Guzman’s three FOMO factors put life into IPO market
As soon as you walked into the listing ceremony on Thursday, you could tell the stock was going to pop. It’s time to dust off those float candidates.
Guzman y Gomez founder’s wealth jumps $60m in first seconds of trade
The former Wall Street hedge fund trader was not the only company insider to have their wealth skyrocket thanks to the Mexican-themed restaurant successful IPO.
- 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.
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.
BHP to test exemption limits under Labor’s ‘same pay’ laws
BHP will argue its labour hire subsidiaries are really service contractors as it attempts to fight off the mining union’s landmark pay bid.
- Opinion
- Chanticleer
Why the office property market is still in real pain
Sliding valuations in Australian office real estate means the debate about whether the sector has hit the bottom will rage on.
MinRes weighs up rail fleet sale as axe falls on iron ore mines
But the company, run by billionaire Chris Ellison, said demand remained strong and that closures of the operations had nothing to do with concerns about price.
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
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
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.
- 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.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
Competition red flags for Olam in battle for Namoi Cotton
ACCC commissioner Stephen Ridgeway says the bidding war for Namoi Cotton could “all fall over” if rival bidders can’t overcome “serious competition issues”.
Mastercard’s call to save open banking
If Treasury can iron out the teething issues, the government’s consumer data right is ready for take off, according to a new report from the US payment giant.
Challenger firms increase pay in fight for top-tier legal talent
Clients, social positions and work-life balance are among the factors in-demand graduates are looking for in a firm – but high rates of pay don’t hurt.
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.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
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.
Shares slip; Guzman y Gomez surges, Bank of England ahead
Bank of England, Swiss National Bank to hand down rates decisions. Guzman y Gomez targets more than 1000 stores in Australia. Bitcoin fund lists on ASX. Follow updates here.
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.
Opinion
Small bank target a niche product the big four have long neglected
Enthusiasm about the challenge from neobanks to the banking sector has come and gone, along with several start-ups. But Avenue Bank has its own plans.
Columnist
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
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
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.
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.
Property
- Exclusive
- Commercial real estate
Rich List Snow family sets sights on Canberra’s next landmark
It is the first major project launched by Capital Property, the owner of Canberra Airport, since Terry Snow stepped down from active management last month.
Sydney house prices tipped to rise 8pc to $1.76m median in 12 months
House prices across Sydney, Brisbane, Perth and Adelaide are predicted to hit records within 12 months, but Melbourne and Canberra will fall short, Domain says.
- 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.
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
Skilled refugees could unlock $9b in extra GDP
Maths graduate Wissam Chabo applied for 100 jobs before getting work in a local cafe. Research shows skilled migrants are badly underutilised, even during Australia’s skills shortage.
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.
Life & Luxury
Why Permira got cold feet over Golden Goose IPO
After more than 10 months of preparation, the Italian footwear brand was seeking to raise about $966 million in a Milan listing as early as Friday. Then something went wrong.
- 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.
From the gallery
BOSS Financial Review
ANZ’s openly gay chairman warns on ASX’s sexuality disclosure
- Sally Patten and Patrick Durkin
