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Biden says he’ll stay in the race for US President
WATCH LIVE: At the beginning of his media conference, Biden referred to Kamala Harris as “Vice President Trump” in another gaffe; Marles meets with Zelensky; two Russian Australians charged with espionage. Follow updates here.
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Biden says his schedule ‘full bore’ as Trump plays golf
‘Vice President Trump’: Biden has another name mix-up
Biden defends Putin gaffe by pushing NATO summit success
Biden responds to media questions over his ability to lead
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Private equity hunts for $66b in exits
Dozens of big name companies have sat with the same firms – from Quadrant to KKR – for longer than usual, with impatient investors pushing for returns.
Who are the highest paid ASX 200 CEOs?
New research shows that ASX 100 CEOs earn on average 50 times more than the average Australian adult.
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- Mining
BHP shuts nickel business to arrest losses
BHP will suspend nickel mining after massive losses in a move that casts doubt over thousands of jobs in Western Australia and will inflame tensions with the Albanese government.
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- Markets Live
Shares hit record high; investors lift US rate cut bets
Traders ramp bets on US Fed to cut rates on shock inflation data. Bond yields fall. Citi tips Rio to do lithium deal. Bitcoin miner Iris hit by short seller. Follow here.
Macquarie-owned water company faces $103m fine
Britain’s water regulator said Southern Water is too heavily geared, and must pay a fine if it doesn’t improve its “inadequate” business plan.
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- Legal industry
The Federal Court turmoil that’s destroying staff morale
The Federal Court is grappling with high executive turnover, a troubled technology transformation and fallout from a document access regime that has upset media and judges.
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review
- Analysis
- Terror charges
This is how an American civil war begins
Extremists across the US are preparing for what they call the ‘boogaloo’ – a mass insurrection to overthrow the US government.
Britain’s foreign secretary hates Trump and loves America
The child of Caribbean immigrants, David Lammy befriended Barack Obama on his rise through politics – and developed a dislike for the Republican nominee.
- Opinion
- USA
Joseph Biden must give up the presidency
A man who needs to clock out at 8pm should not attempt two of the world’s most difficult jobs: serving and running for president, the New York Times argues.
- Opinion
- Protests
Australia’s great threat is a clash of civilisations
Seismic undercurrents of discontent are surfacing in society as religious beliefs collide and a generation is locked out of the housing market.
US hedge fund made 50pc on Adani short-sell attack
New York investment fund Kingdon Capital Management had advance notice of a research report accusing the Indian conglomerate of fraud last year.
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Companies
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- 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”.
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.
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.
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- 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.
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.
Woodside signs up Taiwan as long-term LNG customer
Taiwan’s 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.
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.
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Markets
US September rate cut comes into sharper focus
The unexpectedly good US June CPI report has triggered a surge in the probability of a September rate cut to more than 90 per cent.
US inflation falls in June, bolstering rate cut bets
Consumers prices eased by 0.1 per cent last month, helping the annual rate fall to 3 per cent, a boost for beleaguered President Joe Biden.
What happened overnight? The S&P 500 fell on September rate cut bets
Australian shares were set to open higher. Wall Street dropped as June’s shock CPI data triggered a rotation out of tech and into small caps.
Tesla tumbles on report of delayed Robotaxi unveiling
Tesla is delaying its planned robotaxi unveiling to allow teams working on the project more time to build additional vehicle prototypes, Bloomberg reported.
Retail ownership of big banks crashes to lowest level on record
Hot demand from offshore and local institutional investors has been driving up the share price of the country’s big lenders, a Jarden analysis shows.
Opinion
Democrats simmer over no-win dilemma as Biden support ebbs away
President Joe Biden is losing political traction on Capitol Hill as congressional Democrats count the cost of his determination to stay in the race.
Columnist
Shipping shock glimpse of world without rules
The Houthi missile blockade in the Red Sea driving a new spike in import freight costs shows a global exporter and importer such as Australia has a critical interest in maintaining free and open global trade.
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
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
New sectarianism has Albanese in a multicultural muddle
A commitment to multiculturalism doesn’t answer why “Muslim Votes Matter” sits so uneasily with Australia’s liberal democracy.
Columnist
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.
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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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Australia commits largest Ukraine package at $250m, personnel for NATO
Australia will provide its largest single military package to Ukraine since Russia’s invasion.
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- 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.
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.
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.
No rate cuts and maybe a rise as inflation sticks, super funds warn
The investment chiefs of the country’s biggest funds also have a bleak outlook for Aussie shares over the next year, after global equities drove double-digit returns in FY23.
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World
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.
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.
- 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.
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.
Putin is meeting a lot of world leaders for a ‘global outcast’
In the two months since he began his fifth presidential term in May, Vladimir Putin has held more than 20 meetings with leaders. He has also made six foreign visits.
Property
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- Restaurants
Crown offloads Nobu stake in deal valuing restaurant group at $1.3b
Blackstone-run Crown has had a 20 per cent stake in the acclaimed Japanese chain, part-owned by Robert De Niro, since James Packer bought in a decade ago.
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.
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- 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.
Wealth
Expats’ retirement savings at risk in maze of pension transfers
Pension transfer company Brite Advisors is suspected by Australian and US officials of mishandling clients’ funds.
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.
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.
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
Secrets of Olympians who have conquered the business world
BOSS speaks to six former Olympians, including Wesfarmers CEO Rob Scott and Generation Life CEO Grant Hackett, about the most valuable business lessons they learnt from sport.
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
Lessons in ambition from Lady Macbeth
The actress Bojana Novokovic admits to admiring the chutzpah of Shakespeare’s most scheming wife ahead of playing her in a new theatrical production.
Why Millennials will pay $1000 for your old shirts
Forty years after the launch of Mambo, young Australians are again obsessed with the brand.
- Opinion
- Fertility
Me, my niece and a generational shift in thinking about babies
The “happy accidents” that led to so many families having three or more children are a lot less likely to happen now.
- 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.
Young guns join Aussie charge at Royal Troon
Six Australians – from a former champion to debutant – are set to tee off at the British Open.
From the gallery
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About Time Watch Weekend to return in September
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Secrets of Olympians who have conquered the business world
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