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    Joe Biden is contemplating the future of his campaign.

    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”.

    Local shares are set to open higher. BHP and Rio rallied in New York, taking direction from iron ore.

    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.

    Keir Starmer UK Labour leader

    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?

    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.

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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.

    Napa Valley.

    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.

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

    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 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.

    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

    Search companies

    View stories and data from an ASX listed company

    Markets

    Bill Ackman says the market has lost faith in the Federal Reserve’s ability to control inflation.

    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.

    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.

    Wall Street.

    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.

    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

    Midwinter Ball gif for AFR.

    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.

    Peter Dutton in question time on Wednesday.

    ‘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.

    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.

    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

    Britain’s Labour Party leader Sir Keir Starmer.

    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 at the campaign event this week.

    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”.

    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.

    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

    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

    A question of super.

    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

    The US has targeted Huawei on concerns its equipment may be used to spy for the Chinese government, an allegation the company refutes.

    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.

    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.

    Work & Careers

    Boody co-founders (left to right) Elliot Midalia and Shaun Greenblo at AP House  in Surry Hills.

    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.

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    Life & Luxury

    The Novo Nordisk drug Ozempic.

    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.

    Bambu Indah Bali hotel - New Moon House

    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?

    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.

    From the gallery