Cold snap and lack of renewables trigger gas supply shortfall warning
The “threat notice” issued by the market operator for Australia’s south-east comes after years of warnings of potential winter shortages of the fossil fuel.
- Updated
- IPO
Guzman y Gomez surges to $30 in biggest ASX float in three years
The shares opened $8 above its listing price. Its debut could lead to the reopening of an IPO market that has stagnated since the end of the COVID-19 pandemic.
Can Guzman y Gomez’s New Yorker frontman prove everyone wrong?
Managers say the IPO is too riddled with cushy perks for insiders to offer value. Founder Steve Marks disagrees.
NZ shakes off recession but no relief yet
Gross domestic product gained 0.2 per cent from the previous quarter, when it declined 0.1 per cent, Statistics New Zealand said on Thursday.
- Analysis
- Property prices
Australians aren’t alone in their housing pain
Affordability and supply have become big issues in the US as immigration and high interest rates further strain the market – a scenario all too familiar in Australia.
- Live
- Markets Live
Shares slip; Guzman y Gomez surges, tops $3b valuation
Guzman y Gomez targets more than 1000 stores in Australia. Bitcoin fund lists on ASX. Wall St closed. NZ exits recession. Gold, oil flat. Follow updates here.
Why the chances of a rate rise are higher than you think
Traders are largely ignoring the prospect of higher borrowing costs, despite the Reserve Bank’s growing concerns about still-high inflation, rate specialists warn.
Breaking news on companies, politics and economics, in your inbox as it happens.
DUTTON’S NUCLEAR PLAN
Why towns at ground zero say bring it on
People in Morwell and Traralgon, at ground zero of the nuclear debate, say the need for new jobs could win them over to Peter Dutton’s nuclear energy plans.
Locals might prefer nuclear to renewable poles and wires
Peter Dutton’s nuclear energy plan could win support from communities concerned about major infrastructure upgrades needed to get solar and wind power into the grid.
Nuclear no help in today’s energy supply crisis: industry
Energy-intensive industry says the Coalition’s nuclear plan delays action on emissions and doesn’t address energy security and affordability for the next decade.
Nuclear plan puts sovereign risk back into infrastructure: Contractors
The Coalition’s energy proposal rekindles uncertainty for a contracting industry counting on renewable energy to offset a slowdown in rail and road work.
Uranium explorers powered by short supply, nuclear renaissance
Seven ASX-listed explorers raised a total $323.22 million, a 50 per cent increase from the previous quarter.
GUZMAN Y GOMEZ IPO
- Opinion
- Chanticleer
This ASX giant is a secret winner from Guzman y Gomez float
As Guzman y Gomez prepares for one of the most hyped floats in years, a $5 billion ASX giant is watching on with interest.
- Opinion
- Food
Guzman y Gomez’s spicy burrito is a recipe for high growth
It’s easy to sound smart by being gloomy about the future of a stock, but the future of this Mexican-themed chain is positive.
- Opinion
- IPO
What past IPO disasters tell us about Guzman y Gomez’s $2.2b float
The Mexican fast-food chain float has split opinions among Sydney’s investing community, and revealed the deep scars inflicted by failed floats of the past.
- Opinion
- Chanticleer
Guzman y Gomez float a bet on a maverick founder and his grand plans
The Mexican-themed restaurant chain’s founder is pitching big growth. He’s not an overnight success story, but the riches are there if he can make it work.
Bears emerge as Guzman y Gomez’s blockbuster IPO nears
Morningstar has told clients that the $22 initial public offering price is “too high” to what it considers fair value for the Mexican-themed fast-food chain.
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Companies
Why Hong Kong ‘is still good’ for commercial lawyers
Australian lawyers are missing out on opportunities in Asian markets, says a newly promoted partner at King & Wood Mallesons.
- Updated
- Wine
Treasury Wine’s profits buoyed as Penfolds goes all in on China
Treasury says Penfolds profits will grow 15 per cent this year, but margins will fall as the company spends more rebuilding its export business to China.
Hack wipes $140m from Melbourne mansion-owning crypto king
Michael Egorov, who spent $59 million purchasing two mansions in Hawthorn, said I “don’t really live in Australia”. His curve token plunged last week.
UBS boss hails banking ‘trifecta’ as it seals merger
The Asia-Pacific region is increasingly important for the bulked-up bank, and moving its global wealth head to the region has buoyed its Australian leader.
Mineral Resources to shut iron ore mines employing 1000 workers
Chris Ellison’s Mineral Resources will shut iron ore mines and look for jobs for about 1000 displaced workers in other parts of the company.
QBE nears end of the road on reset as it ditches US middle-market
The ASX-listed insurance giant is hoping to shake off the last vestiges of a decade-long but ill-fated grab at the North American market with the wind down.
Helia shares plunge as CBA shops around mortgage contract
The insurer shed almost a fifth of its market value after its biggest client, the Commonwealth Bank, said it would run a tender process for its existing contract.
Companies in the News
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Markets
Launch of ASX’s first bitcoin ETF sparks price war
The launch on Thursday morning has drawn a strong response from competitors operating on a rival exchange.
Uranium explorers powered by short supply, nuclear renaissance
Seven ASX-listed explorers raised a total $323.22 million, a 50 per cent increase from the previous quarter.
Rate increase ‘more likely this year’ after RBA’s tough talk
An increasing number of economists say the next policy meeting in August is “live” for a rate rise after the central bank’s language at this week’s meeting.
What happened overnight? European stocks were mostly lower
Australian shares were set to open modestly down. Wall Street was closed for a federal holiday. The Bank of England was expected to keep rates steady.
Here’s how investors should trade the US election
Goldman Sachs says these commodities are the best way to protect investments against the threat of a fresh wave of inflation.
Opinion
Dutton is ready for a fight over his crazy-brave nuclear play
You only have to consider the political context in which the nuclear power pledge was made to understand the Coalition feels it is a risk worth taking.
Political editor
Time to promote a woman as deputy chief of Navy
The officer second in charge of the Royal Australian Navy will shortly rotate, opening the way for a historic first appointment of a female.
Defence expert
Why I welcome a nuclear power station in my backyard
I have never been against some solar and wind power. My message is that we need a balanced mix of energy types.
Australian senator
Dutton’s high-stakes nuclear gamble
The opposition leader is betting big on nuclear power, and Labor is delighted to take on his challenge.
Columnist
China’s banks feel the sting as problem loans mount
China’s deepening housing market crisis is eroding the balance sheets of the country’s largest state banks.
Columnist
End the nuclear ban. Don’t stop renewables
There is a case for considering zero emissions nuclear power but as part of a technology-neutral energy approach to generating reliable baseload power and firmed wind and solar generation.
Editorial
Reports
Executive education - Microcredentials
A growing number of employers are developing short, sharp courses known as microcredentials in collaboration with tertiary institutions.
Politics
- Exclusive
- Russia-Ukraine war
Putin-Kim bond threatens Pacific security: envoy
Ukraine’s ambassador to Australia has made a fresh pitch for weapons to help Kyiv fight Russia.
Men still winning the best-paid federal jobs
The Commonwealth public sector leads the private sector on gender equity, but women still earn $19,000 less on average.
- Exclusive
- Interest rates
‘World-leading deficits’: Australia’s state debts could hit $800b
They are on track to triple by 2028 relative to pre-pandemic levels, warns S&P, amid a spending binge that economists say is making the RBA’s job harder.
China’s ‘predatory’ tactics justify critical mineral subsidies: Kennedy
Treasury secretary Steven Kennedy says China’s dominance of critical minerals justifies the government’s taxpayer support for rare earths the world needs.
Under poll pressure, Burke slams Setka ‘thuggery’
The CFMEU has demanded Labor back down on its law to break up the union, saying it will set a “terrible precedent”.
SPONSORED
World
Even Rishi Sunak could lose his seat, according to some polls
Seat-by-seat analysis by Savanta and Electoral Calculus found the Tories are on track to win just 53 seats in next month’s vote, an all-time low for the party.
- Opinion
- US election
Why next week’s Biden v Trump debate is so important
A set piece clash between Joe Biden and Donald Trump will turn less on policies than on manner and appearance. What they say will matter less than how they seem.
Hezbollah chief threatens Cyprus in war with Israel
The leader of the militant group issued the threat as fears grow of a full-blown war across Lebanon’s southern border in Israel.
Putin and Kim sign mutual defence pact
The pact could be a dramatic shift in the strategic balance in Northeast Asia by placing Russia’s heft behind North Korea.
UK inflation back to 2 per cent target for first time since 2021
While the fall in headline inflation in May will be welcomed by both Prime Minister Rishi Sunak and the BoE, it is likely to have come too late.
Property
- Investigation
- Property development
Bankrupt developer’s plan to repay $131m: start a new firm with mum
Andrew Bodnar’s empire went bust last year, taking self-funded retirees and a champion swimmer down with him. But he’s back in business to clear the massive debt.
GreenFort Capital targets $800m land lease portfolio
There’s a growing snowball of players and money rolling into the residential property play on one of Australia’s biggest demographic changes.
Former Keystone director ordered to hand over passport
Former Keystone Asset Management director Paul Chiodo has been ordered to hand over his passport as the corporate regulator investigates the use of investor cash at the funds business.
‘Private AI’ surge powers Equinix’s $240m data centre expansion
The surge in AI use adds to existing drivers for data centre demand, including cloud computing and increasing consumption of streaming services and social media.
- Exclusive
- Office
Mirvac set to sell two office towers at discounts of more than 20pc
Pricing for the latest deals on the office towers in Sydney and Melbourne – worth close to half-a-billion dollars in total - shows just how far values have fallen.
Wealth
Why avoiding Coles and Woolies will save you 25pc
A basket of everyday groceries is $17 cheaper at Aldi, research by consumer group Choice shows, with little difference between the big two supermarket chains.
Australia had more female fund managers seven years ago
Industry efforts to hire more women in investment management have borne fruit. But the industry is struggling to get more women into portfolio manager roles.
My $1.25m super fund can’t pay me enough income
An 84-year-old is facing liquidity problems with minimum annual pension payments – but there are solutions.
Technology
Need to get up to speed on gen AI? Here’s how
Workers who know how to use AI are expected to eventually replace those who do not. Four experts explain how and where to level up your skills.
Online shopping has become a giant fake-product machine
TikTok is better than any other digital platform for turning cult favourites into global bestsellers – and making counterfeiters money.
McDonald’s scraps drive-through AI after customer gets bacon ice cream
Other malfunctions spawning mocking videos on social media have included hundreds of dollars’ worth of nuggets being automatically added to an order.
Work & Careers
What do Nobel, Dulux and Australia’s first high-rise have in common?
From making bricks for the 1956 Olympics to paint, explosives and mining technology company Orica’s long history mirrors the Australian economy.
ANZ’s openly gay chairman warns on ASX’s sexuality disclosure
Asking boards to disclose the sexuality, age and ethnicity of directors risks encroaching on their privacy and could make them a target for activists, leading directors warn.
Life & Luxury
- Travel
- Luxury travel
Holiday like Europe’s jetset on the Côte d’Azur
The ability to step straight onto a private sandy beach is rare in this part of the world, which is why summer is always booked out at this pink-splashed hotel.
The true story of a nuclear whistleblower
The role of Maureen Kearney is tailor-made for 71-year-old Isabelle Huppert, an actor with a unique ability to tell us everything we need to know, while giving nothing away.
The workout that requires total mind-body focus
Greg Taylor, founder of online underwear retailer Step One, reckons that after one hour of boxing with his trainer Liam Paro his whole body hurts. “And that’s a great feeling.”
How Bridgerton gets sex right for women
Netflix’s hit series’ formula is hours of tension and longing that culminate in a lengthy sex scene.
Do view this at home: How the video art market works
Gone are the days when you needed a gallery-sized space to view digital art.
From the gallery
BOSS Financial Review
ANZ’s openly gay chairman warns on ASX’s sexuality disclosure
- Sally Patten and Patrick Durkin
