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- Investigation
- Building Bad
A hidden camera, a CFMEU boss and $5k cash
A police camera hidden in the roof of the union’s Sydney office allegedly captured Darren Greenfield being passed cash as part of a suspected kickback deal.
- Live
- Need to Know
NSW wants CFMEU construction arm suspended from ALP
Abbott says he doesn’t regret Putin ‘shirtfront’ comments; Deadly police shooting near Republican convention angers Milwaukee residents; NSW government asks state branch to suspend CFMEU arm. Follow for updates.
- Live
- Markets Live
ASX to rise as Dow jumps; gold climbs to record
Shares are set to open higher; BHP review pending; Trump sees 60 to 100 per cent tariffs on Chinese imports; spot bullion climbs past peak. Follow updates here.
- Opinion
- Chanticleer
The CFMEU can’t fix itself – just ask the banks, casinos and PwC
If union and Labor leaders really want to win back trust in the CFMEU, only an independent and transparent inquiry into the union will do.
- Exclusive
- Big four
ANZ suspends traders for alleged misconduct amid markets probe
The bank’s executives are battling to contain a growing scandal about its trading team, with the regulator investigating whether bond trades were manipulated.
Ashurst partner profits top $2.5m as US challenge looms
Ashurst’s revenue rose by 9 per cent, and partner profits received a handsome boost. But the UK-based firm is looking to the US as American rivals challenge.
Contribution caps to be raised or removed under aged care reforms
The lifetime contribution cap for residential care would increase from $76,096 to $190,000, and abolished for home care.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
BUILDING BAD
- Exclusive
- Building Bad
Albanese to push aside CFMEU bosses
The Albanese government will seek to appoint an external administrator to clean up the CFMEU, sidelining its national and state leaders. The MUA is also considering whether to split from the CFMEU.
How vicious feuds 50 years ago sowed the seeds of the CFMEU
The evolution of today’s militant construction union can be traced back to the unlikely locale of the leafy Sydney suburb of Hunters Hill.
Outrage at CFMEU bid to get prosecution powers
The ACT branch of the embattled construction union is seeking powers to investigate and refer matters to the ACT Director of Public Prosecutions.
Senators demand Cbus cut ties with CFMEU-appointed directors
There are currently three CFMEU-appointed directors on the super fund’s board.
Qld Premier suspends CFMEU donations amid investigation
Premier Steven Miles said he would refuse to meet with the union’s officials until after Queensland police had conducted an analysis of allegations of criminality.
US ELECTION
A bandaged Trump picks VP to cheer the hillbilly base
Donald Trump has made a triumphant political return two days after surviving an assassination attempt, alongside his new running mate J.D. Vance, a pick that signalled his growing confidence and the future of his “America first” platform.
Biden defends ‘bullseye’ comment as party split deepens
The US president’s defensive interview underscored his precarious political position in the aftermath of the debate and attempted Trump assassination.
- Opinion
- US election
Donald Trump goes for broke with Vance
Vice presidential candidate J.D. Vance is more evidence of how confident the Trump campaign feels about its election prospects.
In Vance, Trump picks an ambitious ideologue and Millennial
His youth – there are nearly 40 years separating them, and he is the first Millennial nominated to a major-party ticket – could prove a boon to the ticket.
Trump’s running mate pick wins Silicon Valley hearts and cash
Billionaire Elon Musk plans to commit around $US45 million a month to a new pro-Trump super political action committee.
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Companies
‘Not good enough’: Blackbird admits its gender pledge has stalled
Australia’s largest VC fund pledged to track data to support its rhetoric around investing in more women founders. Its first report shows it has gone backwards.
- Exclusive
- Private equity
Viral beauty brand Coco & Eve snares $100m American PE investment
The company, marketed as vegan and cruelty-free, was founded in 2018 by Emily Hamilton and sells a range of hair, self-tan and body care products.
- Updated
- Roads
Review finds Transurban should be forced to renegotiate Sydney tolls
The recommendations put the NSW government on a collision course with the ASX-listed motorway giant, which controls 11 of the city’s 13 toll roads.
AGL, Squadron CEOs warn of pitfalls in flagship clean energy policy
The Capacity Investment Scheme could end up supporting poor projects that only won contracts because they bid at a cheap price and which will never be built, a clean energy summit heard.
Rio Tinto’s $34.3b African iron ore project gets green light
Soft iron ore exports from Western Australia were overshadowed by final approvals for the Simandou iron ore project in Africa.
KPMG pay growth slows in tough market
Pay rises for this financial year were minimal, with graduate salaries increasing by an average of just 1.5 per cent.
Rinehart boosts stake in $5b WA magnetite project linked to India
Australian richest person, Gina Rinehart, is set to strengthen ties with India as the case for a new magnetite mine starts to stack up.
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Markets
Interest rates might need to stay high to tame inflation: IMF
The IMF’s warning comes as economists await June quarter CPI numbers, which will be decisive in determining whether the RBA raises interest rates in August.
What happened overnight? The Dow gained as rally broadened, yields eased
Australian shares were set to open higher. The Dow rose 743 points or 1.9 per cent; UnitedHealth surged. Trump would keep Powell, saw 60-100 per cent tariffs on Chinese imports.
Bond market dials up US rate cut bets; RBA left behind
Goldman Sachs says there is now “solid rationale” for the Federal Reserve to start cutting rates this month. It’s a different picture in Australia, where markets are still pricing in a rate rise.
Investors to pull money from banks as property, miners rebound
Equity strategists are expecting the ASX 200 to stay around 8000 points until the end of the year. But it won’t be the banks leading the year-end rally.
- Opinion
- Chanticleer
Why these 14 ASX stocks could be set to disappoint
The sharemarket might be flirting with all-time highs, but there’s a growing sense investors are far too optimistic about earnings growth next financial year. Here’s why.
Opinion
Australia’s blue blood miner, management moderniser and business nationalist
During his heyday in the 1970s and ’80s, Sir Roderick Carnegie was a believer in the power of big corporations competing in open markets to drive human progress.
Editorial
Why Trump and other trends all point to higher inflation
Societal forces from politics to geopolitics to de-globalisation to ageing and climate change are creating conditions that push towards higher inflation.
Economics professor
Time running out to fix school funding sticking point
Here we are, 12 years later, with at least one school generation having finished their education, and there’s still no needs-based Gonski funding for disadvantaged students.
Charity leader
Donald Trump goes for broke with Vance
Vice presidential candidate J.D. Vance is more evidence of how confident the Trump campaign feels about its election prospects.
Columnist
By picking J.D. Vance as VP, Trump has picked himself
There’s no broadening of the ticket. It’s a declaration that a 2024 victory means the Republican Party will remain fervently nationalist and populist for years.
US political columnist
Surely everyone knew the CFMEU’s dirty secrets?
Given the money flows between the union, criminals, building companies and the Labor Party, cleaning out this poison must surely require action by federal or state corruption bodies.
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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Chief justice intervenes in tax plan for judges
Federal Court Chief Justice Debbie Mortimer has also banned judges using their travel allowance for conferences.
Dutton a threat to energy transition’s ‘critical decade’: Bowen
Investment in renewables would grind to a halt on the election of a Coalition government, Climate Change and Energy Minister Chris Bowen says.
- Exclusive
- Cybersecurity
Hunter to hunted: China hit by rise in cyberattacks
Cyberattacks shutting down access to Chinese websites have ramped up significantly in the first part of 2024.
You won’t believe the topic this Australian has made funny
Former Australian trade negotiator Dmitry Grozoubinski has written a book about international trade policy. And for that, he’s very, very sorry.
$2400 a night: Hotel prices soar as Origin fans flock to Brisbane
A perfect storm for the blockbuster rugby league series decider has sparked a surge in hotel rates across the city.
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World
French government to resign but stay on in caretaker role, sources say
The caretaker government will run current affairs in France, including the start of the Olympics, but cannot pass laws.
Luxury brands roll out huge discounts as Chinese rein in spending
The sales are being offered primarily by aspirational brands such as Versace and Burberry, as China’s once-voracious middle-class consumers become more frugal.
In Vance, Trump picks an ambitious ideologue and Millennial
His youth – there are nearly 40 years separating them, and he is the first Millennial nominated to a major-party ticket – could prove a boon to the ticket.
Trump’s running mate once called him an ‘idiot’ and ‘unfit for office’
J.D. Vance, once a strong critic of Donald Trump, and widely known as the best-selling author of ‘Hillbilly Elegy’, will be Donald Trump’s vice president.
- Opinion
- US election
The 2024 presidential election is not over yet
Millions of “never Trump” voters are unlikely to become “Yes Trumpers”, however appalled they are by the vile attempted murder, writes Gideon Rachman.
Property
The city that is still relatively affordable to buy a house
Rapid house price increases in the past year has sparked a sharp decline in the proportion of affordable house markets across Perth, Brisbane and Adelaide.
- Exclusive
- Retail property
Challenger sells Tasmanian mall for record price
The wealth giant has sold Channel Court, which is the largest sub-regional mall south of the Hobart CBD, for $82.5 million.
- Exclusive
- Commercial real estate
Consolidation coming to co-working as Melbourne rivals merge
CreativeCubes, backed by Flight Centre co-founder Geoff Harris, has bought five Melbourne hubs from Workspace 365 as it prepares for an offshore assault.
Office funds post their worst performance since GFC
ISPT 50 Lonsdale Street Property Trust and the Mirvac Wholesale Office Fund were the worst performers, posting declines in total return of more than 20 per cent.
First home buy costs $1.28 million – and 858km
Affordability is pushing rookie property purchasers to look more widely than before. But they’re often also older, and have more money to spend.
Wealth
Popularity of sustainable ETFs dives to lowest in a decade
Platinum Asset Management will terminate its Global Transition Fund due to low demand.
These cheap mining stocks still offer opportunity for investors
A drop in mining business valuations has opened a window of opportunity for investors looking to lock in cheap prices and potentially big dividends.
- Opinion
- Property market
Where to profit from Brisbane’s Olympic property boom
How to work out where to invest so that your gains hold for the long term.
Technology
- Exclusive
- Funding
Construction start-up lands mega $105m deal
Melbourne software company HammerTech has landed a $105 million investment from Californian private equity shop Riverwood Capital.
- Exclusive
- Funding
Woolies, Harris Farm, Tesla chair, pile in to back biosecurity start-up
ExoFlare has plans to build a global biosecurity tech firm, modelled on international cybersecurity players, and has big-name backers watching as it helps tackle bird flu.
- Exclusive
- Funding
Sydney VC raises $20m in four days for ‘evergreen’ fifth fund
Early-stage software investor EVP’s fifth fund is targeting an underserved segment of the Australian capital market, and pulled in $20 million since last Thursday.
Work & Careers
- Live
- Careers
This pharmacist retrained as a petroleum engineer just as oil tanked
Check out the latest post in our fortnightly AFR series featuring professionals who have made a big career leap into the unknown.
KPMG axes legal division, dozens of jobs to go
KPMG will undertake its second major restructure in a month, bringing a decisive end to its ill-fated legal experiment.
Life & Luxury
You won’t believe the topic this Australian has made funny
Former Australian trade negotiator Dmitry Grozoubinski has written a book about international trade policy. And for that, he’s very, very sorry.
Why fishing is time well spent for this finance podcaster
Casting a line offers a practical life lesson for author and podcast host Glen James.
The luxury watches people are buying even as the cost of living bites
At a time of tightened spending, high-end labels are showing what it takes to bring attention back to the wrist.
No great leap to self-driving cars, just small steps
The head of Mercedes-Benz’s automation program admits self-driving is lagging, but says the tech is already bringing big gains in safety.
The nine most pressing questions about middle age, answered
Read this, and you’ll be able to navigate its aches and pains, weight gain, perimenopause, low libido, memory loss, chronic diseases and stress.
