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CBA hits record high above $130; ASX tops 7900 points, Wall St soars
Local shares near record high. ANZ Bank targeted by regulator. ACCC eyes Good Guys. Telix jumps. Oil rises, iron ore slips again. US June CPI ahead. Follow here.
Key Posts
Good Guys misled customers on promotions for years, ACCC claims
State Street launches Aussie gold fund, backed by ANZ
Oil extends gains on shrinking US stockpiles
Shares rally near record highs; CBA tops $130
Last updated 13 mins ago
- Opinion
- US election
Don’t underestimate Kamala Harris as the 2024 Democrat nominee
Despite struggling as vice president, there are three reasons that many might be unaware of her potential at the top of the Democratic ticket, writes Ava Kalinauskas.
Good Guys misled customers on promotions for years, ACCC claims
Customers at the JB Hi-Fi-owned chain may have purchased items which they might not have done otherwise, according to ACCC chair Gina Cass-Gottlieb.
Rapid growth puts pressure on law partnership structures
Almost two-thirds of new legal partners are now on a part-salary arrangement as rapid growth puts pressure on equity allocations.
- Live
- Need to Know
Schumer open to replacing Biden as nominee, reports
PM speaks in Queensland; Chuck Schumer signals he is open to replacing Biden; Tim Ayres says shipping chaos is pushing up prices. Follow for updates.
Deals bounceback yields $3.8m each for law firm partners
A return to deal-making has resulted in profit allocations soaring at London’s Linklaters, which has an alliance with Australian firm Allens.
New Hope has bigger ambitions at $1.1b Malabar Resources
After the company raised $300 million in July, there is logic behind it making a play for all of NSW coal miner Malabar Resources.
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Companies
Woodside signs up Taiwan as long-term LNG customer
State-owned CPC is already a big customer for Australian liquefied natural gas via Ichthys and Prelude, but the new deal will potentially run into the 2040s.
- Exclusive
- Bonds
ANZ probes ‘$54b’ in inflated bond trades
The bank overstated the value of government bonds it traded by over $50 billion in a year, boosting its chances of winning lucrative mandates to issue Commonwealth debts.
NSW, Queensland flag going it alone in PEXA property settlement snafu
Commonwealth Bank-backed PEXA could still be forced to open its platform to competitors despite the regulator earlier finding it was outside its remit.
Aurizon acquisition could push up cargo prices: ACCC
The company’s attempts to move into stevedoring in South Australia as it expand its bulk freight business could be used to “frustrate” rivals, the regulator said.
- Exclusive
- Construction
Downer EDI pitches in on flailing EnergyConnect construction
The troubles at the cable project are being closely watched because its failure would imperil the entire build-out of the transmission grid, sources say.
Anzac Day shopping ban restricts choice, retailers say
Retail trade will be banned on Anzac Day in NSW, giving the state some of the nation’s most restrictive rules in a move to counter “creeping commercialism”.
Forrest says he was kept in the dark about spying on ex-employees
Fortescue’s executive chairman Andrew Forrest is considering sacking the company’s external lawyers who presided over the surveillance of former employees.
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Markets
Shipping crises ‘spanner in works’ for inflation fight
Australian consumers and retailers are facing long delays and higher prices for goods from Europe and Asia amid an international shipping crisis that could stoke local inflation.
The mining stocks fundies think may outrun BHP and Rio
The rout in the ASX’s largest mining companies this year has created a “screaming” buy for some of the sector’s biggest investors.
What happened overnight? The S&P 500 closed above 5600 points
Australian shares were set to open higher. All three US benchmarks advanced, as the S&P 500 and Nasdaq reset records on another tech surge.
Macquarie says it’s time to buy real estate stocks before rate cuts
The broker has warned that the “best” phases for ASX returns is behind us and is urging investors to buy more defensive companies amid signs that returns are starting to falter.
New Zealand eyes August rate cut after ‘dovish pivot’
Market pundits have ramped up bets that the RBNZ may cut interest rates as soon as next month after the central bank said it was confident that inflation will return to target.
Opinion
Tariffs, inflation, debt: The economic hits of a re-elected Trump
Trump’s first term tariffs did not crater the US or world economies. The same cannot be said for his far more ambitious plans the second time around, writes Richard Holden.
Economics professor
Inside the Democrats’ fight over Biden
Hosting the NATO summit was supposed to help the US president demonstrate unity within the Democratic Party. But it is tearing itself apart.
Columnist
Asian allies key to our cyberdefence against China
Japan and South Korea have for the first time joined Five Eyes allies led by Australia in directly calling out Chinese cyberattacks, but more can be done.
Cybersecurity expert
It’s an energy race between the implausible and the impossible
Peter Dutton has come up with a nuclear-powered cost of living wedge to expose Labor’s overreach on renewables and sustainability.
Energy expert
Ukraine remains NATO’s pressing test of global relevance
The shadow that hangs over NATO’s 75th birthday is a strange brew of populism that now endangers the alliance’s claim to modern strategic relevance.
Editorial
Why we need ‘wickedly hard’ reform in Australia
Such measures, however, would have to first wrestle the biggest policy reform chiller of all – vertical fiscal imbalance, write Karen Chester and Helen Silver.
Reports
Sustainability Leaders
The list celebrates Australasian companies that are making real progress in tackling sustainability challenges – and delivering business value along the way.
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- Exclusive
- China relations
New ‘alliance’ calls out China’s bad cyber behaviour
Months of behind-the-scenes work helped convince Japan and South Korea to join an Australian-led statement slamming China over cyberattacks.
- Exclusive
- China relations
Cheaper kitchen sinks as Canberra dismantles tariff barrier to China
While Australian lobster remains off the menu in Beijing, the Albanese government is removing tariffs on Chinese-made kitchen sinks.
- Exclusive
- AUKUS
Revealed: Turnbull’s Paris option to revive French subs deal
Former prime minister Malcolm Turnbull paved the way for Australia to renegotiate the French submarine contract when Labor came to power, but there was silence from the new government.
- Exclusive
- Industrial relations
CFMEU deal helps add 10pc to apartment costs
The CFMEU’s latest wages deal for NSW will increase labour costs by up to 19 per cent in the first year alone, a new analysis finds.
Cattle farmers go to war with Labor over class action
Cattle farmers have accused Attorney-General Mark Dreyfus of launching an appalling, contemptuous and “outrageously misleading” attack on them.
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World
NATO accuses China of fuelling Putin’s war in Ukraine
In a strongly worded statement, NATO leaders have taken aim at Beijing, saying its “no-limits partnership” with Vladimir Putin is prolonging the war.
- Opinion
- US election
What if Joe Biden stays?
A second presidential term that was already burdened with political disadvantage will be incalculably more difficult because of questions about his age.
- Updated
- US election
Pelosi, George Clooney deliver new blows to Biden
“We are not going to win in November with this president,” the Hollywood actor and donor says, as momentum continues to build for Joe Biden to step aside.
Archegos founder Hwang found guilty over fund’s $53b collapse
The Archegos meltdown in 2021 sent shock waves across Wall Street and drew regulatory scrutiny on three continents.
- Opinion
- Biden's White House
Why Jill Biden’s Vogue cover story has been slammed as an epic failure
A week is a long time in politics. In the world of monthly publications, it can be an eternity.
Property
How this couple avoided years of saving to afford a five-bedroom home
Sharona Ghaemmaghami and her boyfriend paid lenders mortgage insurance to enter the housing market earlier than if they saved for a 20 per cent deposit.
House price growth to ease under 5pc as affordability bites
Some of the heat is finally coming out of the market’s remarkable rebound as the burden of servicing mortgages weighs more heavily on prospective buyers.
- Exclusive
- Luxury property
Hedge fund manager’s Perth mansion sells for $25 million
A contemporary mansion in Mosman Park has sold for $25 million in Western Australia’s biggest residential deal so far this year.
The investor survival kit for property taxes
Property investors, particularly in Victoria and NSW, face what seems to be an ever-increasing regime of extra costs and charges. Here are some tips to stay the course.
- Exclusive
- Luxury property
Young Rich Lister splashes $19m on 1950s waterfront home
Founder of streetwear label Geedup Co. Jake Paco and his mother Debbie have emerged as the buyers of sprawling waterfront estate in Sydney’s Sutherland Shire.
Wealth
Two-thirds of Australia’s ‘Xennials’ earn more than their parents
Australians have an easier time moving up the income ladder than workers in Scandinavia, the US, France and the UK, new research shows.
Australia will have 400,000 new millionaires by 2028
Buoyed by property and super, Australians have become the second-richest people in the world, on paper at least.
Can we put $2.9m from a property sale into super?
You can – but you must tick these boxes first.
Technology
Meet Samsung’s new Ring, Watch Ultra and not-so-new folding phones
At its biggest gadget launch of the year, the Korean tech giant finally launched its finger-worn health tracker and a new outdoors-oriented watch.
With its new wearables, Samsung goes toe-to-toe, ear-to-ear with Apple
The tech giant has finally released its long-awaited Galaxy Ring fitness tracker, but it’s not coming to Australia until later this year.
Microsoft, Apple walk away from OpenAI board
The ChatGPT maker plans a strategy to engage with its crucial partners as regulatory scrutiny of the sector increases.
Work & Careers
What this CEO eats depends how bad the last meeting was
Joy Krige, CEO of Cranecorp Australia in Perth, grazes from her snack drawer during the day, rather than eat a formal breakfast or lunch.
- Exclusive
- Industrial relations
CFMEU conditions risk pushing up Queensland build costs by a third
Restrictive CFMEU conditions on Queensland sites risk dragging out work and making apartment buildings up to 33 per cent more expensive to build, a new analysis says.
Life & Luxury
- Drinks With Max Allen
- Wine & spirits
What happens when an Australian winemaker ventures into Barolo country
Narelle King has teamed up with a leading Italian producer to make the first barolo in the Tar & Roses range. And it’s lovely.
England eye Euro history after stunning late goal
England downed the Netherlands 2-1 in the European Championships for a chance to take on Spain in the final.
‘Devastated’: De Minaur forced to quit Wimbledon with injury
Alex de Minaur was set for a blockbuster showdown with Novak Djokovic. Instead, he had to pull out just hours before the match.
How Grace Kelly inspired this season’s stylish sunglasses
Sunglasses are a shield from the shy, a friend to the tired and hungover, and don’t require the wearer to be a certain dress size.
- Driving With Tony Davis
- Motoring
Feel the need for Speed as Bentley unveils its most powerful vehicle
With a hybrid V8, the Continental GT Speed will be available as a coupe or convertible.
