- Opinion
- Chanticleer
ECB’s historic cut was completely expected and still surprising
With Canada and Europe moving this week, does the RBA now have more room to deliver the rate cut many Australian households and investors crave?
- Analysis
- International affairs
‘War has returned’: D-Day remembered in shadow of new conflict
This might be the last significant D-Day anniversary to involve living veterans. But it’s the first to be dominated by a European territorial war.
- Live
- Markets Live
Miners push shares higher; gold, oil rise
Commodities lift shares. ECB cuts rate. Life360 hits Nasdaq boards. S&P 500 dips as Nvidia, Apple slip below $US3t mark. Follow here.
- Exclusive
- Gambling
Laurence Escalante’s Virtual Gaming Worlds delivers monster dividend
The record payout for shareholders comes despite increasing legal scrutiny of the company’s business and its popular Chumba Casino and Luckyland Slots.
- Live
- Need to Know
Bird flu spreads across Victorian poultry farms
A fifth farm near Melbourne has reported cases; Andrew Giles says a new ministerial direction on visas prioritises public safety; Steve Bannon has been ordered to surrender for prison by July 1. Live updates here.
Peter Costello denies pushing Canberra journalist
The Nine Entertainment chairman says he did not assault a journalist who approached him on Thursday, after video of the incident showed the man falling over.
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, writes Jill Margo.
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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.
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.
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.
- 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.
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.
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Companies
Life360 boss hails ‘Goldilocks’ share price as it debuts on Nasdaq
But shares in the San Francisco-based company, which makes the popular daily tracking app, closed flat overnight after raising $150 million with the listing.
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”.
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.
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
- Updated
- Monetary policy
ECB’s inflation worries have traders fearing a rate cut go-slow
The European Central Bank dropped interest rates to 3.75 per cent after saying the inflation outlook had improved markedly. But, it was stickier than expected.
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.
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.
What happened overnight? ECB cut rates, US equities ended flat on jobs data watch
The S&P 500 dipped on Thursday in New York with investors keen for the May payrolls report to further assess the timing of a pivot to rate cuts by the Federal Reserve.
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.
Opinion
Greens a danger to Australian multiculturalism
If left or right is allowed to politicise multiculturalism for completely cynical reasons, then it starts to unravel.
Editorial
Travelling on the NDIS credit card
A whole travel industry, funded primarily by the NDIS, offers holidays to the 650,000 scheme participants, exposing the fundamental weakness in its systems.
Government editor
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
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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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.
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.
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’.
Anti-corruption commission rules out robo-debt inquiry
Former Coalition government ministers and senior public servants have avoided another investigation into the illegal welfare payment recovery scheme.
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.
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World
‘We will not walk away’: Allies return to the D-Day beaches
As world leaders gathered in Normandy to commemorate the 80th anniversary of the D-Day landings, US President Joe Biden warned against surrendering to dictators.
Trump ally Steve Bannon ordered to prison
The ideological champion of the former US president’s MAGA movement was convicted of contempt of Congress.
- Opinion
- UK
‘I’m giving British voters an alternative to this failed elite’
Britain’s most prominent far-right political leader explains why he is going after the Tory party, writes Nigel Farage.
UK tech tycoon Lynch cleared of HP fraud charges in $16.5b deal
Entrepreneur Mike Lynch had been extradited to the United States to face a criminal trial over the sale to HP in 2011, ending a mammoth legal saga.
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.
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 waterfront 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 $2.2 million for each breach.
Work & Careers
Clyde & Co slashes partner numbers as cuts deepen
Global law firm Clyde & Co has asked six partners in its Australian arm to leave, as it struggles to turn a profit from low-margin work.
- Analysis
- Industrial relations
The power brokers behind the scenes at ACTU Congress
ACTU leaders Sally McManus and Michele O’Neil led a successful congress but they are assisted by powerful union leaders on the left and the right.
Life & Luxury
![Emma Lewisham: “Skincare often focuses on repair [but] we focus on prevention.”](http://web.archive.org./web/20240607005030/https://static.ffx.io/images/$zoom_0.2861%2C$multiply_3%2C$ratio_1.777778%2C$width_1059%2C$x_504%2C$y_317/t_crop_custom/c_scale%2Cw_540%2Cq_88%2Cf_auto/3d2228a75602e354c337026b856f4023a2ed8a19)
Emma Lewisham wants to fix your skin problems (and help the planet)
The founder of the eponymous skincare brand left the tech world to create sustainable solutions, rather than just more beauty products.
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
- Opinion
- Web culture
Voice notes are taking over the internet. Here are some rules
As billions of the messages are sent daily, the recipient of a one-minute group voice message (directed at someone else) explains how to make them inoffensive.
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.
