The Energy Awards recognise the people and businesses driving the future of the industry.
- Investigation
- Building Bad
Bikies, underworld figures and the CFMEU takeover of construction
‘It’s a cancer that spreads...we’ll all pay for it’: This is the investigation into CFMEU power that prompted union boss John Setka to quit.
‘Good’: PM welcomes Setka resignation after AFR investigation
Anthony Albanese slammed former CFMEU boss John Setka as calls emerged for him to take tougher action against the militant union after allegations reported today.
- Analysis
- US election
Why Biden’s biggest threat is from his own party
There has been no more critical moment for his presidency than the attacks on him by powerful Democrats. It’s one major fight he looks at imminent risk of losing, reports Jennifer Hewett from Washington.
‘Back off’: PM blasts Russia over alleged spy couple
The prime minister has rejected Russian embassy criticism of the arrests of two of its former citizens accused of espionage.
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.
- Opinion
- Interest rates
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, writes Christopher Joye.
‘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.
AFR Weekend: The big stories, best reads and expert advice. In your inbox on Saturday.
WEEKEND READS
Biden’s go-to playbook is failing and so might NATO
The internationalist playbook isn’t working this time, after a dismal presidential debate performance against rival Donald Trump in front of 50 million Americans last month unveiled a feeble president.
The unmasking of Chinese hacking group APT40
The group that hit the headlines this week is just one part of a vast hacking machine that operates far beyond China.
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.
This place decriminalised drugs. It didn’t go well
The policy was introduced in British Columbia as a way of alleviating the opioid crisis. But scenes of people openly using drugs on city streets and soaring deaths have sparked a fierce backlash.
Rich countries are paying women to procreate. It isn’t working
Despite subsidising each new child by $2 million, France has the lowest birth rate in modern history. Other countries have similar problems.
smart investor
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.
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.
The surprising asset class the rich are using to build wealth
An increasing number of seasoned and wealthy investors are increasing their exposure to ETFs, an asset class that has been typically associated with the young.
We inherited dad’s house in the UK – where to pay capital gains tax?
Sisters who moved countries find tax and administration penalties could eat into their inheritance.
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.
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Companies
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.
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.
Fortescue says Financial Review report led to spying on former staff
The Andrew Forrest-chaired mining giant said its investigation into alleged intellectual property theft began only after an interview published in January.
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.
- 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.
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.
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.
Companies in the News
Search companies
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Markets
S&P 500 resets record high on interest rate bets
All three US benchmarks rallied after more price data lifted optimism that the Fed is poised to cut rates, perhaps even by half a percentage point in September.
ASX hits record high as Fed gets ‘all clear’ to cut rates
Shares and bonds have rallied, but economists are warning investors against reading too much into what the data could mean for Australia’s own central bank.
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.
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.
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
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
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
The smarter way to exploit China’s technical expertise
China has a lot of know-how of its own. We should be working out how to absorb it rather than walling it off.
Columnist
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.
Senior editor and writer
Why Biden’s biggest threat is from his own party
There has been no more critical moment for his presidency than the attacks on him by powerful Democrats. It’s one major fight he looks at imminent risk of losing.
Columnist
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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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.
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 the country uncompetitive against global rivals and workers poorer.
Albanese makes three-day assault on Queensland battleground
The prime minister has thrown down the gauntlet in Queensland during a pseudo-election-campaign tour.
Chaney’s live export reversal ‘not motivated by reelection’
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.
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.
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World
The unmasking of Chinese hacking group APT40
The group that hit the headlines this week is just one part of a vast hacking machine that operates far beyond China.
Biden donors reported to be withholding more than $100m
The cash freeze comes as some advisers around Joe Biden are discussing how to persuade the president to exit the race.
Alec Baldwin ‘Rust’ shooting case dismissed
‘Rust’ case against Alec Baldwin is dismissed over withheld evidence.
SpaceX rocket fails, breaks apart in orbit
It’s the first failure of a Falcon 9 rocket since 2016, when one exploded on the launchpad during the loading of propellants for an engine firing test.
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.
Property
- Exclusive
- Luxury property
Stock picker tipped to be buyer of $24m Darling Point unit
As the trophy market enters the winter doldrums, Potentia Capital’s Andy Gray and his wife Emma have quietly sold their Darling Point mega apartment.
- 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.
Wealth
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 surprising asset class the rich are using to build wealth
An increasing number of seasoned and wealthy investors are increasing their exposure to ETFs, an asset class that has been typically associated with the young.
Can we put $2.9m from a property sale into super?
You can – but you must tick these boxes first.
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.
The unmasking of Chinese hacking group APT40
The group that hit the headlines this week is just one part of a vast hacking machine that operates far beyond China.
AT&T hack undermines US national security, experts say
AT&T said a hacker had compromised its network and stolen records of calls and text messages from nearly all of its more than 100 million wireless customers.
Work & Careers
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.
- 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.
Life & Luxury
- Driving With Tony Davis
- Motoring
The upgraded Tesla that’s cheaper than its predecessor
The new Model 3 Performance delivers a power boost and driving modes that range from Chill to Insane.
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.
How Grace Kelly inspired this season’s stylish sunglasses
Sunglasses are a shield from the shy, a friend to the tired and hungover, and don’t require the wearer to be a certain dress size.
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.
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
