Brett Blundy poaches new Lovisa boss from Solomon Lew’s empire
The jeweller’s chief executive, Victor Herrero, will be succeeded by John Cheston, who runs Smiggle. Premier has been hoping to float the stationery chain.
Minimum wage rises 3.75pc in line with inflation
More than 2.6 million workers will benefit from the latest Fair Work Commission decision, but it shied away from a bigger increase due to concerns over productivity and business outlook.
- Exclusive
- Indigenous justice
‘Land rich, dirt poor’: Price calls for native title reforms
Senator Price said while well-meaning, laws needed to change to encourage private homeownership on native title land as well as more business creation, including Aboriginal owned mines.
Frydenberg rules out a return to politics – again
Former treasurer Josh Frydenberg has ended a brief flirtation with a return to politics, saying he will not seek preselection for his old seat of Kooyong.
- Live
- Markets Live
ASX rises; real estate, banks gain, iron ore hits six-week low
Australian shares follow Wall Street higher. Oil falls as OPEC+ extends production cuts. Regal buys Merricks Capital for $235 million. Follow updates here.
- Opinion
- Chanticleer
Chalmers sell-down order adds to crazy tale of rare earths intrigue
Treasury orders forcing Chinese interests to sell shares in Northern Minerals comes as Australia faces hard questions on Chinese involvement in our critical minerals sector.
- Live
- Need to Know
Minimum wage increase is ‘fair and prudent’: economists
The workplace umpire announced a 3.75pc increase to the minimum wage; Josh Frydenberg ruled out running for Kooyong; Services Australia paid $620,000 for Bill Shorten’s speechwriter. How the day unfolded.
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Edition
Financial Review Rich List 2024
Tracking the fortunes of Australia’s richest people since 1983 | Australia’s 200 most wealthy and how they are handing over the keys to the kingdom
MONDAY MEDIA
Rupert Murdoch hosts secret wedding as he eyes trip home
Rupert Murdoch tied the knot for a fifth time on Sunday. He could be visiting Australia as soon as next month.
- Exclusive
- Hong Kong protests
Ex-Crosby Textor pollster ‘deeply uncomfortable’ with Hong Kong work
The think tank which commissioned the research was founded by city’s former chief executive who remained a part of the Chinese People’s Political Consultative Conference.
Maurice Blackburn eyes tsunami of TV news lawsuits amid Nine strife
The law firm has put out a call for people in the commercial TV industry to share their stories of sexual harassment and unlawful discrimination.
Directors at Network Ten owner Paramount back merger with Skydance
The global media company, which owns Network Ten in Australia, is up for sale by its billionaire owner Shari Redstone.
Nine Entertainment executives begin review that could backfire on them
An external review of Nine Entertainment’s TV business and an anonymous tip-line have the potential to reshape power atop Australia’s largest media company.
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Companies
China-linked investors forced to offload Northern Minerals shares
Treasurer Jim Chalmers says the decision, based on Foreign Investment Review Board advice, was made to “protect our national interest”.
- Updated
- Hedge funds
Regal Partners goes big on private debt after buying Merricks Capital
The transaction will lift the firm’s assets under management to $15.1 billion and increases its exposure to one of the industry’s fastest-growing sectors.
Afterpay says Treasury has overreached on BNPL regulation
Consumer groups, banks and even the corporate regulator say they also have concerns about Labor’s proposed laws to regulate buy now, pay later as credit.
- Exclusive
- Poker machines
Sydney’s Mounties club under AUSTRAC scrutiny for pokies profits
The club, in the city’s south-west, is one of the biggest in terms of gaming machines profit. It is unclear if other NSW clubs are under similar scrutiny from the financial crimes watchdog.
The a2 Milk Co’s main supplier Synlait needs China rescue package
China’s Bright Dairy is lending $NZ130m to the dual-listed company, in which a2 Milk Co has a 19.8 per cent stake and relies on for infant formula supply.
Immutep raises $100m and signs with Merck on ‘blockbuster’ drug
Shares in the oncology therapy hopeful have risen some 45 per cent in the last 12 months as the company nears the commercialisation of its drug, Efti.
CIMIC, Gina Rinehart pile into lithium hopeful Vulcan Energy Resources
The ASX-listed lithium aspirant’s fundraising comes as it works to secure the financing it needs to get its flagship project in Germany off the ground.
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Markets
Investors pull money from tech in ‘next phase’ of the AI trade
Hedge funds have trimmed exposure to the Magnificent Seven and increased holdings in the utilities and healthcare stocks as the AI rally broadens to other pockets of the sharemarket
- Exclusive
- Interest rates
RBA deputy points to ‘jobs test’ for interest rates
New deputy governor Andrew Hauser says the Reserve Bank has an agreement with Treasurer Jim Chalmers to “test” how low unemployment can sustainably be, justifying the central bank’s lower interest rates than overseas.
L1’s activist fund is making investors and boards take notice
The hedge fund’s catalyst strategy has returned 42 per cent since its 2021 inception, and portfolio manager James Hawkins is eyeing up L1’s next target.
- Opinion
- Stock picking
What these veteran analysts focus on when valuing companies
“Don’t fill my head up with irrelevant nonsense,” says David Errington who, like Brian Johnson and Charlie Green, is focused strictly on the big picture: cost of capital.
- Analysis
- Mergers & acquisitions
Global M&A lurches back to life
After a weak 2023, a recent flurry of deals is the latest sign of a revival in activity. But political uncertainty is holding back some takeovers.
Opinion
The three key lessons for RBA and our leaders to defeat inflation
Interest rates are going to have to stay (or go) higher for longer, and governments are going to have to stop expanding their spending so rapidly.
Economics professor
The Liberals need Frydenberg, but at what cost?
The optics of a bloke pushing aside a woman, especially in a teal seat, just because it’s suddenly become winnable, will be poor.
Political editor
How is the transition to net zero going to be paid for?
Private investment will have to carry most of the load in a new green economy. But new tax and super policies can help as well.
Energy expert
Shangri-La reveals a region short on peace and harmony
The rhetoric at the annual Singapore security conference says that even stabilised relations with China will remain testing for Australian governments.
Geopolitical analyst
History will judge the new era of US protectionism harshly
The unseemly contest by Joe Biden and Donald Trump to outdo each other in trade protectionism will make the world become less prosperous and more unpredictable.
Contributor
Marles delivers right China message in right forum
The defence minister’s realistic assessment is that Beijing’s aggression is not only a threat but is undermining China’s legitimate self-interests that should be pursued as part of a peaceful and prosperous regional order.
Editorial
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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Wong slaps down Dutton, Greens over Gaza conflict
Quitting an international court would undermine efforts to call out China, the foreign minister said, while accusing the Greens of collaborating with extreme anti-Israel protesters.
We got it wrong on record migration: Treasury boss
Treasury secretary Steven Kennedy said the agency’s “frankly poor” forecasting owed to a failure to anticipate a sharp rise in foreign student numbers.
- Live
- Need to Know
Minimum wage increase is ‘fair and prudent’: economists
The workplace umpire announced a 3.75pc increase to the minimum wage; Josh Frydenberg ruled out running for Kooyong; Services Australia paid $620,000 for Bill Shorten’s speechwriter. How the day unfolded.
- Investigation
- Indigenous justice
Call to reform Mabo’s $1b native title dividend
Native title groups hosting Australia’s iron ore industry are holding more than $1 billion of net assets in trusts, but after 32 years of the native title regime, there is little to show for the vast majority of Indigenous Australians.
‘This may not end well for you’: The secret war behind the PwC inquiry
Documents tabled by three federal agencies raise questions about whether the ATO tried to shut down the investigation into the PwC tax leaks and targeted the man leading it, Michael O’Neill.
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World
Jacob Zuma the disruptor has South Africa’s fate in his hands
Six years after being pushed from office, the former prime minister successfully upstaged his successor Cyril Ramaphosa in national elections this week.
Nvidia unveils next-generation AI chips to entrench market lead
The world’s most valuable chipmaker is racing to entrench its dominance of AI processors, which has propelled it into the ranks of the world’s most valuable companies.
OPEC+ extends deep production cuts into next year
The oil cartel agreed the cuts as it battles to shore up prices amid weak global demand and increased supply from other parts of the world.
‘It’s my honour’: Trump joins TikTok, the app he once tried to ban
The former president made his debut on the video-sharing app in a bid to appeal to younger voters – and attracted 2 million followers.
Netanyahu under pressure from far right to reject Biden ceasefire deal
Far-right Finance Minister Bezalel Smotrich and Minister of National Security Itamar Ben Gvir said they would break up the government if it takes the deal.
Property
Downsizers who ‘weren’t looking’ buy $3.6m home
Competition for smaller homes in established suburbs like Claremont is so intense that many downsizers plan to build anew. But if they see something suitable, they jump at it.
Sydney’s home values to hit new highs within weeks
The city has fully recovered from the recent downturn, while Brisbane overtook Canberra as the second most expensive capital city.
Spike in auction volumes drags clearance rates lower
Preliminary clearance rates drifted lower across Sydney and Melbourne over the weekend as more vendors put their homes on the market.
Lendlease profit cut after ACCC delay on $1.3b estates sale
The earnings downgrade comes as an early blow for the company’s radical reset of its vast development business through a $4.5 billion divestment program.
Home buyers are starting to revolt over steep prices across US
Sellers are grappling with the fact that higher-for-longer rates are choking off demand during what’s typically the key season for the US market.
Wealth
How to invest like a Rich Lister and beat the market
There are 37 listed stocks linked to Rich List members, and their ability to deliver above-market returns is impressive.
Decades after tycoon’s death, his family is suing each other over a mansion
Tech tycoon’s widow says she felt ‘used and abused’ in a dispute that pitted her three children against her – and each other.
- Opinion
- Super Q&A
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.
Technology
- Exclusive
- Start-ups
Providoor scraps hot food to concentrate on frozen meals
Online celebrity chef meal provider Providoor will target a growing market for pre-prepared meals, after struggling with delivery services for its hot meals.
Why CBA’s AI future needs more reimagining
A US trip left CBA chief executive Matt Comyn with questions to which he doesn’t have all the answers. It’s a common theme across the Australian business world.
Why age restrictions on social media ‘won’t happen overnight’
Australia’s eSafety Commissioner says it is difficult to judge the correct age to ban kids from social media.
Work & Careers
Neil Perry, top chefs combine and take on the old guard
Heavy hitters including Luke Mangan and Merivale have joined a new association to help save the restaurant industry – and challenge a century-old lobby group.
- Exclusive
- Philanthropy
How Geoff Wilson assembled his investment dream team
Philip Lowe, Jennifer Westacott, Mike Baird, David Paradice, Andrew Forrest and Solomon Lew are among the heavy-hitters who have joined Geoff Wilson’s charitable mission to raise money for kids.
Life & Luxury
Three ways to start exercising outdoors – and stick to it
Hate the gym? There are clear benefits to spending time in nature, so here’s how to start exercising outside and stick with it.
Tips for buying a suit off the rack
While tailor-made is best, it’s not always affordable or practical for everyday wear. We asked an expert how to buy instore.
This Tasmanian mill survived world wars and doonas. Can it go global?
It was founded in 1874 when Australia was the largest producer of wool on the planet. Today the team at Waverley Mills has big plans for a sustainable future.
A house for all seasons made entirely of concrete and plywood
This small Melbourne home is low energy, looks lovely and might win a big architecture prize.
How this comedian built a career while working for PwC
His bosses thought he’d just popped out for a moment, but he was actually working at the ABC.
