Skip to navigationSkip to contentSkip to footerHelp using this website - Accessibility statement
  • Advertisement
    AUDUSD0.6646
    0.0024 (0.36%)0.36%
    SPI 2007,821.00
    3.00 (0.04%)0.04%
    S&P/ASX 2007,788.30
    60.70 (0.79%)0.79%
    All Ords8,058.60
    59.40 (0.74%)0.74%
    NZX 504,468.58
    -10.41 (-0.23%)-0.23%
    Hang Seng18,827.35
    218.41 (1.17%)1.17%
    Nikkei38,900.02
    253.91 (0.66%)0.66%
    View all

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

    Nominate now

    Beware ‘unknowns’ in Lendlease’s $4.5b turnaround, say old hands

    “If you’re going to exit today, tomorrow, the next day, you’re going to leave a lot on the table,” a former executive said.

    Lendlease chief executive Tony Lombardo has been forced into a strategic reckoning.

    The two forces driving Lendlease to tear itself apart

    For 66 years, Lendlease has been an icon of Australian business. But its global ambitions lie in tatters after a reckoning that’s been coming for decades.

    Miner Glencore has blasted the Queensland government’s decision to reject the carbon capture storage project.

    Furious Glencore slams Qld knockback of emissions project

    The mining giant has blasted the state government’s decision to reject the carbon capture storage project amid growing pressure from Queensland’s ambitious targets.

    Central Coast builder for Woolies and Singo collapses

    Stevens Construction built a number of supermarkets and malls for Woolworths and also completed residential projects for John Singleton.

    School graffiti attack builds heat on government over antisemitism

    The government could not say whether a graffiti attack on a Jewish school would be covered by proposed new hate laws.

    Questions surface over fast-tracked $10b warships

    Shipbuilders have been given just three weeks to outline their opening pitch to build new frigates for the navy.

    $A bulls face disappointment on long road to pandemic high

    Traders hoping the Australian dollar will strengthen may be caught out as optimism over China’s rebound fades and the local economy falters.

    Advertisement

    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.

    Nine Entertainment chief executive Mike Sneesby returned from leave early.

    Nine to investigate television newsroom culture after Wick exit

    The media group’s leadership team held a crisis meeting last week to discuss the situation, and the company’s board is also expected to meet this week.

    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

    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.

    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

    Yuxiao’s Wu Tao (left) signing a co-operation agreement with the leaders of China Northern and Shenghe Resources.

    China-linked entity ousts WA rare earths boss

    Northern Minerals’ new executive chairman said the resignation of Nick Curtis created an “alignment” between shareholders and the board. 

    Beware ‘unknowns’ in Lendlease’s $4.5b turnaround, say old hands

    “If you’re going to exit today, tomorrow, the next day, you’re going to leave a lot on the table,” a former executive said.

    Barry Sternlicht’s $15b real estate fund limits withdrawals

    There’s trouble when an REIT fears it won’t have enough cash to pay investors back because the rate of withdrawals is higher than the amount of money coming in.

    Michael Ullmer

    Lendlease chairman to step down at AGM

    Michael Ullmer has confirmed he will step down at the company’s shareholder meeting in November, but disgruntled investors want more action than that.

    The indicator that has Macquarie fearing a ‘downgrade cluster’

    Confession season has been quiet this year, but that doesn’t mean investors shouldn’t be looking over their shoulders.

    Lendlease seals truce with activists in radical reset

    The property giant expects its new strategy to free up $4.5 billion of capital and will sweeten the deal with a $500 million share buyback.

    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.

    Companies in the News

    Search companies

    View stories and data from an ASX listed company

    Markets

    Australians are facing an economic environment of rapidly rising interest rates.

    RBA can still cut this year, says Fitch – traders aren’t so sure

    The ratings house view is increasingly at odds with traders, which have pushed pricing for the Reserve Bank’s first rate cut beyond June 2025.

    The Australian dollar is up 2 per cent this month.

    $A bulls face disappointment on long road to pandemic high

    Traders hoping the Australian dollar will strengthen may be caught out as optimism over China’s rebound fades and the local economy falters.

    The ASX is poised to open higher.

    ASX climbs; Cettire, Lendlease shares jump

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

    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.

    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.

    Opinion

    Why Dutton risks losing WA sentiment

    Peter Dutton’s rejection of production tax credits for critical minerals processing is risking support in several must-win seats in Western Australia.

    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

    Populism aside, questions hang over universities’ foreign student trade

    The political risk confronting universities’ lucrative international students trade raises questions about their business model and the benefits for higher education.

    The AFR View

    Editorial

    The AFR View

    Qld’s 50¢ bus fares are a desperate political gimmick

    Cutting public transport fares to 50¢ is another ratcheting up of a fiscally irresponsible political culture that expects governments to endlessly buy votes.

    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

    The humble email sign-off is not what it used to be

    It is not exactly clear when the sign-off turned into yet another tool in the arsenal of self-promotion deployed in so much of modern corporate life, but I do not see it fading any time soon.

    Pilita Clark

    Columnist

    Pilita Clark

    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
    Advertisement

    Politics

    Opposition immigration spokesman Dan Tehan says the Coalition would prioritise skilled migration while reducing the overall migration intake.

    Foreign ‘power couples’ could head the queue under migration revamp

    Amid business fears migration cuts will worsen labour shortages, the Coalition wants foreign workers’ partners to have skills that contribute to the economy.

    Mount Scopus principal Dan Sztrajt said he had added extra security because students at his school felt unsafe.

    School graffiti attack builds heat on government over antisemitism

    The government could not say whether a graffiti attack on a Jewish school would be covered by proposed new hate laws.

    Queensland train patronage numbers trail most major cities.

    Fifty cents for Qld trains, buses – but they’re still ‘old and slow’

    The Queensland Labor government’s slashing of public transport costs has been welcomed, but an advocacy warned of major network issues failing passengers.

    Young, ready to go regional: the migrants business wants most

    Australia should prioritise full-time workers who have settled in locations with the biggest skills shortages, big four firm KPMG says.

    Australia among biggest losers if US-China trade war flares

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

    SPONSORED

    World

    Taiwan President Lai Ching-te, right, puts on a cowboy hat given by Representative Michael McCaul during a meeting in Taipei,

    US legislator tells Taiwan its weapons are coming

    The island nation has complained for two years of delays in deliveries of US weapons, as manufacturers supply Ukraine to support its defence against Russia.

    China’s industrial profits return to growth

    A global cyclical boom in technology products like chips as well as a push by the government to get firms to replace their old equipment supported the April upturn.

    Villagers search through a landslide in Yambali, in the Highlands of Papua New Guinea.

    Papua New Guinea landslide toll revised up to 2000

    The unstable terrain, remote location and nearby tribal warfare are hampering relief efforts in PNG.

    China hails ‘new beginning’ with US-allied South Korea, Japan

    China, South Korea and Japan are trying to manage mutual distrust amid the rivalry between Beijing and Washington, and tensions over Taiwan.

    China’s online ‘Kim Kardashian’ banned for being too ostentatious

    The online disappearance last week of Wang Hongquanxing is part of the government’s latest campaign to maintain its dominance over China’s social media culture.

    Property

    Beware ‘unknowns’ in Lendlease’s $4.5b turnaround, say old hands

    “If you’re going to exit today, tomorrow, the next day, you’re going to leave a lot on the table,” a former executive said.

    Stevens Construction undertook numerous projects for Woolworths including this $27m project at Crows Nest on Sydney’s Lower North Shore.

    Central Coast builder for Woolies and Singo collapses

    Stevens Construction built a number of supermarkets and malls for Woolworths and also completed residential projects for John Singleton.

    More than two out of five property valuers are predicting house prices to increase by at least 5 per cent nationwide in the coming 12 months amid stock shortage, a CBRE survey shows.

    Perth, Brisbane and Adelaide apartments poised to outperform

    Fewer property valuers expect demand to rise in the next 12 months, but more are still predicting higher prices due to scarce supply.

    Barry Sternlicht’s $15b real estate fund limits withdrawals

    There’s trouble when an REIT fears it won’t have enough cash to pay investors back because the rate of withdrawals is higher than the amount of money coming in.

    Former analyst pays $48m for Brisbane office tower

    Jacob Fong has taken a deep dive into the Brisbane office market and uncovered good buying opportunities in the city’s Midtown precinct.

    Advertisement

    Wealth

    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.

    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.

    Technology

    Microsoft CEO Satya Nadella.

    Microsoft CEO should be fired over cyber failure

    A cyber breach slammed by the US government for leaving customers exposed is down to a culture led by Satya Nadella of profit over security.

    • 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.

    Work & Careers

    The humble email sign-off is not what it used to be

    It is not exactly clear when the sign-off turned into yet another tool in the arsenal of self-promotion deployed in so much of modern corporate life, but I do not see it fading any time soon.

    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.

    Advertisement

    Life & Luxury

    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.

    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.

    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