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John Setka quits CFMEU ahead of explosive allegations
Powerful CFMEU boss John Setka has quit the union ahead of explosive allegations regarding misconduct involving himself and the union.
No cheers for politicians at Kalgoorlie pub as nickel work dries up
The federal and WA governments are under the gun from people caught in the crossfire of BHP’s call to suspended nickel operations.
ANZ’s alleged bond trade manipulation is ‘disturbing’
MST Marquee veteran analyst Brian Johnson says the growing scandal in the bank’s markets division “could be yet a significant issue” for investors.
Gas bill rises hit households despite east coast price caps
Increases of up to 11 per cent from the biggest retailers will saddle families with steeper energy costs despite a mandated pause in electricity tariff rises.
- Exclusive
- Mergers & acquisitions
Brookfield to sell Neoen assets in Vic to seal ACCC tick
The Canadian giant is in early talks to sell the 2.8-gigawatt portfolio of proposed wind and storage projects even ahead of the result of the ACCC inquiry.
Only one country has a higher company tax rate than Australia
Economists say the effective average tax rate of 28.5 per cent on company income makes Australia uncompetitive against global rivals and workers poorer.
Army private and the labourer: The couple behind Russian spy plot
Arrested at their Brisbane home, the couple are accused of being sleeper agents who allegedly tried to pass Australian Defence Force secrets to Moscow.
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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
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.
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.
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.
- Updated
- 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.
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.
- 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”.
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.
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Markets
- Opinion
- Earnings season
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.
Shares hit record high; CBA tops BHP as market’s most valuable company
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.
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.
Opinion
Nickel is a sobering reminder of commodity fortunes
Australia has been showered with resources export wealth for nearly 20 years. BHP’s nickel operations show we still have to get the basics of cost and productivity right.
Editorial
Will the PM set up an election while the sun is still shining?
The legislative gridlock, a tricky economy and a Trump crisis all make a case for going to voters sooner rather than later.
Columnist
Biden’s biggest threat is from his own party
Increasingly negative comments from congressional Democrats and donors are piling the pressure on the US president, writes Jennifer Hewett in Washington.
Columnist
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.
Companies editor
This rule suggests the US is on the brink of recession
The gradual increase in US unemployment has almost satisfied the “Sahm rule”, which has correctly identified the inception of all US recessions.
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
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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‘Other things to do with my time’: teal Chaney’s approach to politics
Independent member for Curtin Kate Chaney has rejected assertions a last-minute move to oppose the Albanese government’s live export ban was motivated by votes.
Allies rally in show of force against China sabre-rattling
The latest Pitch Black exercises over the Northern Territory involve at least 4000 personnel and 140 aircraft from 20 countries, including the Philippines and PNG for the first time.
Australia rebuffs China plea to end anti-dumping tariffs
Tariffs on Chinese-made railway wheels will be reduced but not scrapped, following recommendations from the Anti-Dumping Commission.
Australia commits largest Ukraine package at $250m, personnel for NATO
Australia will provide its largest single military package to Ukraine since Russia’s invasion.
- 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.
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World
Biden’s go-to playbook is failing and so might NATO
The president has always believed that a strong foreign policy boosts his ratings at home but that might not hold true in this election campaign.
‘Like lockdown, in a tube’: Aussies taking the plunge in nuclear subs
After up to 18 months of training, three Australian submariners will deploy on British Astute-class boats. It’s a small step on the long road to AUKUS.
Biden vows to fight on after press conference 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.
- Analysis
- US election
Biden’s performance unlikely to stop the bleeding
The US president’s challenge after the debate debacle is that every public appearance between now and November will be scrutinised for evidence of infirmity.
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.
Property
- Exclusive
- Luxury property
Jesinta Franklin on selling ‘life-changing’ Gold Coast villa
Jesinta and Buddy Franklin are selling their luxury Gold Coast hinterland mansion Villa Casa as they plan to build a luxury farm.
Wealthiest councils are among slowest to approve DAs
Among the slowest councils, only one represented constituents that on average earned below-average incomes.
- Exclusive
- 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.
Wealth
Expats’ savings at risk in maze of pension transfers
Pension transfer company Brite Advisors is suspected by Australian and US officials of mishandling clients’ funds.
The worst way to give your kids money, according to banks
What every parent considering gifting or lending cash to their kids for a home deposit must know.
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.
Technology
AI predicts own supremacy, orders itself dozens of McNuggets
Former British prime minister Tony Blair’s think tank found AI could save a fifth of public servants’ time, but it turned the analysis over to OpenAI’s tools.
Short sellers target Aussie bitcoin miner Iren
Iren’s stunning share price rally has been derailed by a short seller’s report that said the bitcoin miner overstated its AI potential.
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.
Work & Careers
- Exclusive
- 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.
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.
Life & Luxury
They’re young, rich, and in the French Riviera
Cashed-up, glamorous young Aussies have descended on Saint-Tropez and Monte Carlo, spending their time on superyachts and at $1500-plus per night hotels.
Activewear queen Lorna Jane on why debt is a downer
The fitness advocate and athleisure pioneer celebrates 35 years in business this year – with no plans to stop.
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.
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.
From the gallery
The Australian Financial Review Magazine
About Time Watch Weekend to return in September
- Matthew Drummond
BOSS Financial Review
Secrets of Olympians who have conquered the business world
- Euan Black and Patrick Durkin
