes rival
Rachel Slade, who was overlooked for the top job in favour of Andrew Irvine, will run the pre-eminent business banking division. Ana Marinkovic will run retail.
Former exec claims Oil Search didn’t tell CFO he was being replaced
Former Oil Search executive Ayten Saridas claims she was told by the CEO to keep the fact she was being canvassed to be CFO secret from the man she would replace.
New Seven expenses scandal as Spotlight boss enlists lawyer
Mark Llewellyn, executive producer of Seven’s flagship current affairs show, has tapped John Laxon for advice, as the network deals with new allegations of corporate wrongdoing.
‘How did they get it so wrong?’: Rozelle interchange still a debacle
A proposal to slow down tolled traffic heading into the Sydney CBD was “taken off the table” in January, a NSW parliamentary inquiry has been told.
- Exclusive
- Big four consultants
EY to cut 100-plus staff amid advisory downturn
The big four firm will cut more than 100 roles next week, or about 1 per cent of its 10,000-strong workforce, due to the downturn in the consulting market.
DFAT mulls move against sanction-busting ASX-listed Russian miner
Foreign affairs officials have not ruled out prosecuting Tigers Realm Coal, which entered a trading halt on Wednesday.
- Updated
- Software
Dubber CEO sacked as company turns to emergency raising
Steve McGovern, one of the call recording software group’s founders, has been fired following an internal investigation into the disappearance of $30 million.
Companies in the News
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Markets
Big four’s expensive shares send investors towards smaller rivals
With brokers warning the shares of CBA and its peers are too pricey, funds managers are increasingly looking to cheaper competitors like Judo Bank and MyState.
Miners push ASX higher; Ansell, Coronado shares jump
Shares advance at the closing bell; RBNZ leaves cash rate unchanged; ASIC to appeal court ruling on Finder Earn; gold extends rally; Dubber CEO sacked. Follow updates here.
- Opinion
- Chanticleer
Rate cuts don’t matter to these ‘fallen angel’ stock picks
On Thursday morning, investors will be obsessing over what US inflation data says about rate cuts. But Munro Partners’ Qiao Ma won’t be one of them.
NZ pushes back on early rate cuts despite recession
The Reserve Bank of New Zealand held the cash rate at a 15-year high but surprised the market by indicating “limited” tolerance for high inflation.
Gold’s dizzying ascent isn’t over yet, say fundies
The precious metal has surged nearly 20 per cent since February, but macro fund managers expect the momentum to continue.
Opinion
Why renters face a perfect storm
Surging Australian rental prices compounded by record low vacancy rates and falling building approvals translate into a housing supply crisis.
Columnist
Like Biden, Labor is on its own Israel journey
Penny Wong wants a two-state solution, but the reality is Gaza is looking more like the US quagmire in Iraq
International editor
We need a tough treasurer to talk us through tax reform
What really matters for future living standards is government policy going above and beyond mediocre minor changes.
Economics editor
Competition case for merger shake-up is unconvincing
Giving the ACCC bureaucrats more power might just add more red tape costs for little return. It would be more productive to focus on the obvious competition black spots.
Editorial
Labor gives the ACCC the merger revolution it wanted
The only real bright spot for business is that the government has rejected the regulator’s initial call for the test for approval to reverse the onus of proof.
Regulation lawyer
A Palestinian state to bring peace? Look to the Good Friday Agreement
Readers’ letters on Northern Ireland’s lessons on achieving an enduring peace; alternatives to “fragile” rail networks; the burden of card transaction fees; the enduring need for cash; and the impact of new strata laws.
Contributor
Politics
- Opinion
- Competition
Deal makers trumped by economists in M&A shake-up
Lawyers and bankers will lose from the merger overhaul that attempts to tackle economic concerns that industry concentration has led to higher prices and fewer start-ups.
Taxpayer support for high-tech manufacturing could backfire: IMF
While industrial policy can fuel innovation if done right, the International Monetary Fund said history was “full of cautionary tales of policy mistakes [and] high fiscal costs”.
- Analysis
- Israeli-Palestinian conflict
The serious flaw in a two-state Palestine plan
Penny Wong’s intervention begs several questions, one being: how is a two-state solution possible when both Israel and Hamas don’t want it?
Merger reforms address two burning questions for bankers, lawyers
Iron-clad timelines, and ensuring that some transactions are scrutinised by the ACCC, provides greater certainty for bankers negotiating billion-dollar deals.
Australia to join stepped-up patrols in South China Sea: US
The move follows historic joint naval exercises last weekend to push back on China’s aggression in the waterway, which sparked anger in Chinese media.
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World
US sends Ukraine seized Iranian-made weapons
The weapons include 5000 Kalashnikov rifles, machine guns, sniper rifles and rocket-propelled grenades, along with half-a-million rounds of ammunition.
Australia to join stepped-up patrols in South China Sea: US
The move follows historic joint naval exercises last weekend to push back on China’s aggression in the waterway, which sparked anger in Chinese media.
Tiger Woods has not given up hope of adding another Masters green jacket
Never mind he is 48 and had more surgeries than his 15 major titles; or in his 10 rounds at the Masters since he won in 2019, he has broken par only three times.
South Koreans vote in major test for President Yoon
Some 44 million people were eligible to vote in the election, which will determine the direction of the 300-seat National Assembly.
First Max, now Dreamliner. Boeing hit with new safety claims
An engineer whistle-blower says sections of the plane’s body are being assembled in a way that could weaken the aircraft. Boeing says there is no safety issue.
Property
New housing starts sink to 11-year low; target behind by over a third
The latest figures show Australia’s largely market-driven system of housing development is falling further behind in meeting the country’s needs.
- Exclusive
- Luxury property
Mornington moves: Silbery to farewell ‘Portsea playground’
Health and pet care entrepreneur Craig Silbery has listed his Portsea escape, while Melbourne’s Biddick family snap up a second clifftop estate.
- Opinion
- Gender pay gap
How to fix construction’s female problem
The gender pay gap in construction is entirely not surprising when the female participation in the industry is so low. Here are five strategies to fix it.
AI could ‘break the productivity cycle’ for construction
Engineering firm Aurecon says the developing use of artificial intelligence could supercharge efficiency on big projects.
Hale Capital seeks $300m for ‘infill’ warehouse play
Fund manager Hale Capital is seeking $300m of fresh equity to fund a series of warehouse projects in the inner suburbs of Sydney and Melbourne.
Wealth
What to do in your 20s, 30s and 40s to build wealth
Avoid ‘lifestyle creep’, establish good saving habits and pay down debt to get ahead.
How to get a better deal on home insurance
Shopping around, increasing your excess and improved home security can help you get a better deal on home insurance.
This increasingly popular divorce strategy can save money and tears
Jane Needham and Joe Darling wanted their divorce to be kind on their children and each other.
Technology
Merger shake-up threatens to ‘kill off the start-up sector’
Tech leaders have warned that proposed merger laws will kill deals before they close, starving the sector of the capital it needs to continue to grow.
- Updated
- Software
Dubber CEO sacked as company turns to emergency raising
Steve McGovern, one of the call recording software group’s founders, has been fired following an internal investigation into the disappearance of $30 million.
- Opinion
- AI
AI’s advances will echo the internet, not the steam engine
The metaphor has not only become a cliché; it paints an oversimplified and too-rosy picture of how this technology will reshape our lives.
Work & Careers
What this law firm learnt from experimenting with AI
Lawyers reviewed articles of association in 80 per cent less time when using generative AI. But human judgment still came out on top in the months-long trial.
- Opinion
- Gender pay gap
How to fix construction’s female problem
The gender pay gap in construction is entirely not surprising when the female participation in the industry is so low. Here are five strategies to fix it.
Life & Luxury
NGA seeks $60 million for sculpture park revamp
Major philanthropic support will fund a project to revitalise the gardens linking the National Gallery of Australia and Lake Burley Griffin.
Ad man Peter Clemenger sets Whiteley’s Wren free - for $2m plus
Brett Whiteley’s The Wren is the top lot at Deutscher and Hackett’s first big sale of the year, which has a total estimate of $10 million to $14 million.
This absurd boxing match shows how profitable sports media’s become
Why did a famous ex-baseball player get into a fight with a 21-year-old internet intern, and what does it say about popular culture?
Can Phar Lap keep up with The Don’s $230k number plate
A number plate and a painting related to the 1930s sporting icons suggest there’s value in sporting love affairs.
- Drinks With Max Allen
- Non-alcoholic drinks
Australia wins big at World Alcohol-Free Awards
It seems there is no stopping the de-alc trend at home and abroad: the country was the third-biggest entrant this year, after the UK and France.
