- Live
- Need to Know
Investors warm to likely record Labour win in UK
UK shares rise most in almost two months as markets embrace prospect of Labour win; exit poll will give more insight in to vote at 7am. Follow the count here.
ASX set for muted open, FTSE 100 rallies
Australian shares are set for a flat start on Friday. UK markets were higher awaiting confirmation of a Labour majority. US markets closed. Bitcoin slides anew.
- Exclusive
- Renewables
Grok Ventures boss woos wealthy families for Sun Cable
The chief executive of Mike Cannon-Brookes’ private vehicle is plotting a pivot – opening it up to outside investors.
More law firms hit gender targets as partnership gap narrows
A record number of law firms now have more than 40 per cent female partnerships, but part-owner gender ratios contrast sharply with the engine room.
- Opinion
- Canberra Observed
Muslims and farmers, everyone wants a piece of Labor
An unanticipated backlash in WA is the last thing the government needs, given the prospect of the creation of a pro-Muslim political movement targeting heartland ALP seats, writes Phillip Coorey.
- Exclusive
- Federal election
Cattle farmers trying to boost profits at taxpayers’ expense: Labor
Attorney-General Mark Dreyfus says the government was not budging on its $215 million offer to settle a decade-old class action.
Pharmacies face an ‘Uber’ moment – whether they like it or not
Stephen King, who led a Health Department review into the sector, says antiquated ownership restrictions should be abolished before they do more damage.
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
Santos wins court battle on EDO funding quest
The Federal Court also cleared the way for Santos to pursue the Environmental Defenders Office for costs in its failed case against the Barossa gas project.
Saudi, UAE interest puts $25b Santos in play
Renewed takeover speculation has underlined the oil and gas producer’s status as a potential target in the wave of global energy consolidation.
BHP misses internal targets, docks incentives across global workforce
BHP’s top brass has cut employee incentives around the globe based on failures to hit internal performance targets.
AOFM chief puts banks on notice as bond trading probe heats up
The head of the government’s debt agency has reminded the banks, which are hired to help it sell billions of dollars of bonds, what is expected of them.
Airtasker bets $10m stake on radio, outdoor media surge
Airtasker founder Tim Fung has signed two deals in two weeks with media companies to promote its gig economy platform.
Zinc miner’s $30m deductions claim sinks in royalties stoush
Queensland Supreme Court rejects attempts to claim expenses for managing a transport vessel – before a management agreement started.
More law firms hit gender targets as partnership gap narrows
A record number of law firms now have more than 40 per cent female partnerships, but part-owner gender ratios contrast sharply with the engine room.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Phil King’s Regal Partners set for major payday after banner year
Soaring funds under management and strong performance pushed fees at the investment house, which has snapped up several rivals this year, to record levels.
Banks, REITs will only get cheaper as outlook darkens: fundies
Australian fund mangers Merlon Capital, Lazard Asset Management, Australian Eagle and Blackwattle share their best stock picks for FY25.
Growing bets on Fed rate cuts boost $A to six-month high
Evidence of weaker US growth and a deteriorating job market bolstered conviction that the Fed will cut rates imminently, triggering a rally in commodities.
Why Forager exited Meta after the stock surged 194pc
Portfolio manager Harvey Migotti oversaw a 21 per cent 2023-24 return. He reveals how the big returns from Meta were redeployed into quality compounders of the future.
AOFM chief puts banks on notice as bond trading probe heats up
The head of the government’s debt agency has reminded the banks, which are hired to help it sell billions of dollars of bonds, what is expected of them.
Opinion
Muslims and farmers, everyone wants a piece of Labor
An unanticipated backlash in WA is the last thing the government needs, given the prospect of the creation of a pro-Muslim political movement targeting heartland ALP seats.
Political editor
Sectarian divide threatens idea of Australia that benefits migrants
Battling out toxic foreign feuds here, and pushing votes on issues far beyond the reach of Australian governments is both pointless and divisive.
Editorial
Don’t switch super funds until reckoning in unlisted assets is over
Industry fund executives regularly boasted about capitalising on the so-called “illiquidity premium”, but the world has changed.
Wealth editor
There is no catastrophic failure of AUKUS Plan A
The “optimal pathway” may not run exactly to plan, but the risk is known, is being managed, and all three partners have demonstrated their commitment to the process.
Defence expert
Canberra’s $1b digital identity play could be the next white elephant
The failure of open banking and the poor uptake of My Health Record offer a salutary warning for the government’s digital ID system.
Government editor
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
Reports
Law partnership survey
After a period of caution following a pandemic-era peak our Law Partnership Survey shows firms have roared back, with growth near its COVID-era record.
Sponsored
by UNSW SydneyPolitics
‘Stay tuned’: Payman open to forming a new party
First-term senator Fatima Payman has not ruled out forming her own political party after she quit the ALP, citing its “indifference” to the plight of the Palestinians in Gaza.
Lebanon evacuation plans under way as Hezbollah menaces Israeli border
A stern warning to Israel’s ambassador not to escalate the war was delivered with the safety of up to 20,000 Australians in Lebanon in mind.
Australia’s winter gas woes to extend into 2025
Considerably higher demand for heating in the winter months is set to cause supply shortfalls in NSW, Victoria and Tasmania.
‘No water equals no milk’: big dry, cold snap hit farmers
Victorian farmers have been hit by a combination of dry and cold conditions as dairy producers also face a 15 per cent cut in farm gate milk prices as of July 1.
Betting apps should let gamblers know ‘if they’re up or down’
Online gambling accounts should display the amount of money that punters have won or lost to better inform problem gamblers, a technology entrepreneur has proposed.
SPONSORED
World
- 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, writes Hans van Leeuwen.
Trump rants about Biden and Harris in leaked video
Donald Trump said he is now competing against Kamala Harris in the US presidential race during an expletive-laden rant on a golf course.
Putin says Trump ‘sincerely’ wants to end the war in Ukraine
President Vladimir Putin said Russia takes seriously statements by Donald Trump that he has proposals to end the war in Ukraine quickly.
Israel sends delegation to negotiate hostage release deal with Hamas
Israeli Prime Minister Benjamin Netanyahu told US President Joe Biden he has decided to send a delegation to resume stalled talks on a hostage release deal.
Le Pen set to fall short of French majority: polls
Two polls show that Marine Le Pen’s far-right National Rally party will not secure an absolute majority in the second round of French elections.
Property
Tamawood profit jumps, but can’t predict FY25 earnings
Chairman Robert Lynch said factors such as the Queensland election, weather and land shortages meant it was “impossible” to predict the builder’s performance.
ACCC gives Lendlease, Stockland two-month ultimatum over $1.3b deal
The competition watchdog has further delayed a decision on the two property giants’ transaction over a 12-community portfolio of assets.
- Exclusive
- Luxury property
Palm Beach trophy sale sets 2024 peninsula record
Frank and Amber Elsworth’s Karala estate has clocked the elite Sydney suburb’s most expensive deal of the year as the coastal market stays below its COVID-19 peak.
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.
Inside Atlassian’s new workplace – just don’t call it an office
The company’s new Melbourne site has been designed as a so-called connection hub. It only has 12 desks, with an emphasis on social spaces instead.
Wealth
How the 50/30/20 budgeting hack can unlock your finances
This straightforward strategy suggests dividing your income into three buckets: needs, wants and financial goals.
Aware Super cashes in on tech, healthcare bias to return 11pc
Aware follows several other super funds with high global equities exposure reporting returns of more than 11 per cent for 2023-24 as tech stocks soared.
Heavy office tower exposure drags down Cbus’ annual returns
But the construction industry super fund stood by its heavy allocation to the asset class, even as its financial year returns fell below rivals.
Technology
- Updated
- Cloud
Aussie spies to get $2b top-secret Amazon data centre
The system will let the country’s spies and military collaborate without being connected to the open internet where adversaries could breach it.
Leaving war-torn Ukraine was hard, then this AI worker tried Australia
Tech skills have been in red-hot demand for a decade, but skilled migration has cooled as numerous companies have shed staff in the so-called tech funding winter.
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.
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
The exercise habit that boosts this founder’s productivity
Road running in the morning gets Brand Rebellion’s Bryden Campbell primed for her workday.
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?
From ‘Groundhog Day’ to ‘Atonement’: living in a famous building
Life with a piece of cultural history can help pay the bills, but it can also bring some unexpected visitors.
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.
From the gallery
The Australian Financial Review Magazine
About Time Watch Weekend to return in September
- Matthew Drummond
BOSS Financial Review
Why the local CEO of this $26b company likes her commute
- 46 mins ago
- Sally Patten
