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Biden, Trump call for unity after assassination attempt
“There is no place in America for this kind of violence or any violence for that matter. An assassination attempt is contrary to everything we stand for, as a nation,” Mr Biden said.
- Live
- Markets Live
ASX to hit 8000 as traders bet on Federal Reserve to cut rates
Shares are set to rise at the open; US jobless rate poised to edge higher; haven rush on investor minds after the assassination attempt on former US president. Follow here for more.
- Investigation
- Building Bad
‘Everybody eats’: secret recording exposes CFMEU kickback plan
Harry Korras was clear that to get a CFMEU EBA “there’s a fee. That’s business.” Meanwhile, police evidence mounts against John Setka’s anointed successor.
Rod Carnegie: corporate giant felled at the final hurdle
Sir Rod Carnegie soared across the corporate sky in the ’70s and ’80s but was thwarted in his attempt to secure full Australian local control of mining giant CRA.
- Live
- Need to Know
FBI says Trump rally shooter appears to have acted alone
Authorities believe the rifle was legally purchased by the shooter’s father; Rally victim spent final moments diving in front of his family to protect them; Trump to attend Republican rally as scheduled. Follow for updates.
- Exclusive
- Business IT
The ASX faces a ‘ticking time bomb’ as technology upgrades delayed
The market operator is attempting to simultaneously upgrade several major systems, one of which is at an early stage and already seven months behind schedule.
- Opinion
- Big four
The ANZ scandal is a bombshell in two acts
The issues engulfing the bank’s trading team are not about complicated bond trades. It’s about an alleged double act of deceit and manipulation of the taxpayer, writes Jonathan Shapiro.
AFR Weekend: The big stories, best reads and expert advice. In your inbox on Saturday.
BUILDING BAD
- Investigation
- Building Bad
Caught on film: How John Setka and the CFMEU wield their power
Videos show John Setka delivering a suitcase message to a rival’s home, and other officials issuing threats and boasting of the union’s total control.
- Analysis
- Industrial relations
‘The dam is breaking’: Setka resignation blow to culture of fear
The CFMEU boss’ resignation was a shock even to his own officials, but it is a watershed moment for the culture of silence and intimidation that has ruled the construction industry, writes David Marin-Guzman.
Business demands royal commission into ‘abhorrent’ CFMEU conduct
Workplace Relations Minister Tony Burke has thrown down the gauntlet to the construction union after explosive misconduct allegations, but business groups want him to act now.
‘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.
- 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.
ASSASSINATION ATTEMPT
- Opinion
- The AFR View
American democracy dodged a bullet too
The failed attempt to take out Donald Trump might put him back in the Oval Office.
- Updated
- US election
Trump rally shooting could upend poll race
The attack, by a shooter who was killed by the Secret Service, was the first attempt to assassinate a president or presidential candidate since 1981.
- Opinion
- US election
Shock but no real surprise at events in the US
MPs here have been confiding that the erosion in social cohesion has meant it is only a matter of time before someone is attacked or killed, writes Phillip Coorey.
- Opinion
- US politics
More shots heard around the world
For Donald Trump, the ‘bully pulpit’ almost became his funeral pyre. And the gulf between his strongman image and Biden’s ongoing struggles is now likely to widen, writes James Curran.
Is America entering another age of political violence?
Let’s hope that the voices of American moderation, who have been cowed by extremes on both sides of the political spectrum, step back into the arena.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
Should Rio Tinto buy out this ASX lithium miner? Citi thinks so
The investment bank told clients that acquiring Arcadium Lithium could be a more economic option for the iron ore giant than developing its own projects.
The TV networks’ big annual parties aren’t a good look this year
Cost-conscious broadcasters are set to overhaul their new season show reveals – champagne-fuelled events known as upfronts.
Liontown lithium supply test of faith for Tesla after BHP nickel halt
Nickel and lithium have had a rocky ride over the past 18 months. But the outlook cannot be wider for the biggest local players in each commodity.
Class action claims Aristocrat breaking gambling laws
Lightning Link, Heart of Vegas and other social casino games are a lucrative and growing business. But some users allege the company is being misleading.
Aussie Broadband chases bigger rivals with discount Buddy offshoot
The new brand will target the cheaper end of the broadband market as the company and its peers take share from Telstra, Optus and TPG Telecom.
Blundy’s Accent Group plots overseas expansion with Nude Lucy
The move would be the first time that the company, better known for its shoe brands including Platypus and The Athlete’s Foot, has operated in another market.
Akaysha signs $650m debt deal for giant NSW battery
The system to be built near Wellington will be one of the largest in the world. The BlackRock-owned group has also struck a supply deal with EnergyAustralia.
Companies in the News
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Markets
Three little-known stocks driving this veteran’s mega returns
Pengana’s James McDonald discusses his blockbuster year and the ASX-listed stocks he is backing into the new financial year.
How markets were looking before the ASX opening bell
It’s taken the local bourse just over three years to climb another 1000 points after breaching the 7000 level in April 2021, fuelled by pandemic-era stimulus.
Haven rush, ‘Trump trades’ on investor minds after shooting
Investors will likely rush into assets like the US dollar, gold and bitcoin after the assassination attempt of the former US president.
- Opinion
- Interest rates
Why the US Fed needs to start cutting rates now
Key inflation and employment data that central bankers use to guide monetary policy lag economic turning points by a monstrous amount, which has resulted in massively suboptimal rate decisions, writes Vimal Gore.
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.
Opinion
How ASIC’s new insider-trader busting system works
The securities industry regulator is getting better at catching insider traders. But the cohort of offenders is so dumb it may not make a difference.
Contributor
This must be one of the worst ways of making a return
There’s a dollar to be made lending to people with “impaired credit” while running a debt collection firm. Just ask Brookfield, which is all over this business.
Deputy editor - Business
Reserve Bank’s path to a soft landing is very narrow indeed
Further rate rises would make it harder for the RBA to achieve the trifecta of a small rise in spare labour, with employment still increasing and inflation back at target.
Economist
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
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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King, Queen to visit Australia
The royal couple will make the trip en route to a summit in Samoa. But the King’s fragile health means it’ll be shorter than the epic visits of years gone by.
Banks caught repeating royal commissioner-era fee charging
ANZ, the Commonwealth Bank, Westpac and Bendigo and Adelaide Bank have agreed to move 200,000 customers into lower-fee accounts.
- Exclusive
- Gaming & wagering
Offshore lotteries, online keno next in government crackdown
Communications Minister Michelle Rowland is assessing whether more regulation is required.
Budget surplus to be 50pc bigger than forecast: Chalmers
The May budget forecast a $9.3 billion surplus last financial year, but Treasurer Jim Chalmers now says people should expect something in the ‘mid-teens’.
Nicotine use soaring as vapes go underground
Experts warn the federal government’s new vaping policies will tip money into the pockets of criminal enterprises and potentially even increase smoking rates.
SPONSORED
World
Biden orders Secret Service review after assassination attempt
The president said while he was “grateful to the Secret Service agents and other law enforcement agencies”, his review could expose major gaps in the agency’s performance.
Iran’s new president vows balance with all countries but warns US
Masoud Pezeshkian urged Arab countries to use “all diplomatic leverages” to push for a lasting ceasefire in the ongoing Israel-Hamas war in the Gaza Strip.
Meloni seeks to bring nuclear power back to Italy
Environment and Energy Security Minister Gilberto Pichetto Fratin said Rome plans to introduce legislation to enable investments in small modular nuclear reactors.
Unilever to slash a third of office jobs in Europe
The cuts are part of Unilever’s “productivity program” and will slash as many as 7500 roles globally.
Israeli strike targets Hamas military commander, kills 90 in Gaza
Prime Minister Benjamin Netanyahu has said “there still isn’t absolute certainty” that Mohammed Deif and a second Hamas commander, Rafa Salama, were killed.
Property
Why this segment of the housing market is struggling
Despite the overall increase in Sydney’s home values, pockets of weakness are emerging in higher-end markets and starting to spread.
- Exclusive
- Luxury property
High-profile pair’s luxury farmhouse hits Southern Highlands market
Eastern suburbs couple Sanchia Brahimi and Paul Smith have listed their Berrima weekender, while the Golman family are selling a trophy estate in Bowral.
- Exclusive
- Property survey
High costs choke supply of new homes: property experts
The cost of construction in capital cities has risen at a faster clip than house price growth, making it less economical to build new dwellings.
Downsizers pay $130,000 above reserve for villa as auctions slow
SQM research director Louis Christopher said the low auction volumes indicated housing prices could to dip up to 4 per cent during the second half of this year.
Did King Charles really buy a $9m New York condo?
It wouldn’t be the first time that a suggestive name on a deed led to unfounded reports that a royal had bought a piece of Manhattan real estate.
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
- Opinion
- Governance
Regulator needed as ASX techies tinker with critical infrastructure
The ASX has a glut of big tech upgrades to deliver, on top of its CHESS debacle ‘do-over’. If it stuffs them up, then everyone in the market suffers.
- Opinion
- Social media
If you really want to relax, put that phone down
The dopamine hit of smartphones, described as the modern-day hypodermic needle, is not the same as switching off, writes Jemima Kelly.
Apple sues Omni Bridgeway, demanding documents in patent case
The ASX-listed litigation funder is resisting the subpoena in Delaware, arguing that the technology giant’s demand is unreasonable, vague and burdensome.
Work & Careers
What businesses are doing right for this group of workers
Not only did it mean Shelley could work in a step-free environment catered to her needs, but it also meant she didn’t have to ask for special treatment.
More workers feel stuck in their jobs. Bosses are responding
Executive coaches and HR professionals say managers are seeking guidance on how to re-energise workers who are staying put because they have no better option.
Life & Luxury
- Driving With Tony Davis
- Motoring
We drove the new Ferrari Roma Spider on Italy’s Mille Miglia route
Being a GT, it’s a more comfortable ride with superb handling and, with a price tag starting at $520,000, it’s guaranteed to turn heads.
A limited-run Wallabies jersey and seven more premium luxuries
Check out these go-for-gold sneakers, and a stunning statement ring from Tiffany & Co, too, plus more inspired suggestions.
Barbora Krejcikova wins women’s final
More than 25 years since her late mentor famously triumphed after previous heartbreaks, Barbora Krejcikova has become Wimbledon singles champion.
- 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.
From the gallery
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About Time Watch Weekend to return in September
- Matthew Drummond
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Secrets of Olympians who have conquered the business world
- Euan Black and Patrick Durkin
