If your business is turning inspiration into innovation, it’s time to be recognised.
Put more on the table, Anglo investor to BHP
Fund manager Ninety One, the target company’s seventh-largest shareholder, would like to see a deal, but says BHP isn’t there yet.
- Live
- Markets Live
ASX to drop 1.1pc at open, Wall Street sinks as rate hopes fade
Australian shares to fall. Strong US manufacturing data sinks stocks, yields, USD rise. Iron ore, oil, gold fall. Macquarie lifts copper forecasts. Nvidia leaps 9.3pc. Follow here.
Minters picks up seven partners in PwC raid
MinterEllison is set to hire seven consulting partners from PwC in the largest single raid on the big four consulting firm since the tax leaks scandal.
- Exclusive
- Start-ups
Canva, in the US, lifts the lid on its plan to win over Wall Street
It has hit $US2.3 billion revenue, but growth among individual users is slowing, so Canva is relying on big customers to keep its financials in IPO-shape.
No time for ‘denial and delay’: PM starts second-term pitch
Anthony Albanese will use his second anniversary in office to urge voters to stick with Labor for another term, rather than vote for the Coalition and return to the era of conflict fatigue.
- Live
- Need to Know
Airline boss meets hospitalised Australian
Australians are among those seriously injured after a Singaporean Airlines flight hit severe turbulence on a flight from London to Singapore. Follow updates live.
- Exclusive
- Industrial relations
Qld union’s 13pc pay rise may spoil energy relief
One of the biggest first-year pay rises in the country could add 30 per cent to costs, as Labor rolls out $1300 in household energy relief ahead of the October state election.
- Driving With Tony Davis
- Motoring
What it’s like to drive an $11.5m hypercar in the hills of Emilia-Romagna
AFR Weekend: The big stories, best reads and expert advice. In your inbox on Saturday.
review
China’s curse is to raise hopes and dash them
In her book “Wild Ride”, an American journalist details her life in China as it opened to the world, then regressed back to an oppressive, inward-looking regime.
- Opinion
- Global economy
Why the most widely predicted recession was a no-show
US economists were misled by false signals, including a short banking crisis, an oil-price spike and resilient consumer spending.
- Analysis
- Australian economy
Long-term growth is more vulnerable than it looks
The rise of anti-science movements pose the greatest economic threats since the industrial revolution, writes a former deputy RBA governor.
- Opinion
- Leadership lessons
From Lego to McKinsey, bureaucratic managers hurt companies
Big business executives are allowing themselves to be used to deliver social benefits governments can’t.
The truth behind the dead internet theory
Up to half of all internet traffic could be driven by bots, where computer programs generate posts that are liked or reposted by other programs.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
BHP needs to put more on the table, says big Anglo investor
Fund manager Ninety One, the target company’s seventh-largest shareholder, would like to see a deal, but says BHP isn’t there yet.
Fears Eraring subsidies will need to be extended
Keeping the country’s biggest coal-fired power station open until 2027 has raised questions about whether it will be needed to keep the lights on into the 2030s.
BHP sticks to its guns as Anglo’s resistance softens
BHP says it has “made progress” on assuaging Anglo American directors’ concerns about the substance of its $75 billion takeover bid. BHP now has until May 29 to lob a binding offer.
Bank users face extra $370m in fees to keep rural branches open
The costings come as a Senate probe into the impact of branch closures on regional communities prepares to report on Friday.
Blow for Bain and Accolade Wines as growers reject grape deal
The wine group says the contract has been handicapping it for years in an oversupplied market, as investors in smaller player Australian Vintage brace for bad news.
Optus sued by regulator for breaches in 2022 cyberattack
The communications regulator has filed a lawsuit in the Federal Court claiming Optus did not protect customers’ information before it was struck by a cyberattack.
Coles property boss says building woes could force up grocery prices
Coles property boss Fiona Mackenzie says not being able to deliver new supermarkets as planned could force up the prices of grocery items.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Gorman to step down as Morgan Stanley chairman at year-end
The Australian-born James Gorman has announced he will step down after a 20-year run in which he transformed Morgan Stanley.
Investors bet that Nvidia will leave Magnificent Seven rivals behind
Another stunning result from the US chipmaker has prompted calls that Nvidia is on its way to becoming the largest company on the planet, leaving the other tech giants in its wake.
What happened overnight? Dow hit by Boeing, broad selling even as Nvidia soars
May purchasing manager data bolsters the Fed’s higher rates for longer stance for now. Boeing drops. Nvidia leaps 9.3pc.
Xero shares surge after profits beat expectations
Accounting software player Xero beat profit expectations following chief executive Sukhinder Singh Cassidy’s year of “foundational change”.
Virgin Money shareholders back $5.5b Nationwide takeover
Britain’s sixth-biggest bank, which is half-owned by Australian shareholders, will now exit the ASX and London Stock Exchange.
Opinion
Both sides are pushing buttons on migration, one is being more subtle
Migration long ago became a lazy method, adopted by both sides of politics, to generate growth in the absence of any reform or productivity agenda,
Political editor
‘Super-sized hole’ in budget as Treasury revises tax take
Treasury has cut $11 billion from its four-year estimates of revenue from superannuation taxes, as “overly large tax concessions” keep benefiting the richest retirees.
Reporter
What will fill the Tory-shaped hole in British politics?
Just as in Anthony Albanese’s blue-collar rhetoric, Brexit has pushed Keir Starmer’s Labour away from Tony Blair’s post-class modernisation and globalism.
Editorial
There’s a super-sized hole in the budget. Here’s why
The forecast bounce in the tax take on superannuation will not happen because we’ve massively overdone the concessions that take from poorer and give to richer Australians.
Economist
The cold war for Australia’s critical minerals future
Despite signalling Labor’s support for aligning with the US on economic security, Madeleine King is likely to want to keep the Chinese investment spigot open.
Editorial
There is no Blair-mania about UK Labour leader Keir Starmer
The Conservative government – now on its fifth prime minister since 2010 – has been a pointless charade for months now. What exactly a Labour government will mean is much less clear.
Bloomberg columist
Reports
The future of financial advice
This special report looks at options to make financial advice more accessible and affordable, including robo-advice, as well as tips for the new financial year.
Sponsored
by CommBankPolitics
‘Super-sized hole’ in budget as Treasury revises tax take
Treasury has cut $11 billion from its four-year estimates of revenue from superannuation taxes, as “overly large tax concessions” keep benefiting the richest retirees.
Labor and Coalition warned against ‘quick fix’ immigration cuts
The Coalition will have to cut visa places for health, education, aged care and tourism sectors as part of efforts to slash overseas arrivals.
New tax hit could push up cost of your dentist visit
Patients accessing dental services in large medical clinics around the country face possible price hikes from new payroll tax liabilities being imposed by state governments.
Dutton’s plan to let international students work more could backfire
Experts say Peter Dutton’s promise to allow overseas students to work 30 hours a week would trigger a fresh wave of visa abuse.
Fears Eraring subsidies will need to be extended
Keeping the country’s biggest coal-fired power station open until 2027 has raised questions about whether it will be needed to keep the lights on into the 2030s.
SPONSORED
World
Gorman to step down as Morgan Stanley chairman at year-end
The Australian-born James Gorman has announced he will step down after a 20-year run in which he transformed Morgan Stanley.
China sends warships, jets to ‘punish’ Taiwan
Chinese fighter jets have carried live missiles and warships encircled Taiwan in a show of force to “punish” the self-ruled democracy’s new president.
- Analysis
- China relations
More China ‘punishment’, but Taiwanese have seen it all before
In the streets of Taipei, people appeared sanguine as they went about their daily lives, but then the Taiwanese are used to looming threats from their gigantic neighbour.
Trump taps Texas oil tycoons in bid to close the cash gap with Biden
The former president, whose campaigning has been restricted by his criminal trial in New York, has attended fundraisers in Houston and Dallas.
- Analysis
- UK election
Drenched Sunak’s gamble to avoid electoral drowning
On the steps of Downing Street, a rain-soaked Sunak was drowned out by Tony Blair’s victory anthem. It was hard to see past these harbingers of imminent defeat.
Property
- Exclusive
- South-east Queensland
Miles gives in to councils with $350m bid to fast-track housing
The Queensland premier will unveil a new fund to fast-track housing development in urban areas across the state, incentivising developers to transform industrial zones and low-density suburbs.
Coles property boss says building woes could force up grocery prices
Coles property boss Fiona Mackenzie says not being able to deliver new supermarkets as planned could force up the prices of grocery items.
Home buyers pay up to 53pc more for a ‘green’ home
Properties with eco-friendly attributes such as solar and double glazing are selling faster for more, according to Domain.
Property fund manager’s stock pops as it says goodbye to Europe
In a transformational deal, long struggling Cromwell has sold out of its European exposures, sending its stock surging as investors welcomed the move.
Cobbler counts the cost of fewer feet as CBD economies lose $4.3b
Cities are getting 370,000 fewer office worker visits every day compared to pre-pandemic, which has led to CBD-based businesses struggling to make ends meet.
Wealth
- Opinion
- Superannuation
How to claim a $157,000 tax deduction while turbocharging super
Anybody who can make extra concessional contributions of this magnitude should seriously consider doing so.
- Opinion
- Superannuation
‘It’s my money’ attitude leading to illegal super withdrawals
Early release of super is only supposed to allowed as a last resort. So why are so many people being approved to use it for dental work?
I’m a risk-taker but he plays it safe. How do we invest as a couple?
Mismatched risk appetite is a common problem in relationships. How can couples get over this hurdle when investing together?
Technology
This tech exec survived the wild startup ’90s. Here’s what he’s learnt
As senior exec at AOL and Sun, William Raduchel spent 60 years at the forefront of the tech revolution - and once dated Janet Yellen.
- Opinion
- Chanticleer
The ASX tech giant surging without jumping on gen AI bandwagon
ASX companies are scrambling to show they too have a generative artificial intelligence halo. But one of our hottest tech stocks is being far more measured.
Replica Ozempic ban could deny thousands ‘life-changing medication’
Healthcare start-ups say the ban is a step too far and risks leaving tens of thousands of Australians without the medications they need.
Work & Careers
The butler’s role has changed – and seasoned ones can make $190K a year
Buttling has become a career that involves not only polishing silver and folding napkins but also lifestyle management.
‘There is no work-life balance’ for Ange Postecoglou
How does the Tottenham manager balance the Premier League with being a father and husband? He doesn’t.
Life & Luxury
Movie review: Furiosa – drives hard but takes too many wrong turns
George Miller’s latest Mad Max film is bogged down by the gruesome particulars of his post-apocalyptic world – and Chris Hemsworth’s wooden acting.
- Driving With Tony Davis
- Motoring
What it’s like to drive an $11.5m hypercar in the hills of Emilia-Romagna
It pays not to think of the cost of Pagani’s Huayra Codalunga when dodging mad Italian motorists on winding roads: it performs like a full-on race car.
Why voice notes are having a moment
They convey more nuance than text but they can be daunting to listen to if they’re too long.
Is this the cutest restaurant on water? Sea foodies seem to think so
An energetic and animated chef keeps fine dining lively on the ocean.
On your next cruise, try a magical night offshore you won’t forget
Thanks to the growing popularity of cruising, luxury lines are coming up with ever-more exotic excursions on land – especially after sundown.
