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Business slams class action lawfare firms

Business groups warn shareholders could be hit with billions of dollars in lawsuits backed by deep pocketed hedge fund investors under the Albanese government’s free-for-all class action setting.

Wall Street.

ASX poised to fall as rate cut hopes fade further

US jobless figures held steady overnight, adding to the week’s positive reports on the health of the world’s biggest economy. 

On the front line with Ukraine’s youngest commander

Kharkiv’s improbable resistance, led by General Sergei Melnik, faces growing threats from Russia and political stalemate in the US.

Business collapses hit record, jobs market stays strong

The slowing economy pushed a record number of businesses into insolvency last month, but just 6600 people lost their job, suggesting smaller firms were hit hardest.

KordaMentha runs the ruler over Bonza as its Miami PE owner wavers

Sources close to discussions said the corporate restructuring specialists had not been appointed as administrators, but to provide financial advice.

Star’s ‘lost’ six months could cost it dearly

Star’s failure to change its culture after a series of scandals could now cost it the chance to win back its casino licence.

Delay to environment reforms shows what WA wants, WA gets

The decision to delay reform of federal environmental laws underscores the stranglehold the resources states have on the next election, writes Phillip Coorey.

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review

Instead of engineering the outside world to make waiting better work on yourself, to learn how to live in a world of waiting.

How not to be bored when you have to wait

A writer went on a quest to wait less. Then he discovered how to care less about waiting.

A Russian flag in the Luhansk People’s Republic, controlled by Russian-back separatists.

Russia’s spy network takes a deadly turn

The country’s intelligence services have been put on a war footing and begun operating at a level of aggressiveness reminiscent of the Stalin era.

Amazon opened Fresh supermarkets in the US and the UK.

How Amazon wasted a decade trying to reinvent the supermarket

The online shopping behemoth simply failed to make the technology cheaper than a conventional store.

Look out graduates, Wall Street banks don’t need you any more

Accenture estimated that artificial intelligence could replace or supplement nearly three-quarters of employees’ working hours.

World’s first AI consumer gadget panned by everyone

Humane’s Ai Pin flop shouldn’t mean the end of experimentation in this new era of artificial intelligence gadgets.

Features include the ability to save articles, dark mode and real time notifications.

Get the latest business news on the go with the AFR’s new iOS app.

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Companies

RM Williams CEO Paul Grosmann with Tattarang director Nicola Forrest at the Salisbury factory

$650 for RM’s? ‘People want handcrafted,’ says Nicola Forrest

Nicola Forrest says people are tiring of throwaway fast fashion as the iconic company she co-owns lifts capacity to tap into a fast-growing market for women’s boots.

The Star casino in Sydney.

Mathieson buys more Star shares as inquiry fallout spreads

The independent inquiry into the casino group heard from more current and former executives about dysfunction within the business.

Transurban’s Westconnex merges onto the Anzac Bridge, and has caused controversy because of the congestion it has created on local roads.

Transurban’s WestConnex traffic jumps 10pc in a year

The first update from the motorway operator since the controversial Rozelle Interchange opened shows a surge in traffic in the 33-kilometre tunnel network.

Daniel Noboa is the new president of Ecuador and has been pushing for more investment in mining, particularly in copper production.

Gina Rinehart goes big on copper with $186m Ecuador play

The deal for the Linderos development takes the iron ore billionaire’s outlay on mining projects in the South American nation to almost $500 million

BHP suffers new productivity hit in Queensland coal

Another downgrade means the miner spends almost seven times more money to dig a tonne of coal out of the sunshine state as it does for each tonne of iron ore in WA.

Why China could deliver BHP, Rio and FMG a double blow

China’s peak demand for iron ore has likely passed, and the rebalancing of steel from construction to export sector may see iron ore caught up in increasing trade tensions.

Alcoa vows to ‘listen better’ as it closes in on Alumina

Alcoa boss Bill Oplinger says permitting delays in Western Australia showed the US company needed to listen better, as he prepares to spend $4.6 billion buying more Australian assets.

Companies in the News

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Markets

The RBA is watching the shrinking sharemarket.

Private equity risks leaving ASX behind, RBA warns

The Australian assets of buyout funds have grown 75 per cent in four years, but the ASX 200 has shrunk by roughly $6 billion this year.

UniSuper chief investment officer John Pearce.

Sharemarket doesn’t need rate cuts for life support

Australia’s jobless rate rose less than expected as the labour force remains tight, reinforcing the case for the Reserve Bank to stay on hold.

This fundie says Visa trumps Mastercard – and it’s cheaper

Claremont Global’s Bob Desmond thinks the market is too conservative on the global payments company, and is confident that Microsoft has AI upside.

Business collapses hit record, jobs market stays strong

The slowing economy pushed a record number of businesses into insolvency last month, but just 6600 people lost their job, suggesting smaller firms were hit hardest.

Balance sheet quirks skew supermarket returns measures: MST Marquee

The concept became a political football this week after it was used by Greens senator Nick McKim to accuse Woolworths and Coles of “making off like bandits”.

Opinion

Australia must pay the price for defence and deterrence

A generation of politicians who grew up with a post-Cold War peace dividend are now struggling to switch from welfare to warfare.

The AFR View

Editorial

The AFR View

Musk wants $87b. Tesla’s Aussie chair is defying a court to help him

Robyn Denholm is asking investors to over-rule a judge who cancelled the biggest pay package in history for an AWOL chief executive.

Aaron Patrick

Senior correspondent

Aaron Patrick

The Senate’s mock outrage games shame all

Threatening corporate leaders with jail time over an accounting contrivance is part of trend where the national parliament is becoming a theatre for showboating and mock outrage, writes Tom Burton.

Tom Burton

Government editor

Tom Burton

Jobs numbers pose a sticky conundrum

The Albanese government can only publicly welcome the strength of the jobs market, but a receding horizon for rate cuts is always difficult for political leaders eyeing their election prospects.

Biden’s trade action against China is just polite Trumpism

Improved relations between the two powers can’t mask age-old trade tensions. Better communication is important because the structural problem between them is insoluble.

Edward Luce

Columnist

Edward Luce

Delay to environment reforms shows what WA wants, WA gets

The decision to delay reform of federal environmental laws underscores the stranglehold the resources states have on the next election.

Phillip Coorey

Political editor

Phillip Coorey
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Politics

Michael Black is worried about the constitutional risk of superannuation tax reforms.

Taxing judges’ pensions bad for independence, women

A former Federal Court chief justice says the reforms were likely unconstitutional and would stymie efforts to improve the number of women on the bench.

The Chinese economy consumed 296 million tonnes of  steel in 2019, but the RBA expects demand to fall by 80 per cent to 58 million tonnes by 2050.

China’s iron ore demand may have peaked, RBA warns

The country’s shrinking population is posing a multi-decade headwind for mining industry profits and government revenue.

PM slammed for labelling Gary Banks a flat earther

Anthony Albanese hit back at criticism of the Made in Australia policy, but economists say many share the concerns of former productivity commissioner Gary Banks.

Dutton faces Liberal pushback over ‘big stick’ supermarket powers

Opposition MPs have warned against any move that could undermine the Coalition’s free market economic credentials.

Relief in sight as anger over student debt escalates

Rising student debt is crippling a generation of recent graduates, but the Prime Minister has indicated help is on the way.

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World

Mike Johnson announcing his decision to proceed with the vote on Thursday (AEST).

US House to vote on Ukraine and Israel aid, despite hardliners

Republican Speaker Mike Johnson says the long-awaited vote on aid for Ukraine, Israel and the Indo-Pacific should go ahead as soon as this weekend.

The 5.75 per cent increase to workers on industry award rates will flow through to the pay packets of roughly 2.7 million people.

US jobless figures hold steady as labour market stays strong

US jobs have remained plentiful and the economy has forged on thanks to strong consumer spending.

A plane in Dubai during flooding.

Record-breaking rain floods Dubai airport and swamps desert

Experts said storm systems across the region were forecast well in advance and that UAE’s cloud seeding would not have caused such a deluge.

Biden’s trade action against China is just polite Trumpism

Improved relations between the two powers can’t mask age-old trade tensions. Better communication is important because the structural problem between them is insoluble, writes Edward Luce.

Biden triples tariffs on Chinese steel and aluminium, denies trade war

US President Joe Biden defends the move, while US Trade Representative Katherine Tai says the US will monitor any impact on Australia.

Property

‘It’s going to take time’: Bondi mourns as retail goes into limbo

Westfield Bondi Junction was silent on Thursday as its doors opened to the public for the first time, five days after a stabbing attack that killed six people.

Sketch of the new home planned for David and Marisa Droga’s home on their Gaerloch Avenue, clifftop site in eastern Sydney’s Tamarama. 

David Droga plans new home for Tamarama headland site

The owners and designer Luigi Rosselli aim to create a house on the landmark Sydney site that better reflects its location and the environment.

Singapore’s $192,000-a-month retreats are latest luxury for new mums

High-end post-birth care centres are booming, especially in Singapore where the super-rich from mainland China have been flocking.

Tenants race for top towers as B-grade buildings empty

The divide between prime buildings and secondary ones is most stark in Sydney. B-grade buildings will get left behind by tenants and lenders, experts say.

Hidden billions in Tokyo real estate lure activist hedge funds

There’s a $222 billion gap between how companies value their real estate on their books, versus what those same properties would fetch in the current market.

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Wealth

New superannuation tax may hit venture capital

SMSFs will shy away from investing in start-ups for fear of being slugged with big tax bills on unrealised gains.

How do I calculate my tax-free super pension limit?

The transfer balance cap has increased twice since its inception to reach $1.9 million. Calculating how to stay within it can be tricky.

Three ways investors can back the next Canva

Dozens of angel investing clubs are allowing sophisticated investors to buy a piece of early-stage start-ups for as little as $10,000.

Technology

Amazon opened Fresh supermarkets in the US and the UK.

How Amazon wasted a decade trying to reinvent the supermarket

The online shopping behemoth simply failed to make the technology cheaper than a conventional store.

WhatsApp’s tiny tweaked has annoyed users.

This tiny tweak made WhatsApp users furious

People began to notice the minor alteration last week, prompting outrage from users across social media.

Apple Fellow Phil Schiller

Apple exec’s secret to success: don’t take notes

In his first day of cross-examination, Apple Fellow Phil Schiller lays out its casual but obviously effective approach to decision-making.

Work & Careers

Student numbers for March are the lowest for a decade.

International student numbers slump as reforms bite

Only 46,570 students landed in Australia to begin their studies last month.

Economics professor sacked for ‘personal relationship’ with student

The University of Melbourne’s defence of its firing of an academic has pointed to claims he massaged shoulders and often asked a student to go out for a drink.

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Life & Luxury

Farmer Mark Foletta, left, and chef Stephen Nairn pictured amid Alpine gums on Foletta’s farm.

What happens when farmers and chefs partner in R&D

Mark Foletta and Stephen Nairn met over a box of foraged mushrooms in 2011. Thus began their endeavours to surprise and delight your tastebuds.

Sam Budiselik, managing director of Cash Converters, with one of his two road bikes.

Why this exec wants to ride with Elon Musk in Western Australia

Cash Converters boss Sam Budiselik loves cycling, but only in his home state. He’s also a fan of the world’s third-richest man.

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SPEND: This week’s edit of lovely little luxuries

From chic wool slides to cosy corner lamps and retro golf gear, we have inspired suggestions for you.

The bar at Shot coffee shop in London’s Mayfair.

Is this flat white really worth $500 a cup?

If you thought coffee was getting expensive in Melbourne, it’s hard to beat the eye-watering price for this Japanese-grown coffee in London’s Mayfair.

Fraser McNaughton at North Curl Curl rock pool in Sydney.

This executive just swam his first lap at 49

Fraser McNaughton can count on one hand the number of times he has swum in the ocean since he moved to Australia 17 years ago. But that’s all about to change.

From the gallery