Biden told ally that he is considering withdrawing
The president reportedly said he understands his future could be determined within days, although the White House called the report “absolutely false”.
- Live
- Markets Live
ASX to rally, Santos has two potential bidders: report says
ASX futures add 0.9pc. Lendlease, Stockland deal faces ACCC opposition. Nasdaq hits record high. BHP, Rio rally in New York. Gold, oil climb. Follow here.
- Analysis
- UK election
How will Keir Starmer change the UK?
As a Labour government gets set to take the reins after 14 years of Conservative rule, what will Starmer do with power in his first 100 days and beyond?
- Live
- Need to Know
Trump keeps low profile after disastrous Biden performance
Trump has largely disappeared from the stage, clearing the way for Democratic anxiety; Andrew Bragg says ASIC is “just too big” and is preventing financial crime reports. Follow live updates.
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.
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.
Rents in Sydney, Melbourne are starting to come down
New figures show asking rents plateauing or even falling in some markets after several years of sustained increase.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
- Exclusive
- Emissions
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.
Treasury Wine US exec in restraining order row with Napa official
A restraining order has been filed against Debra Dommen by a Napa Valley politician, Belia Ramos, who says the Treasury exec opposed her re-election.
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.
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.
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.
Companies in the News
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Markets
- Analysis
- Investing
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.
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.
What happened overnight? Santos attracted two potential suitors
Australian shares were set to rise 0.9 per cent. Nvidia, Tesla paced the S&P 500 and Nasdaq to record closing highs. BHP, Rio rallied in New York. Iron ore gained 3.1 per cent.
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.
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.
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.
Economics editor
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.
Editorial
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.
BCA chief executive
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.
Robert Menzies Institute
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.
Contributor
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.
Contributor
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
Midwinter Ball: Leaders gather for Canberra’s night of nights
High-profile politicians, business leaders and media identities have gathered for Canberra’s night of nights.
‘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.
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.
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.
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World
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.
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”.
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.
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.
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
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.
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.
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.
Wealth
A holiday home in my name means my husband gets no age pension
Doing her parents a favour years ago has created a retirement income headache.
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.
Technology
America’s campaign to kill Huawei has failed
After international sanctions drove profits down 70 per cent, the Chinese telecommunications company learnt that it didn’t need to rely on the West.
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.
Work & Careers
The co-CEOs who learned the secret to business from ... pasta
Shaun Greenblo and Elliot Midalia are managing directors at Boody, a bamboo-based clothing company. They both meditate – in their own way – before office hours.
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.
Life & Luxury
Ozempic could be linked to sudden blindness: report
Patients who took the drugs for weight loss were seven times more likely to be diagnosed with a stroke-like eye condition, according to Harvard research.
The hippy hotelier upping the ante in Bali luxury
We’re a lab for showing those greenwashing monkeys in Bali that not everybody wants to spend their holidays in a concrete shell, says John Hardy of his fantastical jungle resort.
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?
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.
