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    Labour Party leader Keir Starmer speaks to his supporters at the Tate Modern in London.

    ‘Change begins now’: Starmer wins election

    Keir Starmer says Britons voted for change, and “it is time for us to deliver”. The Tories reeled as Nigel Farage’s populist party ate into their support.

    Britain’s anti-incumbent message for Albanese

    Anthony Albanese said Australia and the UK would maintain strong ties, as business leaders here warned the new prime minister faced difficult economic challenges.

    Former UK prime minister Liz Truss is in danger of losing her seat as counting continues.

    Former PM Liz Truss loses her seat

    Labour claims majority; Rishi Sunak calls Starmer to concede; the country’s shortest-serving leader loses her seat. How the day unfolded.

    Aramco denial fuels doubts over Santos’ portfolio

    The Saudi giant may be one of several oil and gas producers that took a look at the $25.8 billion ASX company but decided against advancing a formal offer.

    This super fund is cashing in on climate risk

    Insurers love telling us how hard and expensive it is to get reinsurance, so it is good to see an Australian super fund - MLC super - making money from it.

    Coal power on comeback trail as wind, solar falter

    Electricity generation from coal has surged for the first time in nine years, wrecking emissions cuts and hammering home the disarray of Australia’s energy transition.

    The war in Gaza is dividing Australians. Business is worried

    Paul Bassat says Australia is fighting a “war of ideas” and losing; John Mullen says business people are too scared to say what they really think and Rod Eddington fears multiculturalism is under threat.

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    UK ELECTION

    Prime Minister Anthony Albanese and UK Labour leader Keir Starmer have swapped notes extensively.

    Why Starmer’s victory in Britain should scare Albanese

    The Australian prime minister now has an ideological bedfellow in the UK. But he also has something in common with the loser: incumbency, writes Hans van Leeuwen.

    The Aston Martin logo, featuring a union jack flag, is featured at the London Stock Exchange.

    Want to get rich from Keir Starmer in Number 10? Read this

    With the British Labour party set for a huge victory in the polls, investors have plenty of reasons to be optimistic. This is where to look for the biggest profit.

    The Conservatives imploded. Labour simply filled the vacuum

    Labour’s landslide shares some parallels with Tony Blair’s 1997 win but those end with Keir Starmer’s small target strategy and threadbare policy.

    Knives out: Tory collapse sparks bitter blame game

    Prime Minister Rishi Sunak is under fire after an exit poll shows the Conservative Party is set for the worst result in its history.

    How London turned against the Tories

    London might be the home of the professional and business elite but the UK election result effectively shut the Tories out of the English capital.

    REVIEW

    An artist’s impression of Indonesia’s new capital, Nusantara.

    Indonesia’s remote new capital looks like a disaster

    President Joko Widodo’s plan to create a city on an old timber plantation is late and over budget.

    Nvidia is the “champion” of the megacaps, according to Scott Opsal.

    The bear case against Nvidia and artificial intelligence

    The computer chip company will struggle to sustain its growth as interest in AI wanes.

    Productivity growth in the EU’s big four economies has collapsed.

    Why Europe is becoming poorer than America

    Oversized governments in Britain and on the Continent have crushed productivity growth, allowing US incomes to grow twice as fast.

    The US Supreme Court gives a free pass to Trump and future presidents

    In a step towards monarchy, the bedrock principle that presidents are not above the law has been set aside.

    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.

    Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.

    Sign up for the Today’s Paper newsletter

    Companies

    Reinsurance industry stabilising: Suncorp’s Steve Johnston.

    Suncorp dumps Warren Buffett insurance-protection deal

    The decade-long arrangement had split the risks and rewards of the insurer’s exposure to weather in Queensland, covering 30 per cent of its home policies.

    Tan Kueh worked at Macquarie and BlackRock before joining Grok Ventures as its chief executive earlier this year.

    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.

    Chemist Warehouse has been against restrictions on pharmacy locations and ownership, saying they are inconsistent with attempts to provide cheaper medicines.

    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.

    Revolut has added a BNPL feature to its so-called ‘financial super app’.

    Revolut’s ambition adds to major banks’ headache

    “If we do a good job, we can attract more customers from traditional banks,” says the global CFO of Revolut, which has more than 600,000 users in Australia.

    Santos takes aim at ‘cause lawyering’ in Barossa fight

    The resources giant is going for the jugular in its fight with the Environmental Defenders Office over the NT gas pipeline.

    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.

    Companies in the News

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    Markets

    Mirvac’s chief executive Campbell Hanan. UBS has pointed to the diversified property group as one of its picks for the year.

    UBS has a new suggestion for REIT investors – buy battered Mirvac

    The bank’s analysts, in a 65-page overview of the sector, said the market had yet to confront the impact of higher interest rates. It expects two increases.

    .

    Why coal stocks are seeing an epic rally

    Underground fires at two major coal operations have ignited a rally in unloved ASX miners, and some analysts are tipping prices to push even higher.

    Blackwattle’s Ray David: “A big theme this year will be energy security, and energy demand particularly, as data centres ramp up.”

    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.

    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.

    What happened overnight? FTSE 100 rallies on expectation of Labour majority

    Australian shares are set for a modestly weaker start. UK markets were higher awaiting confirmation of a Labour majority. US markets closed. Bitcoin slides anew.

    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.

    Phillip Coorey

    Political editor

    Phillip Coorey

    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.

    The AFR View

    Editorial

    The AFR View

    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.

    Jennifer Parker

    Defence expert

    Jennifer Parker

    Best investments of the past financial year, ranked by risk

    Among the higher risk asset classes, global shares did very well, and gold even better. But the king of 2024 was bitcoin.

    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.

    Joanna Mather

    Wealth editor

    Joanna Mather

    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.

    Tom Burton

    Government editor

    Tom Burton

    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 Sydney
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    Politics

    About 40 pilot boat operators and vessel traffic service officers at Fremantle have threatened to take industrial action next week.

    ‘The port would stop’: Fremantle workers threaten to walk off job

    Western Australia’s largest container port could grind to a halt next week if a small group of key staff stop work over a pay dispute.

    Gas demand could see winter shortfalls.

    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.

    Assistant Minister for Competition, Charities and Treasury Andrew Leigh.

    Labor plays down call to break up ASIC, talks up whistleblower rewards

    The Australian Securities and Investments Commission was on Wednesday accused of being a “toothless tiger” in the final report of a 20-month Senate inquiry.

    ‘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.

    St Vincent’s splits with insurer NIB amid private hospitals ‘crisis’

    St Vincent’s on Thursday told health fund NIB it would walk away from its contract over an entrenched pricing disagreement.

    SPONSORED

    World

    US President Joe Biden.

    Biden says ‘I’m not going anywhere’ as calls to quit race grow

    The president also told a group of key Democratic leaders that he was in the race to stay, chilling any talk of his withdrawal, participants said.

    Hot inflation and the fading prospect of rate cuts won’t help Joe Biden.

    Replacing Biden carries risk but also possibility

    There is not a plausible way for Democrats to convince voters that the man they saw on the debate stage should be president three or four years from now.

    Marine Le Pen and her protégé Jordan Bardella at a rally in Paris.

    Armed kidnapper, Nazi sympathiser: Meet France’s far-right candidates

    The far-right’s National Rally party acknowledges a few “infected sheep” among its candidates as it stands on the threshold of power in France.

    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.

    Property

    Stock picker takes Sunshine Beach spend to $46m

    Wilson Asset Management founder Geoff Wilson and his wife, Karen Greer, have expanded their footprint in the area to three oceanfront properties.

    Architects buy Wesfarmers executive’s Cottesloe mansion

    Wesfarmers heavyweight Ed Bostock has sold the family home in Cottesloe following his appointment as CFO of the conglomerate’s health division.

    Having taken the Harbour Outdoor family business to New York, Nicholas and Harrison Condos are spreading their footprint in Sydney’s Maroubra.

    Family behind global furniture sensation buy luxury clifftop home

    The Condos family of luxury furniture brand Harbour Outdoor pick up a second Maroubra house, while former Pendal CEO sells in Cremorne.

    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.

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    Wealth

    Like many HENRYs, Sinead Connolly wants to create the type of long-term financial security enjoyed by high net worth individuals.

    How to turn a six-figure salary into lifelong wealth

    Are you a HENRY (high earner, not rich yet)? Here’s how to rework your financial future to join the HNW (high net worth) ranks.

    Why this is the ideal age to downsize

    Move into a smaller home too early, and you miss out on the opportunity to put additional money into super. Leave it too late, and you might not be up to the task.

    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.

    Technology

    Over the course of 2023, the world’s solar cells, their panels currently covering less than 10,000 square kilometres, produced about 1600 terawatt-hours of energy.

    How solar beat every forecast to win the renewables race

    Solar power is on track to generate more electricity than all the world’s nuclear power plants in 2026, its gas-fired power plants in 2030 and its coal-fired ones in 2032.

    An Amazon data centre in the United states. The location of the Australian data centres has not been disclosed.

    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.

    Work & Careers

    Sue Houghton is happy to make calls on her way to work, but the drive home is her time.

    Why the local CEO of this $26b company likes her commute

    When QBE Australia chief Sue Houghton rises at 6am, the self-described introvert relishes a walk on her own.

    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.

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    Life & Luxury

    Terri Irwin: At 60, would she retire?

    How Terri Irwin defied pundits with debt-free success

    The wildlife warrior discusses business strategies that helped Australia Zoo navigate the shock death of her husband – and the zoo’s frontman – Steve.

    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.

    Bryden Campbell, CEO of Brand Rebellion

    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?

    The Cherry Tree Inn B&B in Woodstock, Illinois was used as the setting for the 1993 fantasy romcom Groundhog Day,

    ‘I got a six-figure rent’: The benefits of owning a famous building

    A piece of cultural history, such as a property that appeared in the films “Groundhog Day” or “Atonement”, can help pay bills – and bring unexpected visitors.

    From the gallery