Goldman Sachs, UBS top tables as local bankers welcome big deals
Wall Street giants returned to the top of the coveted league tables as larger transactions returned, while UBS jumped seven spots to top M&A ranks.
- Exclusive
- Australian economy
Recession a 50-50 chance if RBA raises rates: economists
Up to 100,000 Australians could lose their jobs in an inflation-driven recession likely to coincide with the federal election.
- Analysis
- US election
Only one question for Democrats after Biden’s debate performance
Joe Biden faltered early. At one point, the words simply failed him. He appeared momentarily lost and Donald Trump went for the jugular.
‘Get rid of the bum’: George hates both Trump, Biden. Who will he vote for?
Hardware store worker and ‘double hater’ George, from Pennsylvania, hasn’t voted for years. But this November he will be at the polling booth. Here’s why.
Ten properties and counting: meet Australia’s ‘super investors’
There is a hardcore cohort of 20,000 Australians who own six or more investment properties, according to AFR Weekend analysis of annual Tax Office data.
The five best-performing ASX 200 stocks this financial year
Healthcare software developer Pro Medicus narrowly bested family monitoring app Life360 to be the top-performing stock, with a 118.7 per cent return in 12 months.
- Analysis
- Interest rates
How the RBA’s big interest rate experiment exposes Labor
The moment of truth to test Australian exceptionalism is about to arrive. Persistent local inflation suggests the strategy is coming under pressure and may be about to come unstuck.
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review
The insiders: the three men at the core of Biden’s brains trust
The US president is surrounded by a diverse, multigenerational crowd of operatives, but his full trust is in a small circle who are the definition of old school.
A Las Vegas residency is a nice little earner for top stars
When flamboyant pianist Liberace settled in for a prolonged stay in 1955, it started a trend that’s proved lucrative for performers and the city as a whole.
The rise of Keir Starmer, from ‘superboy’ to Labour leader
Born without privilege, he raised himself to high office through his own endeavours; yet he is somehow reluctant to celebrate this success.
- Opinion
- Investing
A stock trader’s guide to navigating the French election
The prospect of a change in the balance of power in France has investors on edge. These are the sectors most affected by the coming political upheaval.
- Opinion
- China relations
We must consider imposing non-military costs on China
We are failing to deter China from committing increasingly frequent acts of aggression and intimidation against Taiwan.
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Companies
ANZ boss says Suncorp ‘migration’ can avoid Westpac’s St George pain
Shayne Elliott insists he’s learnt from Westpac’s failure to integrate St George, while Suncorp’s Steve Johnston says he can now focus fully on insurance.
- Updated
- Mining
Labor plans to open $13.7b critical minerals incentives to Chinese firms
Labor’s incentives are aimed at boosting critical mineral processing and investment in so-called green hydrogen under the government’s draft eligibility guidelines.
Nine Entertainment to cut 200 jobs as Meta content deal ends
CEO Mike Sneesby made the announcement as Nine battles a weaker advertising market and a content deal with Meta, which runs Instagram and Facebook, ends.
Adore Beauty snaps up Blue Mountains wellness brand Ikou for $25m
The online beauty retailer said the deal would support its “private label and physical store initiatives” as it attempts to increase its profit margins.
Guzman y Gomez isn’t the only fast food giant with big plans
McDonald’s, Pizza Hut, Wendy’s. The race is on for who can grab the biggest slice of a $25 billion market, as big players scramble for sites and customers.
IAG says premium pressure easing as shares soar on profits
Shares in IAG jumped on Friday as the insurance giant announced that earnings were likely to come in at the top of forecasts.
- Updated
- Mergers & acquisitions
Chalmers approves ANZ’s $4.9b Suncorp deal
The decision paves the way for the biggest merger in banking since the Commonwealth Bank took out ailing Bankwest during the global financial crisis in 2008.
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Markets
Bond yields retreat as traders temper RBA rate hike fears
Traders have pared bets that the RBA will raise rates this year, with some economists warning that financial markets overreacted to May’s inflation figures.
ASX rises; IAG surges on reinsurance deal, Suncorp hits post-GFC high
Shares gain 0.7pc. Suncorp adds 3pc. GQG Partners hits record high. GYG sinks. Adore Beauty in $25m acquisition. Lithium miners retreat. Wall St higher. US inflation, French elections ahead. Follow here.
Inflation shock derails ASX 200 from best gain since 2021
A two-day sell-off after a hot consumer price report has left the bourse with a tepid return for the 2024 financial year.
What happened overnight? Wall Street awaited Fed’s preferred price data
Australian shares were set to open modestly higher, in line with gains in New York. Amazon extended rally. The Fed would slash rates this year and next, said Pantheon.
Why Tyndall has gone all in on Zip Co’s turnaround story
James Nguyen says the market is mispricing the buy now pay later provider and reveals why a $15 billion settlement could be the catalyst for another small cap stock.
Opinion
Trump shows new side in debate: restraint
It was Donald Trump’s new-found discipline that made Biden’s mistakes so prominent. Usually, Trump’s tirades get the attention.
United States correspondent
Government under the cosh, keen to claim a win with Assange
It’s still not clear how Australia managed to get the Americans to drop the process of law on a man they wanted for espionage.
Columnist
RBA forced into a humiliating rate-raising cycle
In a huge embarrassment for the central bank, its next move in interest rates should be higher, not lower, writes Christopher Joye.
Columnist
Three elections, and it’s the same economic incoherence
Elections under way in the US, Britain and France are being fought on what voters want to hear, rather than on what adds up.
Editorial
Payman has crossed Labor’s tribal caucus comrades
Unlike the West Australian senator who gifted the Greens a propaganda victory, Penny Wong stayed in the tent and effected change from within on same-sex marriages.
Political editor
Nuclear should fire Coalition’s Fightback!
Finding the same combination of politics and principle on other policies might be the start of a strategy to win, not necessarily the next election – but the one after that.
Columnist
Reports
Powering our energy future
With our renewable energy capacity needing to increase ninefold to meet our net-zero commitments, electrification is critical to our energy and economic future.
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The secret breakthroughs that freed Assange
Legal proceedings against the notorious whistleblower ended after a long and delicate fight in the highest offices on three continents.
Cyber protection boosted in critical healthcare sector
Home Affairs Minister Clare O’Neil is rolling out a new intelligence centre as part of efforts to upgrade cyber safeguards for healthcare and hospitals.
Albanese defends arts against ‘cancel culture’
The prime minister has used the opening of a major exhibition in Canberra to defend the problematic legacy of French post-impressionist Paul Gauguin.
NDIS ‘unsustainable’ and ‘out of control’: Wayne Swan
Mr Swan was one of the architects of the NDIS, which is growing at 20 per cent per year and on track to become the most expensive area of government spending.
- Exclusive
- Disability
NDIS to cost $100b, exceeding the pension: budget watchdog
The NDIS is on track to overtake the age pension as the most expensive area of spending within three years if it remains stuck on its current trajectory.
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World
With nothing left to lose, Sunak goes on the attack
A sharper-sounding prime minister is betting that sowing fear might save the Tory furniture even if it can’t prevent an election loss.
China charges defence ministers in military anti-graft purge
The two generals were accused of taking huge bribes and of corruption that reached into the armaments sector, as China hinted that more heads could roll.
- Opinion
- South China Sea
The risky business of standing up to Beijing in the South China Sea
Capitulating to Chinese demands would set a precedent for other claimants with stakes in the waterway, making it next to impossible to row back from.
Tokyo’s old fish market makes way for skyscrapers, stadium
Developers say the new project will rival top waterfront spots in cities like Sydney and Singapore.
How this Australian banker thrived on Wall Street for 30 years
Queenslander Paul Compton, who started a job at Jamie Dimon’s JP Morgan in 2007, knows that the industry can be a rough ride.
Property
Mirvac sells $1.3b stake in new tower to Mitsui
The transaction is the latest evidence of the company’s efforts to trade out of lower-quality office assets and focus on new, premium ones.
- Exclusive
- Luxury property
Mining technology entrepreneur buys $30m Noosa home
The purchase was the second highest in Queensland residential history, after Gina Rinehart paid $34m for an oceanfront property at nearby Sunshine Beach.
Home prices tipped to defy rising rates
The prospect of another rate rise is not enough to spark a decline in home values, but could mean prices increase more slowly.
- Exclusive
- Hotels
Caravan king Gerry Ryan puts $50m safari lodge on the market
Gerry Ryan, the founder of Jayco Caravans, and an ex-Rich Lister, is selling the soon-to-be-finished hotel and glamping resort within the Monarto Safari Park in South Australia.
Why this family is swapping a six-bedroom house for apartments
Lexi Dodd and her family are moving into apartments ahead of a new chapter, where being closer to cafés and restaurants is more important than space for kids.
Wealth
The super funds with the most million-dollar members
After losing ground to industry super funds since the Hayne royal commission, data shows retail funds are fighting back when it comes to attracting and retaining high-net-worth members.
I’ve saved $50,000 but have a large HECS debt – what should I do?
Banks do take tuition debt into consideration when assessing mortgage applications.
Families that pay together: How to get multigenerational living right
Retirees are increasingly expected to live with, care for and financially support older and younger family members. Here’s your guide to avoiding strife when it comes to wills, means testing and elder abuse.
Technology
Meta threatens Australian news ban in media bargaining war
News sites and links could once again be blocked from Meta’s platforms if the social media company is forced to negotiate content deals with local publishers.
Look at Zoox and Waymo to see Australia’s AI potential
The local ecosystem for investment in artificial intelligence is in its infancy, but could thrive if given the right funding.
- Digital Life With John Davidson
- Digital Life
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.
Work & Careers
Why heading overseas can be the best thing about university
Study-abroad programs have become something of a rite of passage for Australian university students, and it can be a life-changing experience.
Why Anna Meares chased the job of leading the Aussie Olympic team
As one of the country’s most decorated athletes, Australia’s chef de mission knows the triumph and heartache of competing at this level better than most.
Life & Luxury
Families that pay together: How to get multigenerational living right
Retirees are increasingly expected to live with, care for and financially support older and younger family members. Here’s your guide to avoiding strife when it comes to wills, means testing and elder abuse.
This Australian chef is the first to win three Michelin stars
After being plucked from near-obscurity at just 23, Brett Graham has hit the heights of global gastronomy. Now he’s turning his attention back to the farm.
I tried the ‘Tesla’ of fasting diets. Here’s what happened
Valter Longo’s books about the benefits of abstaining from food have been bestsellers around the world, but the science to support his ideas is not conclusive.
Do you know this week’s news? Answer these 10 questions
Have you been paying attention this week? Test your knowledge across politics, business and world news.
Christopher Esber first Australian to win French fashion accolade
The Sydney designer has won the prestigious ANDAM Grand Prize, taking home more than $400,000 in prize money.
