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- Investigation
- Building Bad
On police radar but still thriving thanks to CFMEU
A company run by brothers known to police and championed by the CFMEU has ballooned into one of NSW’s biggest labour hire operations.
- Live
- Markets Live
ASX to fall, Nasdaq slumps on semiconductor sell-off
Australian shares are set to open lower. Nvidia sank 6.6pc amid rising US-China tech tensions. June jobs data at 11.30am. Follow updates here.
- Live
- Need to Know
Trump signals he won’t defend Taiwan as speech anticipation grows
Labor executive to decide on CFMEU donations; Vance slated to speak at RNC on Thursday AEST, Trump signals the US would not defend Taiwan from a Chinese invasion. Follow for updates.
- Opinion
- Chanticleer
Reality bites for Forrest’s hydrogen dream. Investors won’t mind
The biggest shake-up of Fortescue’s structure and strategy in years will be music to the market’s ear, but is more evidence the energy transition is spluttering.
- Analysis
- Roads
Will changing Sydney’s tolls make them fairer? Depends who you ask
While drivers who live in some of the city’s most expensive suburbs may pay extra, the benefits of reducing fares on many of Sydney’s other motorways will be worth it.
- Exclusive
- Office
The 19 corporate giants behind Sydney’s tumbling office values
Australia’s biggest companies have cut close to 200,000 square metres from their Sydney CBD office footprints. And so far, only Westpac is considering expanding again.
The $50,000 arts degree arrives, as student debt climbs
The cost of a degree is at historical highs, with no relief in sight for at least another two years.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
BUILDING BAD
- Updated
- Building Bad
CFMEU crackdown doesn’t go far enough
Business groups are demanding an inquiry into the CFMEU’s alleged criminal activities and the return of a permanent independent regulator.
Construction industry ‘much more respectful’ in WA
The Western Australian Labor government is unlikely to follow moves by eastern states to impose compulsory requirements for union agreements.
‘Not a threat, it’s very real’: CFMEU retaliation tactics in focus
Victorian firms strong-armed into signing enterprise bargaining agreements say they are too afraid of speaking out against the CFMEU for fear of reprisals.
NSW premier backs independent administration of CFMEU
Chris Minns will suspend the union and ban any donations from it after a hidden police camera captured a union leader being passed $5000 in a suspected kickback deal.
- Investigation
- Building Bad
CFMEU boss caught on covert camera allegedly taking a cash bribe
A police lens hidden in the roof of the union’s Sydney office is said to have captured Darren Greenfield being passed money in a suspected kickback deal.
US ELECTION
Nearly two-thirds of Democrats want Biden to withdraw, new poll finds
The survey also found that only about three in 10 Democrats are extremely or very confident that Joe Biden has the mental capability to serve effectively.
Trump tells Taiwan to expect a higher price tag for US defence
“I think Taiwan should pay us for defence,” Trump said in an interview. “You know, we’re no different than an insurance company.”
Former rivals back Trump in show of Republican unity
The second day of the Republican convention showed the kind of discipline and co-ordinated messaging not normally associated with the former president’s political operation.
- Analysis
- US election
Biden circle shrinks as Democrats fear election wipeout
The attempted assassination of Donald Trump at the weekend has muted some of the public pressure on the US president to exit the race. But the party remains deeply divided.
Biden looks for early Democratic nomination to silence critics
Democrats’ dismay with the president after his disastrous debate performance is still simmering and could rear its head again.
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Companies
- Updated
- Big four
ANZ board ‘acutely focused’ on trading scandal
In a note to staff, the bank’s executives said directors and senior management met on Tuesday to review probes into workplace conduct and market manipulation.
Resurgent Zip pays big break fee to eliminate its debt
Zip has indicated it will push the accelerator on growth in the United States despite regulators investigating whether it has violated consumer protection laws.
Nuclear awakening ‘a decade or two late’, says AER
Clare Savage said it would take 25 years to put the political and regulatory frameworks in place for nuclear power – much longer than the Coalition says.
- Analysis
- Roads
Will changing Sydney’s tolls make them fairer? Depends who you ask
While drivers who live in some of the city’s most expensive suburbs may pay extra, the benefits of reducing fares on many of Sydney’s other motorways will be worth it.
Fortescue’s pivot shakes faith in Labor’s Hydrogen Headstart strategy
Power prices would need to drop steeply and electrolyser costs more than halve to produce hydrogen at anywhere near a competitive level, the industry has warned.
Pernod Ricard exits Australian wine making, sells to Bain consortium
The French giant’s portfolio of local brands – as well as those in New Zealand and Spain – will be combined with Accolade Wines, the company behind Hardys.
Bankers seeking their next big pay day are chasing these clients
Investment banks are now after riskier, smaller companies so they can pounce on the spoils of a trophy listing or a huge sale to private equity.
Companies in the News
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Markets
Geopolitics tops inflation as key market risk: global fund managers
The “perception” of geopolitical risk is a net 88 per cent above normal, and at its highest since November 2022, according to a Bank of America metric.
What happened overnight? The Nasdaq tumbled as semiconductor stocks plunged
Australian shares were set to open lower. The tech-heavy Nasdaq Composite shed 2.8 per cent amid a sell-off in semiconductor stocks. Nvidia dropped 6.6 per cent.
Why Ark’s Cathie Wood is betting big on Tesla
The fund manager is banking on Elon Musk’s move into robotaxi’s will be a catalyst for a roughly 10-fold increase in Tesla’s share price
Waller says Fed getting ‘closer’ to cutting rates
Federal Reserve governor Christopher Waller has added to a growing chorus of officials who have signalled that they are moving closer toward a rate cut.
- Opinion
- Chanticleer
Stocks just keep rising, but bonds are flashing a big warning
Wall Street’s rally is grinding on, and now seems to be broadening out. However, beneath the surface, there are signs of fragility that shouldn’t be ignored.
Opinion
Only a full judicial inquiry can lift the lid on the CFMEU
The scandals at the construction union leave a host of unanswered questions that will shape the future of industrial relations in Australia.
Industrial relations lawyer
CFMEU’s industrial power has corrupted
The scale of the systemic wrongdoing that has been uncovered demands a fuller judicial inquiry that must also probe the institutional enablers of the CFMEU’s crimes.
Editorial
‘We have a country to save’: Republicans rally to a reborn Trump
The Republican National Convention is showcasing a party dominated by Donald Trump and his views, while the disarray in the Democrats just keeps coming.
Columnist
How toxic talk turns too easily to assassin’s bullets
A more centrist political culture doesn’t make Australia immune to the language that has inflamed American politics in recent times, writes Georgina Downer.
Robert Menzies Institute
Why does France’s far right get stronger with each election?
The Western nation has not responded well to the challenges of globalisation, which is a problem that also applies to the whole of Europe.
Economist
Private equity has become hazardous terrain for investors
The days of easy windfalls from freakishly loose monetary policy are gone. Now, private capital is much more hazardous terrain for investors.
Contributor
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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- Updated
- Energy
Labor’s hydrogen dream stalls as Fortescue slims down H2 vision
Fortescue will cut 700 jobs and slow its push into green hydrogen in a blow to the Albanese government’s plan to make Australia a hydrogen superpower supported by more than $8 billion of taxpayer funded incentives.
‘Alltoohardism’ supplants climate denial as obstacle to renewables
Chris Bowen remains upbeat about achieving 82 per cent renewable energy generation by the end of the decade.
‘Another bombshell on tax practitioners’: new rules anger accountants
Labor is being urged to delay implementing the new standards and obligations for accountants and tax agents, who accuse the government of significant overreach.
Trump could be ‘a loser’ if he abandons Ukraine, says Abbott
The former prime minister reckons that Vladimir Putin owes the families of MH17 victims an apology and compensation for the “atrocity”.
Air force officials rebuff concerns over slow pace of missile defence
Military experts have warned Australia is not moving quickly enough to be able to defend itself against missile strikes amid lessons from Ukraine and Israel.
SPONSORED
World
New Zealand inflation slows to three-year low
Three of the country’s main banks brought forward forecasts for RBNZ rate cuts after the inflation report.
Paris mayor dives into Seine river to prove it’s safe
The big question on French lips is not whether the chronically polluted river will host Olympic events, but whether Emmanuel Macron will also take the plunge.
- Opinion
- US election
The deep source of Trump’s appeal to Americans
The problem with adopting all-explaining identity politics is that it undermines democracy. If others are evil and out to get us, then persuasion is for suckers.
- Analysis
- Russia-Ukraine war
Russia’s vast stocks of Soviet-era weapons are running out
The much-vaunted offensive against Kharkiv in the north that began in May is fizzling out. Advances elsewhere have been strategically trivial and at huge cost.
Former rivals back Trump in show of Republican unity
The second day of the Republican convention showed the kind of discipline and co-ordinated messaging not normally associated with the former president’s political operation.
Property
Barrenjoey partner swaps Bondi federation mansion for Double Bay villa
After selling their Bondi home to designer Camilla Franks, Barrenjoey Capital founding partner Ben Scott and wife Pensiri have bought in Double Bay.
Remote work crushes next wave of office towers: experts
The next wave of CBD skyscrapers may not emerge for another decade as Sydney and Melbourne office markets recover from the rise of remote work and record high vacancy rates.
The suburbs turning into buyers’ markets as listings pile up
The sharp increase in inventory levels is creating favourable conditions for buyers, experts say.
Apartment starts fall to 11-year low
Industry groups say the extra costs of construction union agreements compound rising materials and financing costs to make housing projects unprofitable.
Melbourne a launching pad for Hong Kong hotel brand
Lanson Place will open its first Australian property in September after spending $80m repurposing the former Salvation Army Printing Works in East Melbourne
Wealth
- Opinion
- Superannuation
Spending a few hours on this now will make you richer later
Work through these 11 steps to grow your superannuation faster.
Can I put $360,000 into super before my divorce settlement?
A reader getting $1.9 million from her ex-husband’s super fund wants advice on maximising her savings and the $15,000 she already has in her fund.
ART closes in on AustralianSuper’s top spot with new merger
The deal will add Qantas’ $9 billion in funds under management to the Australian Retirement Trust’s ballooning $280 billion-plus asset pool.
Technology
I gave up my phone as an example to my teenagers – it was disastrous
Before you ban your kids from using smartphones, ask yourself why.
‘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
- 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.
Work & Careers
- Opinion
- Illness
Do you get sick on holidays? You’re probably a workaholic
Those of us who fall ill as soon as we stop work may need to rethink our approach to life.
‘It’s insane’: The secret world of tutors to the super-rich
For the children of the ultra-rich, education involves family tutors who fly with them around the world, with the best tutors earning $500,000 salaries.
Life & Luxury
The Sydney-born solution that could revolutionise inefficient buildings
Architect Ben Berwick’s modular glazing system for saving energy costs is more than window dressing.
The secret to French beauty? It’s simple, and powerful
Terry de Gunzburg, the woman behind the By Terry makeup empire, says a laissez-faire approach – and a little red lipstick – goes a long way in business, and life.
‘Fly Me To The Moon’ review: Johansson shines in space age romcom
Director Greg Berlanti’s would-be screwball comedy is not concerned with plausibility – he wants us to be seduced by the characters.
‘Grazed, but not Dazed’: Trump T-shirts go viral
Entrepreneurs in Asia were quick to cash in on the attempted assassination of former president Donald Trump.
The watches everyone was watching at the Geneva fair
The biggest and best competed for attention at the year’s largest horological fair in Geneva, although true surprises were the exception.
