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Matt Kean to lead Climate Change Authority
Nuclear power would have bankrupted NSW, says Kean; authorities struggle to close down avian flu outbreak; big retailers face multibillion-dollar fines. Follow live updates here.
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Nuclear power would have bankrupted NSW: Kean
Kean to lead Climate Change Authority
Ninth avian flu outbreak found in Australia
Governments to share domestic violence data
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- Markets Live
Cettire plunges 40pc; Myer, Premier shares rally; ResMed down 12pc
Shares lower; Star appoints interim chief executive; Myer explores merger with Premier’s Just Jeans, Jay Jays; Cettire issues profit warning; ResMed sinks as Ozempic fears resurge. Follow updates here.
Myer outlines plan for massive expansion with Just Jeans, Jay Jays buy
The department store has proposed acquiring several brands owned by Solomon Lew’s Premier Investments, its largest shareholder, in a bid to find growth.
$11b swoop on ASX building giants leaves James Hardie the lone prize
The CSR, Boral and Adbri buyouts come at a low point in the construction cycle, with better times expected from mid-2025 once interest rate cuts arrive.
- Exclusive
- Cash
Armaguard secures deal with supermarkets, banks to save cash
Months after a bailout collapsed, the eight largest customers of Linfox’s Armaguard have agreed to a $50 million injection to keep cash circulating.
High-roller exodus rolls on at struggling Star casinos
Star said its main gaming floors were attracting customers, but it was not enough to offset dramatic declines from its premium gaming rooms.
- Opinion
- Investing
Blackstone’s mega private credit deal is a sign of the times
Private credit funds are the solution for private equity’s problems. But can the good times last for Wall Street’s hottest sector? Blackstone thinks they can, writes Jonathan Shapiro.
- Driving With Tony Davis
- Motoring
An electric Bugatti? The Tourbillon has landed
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
MONDAY MEDIA
- Exclusive
- Defamation
AMP’s royal commission executive sues The Australian newspaper
AMP’s former head of advice, “Jack” Regan, claimed an article imputed he misled ASIC and admitted to misleading ASIC during the Hayne banking royal commission.
- Analysis
- Media & marketing
Publishers fear this new Google AI feature will kill their traffic
Google’s ‘AI Overviews’ has rolled out in the US. Its AI-generated results push links down by a full page, a new study has found.
A very British paper is forced to cover a scandal: its own
The discovery of $500 million missing from The Telegraph newspaper marks the end of the owners’ two decades of influence over British politics.
Calls to ban Facebook and Instagram in Australia
The heads of major media organisations say Meta’s refusal to renew about $70 million in commercial deals with news outlets will likely lead to job losses and newspaper closures.
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.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
Cettire plunges on 40pc on profit downgrade as luxury pinch strikes
Cettire blamed a challenging environment in online luxury fashion for a big earnings miss that sent its share price tumbling.
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- Mergers & acquisitions
Renewables investing ‘not for everyone’, says Brookfield-target Neoen
Neoen global boss Xavier Barbaro says the capital intensity of the renewables industry is impacting investor appetite.
Metcash’s hardware pain counters better than expected food result
Households are cutting back on restaurant visits and hunting for food on special at the group’s IGA stores, but Total Tools is being hit by the housing construction slide.
Grant King to succeed Jerry Maycock as Transgrid chairman
The changeover at the helm of the NSW grid owner comes as the build-out of the transmission system has become a major stumbling block to the energy transition.
Collapsed Dion Lee owes $20m to Levis family’s Cue
An entity linked to Cue extended $20.3 million in working capital and funding since January 2022, making it Dion Lee’s number one creditor ahead of the Commonwealth Bank.
- Analysis
- Due diligence
Deterra’s big-ticket bet on lithium royalties faces tough reception
After years of being criticised for high costs and inaction, Iluka-backed Deterra Royalties has bid for Trident Royalties and is facing a backlash, again.
Rio Tinto puts biofuels before batteries in carbon credit push
The miner reckons farmers should be eligible to earn carbon credits for growing crops that can be turned into carbon-neutral biofuels.
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Markets
Wall Street’s record rally built on ‘shaky foundations’
The AI-powered surge in the US sharemarket has lifted the S&P 500 up 32 per cent from its October lows, but equity strategists warn not everything is so rosy under the hood.
Why hedge fund Geometrica only wants to make ‘easy money’
Fund managers James Bradley and Gary Hui go to painstaking lengths before they buy a stock like Nvidia or bet against one like The a2 Milk Company.
- Opinion
- Bonds
Are state governments on the brink of a debt crisis?
Victoria and Queensland have caught the infrastructure fever from NSW and have super-sized it. But financial discipline is in short supply.
- Opinion
- Chanticleer
Favourite demographer of market gurus predicts catastrophe
History says something really ugly is coming, according to Neil Howe. Investors need to be ready.
Global ambitions a dangerous trap for overzealous local giants
“An organic approach to world domination is a better way to do it,” says Allan Gray’s Simon Mawhinney. A string of failures shows he’s on the money.
Opinion
Mackenzie’s climate change
It shouldn’t surprise to hear the head of a global oil company talking his own book. But it’s no use pretending that the decarbonisation transition is more difficult and more costly than many imagined.
Editorial
Supermarket crackdown avoids break-up overreach
Yet what remains unexplained is how shoring up the bargaining power of incumbent suppliers will actually lower prices for families at the checkout or will have the unintended regulatory consequences of meaning higher prices.
Editorial
Putin to Xi: I have options in East Asia
The Russian President’s visits last week to North Korea and Vietnam shows Russia’s residual capacity to stir trouble in East Asia.
International editor
Israel needs to get the hell out of Gaza
The extremists in Benjamin Netanyahu’s coalition government have led a reckless act of economic, military and moral overstretch.
Contributor
Nuclear is unviable because of economics, not engineering
Even if all that mattered was the cheapest possible energy that meets minimum levels of reliability and emissions, the Coalition’s plan fails.
Culture war is driving Coalition’s plan to stop renewables rollout
The first auction of the Capacity Investment Scheme has received more than 40 gigawatts of project registrations, showing there is a strong pipeline of renewables ready to go with the right policy settings.
Minister for Climate Change and Energy
Reports
Executive education - Microcredentials
A growing number of employers are developing short, sharp courses known as microcredentials in collaboration with tertiary institutions.
Politics
Coles, Woolies face multibillion-dollar fines under new mandatory code
Treasurer Jim Chalmers has agreed to adopt all 11 recommendations of Craig Emerson’s review into the Food and Grocery Code of Conduct.
- Exclusive
- Federal election
Election countdown: Labor has plenty of laws to pass before voting day
With the election due within 12 months, Labor ministers privately concede that some policies could be pushed back into a likely second term.
Keating labels Dutton ‘a charlatan and climate change denialist’
The former prime minister accused the Coalition leader of seeking to “camouflage” his “long held climate denialism” in an industrial fantasy of nuclear energy.
Pocock, Tink push for 10-year housing and homelessness plan in law
Independent ACT senator David Pocock and teal MP for North Sydney Kylea Tink want a 10-year housing and homelessness plan enshrined in legislation to create certainty.
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- Nuclear energy
Labor’s $40b renewables bid attracts massive industry support
Energy Minister Chris Bowen will on Monday reveal the first auction for 6 gigawatts of renewable energy received bids from more than 100 projects covering more than 40 gigawatts of renewable energy production.
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World
- Analysis
- Regional security
Why China is using axes, fists to fight border disputes
Experts say that China’s use of simple weapons rather than firearms has been a tactical choice, but it may not always prevent escalation.
- Analysis
- World elections
Growing ‘gamble-gate’ threatens to bury Rishi Sunak
A fourth Tory staffer is being probed for betting on the timing of the election, in a scandal that has engulfed the PM’s party just two weeks from polling day.
Japan using Australian gas to shore up regional influence
Japanese energy companies are on-selling surplus Australian gas to allies in South-East Asia.
Netanyahu says Gaza intense fighting close to ending
The Israeli PM says the new stage would offer a chance to move forces to the north to where tensions with Lebanese militant group Hezbollah have been growing.
Biden-Trump debate comes with great risks and rewards for both men
In appealing to divided and often angry voters, the past and present presidents will need to navigate a minefield of perceptions and realities.
Property
The 10-minute, $1.5m sale that was an afterthought
An interstate buyer paid $835,000 for in investment block of land, sight unseen. When they did come to see it, they bought the neighbouring block, too.
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- Superannuation
Keystone lent money to director’s $300m Port Douglas resort dream
Keystone Asset Management, under ASIC investigation, lent money to companies associated with a director’s controversial plan to develop an “uber five-star luxury” resort in Port Douglas.
Tiny Sydney studio sells for $425,000 as clearance rate slides
A buyer from Dubbo snapped up one of Sydney’s smallest homes for just $425,000, but the city’s clearance rate fell to just 63 per cent, according to Domain.
Aviation exec to sell Provence-style vineyard in the Adelaide Hills
A $7 million luxury vineyard escape has joined the Adelaide Hills market complete with ornamental lake and Provence-style homestead.
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- Rural property
Fund manager Allan Fife pays $11m for 180-year-old Yass sheep farm
The Fife Capital founder will add Dowan Hill to a farming portfolio that includes Stonehenge, a sheep farm in Tasmania he bought last year for $25 million.
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
OpenAI co-founder’s new company promises safe ‘superintelligence’
Last year, Ilya Sutskever tried to force out OpenAI boss Sam Altman. Now he has a new company, aiming to build a machine that is more intelligent than humans – safely.
Grong Grong (population 150) does its bit to solve the energy crisis
Small-scale solar farms like that at Grong Grong can fly below the radar but represent a large opportunity to plug renewable power into the system.
Calls to ban Facebook and Instagram in Australia
The heads of major media organisations say Meta’s refusal to renew about $70 million in commercial deals with news outlets will likely lead to job losses and newspaper closures.
Work & Careers
- Exclusive
- Industrial relations
Nurses identify ‘$1.2bn’ in savings for 15 per cent pay rise
Deloitte’s report for the NSW nurses’ union found the state government may have missed out on more than $3 billion in Commonwealth funding due to inaccurate data.
Union calls for ‘moratorium’ on AI-job losses in banking sector
The Finance Sector Union wants laws to ensure gains from artificial intelligence are passed on as pay rises and halt job losses to allow workers to retrain.
Life & Luxury
Why everyone hands this CEO the wine list at restaurants
Not everyone can tell the grape variety, age and region of a wine – but advertising executive Michael Rebelo has the sommelier certificate to prove it.
A sleep scientist explains how to beat jet lag
Sleep scientist Dean Miller is advising our Olympians about recovering faster from jet lag. Here’s what he will tell them before they head to Paris.
- Driving With Tony Davis
- Motoring
An electric Bugatti? The Tourbillon has landed
In fact, it’s not all-electric. This supercar also has an 8.3-litre V16 engine capable of producing 1000 horsepower.
Custom-made lingerie is an investment, that’s why the rich buy it
Six generations of a Parisian family have been crafting undergarments that make everything else their clients wear look good.
When Maria Callas went from diva to teacher
By 1971, the celebrated soprano’s voice was worn out. This made for a febrile mood at her series of Juilliard masterclasses that year, now immortalised in a play.
From the gallery
The Australian Financial Review Magazine
Why everyone hands this CEO the wine list at restaurants
- 1 hr ago
- Sam Buckingham-Jones
