- Updated
- Mining
BHP lobs $60b copper play for Anglo American
BHP is making a $60 billion bet on copper demand growing exponentially in the global shift away from fossil fuels, with a bold takeover bid for British resources heavyweight Anglo American.
US economy in shock slowdown, sparking stagflation fears
Wall Street shifted lower after US GDP figures showed slower growth than economists expected, raising the spectre of stagflation.
Foxtel faces its streaming apocalypse
Once the country’s most profitable media group, Foxtel is losing subscribers and is facing a mega-sports rights bill. Will it make it through?
Woodside to pay $18b for hydrocarbon projects despite climate rebuke
This massive outlay comes as investor opposition to the oil and gas giant’s climate plan has grown over the past two years.
- Exclusive
- Media & marketing
Inside Tabcorp’s CEO search
Recruiters for the wagering group have a long list of potential candidates - including Patrick Delany, the chief executive of Foxtel.
- Opinion
- Chanticleer
The funds management shakeout is on – is it about to get worse?
First Sentier’s David Allen gave up the game when announcing what was probably the biggest ever strategy closure in Australian funds management earlier this week.
- Opinion
- The AFR View
Tactical Woodside vote a metaphor for Australia’s low-carbon transition
Can chairman Richard Goyder and CEO Meg O’Neill crack the problem of shifting from a carbon-intensive resources company to a green one without destroying shareholder value?
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
Big reads
- Investigation
- Food & drink
Jon Adgemis’ high-wire act is coming unstuck
The former KPMG dealmaker burst onto the hospitality sector after buying up a string of venues. Huge debts and angry lenders are threatening to push it over.
Can the NRL’s worst team finally turn itself around?
To say the Wests Tigers have underperformed over the past two decades would be an understatement. Shane Richardson has a plan to change the team’s fortunes.
Can Pollination really become the next ‘green’ Macquarie?
The fledgling investment bank has lofty ambitions and a high-profile roster of executives. But it also has plenty of competition for climate dollars.
- Investigation
- Gaming & wagering
Laurence Escalante is living large off controversial gambling billions
At 42, he is one of the country’s youngest billionaires. But Virtual Gaming Worlds investors hoping for a big payday are increasingly concerned it may not come.
Golf ranges are booming on weekdays. Welcome to the WFH economy
Most office workers now spend some of their week working from home. Remote working is changing the way we live and do business.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Woodside to pay $18b for hydrocarbon projects despite climate rebuke
This massive outlay comes as investor opposition to the oil and gas giant’s climate plan has grown over the past two years.
- Exclusive
- Media & marketing
Inside Tabcorp’s CEO search
Recruiters for the wagering group have a long list of potential candidates - including Patrick Delany, the chief executive of Foxtel.
Macquarie, ANZ and Canva CEOs help power Australia’s India push
Governments hope to prevent another false dawn in bilateral trade and investment by getting business to work on policy.
Melbourne Rebels may have traded insolvent since 2018: PwC
The rugby union club’s administrator, PwC, recommends it be rescued rather than liquidated to ensure creditors and staff receive the most money possible.
How ex-Bomber went from AFL to a big hit in lithium
Wildcat Resources executive director Matthew Banks played three games for Essendon, including two Anzac Day blockbusters. His career in mining has been more successful.
Google hides its total revenue from Australia in new accounts
It is arguably the key figure in Google’s accounts: how much did it make from Australia? In 2022, it was $8.4 billion. This year, that figure is gone.
DP World profit tumbles 34pc after wharfie strikes
The stevedores giant’s annual profits have slid following the dispute over new wage agreements and after container volumes fell, the company’s accounts show.
Companies in the News
Search companies
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Markets
Traders see zero chance of RBA rate relief
The bond market has completely removed any chance of an easing in 2024, making Australia the only major economy where rates could rise.
- Updated
- Social media
Meta’s plans to spend billions on AI unsettle investors
Shareholders are preparing to wipe around $US200 billion ($308 billion) of the social media giant’s value, despite better than expected earnings this year.
Investors pile into miners as commodity rally heats up
Surging copper, gold and oil prices are fuelling a rotation into mining stocks as analysts scramble to adjust their profit forecasts for the sector.
Reluctant traders protect themselves from market mayhem
The mounting uncertainty in markets has traders buying put options that pay off if stocks keep tumbling.
Meta’s $554b rally to coincide with AI expectations
The Facebook parent has been the best-performer in the sector this year by far amid a surge in profitability. But there’s a catch.
Opinion
‘Decolonising’ Anzac Day’s revival
The day offers a welcome counterpoint in an age of fragmenting identity politics in which it is becoming more difficult to find agreement about Australia’s national identity.
Editorial
Are the magnificent seven at risk of having their wings clipped?
Perhaps investors are finally losing patience with the hundreds of billions of dollars being ploughed into artificial intelligence as the world’s leading tech companies vie for supremacy.
Columnist
How China plans to win the global EV war
The US and European governments are increasingly alarmed at the potential for China’s EV ambitions to put their own car manufacturers at risk.
Columnist
Negative gearing is not a rort or a tax concession
Negative gearing is said to single-handedly be responsible for Australia’s housing crisis. But it is a principled, fair and efficient feature of any tax system.
Economist
Why supermarkets ‘fell off their pedestal’
Building social licence is a significant opportunity for retailers but as the travails of the two big supermarket chains show, it can be easily damaged.
Columnist
Pezzullo takes first step to redemption
The former Home Affairs secretary admitted his mistakes and accepted his disgrace, and knows he will not be working with the Commonwealth for some time.
Government editor
Politics
Five boys charged following Sydney terrorist attack
Five children have been charged in connection with the stabbing of an Orthodox Christian bishop at a western Sydney church.
Thousands join Anzac services as nation seeks to heal
Anzac Day was labelled a chance for Sydney to come together and heal after a series of terrifying knife attacks.
PM pays tribute to ‘great artery of suffering’ on the Kokoda Track
After two days climbing through Papua New Guinea’s mountains, Anthony Albanese and James Marape marked the dawn service at the Isurava battlefield memorial.
Budget reality check for Chalmers after high home-grown inflation
“Unrelenting” domestic price pressures boosted consumer inflation in the first three months of 2024, while Treasurer Jim Chalmers would not be drawn on whether the May budget would add to demand.
Musk courts top Sydney silk for eSafety fight
Elon Musk’s X is preparing for courtroom battle with the government over its take down order related to the Sydney church stabbing while NSW police make further arrests related to the attack.
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World
Scotland in minority government after Green coalition collapses
The Scottish National Party will run the country as a minority government after its coalition with the Green party fell through over climate policy.
Harvey Weinstein’s 2020 rape conviction overturned by NY appeals court
The New York ruling reopens a painful chapter in America’s reckoning with sexual misconduct by powerful figures.
Hostage begs for release from ‘hell’ in new Hamas video
The Israeli-American man seized by Hamas militants in the October 7 attack also says some 70 hostages have now been killed in Israel’s bombing campaign.
US secretly shipped new long-range missiles to Ukraine
Ukraine for the first time has used a longer-range version of weapons known as ATACMS, striking an airfield in Crimea and Russian troops in southeastern Ukraine.
Pro-China Solomon Islands PM fails to win majority
Manasseh Sogavare has failed to win a majority in parliamentary elections, setting the stage for coalition negotiations.
Property
Shadow of Bob Day clouds building sector as Collier Homes fails again
The former Family First senator’s WA building company, acquired out of liquidation in 2016, has once again gone under.
What the new land value boss thinks will happen to property prices
Sally Dale’s appointment comes at a critical juncture for both the residential and commercial markets in Australia’s most populous state.
Median house prices in Brisbane and Adelaide to hit $1m by December
House price growth momentum has slowed across the capital cities, but is still expected to hit new records this year according to Domain.
The Barbie effect: Mattel expands into mega shed
DHL has relocated its Mattel warehouse to a site 20 per cent bigger as the toy maker looks to cater for rising demand for its products after the hit movie.
The Melbourne shopping hotspot that became a ‘ghost town’
Businesses on Bridge Road in Richmond, which has a whopping 15.5 per cent vacancy rate, fear an insolvency snowball effect.
Wealth
A child won a share of her dad’s estate – despite planning to kill him
A 75 per cent success rate in contesting wills is encouraging more family members to sue for a bigger share. Here’s how to protect your final wishes.
- Opinion
- SMSFs
The rule book on investing in cars, wine or diamonds
Because they’re classified as collectable or personal use assets, strict rules apply to their acquisition, storage, insurance and use if held by an SMSF.
- Analysis
- Gen Z
Stop complaining, Zoomers – you’re rich
People born between 1997 and 2012 should appreciate that Millennials and Baby Boomers were poorer at this stage in their lives.
Technology
- Exclusive
- Social media
TikTok Australia makes its first stand after US ban laws pass
The US congress passed a bill on Wednesday requiring TikTok to be sold within a year or be banned in the country.
‘Safe room for terrorists’: ASIO warns big tech on encryption
Federal spy and crime chiefs will demand access to social messaging systems that allow terrorists, violent extremists and child abusers to operate with impunity.
Scammers are taking over the world
A seedy layer beneath our regular lives is cluttered with bogus messages, spam callers and phishing attempts.
Work & Careers
Highest-paid CFOs revealed
The country’s top CFOs continue to enjoy a “breakout period” on pay and remain in the box seat as the country’s next CEOs.
FTC sued a day after banning non-compete agreements for workers
The US Chamber of Commerce lawsuit alleges the Federal Trade Commission lacks the power to adopt sweeping rules such as the ban on so-called non-compete agreements.
Life & Luxury
These are seven top candidates for the next ‘it’ watch
Collaborations with haute couture designers, a few tricks and a touch of green are all it takes to make the list.
This might be the most explosive tennis movie ever made
Challengers packs a punch with breathless action while Ryusuke Hamaguchi’s Evil Does Not Exist builds slowly and silently.
Retirement made me feel invisible – so I became a male model
A newfound career after my work life ended has given me purpose and made me feel good about myself. It’s nothing like I would have imagined.
For the full zen, stay at an ancient temple in Japan
Our writer bypasses the hotels and ryokans to spend a night as a guest of Buddhist monks. He didn’t anticipate the wooden stick, though.
The rich love anti-ageing stem cell therapy, but does it really work?
The procedure is becoming a favourite for Hollywood A-listers and actors such as John Cleese. It is still under-researched, however – and could be dangerous.
