If your business is turning inspiration into innovation, it’s time to be recognised.
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.
- Live
- Markets Live
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.
- Opinion
- Chanticleer
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.
- Live
- Need to Know
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.
Lendlease takes $1.48b hit | Optus loses appeal | Canva’s rap message
MONDAY MEDIA
Netflix shifts 92pc of $1.1b Australian revenue offshore
The streaming giant behind Bridgerton, Stranger Things and Heartbreak High paid its overseas affiliates most of its Australian revenue in 2023.
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
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.
- Opinion
- Publishing
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.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
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.
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.
- Exclusive
- Commercial real estate
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.
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
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.
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.
- Opinion
- Bonds
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.
Editorial
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.
Columnist
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.
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.
Contributor
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.
Former deputy chief health officer
Don’t believe the artificial intelligence hype
Economic theory and the available data justify a more modest, realistic outlook for productivity gains from AI.
Economist
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.
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- Exclusive
- China relations
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.
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.
- Exclusive
- Federal election
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
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.
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
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.
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.
- Exclusive
- Luxury property
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.
Wealth
- Opinion
- Rich List
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.
- 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?
Technology
- Exclusive
- Funding
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.
‘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
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.
Life & Luxury
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.
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.
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.
