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

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    The post-war explosion of international trade is now at its weakest.

    Australia among biggest losers if US trade war with China flares

    Australia would suffer a $30 billion hit to national income – the second-largest fall in the world – if global trade tensions with China worsen and countries try to manufacture more at home, the OECD says.

    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; Cettire, Neuren Pharma shares jump

    Shares push higher after Friday’s slump. Cettire hits back at counterfeit allegations. Neuren Pharma rallies after trial results, Megaport chairman offloads more shares. Follow for more

    CFMEU push to end workers’ returns under redundancy fund

    The NSW union branch is seeking to end workers getting thousands of dollars in returns a year and to send their contributions to a John Setka-backed Victorian fund.

    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. 

    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.

    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.

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    MONDAY MEDIA

    Netflix shares have jumped by 45 per cent since May.

    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.

    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.

    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.

    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 consortium claimed Hard Rock International was fully aware of its proposal.

    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.

    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.

    Grapes of wrath: Australian Vintage is being forced into an emergency capital raising.

    Accolade Wines ends merger talks, Australian Vintage to raise capital

    Shares in the owner of McGuigan and Tempus Two wine brands have been suspended as debt levels rise to dangerous levels, with a potential back-door listing of Australia’s No.2 player, Accolade off the table for now.

    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.

    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.

    Companies in the News

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    Markets

    Gains in US tech stocks like Nvidia have propelled returns far ahead the ASX in the last 18 months.

    Fund abandons ASX mandate to jump on US tech rally

    Nathan Bell is upping his allocation to US stocks, saying the current price for some quality names on the ASX had reached “ridiculous” levels.

    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.

    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

    We must protect Australia’s free and open economy

    Australia prospered in an open postwar world economy. But a new generation has less faith in it.

    Craig Emerson

    Former Labor minister and economist

    Craig Emerson

    Failure to deliver green pipeline is keeping Eraring open

    The NSW government has left its green energy project pipeline languishing for years. Now it is charging a coal keeper tax instead.

    International students show our statecraft missing in action

    Educating the region’s high-flyers is a major source of soft power for Australia. But we are in danger of taking it for granted.

    Susannah Patton

    Foreign relations expert

    Susannah Patton

    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

    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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    Politics

    Lisa Wilkinson outside the Federal Court in Sydney in February.

    Wilkinson seeks $1.8m in costs for Lehrmann trial

    Ten has ‘limited’ chance of recouping costs; 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.

    Prime Minister Anthony Albanese.

    Readers back production tax credits, wary of immigration cuts

    Most readers of The Australian Financial Review support the Albanese government’s production tax credits, but less than a third back his immigration cuts designed to tackle the housing crisis.

    Sixteen people died from vaccine side effects from over 70 million shots, says the Australian Bureau of Statistics.

    Anti-vax claims flood Senate inquiry. Officials say they’re wrong

    The ABS, Health Department and actuaries say there is no evidence to support claims there were more deaths from non-COVID causes due to government vaccine mandates during the pandemic.

    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.

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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.

    Biden has a chance to do the right thing in Gaza

    Without any clear plan for post-conflict Gaza or the West Bank, Joe Biden’s Middle East policy is in tatters.

    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.

    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

    • Exclusive
    • AI
    Bevan Slattery

    Rich Lister entrepreneur’s final start-up will build underwater robots

    Bevan Slattery is arguably Australia’s most successful tech entrepreneurs of the last 20 years. He thinks he has one more start-up in him, and has big plans for reviving coral reefs.

    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.

    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