Biden vows to stay on amid calls to step aside
US President Joe Biden told a rally in North Carolina that he can still beat Donald Trump in the November election after his debate performance triggered calls for him to step aside.
‘Breathtaking’ decision shifts power away from government
The US Supreme Court ruling is its most significant to date, paring back the power of the executive branch of the US government.
Biden is a good man and my friend, but he must bow out
We are at the start of the biggest disruptions in human history, so if there was ever a time the world needs America at its best, it is now, writes Thomas Friedman.
- Opinion
- Chanticleer
This year’s winners were hiding in plain sight
Australia’s fund managers were chasing their tails from November when the market started running. Plenty never caught up, and one sector proved most costly.
The best-performing stocks this year
A healthcare software developer has narrowly beat a family monitoring app to be the top-performing stock in 12 months.
- 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.
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.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
Weekend reads
How the Greens went from tree huggers to angry culture warriors
With polls showing Labor could be on track to lose its lower house majority at next year’s federal election, the Greens have a chance at gaining real influence.
The ‘grindset’ is back in vogue for start-ups – with a health twist
Start-up bosses no longer just enthuse about working innumerable hours – now they recommend an ice bath after the innumerable hours.
- Analysis
- US election
Only one question for Democrats after Biden’s debate
Joe Biden faltered early. At one point, the words simply failed him. He appeared momentarily lost and Donald Trump went for the jugular.
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.
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.
smart investor
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.
- Opinion
- Inflation
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.
Why you could be caught by the ‘wealth tax’ this year
Fast-rising wages and asset prices will leave more Australians facing Division 293 tax on their income and deciding whether to pay it from their super.
- Opinion
- SMSFs
SMSFs desert financial advice in face of looming crisis
The government’s quality of advice review was intended to make financial advice more affordable. So why are fewer SMSF trustees seeking financial advice?
Can I start a pension and put the income back into super?
A couple want to maximise their savings in the most tax-effective way before they both retire.
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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
- 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.
- 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.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
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.
Wall Street slips, inflation data bolsters rate pivot
Shares in New York fell, with megacap tech hit by a late wave of quarter-end profit taking. Disinflation narrative intact as focus shifts to jobs. Nike plunges.
Fed’s favoured inflation metric slows, supporting case for cut
The so-called core personal consumption expenditures price index, which strips out volatile food and energy items, increased 0.1 per cent from the prior month.
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.
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.
Opinion
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
Biden is a good man and my friend, but he must bow out
If there was ever a time that the world needs America at its best, it is now — because we are at the start of the biggest disruptions in human history, writes Thomas L. Friedman.
Contributor
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
Forget the far-right gloom: France is the Silicon Valley of luxury
Marine Le Pen depicts her country as a neoliberal wasteland. The reality is France’s bounty and advantages are not well distributed.
Contributor
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
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.
Contributor
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.
Sponsored
by AusgridPolitics
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.
The final push on inflation will be the toughest: Chalmers
The final push to lower inflation to within the RBA’s target band will be the toughest, Jim Chalmers has warned.
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.
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.
‘Extinction event’: WA builders blame government for overheating market
A $480 million government housing grant scheme has been blamed by West Australian builders for overheating the market and contributing to insolvencies.
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World
Trump gloats over Biden’s debate performance
The former president repeated several of the false claims he made during the debate as he attacked Joe Biden anew.
Early count points to runoff between hardliner and reformist
The latest vote count in Iran’s snap presidential election shows ultra-hardliner has taken the lead over the only reformist candidate.
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.
France’s election could trigger market shockwaves, BoE warns
The Bank of England’s alert comes before Sunday’s first round of voting. Polls now show the populist right potentially closing in on a parliamentary majority.
- 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.
Property
- 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.
Former Boral chief’s $25m waterfront mansion to smash suburb record
A sprawling property on Sydney’s lower north shore is expected to surpass the all-time high sale price for Kurraba Point.
- Exclusive
- Luxury property
Late pub baron’s chic apartment hits market for $19m-plus
The family of late Sydney hotelier Paul Irvin is selling his Darling Point apartment after a major designer overhaul revealed stunning harbour views.
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.
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.
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.
When bank of mum and dad comes with interest
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.
The ‘grindset’ is back in vogue for start-ups – with a health twist
Start-up bosses no longer just enthuse about working innumerable hours – now they recommend an ice bath after the innumerable hours.
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.
Work & Careers
‘You smile too much’: the early career advice Danielle Wood ignored
Be brave and have fun, is what Australia’s leading women would say to their younger selves.
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.
Life & Luxury
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.
How fashion and beauty are cashing in on the Olympics
The 2024 Games are being called “the fashion Olympics”, and Australian brands are muscling in on the action.
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.
The mysterious tyranny of trendy baby names
So you think that the unique name you picked for your kid makes you different? Turns out that’s a trend.
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.
