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- Opinion
- Chanticleer
Apple’s big AI day was a bit underwhelming. That’s part of the plan
The tech giant’s partnership with ChatGPT maker OpenAI gets it in the artificial intelligence race. But it’s eyeing a much bigger prize.
- Live
- Markets Live
ASX slumps 1.3pc in sea of red, Bapcor jumps
Shares slump; AGL to buy $150m Kaluza shares; Beach Energy flags $400m hit; Bain bids for Bapcor; oil jumps. Follow updates here.
- Updated
- Cars
Embattled Bapcor gets $1.83b buyout offer from Bain Capital
The company, which runs 1100 outlets under the Autobarn, Burson and Autopro brands, has been forced to downgrade profit expectations three times in the past year.
Cranbrook settles with former headmaster
Nicholas Sampson says he has been “vindicated”, but he still has an axe to grind with the national broadcaster over its “Four Corners” program.
- Opinion
- Interest rates
Jobs report kills hope on the Fed to cut rates
Investors fear the ruddy health of the US economy could persuade officials on Thursday to hold off on cutting rates until after the November presidential election.
- Live
- Need to Know
Dutton: 2030 targets won’t be set until after election
Coalition 2030 emission target to be set after election: Dutton; axe falls on Bonza staff as jobs terminated; Security Council resolves to support US-led Gaza ceasefire. Latest updates here.
- Exclusive
- Australia's China challenge
Chinese leader tipped to visit lithium plant in Perth
Amid efforts to break China’s stranglehold on critical minerals, Premier Li Qiang is expected to visit the Chinese-controlled Tianqi Lithium Energy in Kwinana.
Bain offer for Bapcor | Apple brings AI to iPhones | Cranbrook settles with former headmaster
tuesday tech
What Canva, Rokt and Aussie VCs have learned about US IPOs
After Life360’s oversubscribed Nasdaq debut fund managers predict 2025 will see a rush of private tech companies testing the public markets. Canva and Rokt are watching closely.
- Exclusive
- AI
Meet KymTax: KPMG’s AI tool can do a day’s mundane tasks in an hour
The big four firm has built an AI research assistant for tax professionals to speed up how quickly they can provide clients with tax advice.
- Analysis
- Cybersecurity
Why you should use Apple’s new password manager
At its developers conference this week, Apple is expected to launch a password manager that works across all its devices. We explain why it’s a good idea.
- Exclusive
- Funding
Under-the-radar Melbourne software firm worth $90m after VCs pounce
Atticus has built a roster of clients including BHP, CBA and numerous top law firms for its software that verifies documents are truthful.
Can a gadget prolong your life? These headphones might
The Shokz OpenSwim Pro won’t just help you stay fit and healthy in the pool or on the streets – they’ll also help you stay in one piece.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- Exclusive
- Mergers & acquisitions
Competition concerns stalk Chemist Warehouse’s $8.8b Sigma deal
A Singaporean hedge fund warns the “smart money was playing dumb” on a deal that means the merged group will be the only major player in Darwin and control 68 per cent of Melbourne’s market.
AGL goes big on ‘smart’ energy platform with $150m Kaluza stake
Its major rival, Origin Energy, has made a highly successful investment in a similar business, Octopus Energy. The platform co-ordinates supply and billing.
Bruce Gordon, 95, bulks up interest in Nine
The billionaire increased his interest in Nine to more than 25 per cent, giving the billionaire businessman outsize influence just hours before a board meeting that resulted in the resignation of the company’s chairman Peter Costello.
Pengana, La Trobe bet on investors wanting access to US private credit
The two local financial institutions are separately partnering with Morgan Stanley and Mercer as traditional sources of debt become “completely irrelevant”.
- Exclusive
- Queensland budget
Qld to slug miner with $20m tax rise
Mining giant Glencore will be the sole company affected by a Queensland payroll tax tweak that will cost the business $20 million and threaten to deepen tensions between the Labor government and resources sector.
Shaun Bonett’s Prezzee has a costly run-in with Amazon
The gift card payments group controlled by the billionaire has had to stop selling the popular vouchers in the US, undermining a key revenue stream.
BBC, A&E withdraw popular channels from Foxtel
The News Corp-controlled broadcaster will also lose access to HBO shows if, as looks increasingly likely, Warner launches its platform in Australia next year.
Companies in the News
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Markets
Markets hit after Macron calls snap French election
The euro fell and European markets tumbled after far-right parties made big gains in EU elections, prompting French PM Emmanuel Macron to call a snap poll.
How China’s ‘big short’ moment catapulted Tribeca to big returns
Tribeca’s John Stover first heard rumblings about China property giant Evergrande back in 2021. A few months later, he began shorting the world’s largest housing market.
- Opinion
- Interest rates
Jobs report kills hope on the Fed to cut rates
Investors fear the ruddy health of the US economy could persuade officials to hold off on cutting rates until after the November presidential election, writes Karen Maley.
Ellerston Capital snaps up IDP Education stake, hoping for rebound
The boutique fund manager’s Chris Kourtis told clients that the immigration restrictions weighing on the share price had created an “attractive entry point”.
- Opinion
- Interest rates
There’s money to be made anticipating the next central bank pivot
After a period of synchronised monetary policy among developed markets, 2024 presents a new phase of divergence, creating opportunities for astute investors.
Opinion
EV charging network needs urgent upgrade
Electric vehicles will only become more popular – but the power supply to charge them is not keeping up with the pace.
Columnist
Australia’s cost-of-living crisis has reached a critical juncture
Without policies to raise productivity, fiscal spending will increase inflation and require higher interest rates or higher inflation if interest rates do not respond, Warwick McKibbin.
Contributor
Europe’s populist tide hits new and dangerous high
The overarching danger of the governing failures by European elites that have fostered populism is a weakening of the Western alliance’s support for Ukraine.
Editorial
Recessions are nasty and shouldn’t be engineered to tame inflation
Talk of a need to increase the cash rate is misguided – especially so when the main culprits behind the 3.6 per cent inflation rate are identified.
Former Labor minister and economist
Why workers are shunning plum foreign postings
Some companies have found that the impact of the pandemic has intensified a reluctance to move abroad for work.
Columnist
Libs won’t pretend Labor’s 2030 targets are on track
The claim the Coalition is pulling out of the Paris Agreement is a lie. But we won’t be shy in holding the government to account, writes Ted O’Brien.
Shadow Minister
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.
Sponsored
by LDVPolitics
- Exclusive
- Trade unions
Split over ‘unbalanced’ ACTU policy on Israel-Gaza
A Left-aligned union leader has claimed officials quashed debate over Gaza at last week’s ACTU Congress by allowing criticism of Israel without mentioning Hamas.
- Exclusive
- Australia's China challenge
Chinese leader tipped to visit lithium plant in Perth
Amid efforts to break China’s stranglehold on critical minerals, Premier Li Qiang is expected to visit the Chinese-controlled Tianqi Lithium Energy in Kwinana.
- Exclusive
- Water buyback controversy
$300m for river communities as Plibersek moves to save the Murray
The government has pledged $300 million to support regional communities that will be affected by sending an extra 450 gigalitres of water down the Murray
‘An insult’: Andrews reignites fight over plaudits for politicians
There are calls for former Victorian leader Daniel Andrews to be stripped of the nation’s top honour.
2000 jobs lost in foreign education sector the ‘tip of the iceberg’
The Albanese government’s migration cuts have triggered staff cutbacks at colleges and recruitment firms, and at least one university has imposed a hiring freeze.
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World
UN Security Council backs Gaza truce, piling pressure on Netanyahu
The UN Security Council passed a US resolution backing President Joe Biden’s Gaza ceasefire plan, as the US steps up pressure on Israel and Hamas to end the war.
- Opinion
- World elections
Europe’s real threat is not the far-right
The far-right populists who won big at Europe’s weekend elections are blind to the bloc’s severe economic decline, relative to Asia and the United States, writes Max Hastings.
Markets hit after Macron calls snap French election
The euro fell and European markets tumbled after far-right parties made big gains in EU elections, prompting French PM Emmanuel Macron to call a snap poll.
An insider’s account of Germany’s AfD: ‘The wrong people stayed’
As Germany’s far-right celebrates a strong performance in European parliament elections, a former leader argues the party has lost its way.
Joe Biden cuts Trump’s lead on handling of US economy
An FT-Michigan Ross poll also finds the Democratic president edging ahead of the Republican among older voters.
Property
Smallest block in Chatswood sets a street record at $2m
Listings in Sydney and Melbourne fell to their lowest level since Easter, but auction numbers are due to jump dramatically this week before the winter slowdown.
ISPT to raise $250m for big push into small malls
ISPT head of funds management Matthew Brown says recent transactions have given the platform confidence that values are near the bottom of the cycle.
Downsizers from $1.9m house get help from agent to buy next home
In a low-stock market, some vendors are getting extra assistance – from their sales agent – to purchase their next home.
Why some investors are now avoiding the Perth market
Perth’s home values are still increasing at a rapid clip, but some experts are starting to sound caution.
Restaurants and pickleball in, bookstores out: shopping centres rebound
Shopping malls that survived the purge signed up tenants that would draw more shoppers and give them more reason to linger.
Wealth
Knowing the four personality types is key to better habits
Is your 2024 not going quite to plan? Here’s how to establish healthier habits in FY25.
- Opinion
- Property investment
How the ultra-wealthy are preparing for a property uptick
When Rich Listers hit go on commercial real estate projects, it’ll be a sign that we’re close to a market turnaround.
- Opinion
- Emerging markets
Five reasons to look at emerging markets for growth
Given global structural shifts, valuations may not fully reflect the upside potential of the asset class, which could reach double digits.
Technology
AI power shift as Apple brings ChatGPT to iPhones with OpenAI deal
Apple has made its long-awaited entrance to the artificial intelligence battle being waged by the world’s biggest companies, with a major overhaul of Siri and apps across its devices.
- Opinion
- AI
Tim Cook controls the iPhone, so he’s now the new AI kingmaker
Apple gets to decide which company gets access to the more than 2 billion active users and on what terms.
‘First draft fairy:’ How corporate lawyers are using game-changing AI
Legal eagles inside some of Australia’s best-known companies are training themselves to stay competitive in the AI era.
Work & Careers
Gender, sexuality reveal plan for boards should go further: advocates
A proposal that boards state the sexuality, age, Indigenous heritage and disabilities of directors does not go far enough, say advocacy groups and some directors.
You’re free to go, PwC UK says, if you tell anyone, follow this script
PwC UK has launched a round of “silent lay-offs”, telling staff they must not inform colleagues why they are leaving and providing “suggested wording” for farewell messages.
Life & Luxury
Pastry star Cédric Grolet draws cult following with his arty cakes
The French pâtissier was already world-famous for his trompe l’oeil treats. Then he started to show how he made them on Instagram.
We loved the Cube e-bike (but also couldn’t stand it)
Depending on your family status, Cube’s new Longtail cargo bike is either a ute or a people mover.
Australia’s diving world champion fears heights
Cassiel Rousseau is one of the country’s gold medal contenders in Paris. Just tell him not to look down.
- Driving With Tony Davis
- Motoring
Why Australian drivers will embrace Cadillac’s fully electric SUVs
GM global design chief Mike Simcoe predicts EV will prevail, as the first of the American luxury brand’s new vehicles get ready to roll into Australia.
Executive stress? Try saddle sores and gravel rash
Element Engineering director Ayrton Sue enters long-distance mountain bike and road bike races because there’s no better way to stay fit and focused for life.
