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    Neoen owns the Victorian Big Battery outside Geelong in Victoria.

    Brookfield lands Origin Plan B with $10b Neoen bid

    The French utility’s pipeline makes it the largest owner of renewable energy in Australia, six months after Origin dismissed the Canadian investment group.

    Wall Street.

    ASX to rise, Wall St awaits PCE data

    Australian shares are set to open higher. The S&P 500 struggled amid selling in the tech sector. US yields pull back on GDP data.

    Financial Review Rich List: Australia’s wealthiest people in 2024.

    Australia’s wealthiest 200 now control $625b

    Technology is back, resources rode a roller coaster and property growth returned, giving Australia’s Rich Listers an 11pc boost to their total fortune.

    They battled blokey workplaces. Now these 33 women enforce the rules

    RBA governor Michele Bullock and competition chief Gina Cass-Gottlieb are among 33 women leading Australia’s regulatory bodies, once the domain of male enforcers.

    There won’t be a reshuffle until there is one

    To move Immigration Minister Andrew Giles, a close factional ally of the Prime Minister and member of his praetorian guard, could cause more problems than it would solve, writes Phillip Coorey.

    ‘Every country is worried about what’s happening in the US’

    ESG champion David Atkin runs a global organisation with 5300 signatories that manage a total of $US121 trillion – about half of global funds under management.

    BHP turns inward after $75b Anglo rebuff

    BHP will take investors to see growth projects in Chile to assure them it does not need a big copper acquisition like its failed $75b bid for Anglo American.

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    rich list

    Rich Listers Sam Hupert (pictured) and Anthony Hall’s Pro Medicus has become one of the most highly valued companies on the ASX with a PE multiple of 169.

    The ASX business so good ‘you can’t put a sell on it’

    Analysts say Pro Medicus is one of the world’s most expensive stocks, but also one of the best.

    ‘Biggest challenge by a mile’: why developers can’t build homes people can afford

    Developers Tim Gurner, Sam Tarascio and Maha Sinnathamby have kept their places on this year’s Rich List amid a housing crisis. This is how they did it.

    Rich Lister Terry Snow steps away from the cockpit

    At 79, the Canberra property dynamo behind Canberra Airport is finally stepping down from active roles. His son Tom will now chair the airport board.

    More than half the 11 new Rich Listers are already billionaires

    Two cryptocurrency giants, an under-the-radar mattress mogul, a former mechanic and an ex-NRL player are among 17 new and returning faces on this year’s Rich List.

    Rich Lister Wes Maas’ three rules for business decisions

    The former NRL player has built a billion-dollar company through hard work and diversification.

    review

    David Rowe

    The man who would help Trump upend the global economy

    As a potential US Treasury secretary, Robert Lighthizer has more than trade policy to revolutionise.

    BYD electric taxis at a charging station in Taiyuan, Shanxi province.

    How higher US tariffs are helping China’s competitors

    American tariffs on imports from China will redirect economic activity toward third-country suppliers considered allies.

    Walk around any Italian town and the message is clear. Elderly Italians like to sit around chatting – and that’s free.

    Baby Boomers are loaded. Why are they so stingy?

    Recent evidence has cast doubt on the notion that a spending splurge by those born between 1946 and 1964 is on the way.

    The woman who could be Mexico’s next president

    If Claudia Sheinbaum wins the presidential election on Sunday, she will be the country’s first female, and first Jewish, president.

    The disease detectives trying to keep the world safe from bird flu

    Frontline work in low-income countries is increasingly vital to a global system to detect viruses that jump between animals and humans, the way COVID-19 did.

    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

    Duncan Stewart leaving the Melbourne Magistrate’s Court

    Magistrate to decide if alleged Kidman insider trader faces trial

    A magistrate will decide next week if Duncan Stewart will face a criminal trial for allegedly buying shares in lithium miner Kidman Resources with inside information. 

    Jon Adgemis strikes $400m refinancing deal to save pub empire

    The former KPMG dealmaker will likely stay on as executive chairman of his Public Hospitality Group after reaching a deal with Deutsche Bank to avert collapse.

    The Melbourne Rebels have been shut down.

    Legal action vowed against Rugby Australia after Melbourne Rebels axed

    Troubled rugby union club Melbourne Rebels has been shut down after 14 seasons.

    Nine’s chairman Peter Costello and CEO Mike Sneesby.

    Nine Entertainment backs CEO, says TV newsroom needs culture rebuild

    After a three-hour board meeting, Peter Costello co-signed a note to staff announcing a set of initiatives to improve the media giant’s workplace culture.

    Chemist Warehouse-bound Sigma gets first strike on pay

    The drug wholesaler, which is seeking to merge with Chemist Warehouse, will get news on the deal from the ACCC in mid-June.

    ‘Paying a pittance’: Australia Post wants banks to boost funding

    Ahead of a Senate estimates hearing on Thursday night, Paul Graham says its banking service is heading towards a loss and contracts need to be redrawn.

    G+T targets Melbourne, start-ups with new partners

    The firm is banking on continued growth in Melbourne corporate activity, and is taking a punt on start-ups and venture capital as a new source of clients.

    Companies in the News

    Search companies

    View stories and data from an ASX listed company

    Markets

    Dean Mintz, founder of Cettire, says the company is investing in customer service staff and technology.

    Cettire founder Dean Mintz backs his ‘best in class’ returns process

    The luxury marketplace’s chief executive told a stockbrokers’ conference the company, which has divided investors, was spending more on customer service.

    Markets are back pricing in another rate rise from the RBA.

    Markets increasingly expect next interest rate move will be up

    Traders are increasingly confident the Reserve Bank will be forced to raise interest rates, particularly if a decision to lift minimum wages next week is above expectations.

    Victor Smorgon’s Peter Edwards.

    The stocks fuelling Victor Smorgon’s 40pc returns

    The Melbourne firm’s global fund has shot out of the blocks again this year thanks to record gold and copper prices. It’s also very bullish on one newly listed mining stock.

    L1 Capital says banks pose risk to ASX, but it likes AGL

    The Melbourne fund manager is warning that the dream run for retailers and the big banks will come to an end and weigh markets down.

    GDP growth tipped to slump to 1.1pc, but don’t expect a rate cut

    Economists expect GDP figures next week could show annual growth slumped to just 1.1 per cent in March, after consumer spending and home building went backwards.

    Opinion

    Why BHP’s pursuit of hot copper went cold

    The red metal is the new black. A rebuffed BHP has gone back to the drawing board to plot its next move after Anglo American rejected its request for more time.

    Ageing Rich Listers approach wealth dispersal watershed

    Forty-five of the 200 Rich List entries, holding about $140 billion in wealth, are aged over 80.

    The AFR View

    Editorial

    The AFR View

    There won’t be a reshuffle until there is one

    To move Immigration Minister Andrew Giles, a close factional ally of the Prime Minister and member of his praetorian guard, could cause more problems than it would solve.

    Phillip Coorey

    Political editor

    Phillip Coorey

    Cutting company tax is not the only way to spur investment

    Recognising the cost of equity in the tax system is the equitable, effective and productive way to achieve corporate tax reform.

    Business has bigger worries than ESG

    One explanation for the seeming decline in discussion about ESG is that it’s something that goes in and out of fashion according to economic conditions.

    John Roskam

    Columnist

    John Roskam

    Let business play a role fixing Australia’s affordable housing crisis

    ASX-listed Aspen has found novel ways to combat the cost inflation plaguing the sector. It’s time to scale via M&A and create sustainable operators.

    Justin O'Brien

    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

    Scape CEO Anouk Darling at a new Scape student accomodation development.

    Migration cuts scaring off investors in student digs: industry

    A shortfall will exist even if international student numbers drop to as low as 25 per cent of 2019 levels, according to Savills.

    Treasury secretary Steven Kennedy speech at the Australian Business Economist lunch on Thursday.

    Treasury boss warns PM: ‘Enormous benefits’ from Chinese solar panels

    Commenting on the government’s Future Made in Australia green industrial subsidies, Steven Kennedy says Australia ‘must not be distracted by ideas, frankly, over many decades, have been shown won’t work’.

    Prime Minister Anthony Albanese at a press conference with Ukrainian President Volodymyr Zelensky in 2022.

    Zelensky pushes Albanese over peace summit attendance

    Volodymyr Zelensky has asked Anthony Albanese to help generate support for the June peace summit in Switzerland. Coal was not raised.

    ‘Johnny on the spot’: China ban ends at perfect time for beef farmers

    Just two Australian beef exporters remained locked out of the Chinese market, the latest thawing in the long-running trade dispute between Beijing and Canberra.

    Future Fund sells stakes in Chinese firms linked to military, rights abuses

    Australia’s sovereign wealth fund has sold out of a range of Chinese companies, including brewer Tsingtao and energy and tech firms.

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    World

    Gordon Ng was first detained in 2021.

    Australian among 14 convicted in Hong Kong’s biggest security case

    A Hong Kong court has found the pro-democracy activists guilty in a national security case that has effectively wiped out the city’s political opposition.

    Anwar Ibrahim hailed Google’s investment as a sign of faith in Malaysia’s governance and economy.

    Google to invest $3b in Malaysian data centre and cloud hub

    The news follows Microsoft’s announcement that it would put $US2.2 billion into Malaysia’s new cloud and artificial intelligence infrastructure.

    Nicola Willis delivers her first budget.

    NZ government cuts taxes even as deficit widens

    The tax cuts are almost identical to the pledge Prime Minister Christopher Luxon’s National Party campaigned on ahead of the October election.

    WeWork’s no-drama new owner pitches turnaround

    Low-profile software tycoon Anant Yardi sees “tremendous opportunity” in the co-working business after a turbulent bankruptcy.

    Israel seizes control of Gaza border with Egypt, cutting off Hamas

    Israel said it has secured control of Gaza’s southern border with Egypt and discovered numerous smuggling tunnels, in moves that raised tensions with its neighbour.

    Property

    NAB has upgraded its house price forecast for Perth, Brisbane and Adelaide amid ongoing strong growth.

    Perth’s house prices to jump 21pc by 2025: NAB

    The bank upgraded its house price expectations for Perth, Brisbane and Adelaide as values there accelerate.

    Approvals for new dwellings are sluggish: that’s bad news for renters and buyers.

    Sluggish rate of new home approvals is bad news for renters, buyers

    The dwindling pipeline of new builds revealed by the drop in permits is another blow to efforts by governments across the country to improve housing supply.

    Boomers continue to cop flak from younger generations, much of it unfairly.

    Baby Boomers are loving the ‘freedom’ of renter life

    Typically, those who don’t own a home worry it might be detrimental to their financial future. However, more Baby Boomers are in favour of renting.

    What went wrong at Britain’s poshest retirement village?

    High-end retirement homes aimed at wealthy Baby Boomers are popping up all over the UK. Investors now consider the senior living sector to be a profitable asset.

    Interstate buyers drive $600k rise in new Gold Coast apartment prices

    Interstate investors drove the average price of a Gold Coast apartment purchased off-the-plan to $1.73 million in the March quarter.

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    Wealth

    Ensure you have exposure to assets that can hold value or even rise in adverse conditions.

    The economy is turning and your investment portfolio needs attention

    Residential mortgage-backed securities might be a good option in a weakening economy.

    I’m a high earner about to encounter Division 293 tax. What can I do?

    You may want to consider reducing your taxable income below $250,000 by claiming allowable deductions such as donations to charity.

    Why shopping centres are a good investment prospect

    Population growth, a robust employment market and rising incomes will stoke retail spending, and much of the extra money will end up in shopping centres.

    Technology

    PwC has purchased more than 100,000 ChatGPT licences.

    ChatPwC v KPMG KymChat: Consultants race is on after ‘world’s biggest’ AI deal

    The US and UK arms of consulting giant PwC have become the biggest direct corporate client of OpenAI, announcing a deal to use and resell the AI firm’s tools.

    Tesla chairwoman Robyn Denholm told shareholders they should endorse Elon Musk’s pay award.

    Tesla slams Glass Lewis after report on Musk mega pay deal

    The electric vehicle maker has hit back at the proxy adviser and is urging investors to back Musk’s mega pay deal.

    Productivity Commissioner Stephen King at Tuesday’s inaugural The Australian Financial Review AI Summit.

    Companies ‘must take responsibility for not breaking laws with AI’

    The competition and corporate regulators say businesses have all the information they need to experiment with AI, after being accused of providing a lack of guidance.

    Work & Careers

    What this CEO has learnt about spouting off ideas in meetings

    Netwealth CEO Matt Heine is a self-proclaimed “ideas fountain,” but has learnt the trait doesn’t always work in the top job.

    Olympian Grant Hackett’s rise from rock bottom to top 500 CEO

    The three-time Olympic gold medallist has always been a long-term planner, and had his career mapped out well before his illustrious swimming career ended.

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    Life & Luxury

    “There must be evolution,” says Alexis Quaretti, one of two newly appointed executive culinary directors for Oceania Cruises.

    400 new recipes for one small ship? This is cruising for true foodies

    New executive culinary director Alexis Quaretti is serving classical French cuisine, of course, but expect additional inventive menus from Oceania Cruises.

    Megan Boni whose TikTok song “Looking for a man in finance” went viral.

    TikTok video about finance bros is a viral hit

    A 19-second song poking fun at old stereotypes has becone a viral hit.

    How to get 50,000 frequent flyer points and gold status

    Air Canada is joining a string of carriers expanding in Australia, hoping to capture travellers fed up with being unable to use their frequent flier points.

    British runner Russ Cook became the first man to run the length of Africa earlier this year.

    When a marathon isn’t a big enough challenge

    Running 42.2 kilometres continuously will always be impressive. But for a rising number of extreme exercisers, it is no more than a starting point.

    Broadway royalty Patti LuPone, known for her role as Evita, is bringing her ‘musical memoir’ to Australia.

    Seven shows you don’t want to miss in June

    From the original ‘Evita’ to Coppélia set in the Adelaide Hills, here’s our pick of the top performances and exhibitions around Australia.

    From the gallery