The bank at the heart of Project Jalapeno was not Barrenjoey
The founder of Guzman y Gomez, Steven Marks, had been working with one Wall Street giant for years to get the Mexican chain’s $3 billion float off the ground.
- Live
- Markets Live
Shares flat; CBA at new high on $210b valuation, MinRes sinks again
Miners fall again. Retailers warn on weak sales as living costs rise. Japanese yen weakens on inflation data. US equities mixed. Swiss National Bank cuts rates. Follow here.
- Exclusive
- Australian economy
Tax cuts will prolong rate pain: directors
Economic uncertainty and the energy transition are among the top issues being debated in our biggest boardrooms.
- Live
- Need to Know
‘We need more supply’: PM acknowledges gas shortfall risk
Low wind power generation amid a cold snap is threatening to create a gas shortfall; Albanese says the opposition’s nuclear power plan will deter investors and delay the energy transition. Follow updates here.
Gas shortage warning exposes deep energy mess
Low wind power amid a cold snap is threatening to create a gas shortfall – exposing the effect of supply restrictions and jeopardising the Coalition’s nuclear ambitions.
The key person in NAB succession wasn’t the new CEO
National Australia Bank’s handover to new CEO Andrew Irvine is being held up as the new gold standard in succession planning. Chairman Philip Chronican explains how it went down.
Betting scandal tops off chaotic week for UK politics
Rishi Sunak said he was “incredibly angry” to hear that his party colleagues were being investigated over allegedly placing bets on an early announcement of the general election.
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
DUTTON’S NUCLEAR PLAN
- Exclusive
- Nuclear energy
Switkowski backs nuclear push, Dutton promises costings
Ziggy Switkowski says nuclear power has a role to play in the zero-emissions energy mix and would deliver a positive return to taxpayers.
Nuclear to wreak ‘catastrophic damage’ on renewable energy
Clean investor groups say the Coalition’s scheme will take too long, cost too much, and is incompatible with timely and cost-efficient energy transition.
Tech no hurdle for Coalition’s nuclear plan
Several proven technologies would fit the bill for the opposition’s nuclear expansion plan, while Australia has a head start on nuclear regulation, experts say.
UK’s nuclear plant will cost nearly three times what was estimated
Expert analysis of nuclear power in Australia and the experience of countries overseas suggests the Coalition may have to spend $60 billion on its energy plan.
- Opinion
- Nuclear energy
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.
review
How the tech elite went from disruptors to disrupted
Some of the world’s most powerful business executives allowed themselves to be seduced by Donald Trump.
Why Israel doesn’t care what the world thinks
The international community thinks Tel Aviv is fighting a war of choice. Israel doesn’t see it that way, says US writer and author Bret Stephens.
The man who foresaw the rise of campus antisemitism
Melbourne philosopher Frank Knopfelmacher was a world-class critic of totalitarianism who watched the left turn on Israel.
- Opinion
- Culture wars
Britain’s arts sector learns the cost of being too pure for finance
A bank and asset manager have withdrawn their sponsorship of music and book festivals in the UK after activists called for boycotts.
Defamation, disclaimers and the truth of ‘Baby Reindeer’
Throughout cinematic history, made-up stories have pretended to be true.
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Companies
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 IPO pop to $3b lifts hopes for listings
The Mexican-themed restaurant chain’s value topped $3 billion on its debut, and there are hopes this will rekindle a stagnating market for local sharemarket listings.
- 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.
- Updated
- Cryptocurrencies
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.
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.
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.
Financial Review Australia’s most trusted newspaper brand
The Australian Financial Review has again been ranked the nation’s most trusted newspaper brand, as overall trust in the media declines across the board.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
US jobless claims linger near 10-month high
Applications for unemployment benefits have remained subdued over the past year, as the labour market showed resilience.
BoE keeps rates at 16-year high despite inflation fall
Policymakers held rates held at 5.25pc and signalled that policy would stay restrictive until the risk of inflation overshooting their target had dissipated.
- Opinion
- Investing
The fund meant to save Australia held ‘sham’ meetings
The $15 billion National Reconstruction Fund is struggling to find investments, but it is great at holding meetings, writes Aaron Patrick.
Wilson’s Oberg is tipping 50pc upside in this small-cap stock
Wilson Assets Management’s Oscar Oberg is bullish on Iress even as its share price has tanked. He also like G8 Education and reveals why he is looking to buy up retail stocks again.
What happened overnight? The S&P 500 struggled near record highs
Australian shares were set to edge higher after futures reversed direction. Nvidia, Apple and Tesla pulled back, dragging on the Nasdaq. The S&P 500 briefly topped 5500.
Opinion
Dutton is prepared to take risks, but he is no onion eater
The signature difference between what the Coalition unleashed on Wednesday and the debilitating climate fights of the past is that both parties are operating from the assumption that emissions need to be reduced.
Political editor
Small bank targets 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
Can big burritos save public markets?
We won’t know for many years whether Guzman y Gomez investors have overestimated Australians’ appetite for Mexican-themed restaurants.
Editorial
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 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.
Columnist
CFMEU break-up overdue
The real source of John Setka and other union bosses’ political power remains the institutional privileges unions are granted by Australia’s archaic industrial relations framework.
Editorial
Reports
Executive education - Microcredentials
A growing number of employers are developing short, sharp courses known as microcredentials in collaboration with tertiary institutions.
Politics
Gas shortage warning exposes deep energy mess
Low wind power amid a cold snap is threatening to create a gas shortfall – exposing the effect of supply restrictions and jeopardising the Coalition’s nuclear ambitions.
Government moves to snatch control of students away from universities
The Albanese government is stepping into interventionist mode, planning to say how many students can study at a particular university and in what courses.
Warship deployed as China, Philippines clashes raise tensions
The navy has dispatched its most powerful warship to exercise with Asian navies, in a test for improved communications with China to avoid dangerous incidents at sea.
Victoria’s $14b Metro Tunnel has been delayed and will cost more
The bill for Melbourne’s long-awaited Metro Tunnel has spiralled past $12.8 billion, in yet another cost blowout for a major Victorian project.
Fast-track regional migration moves mooted
Labor has flagged abolishing occupation lists for immigrants looking to settle in regional areas.
SPONSORED
World
Betting scandal tops off chaotic week for UK politics
Rishi Sunak said he was “incredibly angry” to hear that his party colleagues were being investigated over allegedly placing bets on an early announcement of the general election.
Putin signs deals with Vietnam to offset Moscow’s growing isolation
The visit by the Russian President follows fly-ins by Chinese and American leaders last year, with Vietnam’s “bamboo diplomacy” on full display.
- 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.
Chinese carmakers urge Beijing to hit back at EU tariffs
Carmakers reportedly called on their government to retaliate by imposing tariffs on imported European vehicles with high-powered engines.
How China became a scientific superpower
From plant biology to superconductor physics, the country is at the cutting edge.
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.
Scentre’s bargain-hunting lands it $308m stake in Adelaide mall
The Westfield owner has set up a fund with Barrenjoey to buy a half stake in Tea Tree mall, in a deal that was struck at a 12 per cent discount to book value.
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.
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.
Wealth
Can I do anything to maximise my tax return this close to June 30?
Though the end of the financial year is just days away, there are still some last-minute ways small businesses can reduce their tax liabilities.
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.
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
How to keep off the kilos after stopping weight-loss jabs
Until now, those prescribed the radical treatments have been warned that they may have to stay on the drugs for life – or revert to their former size.
- Driving With Tony Davis
- Motoring
Is Lexus’ plug-in hybrid the best NX on the market?
A PHEV is either the perfect compromise or an expensive and unnecessary one, depending on your situation.
Renaissance renditions of Bee Gees? Only at one festival
With portraits ‘singing’ Aussie pop classics, fires in the botanic gardens and dinosaurs at the zoo, Adelaide’s Illuminate Festival wants to lure you out this winter.
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.
The Sitting Duck movie review: A 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.
From the gallery
The Australian Financial Review Magazine
The under-the-radar watch brands worth your time
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