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    Entries are now open for the inaugural Energy Awards.

    Enter now.

    Joe Biden said: “I’ve just got to pace myself a little more.”

    Biden vows to fight on after fresh gaffes

    The president called his vice president Trump instead of Kamala Harris in a slip at the conference, and said other candidates could beat his rival at the election.

    Australian Federal Police officers escort a man involved in the arrest of a Russian-born couple charged with espionage offences.

    Army private and her husband charged with spying for Russia

    Arrested at their Brisbane home, the couple are accused of being sleeper agents who allegedly tried to pass Australian Defence Force secrets to Moscow.

    The undermining of the Albanese government’s inflation fighting credentials by its union allies is hardly helping her.

    Earnings season will reveal the real inflation picture

    Prices are still going up but many companies are realising the limits of their powers, and central banks should be paying attention, writes Vesna Poljak.

    Shares hit record high; CBA tops $131

    NAB hits post-GFC high. CBA hits record high. BHP falls. Traders ramp bets on US Fed rate cuts on shock inflation data. Bond yields fall. Citi tips Rio to do lithium deal. Follow here.

    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.

    Biden advisers weigh up how to persuade him to end his campaign

    Accused Russian spy appears shoeless in court; Longtime aids believe Biden will have to abandon campaign after series of gaffes while hosting world leaders for NATO summit. Follow updates here.

    Ripple effects of BHP’s nickel closure hit Lynas, Glencore

    BHP’s decision to shut down its nickel mines, smelter and refinery is already being felt across families, communities and other mining companies and businesses.

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    review

    donald trump and the capitol

    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.

    David Lammy.

    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.

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

    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.

    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.

    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

    Lim Kim Hai stepped down as the chairman of Rex last month, but has now called for other directors to go.

    Rex faces boardroom coup as Singaporean investors push to oust chair

    The largest shareholder of the regional carrier has called for a shareholder vote just a month after he stepped down as the airline’s executive chairman.

    Australia’s highest-paid CEOs include Greg Goodman (Goodman Group), Shemara Wikramanayake (Macquarie), Mike Henry (BHP), and Matt Comyn (CBA).

    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.

    BHP’s Nickel West mine in WA. BHP invested about $4.4b in the nickel business since 2020.

    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.

    Southern Water’s Kingston wastewater treatment facility. The company is largely owned by Macquarie.

    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.

    ‘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.

    Companies in the News

    Search companies

    View stories and data from an ASX listed company

    Markets

    Jerome Powell, chairman of the US Federal Reserve, will have a chance on Tuesday AEST to give his take on the June CPI data.

    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.

    President Joe Biden was quick to claim credit for the decline in prices compared to wages but said, “prices are still too high”.

    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.

    Wall Street.

    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.

    Earnings season will reveal the real inflation picture

    Prices are still going up but many companies are realising the limits of their powers, and central banks should be paying attention.

    Vesna Poljak

    Companies editor

    Vesna Poljak

    Fed on track to cut rates as US economy teeters on brink of recession

    The “Sahm rule” suggests the US may be near a recession, and any sharp increase in unemployment will likely be met by aggressive Fed rate cuts.

    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.

    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

    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

    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

    Richard Marles

    Australia commits largest Ukraine package at $250m, personnel for NATO

    Australia will provide its largest single military package to Ukraine since Russia’s invasion.

    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.

    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’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.

    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.

    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

    A home in Hunters Hill, Sydney, where development applications take an average of 198 days to be approved.

    Wealthiest councils are among slowest to approve DAs

    Among the slowest councils, only one represented constituents that on average earned below-average incomes.

    His master’s (gentle) voice: Over the course of an hour, he walked us through the preparation of a variety of sushi, tending to each of us individually, says the writer.

    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.

    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 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.

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    Wealth

    Tens of millions of dollars of clients’ funds at Brite are unaccounted for.

    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

    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

    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.

    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.

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    Life & Luxury

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    Why sneaker king Nike was kicked into an $18b black hole

    The world’s largest sportswear maker is in crisis following a disastrous restructuring, and as its sneakers lose some of their cultural cachet.

    “Actors open themselves up to playing someone so convinced,” says Bojana Novakovic about her role as Lady Macbeth.

    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.

    Jimmy Harvey is a fashion designer and collector of Mambo T-shirts and prints.

    Why Millennials will pay $1000 for your old shirts

    Forty years after the launch of Mambo, young Australians are again obsessed with the brand.

    The author’s baby daughter and niece in 1997.

    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.

    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.

    From the gallery