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    Massive write-down … BHP’s Nickel West mine in Western Australia.

    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.

    Premier Jacinta Allan announcing a tunnelling contract for the Suburban Rail Loop.

    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.

    ACCC chairwoman Gina Cass-Gottlieb is hunting another trophy: JB Hi-Fi.

    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.

    ‘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”.

    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.

    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

    Ben Coles, head of energy transition  and Riley Vernon, Head of Australian commodities at Jarden.

    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.

    PEXA is the largest property settlement platform by some distance, with its competitors hoping it will be forced to open its platform.

    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.

    Gilbert + Tobin, led by Sam Nickless (left) prefers full-equity partners, while Kristin Stammer’s HSF is promoting lawyers to part-salary positions.

    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.

    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.

    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.

    Companies in the News

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    Markets

    Chris Ellison’s Mineral Resources has been sold off in the lithium rout.

    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.

    Local shares are set to open sharply higher amid a tech-paced global equities melt-up.

    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.

    The US sharemarket’s relentless climb has strategists ditching their targets altogether.

    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.

    The AFR View

    Editorial

    The AFR View

    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.

    Tom Burton

    Government editor

    Tom Burton

    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.

    Ava Kalinauskas

    Research Associate

    Ava Kalinauskas

    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.

    Richard Holden

    Economics professor

    Richard Holden

    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.

    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.

    Alastair MacGibbon

    Cybersecurity expert

    Alastair MacGibbon

    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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    Politics

    Mark Dreyfus.

    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.

    Founder of Auto Luxury Australia Billy Taha is experiencing long wait times for imported cars.

    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.

    The auditor-general has criticised the Defence Department’s security vetting system.

    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.

    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

    Joe Biden has tried to allay donors’ concerns in recent days.

    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’s J-10 fighters.

    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.

    US President Joe Biden, from left, Keir Starmer, UK prime minister, and Jens Stoltenberg, secretary general of the North Atlantic Treaty Organization (NATO), participate in a welcome handshake during the NATO Summit in Washington, DC, US, on Wednesday, July 10, 2024. President Joe Biden and NATO’s 31 other leaders had hoped their summit would celebrate fresh unity against Russia’s Vladimir Putin, send a warning to China and prove the alliance is as strong as ever in its 75th year, but the three days of pageantry will be overshadowed by domestic turmoil across the alliance. Photographer: Ting Shen/Bloomberg

    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.

    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.

    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

    Sharona Ghaemmaghami at Herrick Street, Blacktown, where she bought a house.

    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 rises are likely to be slowed by unaffordability and high borrowing costs.

    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.

    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.

    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.

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    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

    Samsung Galaxy Z Fold6.

    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.

    Galaxy Ring

    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

    Fewer Australians are switching jobs as employers pull back on recruitment.

    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.

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    Life & Luxury

    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.

    Patients taking Mounjaro were more than three times as likely to lose at least 15 per cent of their body weight.

    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.

    Narelle King of Tar & Roses.

    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.

    Ollie Watkins scores a late goal to fire England into the Euro 2024 final.

    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.

    Alex de Minaur during his match against Arthur Fils.

    ‘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.

    From the gallery