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    Anthony Albanese and Fatima Payman.

    Rebel senator to quit Labor, backed by ‘Muslim vote’

    Fatima Payman is expected to quit Labor on Thursday to join the crossbench, heightening fears about sectarianism creeping into politics.

    Wall Street.

    ASX to surge, S&P 500 sets another record closing high

    Australian shares are set to rise 0.9pc. Nvidia, Tesla pace US techs. BHP, Rio rally in New York. Iron ore gains 3.1pc. $A tops US67¢. Bitcoin below $US60,000.

    Anna Shelley’s punt that global equities would perform better than expected last year paid off.

    Retail super funds ride tech boom to outperform industry rivals

    Two of Australia’s largest retail superannuation funds delivered 11-plus per cent returns as they benefited from soaring sharemarkets.

    UK voters head to polling stations to hand Tories a thumping

    On election eve, opinion polls suggest a Labour landslide of historic proportions. But the many tight three-way contests could still deliver a surprise.

    Flat rents in Sydney, Melbourne point to coming relief

    New figures show asking rents plateauing or even falling in some markets after several years of sustained increase.

    Fintechs accuse banks of sabotage on ‘open banking’

    The start-ups attacked the banks for trying to sabotage the consumer data right, arguing figures on low usage misrepresent growing interest in account switching.

    ‘Not the Coalition I used to support’: Samuel savages Dutton’s break-up plan

    Former competition regulator Graeme Samuel and senior Liberal Kate Carnell have savaged Peter Dutton’s plan to break up supermarket giants, warning it could push up grocery prices.

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    Companies

    The Vales Point generator is one power station affected by the tougher emissions standards.

    NSW coal power stations put on notice over CO₂ limits

    The new licence conditions come amid a resurgence in coal power generation in the state and across the National Electricity Market in the June quarter.

    Citi’s Kirstin Renner, head of treasury and trade solutions, and Mark England, head of securities services.

    Citi’s services arm gets time in the sun amid a global restructure

    The Wall Street bank’s most misunderstood business has morphed into its most critical chess piece as CEO Jane Fraser executes a turnaround plan.

    Consumer data right is meant to make switching accounts and finding cheaper products easier.

    Senate to vote next month on extending data right for bank switching

    Treasurer Jim Chalmers is working through banks’ concerns about the consumer data right, as the Senate forced a vote on a bill to extend it by mid-August.

    CITIC says it is fast running out of room to move at the  Sino Iron magnetite operations in WA.

    Judge backs CITIC claim that 3000 jobs at risk in Clive Palmer dispute

    A WA Supreme Court judge says the mine that represents China’s biggest investment on Australian soil could have to shut down within a few years.

    Fortescue, Playground-backed hydrogen flight start-up collapses

    Universal Hydrogen had attracted almost $150 million in funding, including from Aussie Peter Barrett’s Playground Global, but it wasn’t enough for it to take flight.

    Chalice cops a beating on back of weak link to Mitsubishi

    The miner’s share price plunged almost 20 per cent after the market was underwhelmed by the potential tie-up with the Japanese giant.

    Guzman y Gomez worth $62 if US dream succeeds: Morgans

    The broker initiated coverage with a $30.80 price target, but says the Mexican fast-food chain could be valued at $62 with a successful push into the United States.

    Companies in the News

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    Markets

    Losses across the resources sector have weighed heavily on the Australian sharemarket.

    Investors dodge the ASX as a rate rise looms

    Australia’s sharemarket is falling further behind its global peers as the risk of a rate rise threatens earnings and performance.

    Retail sales jumped unexpectedly in May.

    Three ASX stocks to ride out the retail rebound

    As retail sales data tops market expectations, Morningstar says some beaten-up retailer stocks may be ripe for a recovery.

    Marko Kolanovic time at the Wall St firm is coming to an end.

    JPMorgan’s Kolanovic to exit amid string of poor stock calls

    The Wall Street firm’s chief global market strategist and co-head of global research, is leaving the bank, according to an internal memo obtained by Bloomberg.

    Ackman’s huge new fund offers zero fees, with a catch

    The hedge fund king known for monster returns is set to market up to $US26 billion worth of shares to retail investors with zero fees for 12 months.

    Guzman y Gomez worth $62 if US dream succeeds: Morgans

    The broker initiated coverage with a $30.80 price target, but says the Mexican fast-food chain could be valued at $62 with a successful push into the United States.

    Opinion

    Energy transition will cost much more than politicians are pretending

    The brutal reality is that taxpayers and consumers will be on the hook for much higher costs under a renewable or nuclear energy system.

    John Kehoe

    Economics editor

    John Kehoe

    Dutton’s populist break up big stick betrays Liberal principles

    Cheap anti-business sentiment is fuel for the left and right-wing populists causing havoc in Europe and the US. No one should be rushing to bring it here.

    The AFR View

    Editorial

    The AFR View

    Slashing foreign student numbers would be economic self-harm

    Before the government puts the squeeze on Australia’s $48 billion university export industry, it should consider how much GDP it is prepared to sacrifice.

    Bran Black

    BCA chief executive

    Bran Black

    Why we need to have a genuine look at nuclear energy

    Nuclear energy is the kind of nation building policy we need when our lucky country’s luck is running out.

    Georgina Downer

    Robert Menzies Institute

    Georgina Downer

    What would a better Israeli prime minister do?

    Israel needs to offer a postwar vision for Gaza and articulate the real stakes in this war – one battle in the struggle between the free and unfree worlds.

    Bret Stephens

    Contributor

    Bret Stephens

    Feckless liberals are to blame for Biden’s downfall

    The left worldwide ignores problems on its own side, and recent history has turned on that failure.

    Janan Ganesh

    Contributor

    Janan Ganesh

    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.

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    Politics

    Anthony Albanese and Fatima Payman.

    Australian Muslim Vote campaign mirrors the US, UK

    It has been brewing for months, but the controversy over renegade Labor senator Fatima Payman and her full-throated support for Palestine has spurred it on.

    Which states are in ‘the slow lane’ for retail spending?

    Retail sales in Victoria and Queensland are lagging the rest of Australia on a per-person basis, while Western Australia tops the spending charts.

    ASIC chairman Joe Longo. Critics say the commission needs an overhaul.

    Call for ‘toothless tiger’ ASIC to be split in two

    A 20-month Senate inquiry found the watchdog should be split into a companies regulator and a separate financial conduct authority.

    Small firms fight push to force data-breach reporting

    Before critical cabinet considerations of major privacy reforms, small business groups say now is not the right time to add further compliance costs.

    AUKUS future is resting on belief alone

    Defence and government figures brim with confidence over Australia’s nuclear submarine program, but there’s no Plan B and – to some – an air of desperation.

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    World

    Joe Biden knows that time is running out.

    Biden told ally that he is considering withdrawing

    The president reportedly said he understands his future could be determined within days. The White House called the report “absolutely false”.

    Mark Cavendish celebrates after crossing the finish line to win a record 35th Tour de France.

    Cavendish breaks record with 35th Tour de France stage win

    The 39-year-old British athlete sprinted for the win in the fifth stage of the Tour, breaking Eddy Merckx’s near five-decade record.

    The Conservative government has sowed the seeds of its own downfall.

    Why angry Britain will this week finally dump the Tories

    Five PMs, five elections and a three-ring circus: over 14 years, the Conservative government sowed the seeds of its own downfall – and leaves a mixed legacy.

    Boris Johnson in surprise late move to avert Tory wipeout

    Making his first public appearance of the campaign, the former prime minister said Labour would “destroy so much of what we have achieved”.

    French candidates bow out in bid to block far right

    More than 200 have confirmed they will not stand in Sunday’s second round voting for France’s 577-seat national parliament.

    Property

    Yours at an average $20,000 per square metre: Kokoda Property has received approval for its $1.5 billion Skyring Terrace project in Brisbane’s Teneriffe. 

    New home approvals rise to six-month high

    As two project approvals in Brisbane and Melbourne show, soaring materials and financing costs have made new projects unviable for all but the priciest homes. 

    The Area Hotel in Griffith last sold for $8 million in 2019.

    Pub tsar more than triples money in $30m Griffith sale

    Jim Knox sold the Area Hotel in Griffith to budding entrepreneur Trent Middleton for $30m, having paid $8m for it in 2019.

    Construction of the first stage of the Jam Factory redevelopment is due to begin next year.

    Tim Gurner, Qualitas take control of Jam Factory after $180m raising

    The acquisition of the remaining 50 per cent interest in the Chapel Street site by Gurner/Qualitas sees Chris Langford’s Newmark Capital exit the landmark project.

    Local REITs outpace broader market despite sagging asset valuations

    Goodman Group was the standout performer in the 12 months to June 30, buoyed by rising demand from investors for exposure to data centres.

    London’s sky-high home rents finally growing slower than wages

    Rental growth in the UK capital matched the slowest year-on-year growth among the regions, with only Wales seeing a similarly small rise.

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    Wealth

    Four ways to build wealth with your tax cuts

    Whether you’re trying to pay off your mortgage early or boost your super, put your extra income to good use.

    Industry super giant lags rivals with 8.5pc return

    Defensive positioning against equities stung AustralianSuper early in 2023-24, but growing its exposure to soaring technology stocks helped it recover.

    The super trick every couple should know about

    It can make a material difference to your total retirement kitty and the tax you pay – but you need to get it right.

    Technology

    X owner Elon Musk.

    Investors pour billions into AI start-ups, defying a downturn

    The AI boom that started in late 2022 has become the strongest counterpoint to the broader downturn in technology funding.

    We’re not coming for your job, AI companies say

    A report funded by the AI industry says artificial intelligence will create 200,000 jobs in Australia by 2030.

    Why this $4300 home Wi-Fi router may just be worth it

    In two of the three criteria that matter most to us in the Digital Life Labs, Netgear’s Orbi 970 is the best home Wi-Fi router we’ve ever reviewed.

    Work & Careers

    Litigation lawyer Craig Evans hosts Arnold Bloch Leibler’s podcast Access ABL, which interviews the firm’s partners.

    Why this radio host moved in with his in-laws to become a lawyer

    Check out the latest post in our fortnightly AFR series featuring professionals who have made a big career leap into the unknown.

    The #MeToo lawyer accused of being a tyrant

    Roberta Kaplan’s poor treatment of colleagues, including micromanagement, insults and personal attacks, triggered her expulsion from the firm she founded.

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    Life & Luxury

    This week’s pick of luxuries: a $17k wrist cuff and a posh dog harness

    Who needs a sculpture by a top American artist when you can get a mini version for your wrist? Or another artwork for your walls when your pooch can wear one?

    Emma Stone from the small but impressive cast that play out three separate stories.

    Sexual pathologists would have plenty to say about this film

    Director Yorgos Lanthimos has returned to his arthouse roots in Kinds of Kindnesses.

    He was terrified of planes, but Boyd’s works could fly at auction

    Seven paintings by celebrated Australian artist Arthur Boyd are going under the hammer in Melbourne on July 24.

    In French culture, people traditionally greet and farewell each other with “la bise”, a series of light kisses usually on the cheek.

    Study reveals the power of a kiss on the cheek

    Why your cheeks are a highly sensitive interface with the world.

    Porsche 911 GT3 RS

    Is this race-bred Porsche with driver harness too much for the road?

    Some believe the turbocharged Porsche 911 GT3 RS is lucky to be road legal. After driving it, this is what we think.

    From the gallery