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ASX drops after inflation spikes to 4pc in May
Monthly consumer price data overshoots forecast, jumping to 4 per cent in May from 3.6 per cent in April. Follow updates here.
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Lithium stocks sink as prices extend ‘freefall’
VanEck: Australia could be ‘highest for longest’
Bond traders ramp up rate hike bets
$A jumps, shares drop after hot inflation figure
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High rates forcing indebted homeowners to sell: RBA
Highly leveraged borrowers are selling out of property and consolidating their savings into offset accounts, RBA assistant governor Christopher Kent says.
- Updated
- Casinos
Former Lendlease boss Steve McCann takes top job at Star Entertainment
The businessman also ran the casino group’s rival, Crown Resorts, before it was sold to Blackstone. He will receive a $2.5 million sign-on bonus.
- Live
- Need to Know
Assange set to fly home to Australia after US plea deal
WikiLeaks founder Julian Assange has pleaded guilty to publishing US military secrets; deputy PM rules out expelling WA Labor senator. Follow here for more. Watch live.
Nuclear out in cold in $122b power grid plan
The energy market operator says work needs to start on another $3.4 billion of transmission lines in its latest $122 billion plan to transform the power grid.
KPMG appoints ex-RAAF officer as part of halved partner intake
KPMG has announced a significantly reduced intake of new partners as it pivots away from generalist consulting.
Ex-Magellan stock pickers partner with Bennelong to launch new fund
Kris Webster and Michael Poulsen each spent more than a decade at the investment firm before finally setting up their own shop last year.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
WOMEN IN LEADERSHIP
- Retail Winner
- Women in Leadership
‘You need to trust your gut’: How to build an empire
The founder and CEO of MCo Beauty, the winner of the Retail category, knows she is underestimated. It’s what drives her to succeed.
- Overall Winner
- Women in Leadership
The ‘magic and mundane’ leadership style of Danielle Wood
The chairwoman of the Productivity Commission was selected as the overall winner for her contributions to economic policy and a preparedness to take an unpopular position in key national debates.
The winners of the Women in Leadership Awards
Meet the winners of the 2024 Women in Leadership Awards, in eight key economic categories.
- Banking Award Winner
- Women in Leadership
The ‘utterly shocking’ moment that made Westpac leader want to flee
Siobhan Toohill, the winner of the Financial Services - Banking category, faces a new frontier after 10 years leading Westpac’s sustainability efforts, including convincing the board to ditch new oil and gas projects.
- Non-bank Winner
- Women in Leadership
Versatile risk-taker who shines when the going gets tough
Washington H Soul Pattinson’s Jaki Virtue swears by the power of ‘unknown sponsorships’, as she takes out the Financial Services - Non-banking category.
Entrepreneur Summit
‘Pick up a knife and get on with it:’ Start-ups reject work-life balance ‘beast’
Start-up workers must be prepared to “go to war,” to help their companies succeed, rather than worrying about work-life balance top local entrepreneurs have warned.
‘What if a cruise ship got in the way?’ Rocket wrapped in red tape
Australia’s first home-grown rocket launch has been slowed down by a nervous regulator, says Gilmour Space Technologies CEO.
- Opinion
- The AFR View
No easy super money for next-gen risk-takers
A start-up golden age is coming because without plentiful money to hide the risks, entrepreneurs will be forced to focus on what really works for customers and investors.
- Opinion
- Chanticleer
Start-up founders take us back to basics. It’s refreshing
It’s refreshing to hear from founders and their investors who aren’t tied up in corporate spin. Their stories are about survival.
‘I fire people just as quickly as my male co-founders’
High-profile female entrepreneurs including Airwallex’s Lucy Liu have hit out at sexist attitudes, and male-led venture capital investors.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
- Updated
- Media & marketing
Seven West in major executive reshuffle as it cuts $100m in costs
Analysts have warned the structural challenges facing the free-to-air television industry would hinder the broadcaster’s ability to grow its profit margins.
Czech coal baron’s bid for control of ASX miner collapses
Pavel Tykac’s family office, Sev.en, agreed to buy 51 per cent of Coronado, but the deal will not proceed after failing to get past FIRB in time.
Brokers turn on Cettire after profit downgrade
The company’s shares fell again on Tuesday as analysts doubted whether a soft luxury market was the only cause of its dramatic downgrade.
Premier, Myer alliance could yield savings of $55m a year
The merger could land the department store chain a $1 billion-plus valuation, brokers say.
Palmer confident on $40b coal damages claim
Billionaire Clive Palmer says his Singapore business could take the Commonwealth to the cleaners over a stalled coal project in Queensland’s Galilee Basin.
Qantas plummets in world airline rankings, again
Fiji Airways beat Qantas and Air New Zealand in the global poll in which the Australian carrier recorded its worst performance for a decade.
- Updated
- Gas crisis
Labor delivers all-clear for $1b Rinehart-backed Senex gas project
The decision to grant environmental clearance for the Atlas development brings to an end an approvals process that has lasted almost two years.
Companies in the News
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View stories and data from an ASX listed company
Markets
UBS says it’s time to start buying up consumer stocks
The broker’s upgrade of consumer discretionary stocks comes despite a flurry of profit warnings from the sector this week.
Top Fed official warns interest rates may need to go up again
Michelle Bowman said looser financial conditions and government stimulus “could add momentum to demand, stalling progress or even causing inflation to accelerate”.
What happened overnight? Nvidia rebounded as investors bought the sell-off
Australian shares were set to open lower; oil and gold fell. Nvidia rallied 6.8 per cent. Bitcoin briefly recovered to $US62,000. The monthly CPI indicator loomed.
Ex-Magellan stock pickers partner with Bennelong to launch new fund
Kris Webster and Michael Poulsen each spent more than a decade at the investment firm before finally setting up their own shop last year.
- Opinion
- Sharemarket
Nvidia’s murky AI future isn’t reflected in its price
Despite a recent sell-off, Nvidia’s shares have still surged some 4000 per cent over the past five years. It’s clearly a great business, but is it a great investment?
Opinion
The folly of the pro-Trump plutocrats
Business leaders dismiss fears of a return of the former president to the White House — they are wrong to do so. Trump is crazy and, alas, not amusingly so.
Columnist
Citizen Assange’s hero claim is forever tainted
WikiLeaks mainly benefited Donald Trump, Vladimir Putin and Russian intelligence. That leaves Julian Assange’s claim to be a hero of press freedom forever tainted.
Editorial
Assange plea deal has echoes of David Hicks
Julian Assange’s release is not the first time a US president has done such a favour for an Australian prime minister.
Political editor
Why we should pay Sam Mostyn $700k
Sam Mostyn will earn $200,000 more than her predecessor, but there has been no change to the practice of how the governor-general’s pay packet is set.
Political correspondent
The big lie of the big-stick code is lower grocery prices
By adding cost and complexity, these reforms may well increase the cost of doing business and this could be passed on to consumers at the checkout.
Consultant
Unstable France could trigger the next euro crisis
Runaway budget deficits and a confrontation with Brussels and Berlin are a formula for trouble.
Columnist
Reports
Women in Leadership awards
The awards celebrate outstanding achievements of women poised to enter the upper echelons of corporate life and government. Meet the winners in eight sectors.
Politics
Assange to fly to Canberra after guilty plea deal
The WikiLeaks founder will plead guilty to an Espionage Act charge of conspiring to unlawfully obtain and disseminate classified national defence information.
‘Deeply offensive’: ATO boss slams robo-debt comparison
New Tax Commissioner Rob Heferen was forceful in his first appearance before Parliament, rejecting criticism of a Tax Office program to chase small debts.
Vapes would be sold like cigarettes under Coalition policy
Vapes would be subject to an excise tax that could raise billions of dollars annually, under a proposal unveiled by shadow health spokeswoman Anne Ruston.
Labor senator Fatima Payman crosses the floor over Palestine
The first-term Labor senator has avoided expulsion from the ALP after voting with the Greens to recognise Palestinian statehood.
PM tells troops to campaign on cost of living and nothing else
Anthony Albanese has told his troops July 1 will be a critical day, and they must be out in their electorates.
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World
- Opinion
- US election
Why you won’t want to miss first Biden v Trump debate
CNN’s debate between the pair will be a night of firsts, starting with the first time a former and current president have slugged it out in a national televised rematch.
Global tax war fears as landmark deal set to fail
Champions of digital taxes have started taking unilateral steps after losing faith in the OECD-backed treaty to overhaul taxation of multinationals.
China’s faltering tech giants push workers to the limit
As Chinese technology executives face a new reality of low growth, rising competition and investor apathy, many are making tough demands on staff.
- Analysis
- Global economy
China’s unhappy consumers have even given up on shopping sales
E-commerce sales declined for the first time during the “618 festival” this year, reflecting pressures on retailers already locked in a gruelling price war.
Le Pen blasts Macron’s ‘civil war’ scaremongering
The increasingly strident comments from the president’s camp reflect a last-ditch attempt to woo voters as his centrist party trails the left and right blocs.
Property
- Exclusive
- Office
Minters to sit atop Mirvac’s 55-storey office tower
The top-tier law firm will take up the top floors of 55 Pitt Street, as Sydney’s legal eagles vie for the best perches across the CBD.
The next home-building boom is coming
Despite higher borrowing and construction costs, increasing demand for new housing will draw out capital – but not from first home buyers.
Property profits hit 14-year high
The share of profitable home sales would likely increase further in the June quarter as values continue to rise, CoreLogic says.
Macquarie joins rush into land lease sector after $2.9b raising
Macquarie Asset Management’s new global fund will invest in a land lease business on the East Coast alongside investments in logistics and rental housing
Rich Listers sign up Marriott for $500m Gold Coast marina project
Marriott will operate the new Marina Mirage hotel under its Luxury Collection brand after signing an agreement with developers the Makris family.
Wealth
The top 20 stocks by dividend return this year
Insurers, miners and fund managers were the top performers, but experts warn of income traps.
Which investment vehicle is best to build wealth?
Super, trusts and investment companies all have their pros and cons. The decision on which to use often comes down to tax.
How anyone can turn $5000 into more than $400,000
Building wealth can be simple if you stay disciplined. Here are six essential lessons for share investors.
Technology
Back from the dead, the Windows laptop is better than ever
Microsoft’s new Surface Pro 11 marks the beginning of a new era in portable computers, where Windows computers are at least as good as their MacBook rivals, and in many ways better.
- Opinion
- Digital Life
With the new Surface Laptop, Microsoft catches the MacBook
Microsoft has finally done it. It has broken free from Intel and produced a laptop right up there with Apple’s hitherto incomparable MacBook Air.
- Exclusive
- AI
Aussie brothers’ AI firm worth $120m as big name backers invest
Melbourne-based Affinda has built AI-based software used by numerous big companies around the world, it has doubled its valuation in 18 months with well-known investors.
Work & Careers
- Exclusive
- Industrial relations
Pay dispute delays construction of 1600 homes
Industrial action by workers at poles and wires company Endeavour Energy is stalling the delivery of 1600 homes and $1.2 billion worth of warehouses in Sydney.
Unis should face inquiry into $380m in underpayments: academics’ union
Universities are the worst underpayers of staff across the economy and now the academics’ union wants a federal inquiry.
Life & Luxury
Four easy ways to cut 300 calories a day – and live longer
Eating less not only helps you lose weight – it also makes you biologically “younger”. But there’s no need to adopt a strict diet.
Future-proofing the Olympics: Faster, stronger and hopefully cheaper
IOC executive director Christophe Dubi loves the Games. He’s about to find out if he’s guaranteed their future.
- Driving With Tony Davis
- Motoring
Hyundai amps up engine noise for electrifying EV drive
The carmaker’s most expensive model, the all-electric Ioniq 5 N from its performance division, is track-ready.
Why WFH husbands don’t do the housework
There must be something about upbringing and environment that makes it so much harder for men to identify the chores that women see as crying out to be done.
A Silence movie review: a sex fiend’s lawyer seeks atonement
In Belgian director Joachim Lafosse’s film, a legal professional’s crimes catch up with him, plus we take a look at Australia’s Spanish Film Festival.
