ECB delivers landmark rate cut - but no hint of next steps
The European Central Bank dropped interest rates to 3.75 per cent after saying the inflation outlook had improved markedly.
ASX to edge up, Wall St awaits monthly jobs data
Australian shares are set to open modestly higher in line with muted trading in New York. ECB starts cutting rates. US payrolls at 10.30pm on Friday.
Union push to raise teen pay by up to 42pc
The retail and fast food workers union says 18- and 19-year-olds can drink, vote and join the army so they should be paid the same as people aged 20 and older.
‘We will not walk away’: Allies return to the D-Day beaches
As world leaders gathered in Normandy to commemorate the 80th anniversary of D-Day landings, US President Joe Biden warned against surrendering to dictators.
IDP Education dives on fears international students will stay away
The country’s largest listed provider of international education services says the restrictions in Australia, Canada and the UK are “linked to election cycles”.
Why Australia’s view of the Gaza war matters to Israel
Leading Israelis are aware of mistakes their country has made, and warn of a “volcanic eruption” against the Netanyahu government, but they have been blindsided by the rise in antisemitism in Australia.
Economy still too strong despite recession talk
Economists say consumer resilience shows there is still excess demand in the economy after a post-COVID spending boom.
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review
President Trump ‘would unleash inflation across America’
Larry Summers and other economists believe the Republican’s trade and economic policies would drive mortgage rates above 10 per cent.
To keep great store managers, Walmart is offering up to $800,000
The American retailer has begun offering bonuses twice managers’ base salaries to supervise huge stores and hundreds of staff.
- Analysis
- China’s Great Slowdown
Why won’t Xi Jinping fix China’s dreadful economy?
Explanations for Beijing’s refusal to work on deep-seated problems include denial, ignorance and ideology.
Can Lazard’s new CEO convince its bankers to play nice?
Economist Peter Orszag has brought star power to the faded French investment bank but many of its staff aren’t convinced.
The world’s oldest privately owned bank is unrepentantly nepotistic
C Hoare and Co has been run by the Hoare family for 12 generations, who cater for a select group of wealthy individuals.
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Companies
China-linked investor fails in hostile bid for Northern Minerals board
Wu Tao, who was ordered by the federal government to sell stock in Northern Minerals, fell short in his push to gain a seat on the strategic rare earths miner.
Clyde & Co slashes partner numbers as cuts deepen
Global law firm Clyde & Co has asked six partners in its Australian arm to leave, as it struggles to turn a profit from low-margin work.
New unit to replace outside consultants in NSW
NSW will follow the federal government in setting up an in-house consulting unit to reduce spending on the major firms.
Fortescue accuses former execs of green iron IP breach
Andrew Forrest’s company has launched legal action against two of the architects of its clean energy pivot over claims they copied a green iron technology.
SkyCity suspends dividends, cuts guidance as troubles mount
The operator of casinos in Adelaide and Auckland warned of delays in major projects and a “challenging economic environment”, sending shares tumbling.
Telix greenlights $300m Nasdaq listing in search for deep pockets
It is the second ASX-listed growth stock to flag intentions to list in New York, with Life360, the developer of family social media apps, to debut overnight.
Bonza’s administrators concede sale hopes dead, staff to go
The low-cost airline collapsed in late April. A confidential creditors’ meeting was told on Thursday that administrators may consider legal action instead.
Companies in the News
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Markets
A biotech boom for the ASX? This fundie thinks so
SG Hiscock’s Rory Hunter thinks CSL could “absolutely” hit $500, says biotechs are ripe for M&A, and reveals a hidden gem flying under the market’s radar.
Canada first major central bank to cut rates ahead of ECB
The move comes ahead of a European Central Bank meeting on Thursday, which is also expected to reduce rates. The Fed is scheduled to meet next week.
Iron ore to plunge below $US100 into a bear market: Citi
The broker has cut its iron ore forecasts for the second time in the past month, as analysts turn increasingly pessimistic on Australia’s chief export.
- Opinion
- Chanticleer
Forget Wall Street’s deceiving new record, recession debate is back
The unstoppable Nvidia might be propelling Wall Street to new highs, but there’s a growing debate about whether US recession fears will revive the infamous “Fed put”.
- Opinion
- Bonds
Investors cheer as interest rate pain finally appears to be easing
Investors now expect the Federal Reserve will cut rates in September, amid growing signs economic activity is faltering. And that’s pushing markets higher.
Opinion
Why the RBA won’t copy Canada’s interest rate cut
The economic and interest rate cycle in Australia is quite different to our Canadian cousins, despite the similarity in the structure of the resources-rich, medium-sized economies.
Economics editor
The politics behind the bipartisan U-turn on international education
Slashing international student numbers will devastate the business models for universities and many other international education providers.
Columnist
Red tape driving shift from public markets to private equity
While the downward trajectory of listed company numbers is a global phenomenon, changes to governance principles have exacerbated this decline here.
Economist
Pharmacists lost 60-day battle, but won war with Chemist Warehouse
The most powerful lobby group in the nation has convinced Labor to stop its competitor from giving customers a $1 discount on medicines.
Contributor
Greens metamorphosis goes well beyond normal politicking
The party these days bears only a passing resemblance to the political conservation movement started by Bob Brown that fought nobly against habitat destruction.
Political editor
Modi’s reform wave falls short of majority
To reach the growth levels of China in its industrialising heyday, he will need to bring his new coalition partners along on a new wave of reform.
Editorial
Reports
Driving an electric future
This Insights Report looks at the benefits and remaining hurdles of broadscale EV adoption from a business and consumer perspective.
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Albanese shoots down Greens arms-to-Israel claim
The government has rebutted accusations by the Greens it was selling arms to Israel and was therefore ‘complicit in genocide’.
Greens ‘fanning flames of division’, says besieged Labor MP
Federal Labor MP Peter Khalil has accused the Greens of spreading disinformation and speaking at protests that resulted in hate speech and physical harassment.
Unpicking the war of words on weapons exports to Israel
The opaqueness of Australia’s arms control regime means what the country is actually sending to Israel is largely unknown.
Labor urged to fund native title groups, stop ‘divisive’ activists
The National Native Title Council wants Labor to provide base-level funding to native title groups and change the laws to stop NGO activists.
Vic gas backflip may be too little, too late: business, Libs
After Energy Minister Lily D’Ambrosio approved the state’s first new gas project in a decade, business was appreciative but underwhelmed.
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World
Allies back on beaches to commemorate D-Day
As world leaders gathered in Normandy to commemorate the 80th anniversary of D-Day landings, US President Joe Biden warned against surrendering to dictators.
US, Australia: China ‘aggressively recruiting’ our fighter pilots
The Five Eyes security intelligence partners have accused the People’s Liberation Army of using Western military talent to train its aviators.
US clears way for antitrust inquiries on Nvidia, Microsoft and OpenAI
The Justice Department will take the lead in investigating whether the behaviour of Nvidia, the biggest maker of AI chips, has violated antitrust laws.
- Analysis
- World elections
Modi must bow to India’s new kingmakers to retain power
Narendra Modi will need to compromise as he starts his third term as prime minister after failing to secure an outright majority at India’s general election.
Israel strike on UN Gaza school kills dozens: local officials
Israel’s military said it targeted a Hamas compound inside the school in the Gaza Strip, an attack local health officials said killed at least 30 people.
Property
Investors rush into housing at fastest rate in more than two years
Tight supply and rising yields – and expectations that will not change any time soon – are drawing investors back into the market.
- Exclusive
- Luxury property
Historic harbourfront home sells for about $16m in Balmain record
A historic home fronting Sydney Harbour has sold for about $16 million in Balmain East, making it the most expensive waterfront ever sold on the Balmain peninsula.
Brisbane’s biggest penthouse could beat the city’s $20.5m record
The Riparian Plaza penthouse was bought off the plan for $7.37m in 2001 by John Pearce, soon after he pocketed $14m from the sale of Collection House shares.
Apartment sales boom – in the $1 million-plus price range
Soaring materials and financing costs are making most apartment projects unviable. But there’s a niche of the development market that is booming.
- Exclusive
- Luxury property
Shoe boss Daniel Agostinelli steps up his Toorak digs with $17.5m buy
The CEO of Accent Group and his wife have upgraded their Toorak base, among a flurry of sales in Melbourne’s priciest suburbs.
Wealth
I have an older-style pension – has the government forgotten about us?
While legacy income streams were not addressed in the recent federal budget, there are steps you can take to make them easier to work with.
First home buyers have two weeks to score $12,000 tax break
Advisers say borrowers would be mad not to take advantage of the First Home Super Saver Scheme, but perceived complexity is turning them off.
The three types of people most likely to avoid high-end super tax
A new study shows a quarter of high-income earners tweak their finances to minimise the tax they pay on superannuation, and they are mostly self-employed, trust beneficiaries and women.
Technology
eSafety drops case against Musk’s X over bishop stabbing video
The online safety watchdog has abandoned its court case against X after suffering a legal setback.
Tough jail terms for deepfake porn peddlers under new laws
The creators and sharers of non-consensual sexually explicit material will face up to seven years’ jail under the new rules, which also put pressure on tech firms.
Medibank faces maximum $21.5 trillion fine in new cyber hack case
The privacy watchdog alleges the private health insurer failed to protect the details of 9.7 million customers, under a law that provides for a penalty of $2.2 million for each breach.
Work & Careers
- Analysis
- Industrial relations
The power brokers behind the scenes at ACTU Congress
ACTU leaders Sally McManus and Michele O’Neil led a successful congress but they are assisted by powerful union leaders on the left and the right.
- Exclusive
- Workplace
Domestic violence leave has been law for a year. Almost no one uses it
Employers are being urged to do more for victim survivors of domestic violence after a survey revealed new leave entitlements were hardly being used.
Life & Luxury
Westpac’s chief economist Luci Ellis’ sliding doors moment
It is rare people can point to a single, pivotal, life-changing moment but two events, 30 years apart, have shaped her career.
How Donald Trump was created by a reality TV show
The Apprentice was an American fraud that ballooned beyond its creators’ wildest imaginations, one of the producers of the show says.
This robot knows how to corner
Roborock’s latest robot vacuum cleaner has an extension arm that sweeps 100 per cent into corners. Just don’t expect its mop to do the same
This week’s edit of little luxuries for eco-conscious consumers
From an app to help you navigate sustainability claims, to a Bottega Veneta bag to treasure for ever, we have inspired suggestions for you.
Retail’s secret solution to the problem of endless returns
“Just keep it” refunds are now common in the United States, where the annual retail value of wrong-sized or unwanted goods is almost $US1 trillion.
