BHP shuts nickel business to arrest losses
The mining group will stop producing nickel in WA until at least 2027, after concluding its review into the unprofitable operation hammered by global oversupply.
- Exclusive
- Infrastructure
Victoria’s secrecy stalls cash for Suburban Rail Loop
Victoria has failed to hand over critical information about its controversial rail loop for almost two years despite seeking $11.5 billion from taxpayers.
- Opinion
- Chanticleer
The Good Guys debacle reveals inflation’s unexpected consequence
When inflation peaked at 7.8 per cent 18 months ago, no one could’ve predicted how it would affect some of our big brands.
The worrying signal small business is sending on the economy
If the sector is the canary in the coal mine, Australia’s economic growth is not looking good, according to a new economic indicator from accounting software giant MYOB.
- Exclusive
- Bonds
‘Those involved will be held accountable’: ANZ boss amid scandal
ANZ CEO Shayne Elliott has admitted to staff that the alleged wrongdoing and inappropriate trading raised by the Financial Review is “not new”.
- Opinion
- US election
Democrats simmer over no-win dilemma as Biden support ebbs away
Joe Biden is losing political traction on Capitol Hill as congressional Democrats count the cost of his determination to stay in the race, writes Jennifer Hewett.
- Opinion
- Canberra Observed
Middle Australia is indeed the lucky country
A suite of new data sources has enabled the Productivity Commission to revise its measure of economic mobility. The result surprised everyone, writes Tom Burton.
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Companies
- Exclusive
- Investment banking
Jarden pitches a new service for big emitters: carbon trading
The investment bank’s new carbon trading platform will complement an energy transition advisory team led by Matt Kean’s former chief of staff.
Not so Good Guys: Electronics chain misled shoppers for years, says ACCC
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.
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.
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.
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.
- 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.
- Opinion
- Insolvency
Booktopia’s outsized ACCC penalty may have sped up its decline
The ACCC secured $20 million in fines against Meta, Facebook’s parent. If the fine was proportionally the same size as Booktopia’s, it would have been $82 billion.
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Markets
Why these fundies are braving the lithium rout
What was once one of the sharemarket’s hottest sectors, lithium stocks have been brutally sold-off. But some fund managers believe it’s time to start buying again.
ASX jumps as CBA rallies; BHP suspends nickel production
Local shares neared a record high after a broad rally led by CBA. BHP concludes nickel review. ANZ Bank targeted by regulator. Cettire jumps. US June CPI ahead. Follow here.
- Opinion
- Wall Street
Market strategists are thankfully abandoning S&P 500 targets
Wall Street firm Piper Sandler says index targets are not useful. Its US counterparts should be following suit.
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.
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.
Opinion
Australians need a sharp reminder of how well-off they are
A new study is an objective demonstration of why Australians have no cause to mimic the populist rhetoric that has poisoned politics in the US and Europe.
Editorial
Middle Australia is indeed the lucky country
A suite of new data sources has enabled the Productivity Commission to revise its measure of economic mobility. The result surprised everyone.
Government editor
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.
Research Associate
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
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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Law Council calls for anti-money laundering carve-outs
The Law Council of Australia says it supports “balanced” reforms, but will argue for significant carve-outs in relation to client legal privilege.
Port costs raise inflation fears, leave luxe cars in the slow lane
The Albanese government is facing pressure to do more to lower shipping costs.
Defence deal with Accenture breached rules: auditor-general
The Defence Department’s acquisition of a computer system for security vetting was at odds with Commonwealth purchasing rules.
PM’s pitch to Queensland: we’re not the Greens
Anthony Albanese has brushed off the anger of Queensland voters, insisting Labor can pick up federal seats as progressive voters pull back their support for the Greens.
- 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.
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World
Democratic donors warn of campaign funds ‘drying up’ as Biden holds on
Donors have become crucial in the fight over the president’s future, with some pushing for him to withdraw even as Democrats on Capitol Hill waver.
China sends most warplanes ever across Taiwan key line
The dispatch comes after Taiwan’s new president said he was considering passing through the US while potentially visiting nations that have ties with Taiwan.
NATO accuses China of fuelling Putin’s war in Ukraine
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.
Property
How Sharona 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
The workshop that teaches young rich kids to manage huge fortunes
During family retreats, kids start learning about managing money and donating to charity from an early age.
A mind trick helped Mike buy this $300k car. Next? A $15m mansion
Millionaires reveal the money psychology hacks they swear by, detailing how delayed gratification can make you richer – and more in control of your goals.
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.
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
Two things have killed the post-pandemic job-switching boom
Fewer Australians are switching jobs as employers pull back on recruitment and more employees decide the rewards for moving no longer outweigh the risks.
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.
Life & Luxury
- 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.
Study finds a drug better than Ozempic for slimming down
The analysis found a rival drug made by Eli Lilly leads to faster and better weight loss, causing shares in to Wegovy maker Novo Nordisk’s to also drop.
- 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.
