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    If your business is turning inspiration into innovation, it’s time to be recognised.

    Nominate now

    Lendlease books $1.48b writedown as it ends overseas developments

    The property giant expects its new strategy to free up to $4.5 billion for shareholders and local growth, and is embarking on a $500 million share buy-back.

    The ASX is poised to open higher.

    ASX gains; Lendlease rallies on $4.5b strategy shift

    Australian shares push higher after Friday’s slump. Cettire hits back at counterfeit allegations. Megaport chairman offloads more shares. Follow for more

    Inside the great Rich List wealth transfer

    Control of vast business empires is passing to a new generation, forcing families to confront the hard questions around succession planning. Of the 200 richest Australians, 45 are over 80 and control $136.1 billion.

    What Canva’s cringeworthy rap song really tells us

    The rap song announcing Canva’s pitch to enterprise customers is all a part of the firm telling its growth story as it heads towards public markets. 

    Star Entertainment suitor claims it kept Hard Rock in the loop

    Two firms – HDI-BB and Hotel Development International – confirmed on Monday that they approached Star in March with a turnaround strategy.

    Wilkinson seeks $1.8 million in costs for Lehrmann trial

    PNG landslide death toll estimated to be at least 670; Israeli airstrikes kill at least 35 in Rafah; Marles denies go-slow on Ukraine aid request. Follow updates here.

    Migrants are ‘driving Ubers’, not working skilled jobs

    More than half of skilled migrants are working in occupations they are overqualified for, suggesting that Australia is failing to capitalise on foreign workers to fill skills shortages.

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    MONDAY MEDIA

    News Corp Australia’s headquarters in Surry Hills, Sydney. The company has been working on budget planning this month.

    Winners and losers emerge as News Corp’s major restructure takes shape

    Nicholas Gray appears to have prevailed over Edwina McCann, the influential editor-in-chief of Vogue Australia who had been elevated to be editorial director of News Prestige

    Striking the balance: Senators are furious about changes to Australia’s anti-siphoning laws. But sports administrators are wary.

    Labor’s controversial sports broadcast plans heading for Senate fracas

    The government’s proposal, which would allow big streamers like Netflix to bid against free, local platforms, is “un-Australian”, according to the Greens.

    Kerry Stokes’ Seven West Media has demanded a 100 per cent price increase to continue printing The Australian Financial Review in Perth.

    AFR will not walk away from WA

    Political and business leaders in Western Australia say privately that Kerry Stokes has an unhealthy degree of media power in the state.

    Could US Ticketmaster case spell the end of extra fees?

    A Biden administration effort to rein in entertainment giant Live Nation might encourage ticketing competition in Australia.

    Elon Musk’s X accountable for hate speech posts in Australia: ruling

    The Queensland Civil and Administrative Tribunal has rejected the platform formerly called Twitter’s argument that it should not be held responsible for anti-Muslim posts here because it is US-based.

    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.

    Find out more

    Companies

    The 2022 cyberattack on Optus brought significant scrutiny to bear on the company’s management of personal data.

    Optus loses appeal to keep Deloitte report on cyberattack secret

    The decision means information in a report commissioned by Optus into the causes of its 2022 cyberattack will be given to a class action law firm.

    Paul Anderson, who was CEO of Ten Network from 2015 to 2020, has hit the “sell” button on the Lumus Imaging business, which operates from 150 sites.

    Healius to sell $650m X-ray and ultrasound division after UBS review

    The struggling pathology company told investors it had engaged advisers to sell Lumus Imaging as it focuses on reinvigorating its core pathology business.

    Lendlease CEO Tony Lombardo and Tanarra Capital’s founder John Wylie.

    Lendlease to end global ambitions and put $4b in assets on the market

    Lendlease will end all international property development and sell its overseas construction divisions, marking the biggest shake-up at one of Australia’s largest real estate groups in 20 years.

    Supporters of the African National Congress at a rally supporting South African President Cyril Ramaphosa.

    South African politics complicates BHP’s Anglo American discussions

    As they try to seal a $75 billion deal on the same day as the South African election, the two miners remain split on the costs Pretoria will impose on any deal.

    Energy group offers $1000 annual rebate to wind farm neighbours

    For more than a decade, community opposition has been the brick wall renewable energy projects have been running into. Now, Engie is trying something different.

    Bonza administrators ask for more time to save stranded budget carrier

    The airline’s owner, 777 Partners, and its financiers are mired in legal action in Britain and the United States over its aviation assets.

    Why Harvey Norman, JB Hi-Fi could be AI winners

    Microsoft is making big bets on faster, more sophisticated computers. Harvey Norman, JB Hi-Fi and Officeworks could be unexpected beneficiaries.

    Companies in the News

    Search companies

    View stories and data from an ASX listed company

    Markets

    Silver prices could outperform gold this year, ANZ predicted.

    Commodities on cusp of ‘super-bull’ rally after traders cash in

    Investors have taken profits following a powerful rally in copper and gold prices, but strategists believe the correction will be short-lived.

    Pimco’s Dan Ivascyn says Australian debt pays attractive returns.

    Bond returns are back and Pimco is ‘excited’

    The $2.9 trillion fund manager is buying up Australian government bonds, among other things, betting that the Reserve Bank will need to cut rates less than the Fed. They are also wagering on the US housing market and consumer.

    I have fallen in love with bonds again – and with good reason

    Bonds are back, and after a hiatus I am fully back in love with the asset class and their defensive attributes. Crucially, they look to be on the cusp of a significant fall in yields and rise in prices, writes Ellerston’s Vimal Gor.

    Magnificent seven power Wall Street higher

    Tesla, Meta Platforms, Nvidia and Apple paced the advance as investors opted to buy this week’s dip with conviction ahead of a three-day US weekend.

    Lithium giant says China will remain pivotal to local mining projects

    Local miners are torn between their dominant customer and investor over two decades, and the lure of subsidies from the US, Australia’s biggest defence ally.

    Opinion

    ICC loses its moral bearings over Israel and Gaza

    An each-way bet on the ICC’s war crimes charges against Israel adds to the incoherence of Labor’s position amid a fraying of the social fabric of multicultural Australia.

    The AFR View

    Editorial

    The AFR View

    Banks gear up to take back mortgage market from brokers

    The country’s largest lenders are preparing to claim back territory lost to the mortgage broking industry.

    Karen Maley

    Columnist

    Karen Maley

    How Australia can grab an AI advantage

    We need an equal sense of hunger, optimism, and opportunism for Australia to realise the advantage of AI, write the BCA’s CEO and Australia’s Google boss.

    Bran Black and Melanie Silva

    Contributor

    There’s value in big government spending done right

    The private-public partnership championed by Anthony Albanese that is transforming the supply chains is a role model for underwriting critical minerals expansion.

    Tony Boyd

    Contributor

    Tony Boyd

    The war over Ozempic isn’t helping overweight Australians

    The drug regulators’ decision to take the low road and ban compounded weight loss drugs won’t help those suffering health complications from obesity.

    Nick Coatsworth

    Former deputy chief health officer

    Nick Coatsworth

    Don’t believe the artificial intelligence hype

    Economic theory and the available data justify a more modest, realistic outlook for productivity gains from AI.

    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 CommBank
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    Politics

    China’s Premier Li Qiang will meet Prime Minister Anthony Albanese next month in Canberra.

    Foreign student crackdown looms over Li Qiang visit

    Chinese Premier Li Qiang will head to Australia next month amid uncertainty over new curbs on universities enrolling thousands of Chinese students.

    Queensland Premier Steven Miles announcing all bus and train fares would be 50¢ for six months, and possibly longer.

    Miles’ 50¢ fares unlikely to save Queensland Labor

    Queensland Labor’s $150 million pre-election cash splash follows a $1000 power bill rebate, but experts say most voters have already made up their minds.

    Anthony Albanese and Peter Dutton,

    Labor faces minority government threat, poll shows

    A year out from the next federal election, a huge new poll on Anthony Albanese and Peter Dutton’s prospects shows that at least 10 seats are too close to call.

    Migrants are ‘driving Ubers’, not working skilled jobs

    More than half of skilled migrants are working in occupations they are overqualified for, suggesting that Australia is failing to capitalise on foreign workers to fill skills shortages.

    Albanese’s diary reveals the CEOs who scored access in 2023

    Absent from the diary was a black-tie gala to celebrate Qantas’ centenary, at which the PM gave a speech and was photographed on the red carpet with Alan Joyce.

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    World

    This frame grab taken from video shot in southern Israel shows smoke rising from what Palestinian medics say is an Israeli airstrike in Gaza.

    Israeli airstrikes kill at least 35 in Rafah

    The strike took place in Tel Al-Sultan neighbourhood in western Rafah, where thousands of people were taking shelter after many fled the eastern areas of the city.

    The professional services firm has about 17,000 employees in the UK and more than 2600 in Switzerland.

    KPMG to merge British and Swiss operations

    Partners voted to merge the professional services firm’s UK and Swiss businesses, creating a unit with about $6.6 billion of revenue.

    PNG landslide death toll estimates raised to 670

    Crews have given up hope of finding survivors buried deep under the soil and rubble after a landslide slammed into a village on the Pacific island.

    Sunak pledges mandatory national service in UK election ploy

    Compulsory work for 18-year-olds would provide “opportunities” and “experience”, the prime minister says, as the Tories try to differentiate themselves from Labour.

    G7 finance chiefs back Russian assets plan for Ukraine

    The G7 ministers also warned against China’s dumping of cheap exports into their markets, although no concrete actions were decided against China.

    Property

    The Point Piper property Rockleigh has sold on the quiet for more than $80 million.

    Point Piper mansion sells on the quiet for $80m-plus

    Point Piper mansion Rockleigh has sold for over $80 million, clocking the highest price for a property so far this year.

    ‘Strong spring’ for property sales is in the RBA’s hands

    Auction clearance rates are holding steady even as the number of properties listed ticks up. Where the market goes from here depends on what the RBA does next.

    Withcott Seedlings has more than 22 ha of igloo and shade netting nursery space.

    Rest Super-backed Cibus to push into carbon farming and robotics

    Cibus Capital will make a big push into regenerative farming and will use the latest robotics to expand one of the country’s biggest seedling growers.

    Madrid leads European house price gains with double-digit surge

    Housing shortages are fuelling dramatic price increases in Europe’s major cities. Madrid has been particularly affected by an influx of Latin American money.

    Rich Lister behind Lego movies buys $12m Byron digs

    Animal Logic co-founder Zareh Nalbandian has paid $12 million for a Byron escape after selling his animation studio to streaming giant Netflix.

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    Wealth

    How the Rich List is dodging real-life Succession dramas

    As some of its icons are farewelled, a new generation is taking the reins. So far, Australia’s business landscape has remained relatively stoush-free.

    Investors to be stung by $250m in new advice fees

    A tax office ruling will see investors pay 7.5 per cent more for advice obtained from super funds and platforms, despite government moves to cut advice costs.

    ‘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?

    Technology

    Blackbird-backed deep tech start-up faces liquidation

    The Supreme Court of Victoria has ordered food waste recycler Bardee be wound up for unpaid bills, but it has already sold a large part of its assets.

    Appen chief executive Ryan Kolln.

    ‘Asleep at the wheel’: Appen shareholders vent frustrations

    Long-suffering shareholders of the data service company have delivered a 19 per cent vote against the company’s remuneration report at its AGM on Friday.

    American chatbots: oversexed, overhyped and over here

    In just two weeks, Microsoft, OpenAI and Google have each previewed AI chatbots that critics say are as dangerous as they are impressive.

    Work & Careers

    Former Ord Minnett director David Wylie is suing to get his $110,000 bonus back.

    Ord Minnett sued for sacking ‘recklessly dishonest’ director

    Broking director David Wylie was fired for allegedly making up that the Ord Minnett’s senior leadership expected him to sell his house to pay the firm’s ASIC penalty.

    Aussies aren’t all Bondi Beach fit, Ozempic’s new local exec has just realised

    Novo Nordisk Oceania managing director Cem Ozenc mourns the fact Australia’s obesity challenge is lost amid the celebrity hype surrounding the medication.

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    Life & Luxury

    Different takes on transparency by Albus Lumen during Australian Fashion Week.

    Is it sheer madness to experiment with this trend?

    Often clothes are about coverage – but if Fashion Week styles are anything to go by, we’ll all be showing off a lot more.

    Five bespoke whiskies are based on the five foundations of taste – bitter, sour, salt, umami and sweet.

    If you love single malt, food and a good craic, try this $10k pairing

    An Australian chef with a two Michelin-starred restaurant in Dublin has collaborated with an Irish whiskey maker to create something exceptional and very exclusive.

    Why limiting your diet could be harming your brain

    Researchers have found that people who liked a variety of foods did better on cognitive tests than those with limited dietary preferences.

    Why pouring your own water might save your favourite restaurant

    Amid a stream of high-profile restaurant closures, leading industry figures have been forced to adopt minor service changes to control price increases.

    The most widely known victim of pornographic deepfake images is Taylor Swift.

    Could US Ticketmaster case spell the end of extra fees?

    A Biden administration effort to rein in entertainment giant Live Nation might encourage ticketing competition in Australia.

    From the gallery