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    Coalition overtakes Labor in popular vote

    The Coalition has inched ahead in the popular vote for the first time since the federal election. Should Labor’s fortunes slide any further between now and polling day, the Coalition could come within striking distance of minority government.

    The Nasdaq closed lower on Friday, but investors are anticipating key earnings figures from the Magnificent Seven over the next fortnight.

    ASX to fall as investors await magnificent seven earnings

    Futures indicate the local index is set to drop 0.8 per cent or by 67 points to 7876 at the start of trade, dragged lower by a fall on Wall Street.

    Anthony Albanese and Peter Dutton.

    Albanese knows how messy a hung parliament will be

    Peter Dutton could be within striking distance of government, underlining Labor’s fragile position and why it is nervous at the prospect of another rate rise, writes Phillip Coorey.

    Trump isn’t America’s saviour – he’s a threat to the free world

    Trump’s failure to acknowledge the globalisation of war threatens not only the Ukraine he proposes to neglect but also the Taiwan he says that he wants to help, writes Charles Moore.

    Trump is again the urgent issue for allies

    Critics label the Trump-Vance ticket as isolationist in foreign policy. But the pair actually wants American priorities reordered to take on China, writes James Curran.

    Fox News Australia? Sky News Australia may be forced to rebrand

    The News Corp-owned broadcaster has announced a “major transformation project” and a relocation – just as its Sky licence comes to and end.

    M&A forecast? It’s about to rain private capital deals

    Private capital hunters – domestic superannuation funds, offshore pension funds and asset managers such as KKR and Brookfield – have their chequebooks out and are trying to get their hands on $50 billion of Australian targets.

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    WEEKEND READS

    Faruk Orman was freed because the case against him was tainted by barrister Nicola Gobbo’s dirty dealing.

    The footballer, the underworld and the union deal

    When Faruk Orman and ex-AFL player Kayne Pettifer aligned to secure a firm with CFMEU support, it was a case study in underworld figures monetising union backing.

    Accounts from ANZ staff suggest the curious price movements that have so concerned the government’s debt agency have been years in the making.

    ANZ’s toxic trading-floor roulette spins out of control

    The bank is engulfed in one of its biggest scandals after a sudden market move swung tens of millions of dollars out of its client’s favour. The client was the government.

    Victorian Premier Jacinta Allan under pressure as she publicly responded to the CFMEU allegations this week.

    Why Allan is so exposed by the CFMEU scandal

    The Victorian premier’s deep roots in the union movement place her on the front line of fallout from the scandal enveloping the CFMEU.

    The world needs to prepare for a US-China trade war

    Democrat and Republican policymakers believe Washington must impose huge restrictions on Chinese technologies, including electric cars and solar panels, writes Kenneth Rogoff.

    How Donald Trump went from pariah to political saviour

    The former president was in the wilderness not much more than a year ago, but now he is back. The seven battleground states will be the ultimate judge.

    Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.

    Sign up for the Today’s Paper newsletter

    Companies

    Data from Transurban shows the green pacemaker lights are helping reduce time spent in the tunnel by 50 seconds per trip.

    Transurban’s Queensland office shake-up leads to departures

    The branch, which manages six toll roads, is losing more senior staff following a restructure and investigation into whistleblower complaints.

    Panthera Finance has purchased more than $5.5 billion in receivables from banks, telcos, utilities and the like.

    Panthera Finance administration prompted by founder stoush: PwC

    The Brookfield-backed company collapsed into administration after the twin brothers who founded the debt collection business fell out with one another.

    A Delta Airlines kiosk displays a message that reads “It looks like Windows didn’t load correctly”.

    Global IT chaos triggered by software glitch eases slightly

    The impact of what’s being called the most spectacular IT failure the world has ever seen is expected to take at least several days to tally.

    Chamber of Minerals and Energy of WA chief executive Rebecca Tomkinson.

    Mining boss calls for policy changes with more jobs in danger

    The boss of WA’s peak resources lobby group says the Albanese government needs to step up to prevent more job losses.

    Bombed out retailers stage comeback ahead of results season

    There is plenty of pressure on household budgets, but retailers from Universal Store to shoe chain owner Accent Group say trading is picking up.

    Green hydrogen not dead despite Fortescue retreat, says Bowen

    State energy ministers have unanimously reiterated their opposition to Peter Dutton’s nuclear plans.

    Energy CEOs urge industry not to quit hydrogen dream

    Australian businesses need to be smarter and work harder to overcome the cost hurdles in hydrogen, which has a strong future in some industries, CEOs insist.

    Companies in the News

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    Markets

    CBA shares roared to new record highs this week on the back of strong institutional demand, including from index funds.

    Has the CBA share price peaked?

    After the Commonwealth Bank’s latest record, analysts and fund managers are wondering whether the hyper-rally in bank stocks can be sustained.

    Shares were set to end the week lower.

    US equities drop as selling pressure persists

    The S&P 500 posted its worst week since April as investors continue to shift from this year’s winners to its laggards.

    Research by Professor Hendrik Bessembinder found that 59 per cent of US companies were a drag on investor wealth between 1925 and today, and just 4 per cent of companies accounted for the net wealth creation in that period.

    Time to sell stars like CBA and Nvidia? History says be careful

    More market watchers are getting worried the stars of this rally are starting to fade. But new research says big winners tend to keep winning. 

    The Aussie funds that beat bitcoin and big tech

    It was often savvy bets at the smaller end of the market that shot the top-performing fund managers to the top of the leader table in the last financial year.

    What happened overnight? Wall Street extended its losses

    Australian shares were set to drop 1.3 per cent at the open. US stocks reversed early gains, though Nvidia rebounded. Volatility leapt to a three-month-high.

    Opinion

    It’s sad that Biden doesn’t see what’s inescapable

    If Joe Biden doesn’t walk away gracefully right now, he will likely go down as a pariah and ruin his legacy.

    Maureen Dowd

    New York Times

    Maureen Dowd

    Trump skips reset moment, doubles down on MAGA magic

    Donald Trump had the chance of a lifetime to reinvent himself following an assassination attempt. But why on earth would he do that?

    Matthew Cranston

    United States correspondent

    Matthew Cranston

    Why powerless workers are now a potent political force

    The rise of hillbilly J.D. Vance and an Australian mega-union that is famous for all the wrong reasons have more in common than you might think.

    Laura Tingle

    Columnist

    Laura Tingle

    Why it’s time for ETF investors to stop tracking the ASX 200

    It’s unlikely that many active managers have benefited as much from CBA’s rally than passive investors, but fundamentals still count.

    Arian Neiron

    Contributor

    Arian Neiron

    Democrats know that this fight is done

    No matter how much Joe Biden points to falling inflation and violent crime rates and rising real wages, too many voters are looking in the other direction, writes Jennifer Hewett.

    Hard energy reality has mugged Fortescue’s hydrogen dreams

    Andrew Forrest is not alone. Many corporates have suffered a similar delusion about simple, easy and cheap transition.

    Patrick Gibbons

    Corporate advisor

    Patrick Gibbons

    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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    Politics

    ‘Complete joke’: Former building cops back ABCC’s return

    Two former building watchdogs have rubbished claims Labor governments were unaware of behaviour inside the CFMEU: “Thuggery and standover tactics have prevailed for decades.”

    Prime Minister Anthony Albanese has rejected Opposition Leader Peter Dutton’s pledge to reinstate it if elected, saying the body failed to curtail the excesses of the CFMEU when it existed.

    Construction watchdog should be reinstated, AFR readers say

    The Albanese government should reinstate a federal construction watchdog and hold a royal commission into the CFMEU, according to an AFR reader poll.

    Workplace Relations Minister Tony Burke has made no apologies for abolishing the ABCC.

    ‘We won’t be lectured by Dutton on CFMEU’: Albanese says

    The opposition leader has vowed to deregister the union and reinstate the Coalition’s union watchdog.

    Surge in expats coming home could thwart migration targets

    Strong labour conditions are attracting Australian citizens back from overseas. It could be a political problem for Labor.

    Dominic Perrottet to join BHP in senior Washington role

    The former NSW premier will join the Big Australian in Washington, heading up the miner’s external affairs in the United States.

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    World

    Health officials in Yemen said the Israeli air strike killed a number of people and wounded others. It caused power cuts throughout the city.

    Israel destroys Houthi oil facility in Yemen strikes

    The attack is the first by Israel on Yemen since the Israel-Hamas war began in October, and threatens to open a new front in the conflict, with the Houthis vowing to retaliate.

    A waiter in New York. Tips can range in amount from a dollar or two for a cup of coffee to a 15-20 per cent — or higher — gratuity for sit-down meals.

    Why ‘no tax on tips’ has become a Trump election slogan

    Eliminating federal taxes on gratuities would “significantly reduce tax liability” for 6 million workers who earn tips. Republicans have made the proposal a pitch to working-class voters

    Donald Trump at the Michigan rally.

    Donald Trump holds first campaign rally since assassination attempt

    Just a week after the shooting, the former president and Republican nominee looked relaxed as he spoke to thousands of supporters in Michigan.

    Biden vows to fight on despite rising calls to step aside

    While more than one in 10 congressional Democrats have now publicly called on the president to exit, Joe Biden said he will renew his campaign next week.

    Britain’s ultra-rich ‘non-doms’ prepare to flee Labour tax rise

    Living in the UK but not legally domiciled, they pay more than £8 billion in taxes a year, and now Keir Starmer’s new government plans to increase their levies.

    Property

    Taking a break but still working – known as a working holiday – is an increasingly common way for workers to get some clear air.

    Working from beach is the new WFH (just don’t tell your boss)

    Work from anywhere policies – allowing staff to spend some time abroad on the clock – makes people more likely to stay at a company for longer, a survey found.

    Quail Island was visited by Captain Cook in 1770.

    Great Barrier Reef island visited by Captain Cook set to fetch $20m

    Quail Island near the Whitsundays was last purchased for $2 million in 2020. Meanwhile, a cattle station north of Alice Springs is on the market for about $40 million.

    NEX Building Group director, Asahi Kasei Homes’ Koji Naganawa.

    Japanese investors eye Australian residential real estate

    Competition for Australian sites is heating up for Japanese companies such as Asahi Kasei Homes, Sumitomo Forestry Group and Daiwa House.

    Son of late British billionaire sells $12m Melbourne penthouse

    Businessman Mark Healey has offloaded his Toorak penthouse, while packaging executive Alex Commins has downsized to South Yarra.

    Fight over Baby Boomer housing takes toll on developer

    The Melbourne-based developer and landlord faces the twin battles of a slowing market and criticism of a fee structure that other companies do not use.

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    Wealth

    Words

    Revealed: Which super funds rate the best – and worst – for retirement

    Superannuation funds are going backwards in terms of preparing their customers for retirement, new research shows.

    Spending a few hours on this now will make you richer later

    Work through these 11 steps to grow your superannuation faster.

    New $3m super tax is ‘stealing my children’s inheritance’

    Family enterprises face hard questions about whether to abandon their succession and retirement plans by selling their shops, farms and factories,

    Technology

    The CrowdStrike IT outage affected everything from airlines to supermarkets.

    Global IT outage the wake-up call we needed

    We can’t rely on luck to avoid these scenarios. We have to face the hard truths of cyberspace and to finally do something about them, writes Katherine Mansted.

    Customers at LaGuardia Airport in New York after a faulty CrowdStrike update caused a major internet outage for computers running Microsoft Windows.

    Global IT outage could take weeks to resolve, experts warn

    The only remedy for Windows users affected by the “blue screen of death” error involves rebooting the computer and manually deleting CrowdStrike’s botched file update.

    When tech fails, it is usually with a whimper instead of a bang

    Forget artificial intelligence, disaster is as likely to creep in quietly – perhaps from a piece of technology so mundane that hardly anyone knows it exists.

    Work & Careers

    “Shōgun” offers tips for modern political parties.

    Power tips from ‘House of the Dragon’ and ‘Shōgun’

    The popular swords-and-scheming TV series have lessons for modern political parties.

    ‘True giant’ Kevan Gosper, Olympic veteran and businessman, dies

    The Olympic silver medallist, who was planning to go to next week’s Paris Games, gave Australia’s fledgling Olympic movement business-like governance.

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    Life & Luxury

    Choristers of the Choir Of King’s College, Cambridge, after rehearsal at St Andrew’s Cathedral, Sydney during a 1998 Australian tour.

    The kids of this famous choir prove busy people will make time

    Forget social media. The pre-teen choristers of The Choir Of King’s College, Cambridge, are just as happy to read and sing the sheet music of Stravinsky and Tallis.

    Do you know this week’s news? Answer these 10 questions

    Have you been paying attention this week? Test your knowledge across politics, business and world news.

    An artist’s impression of Goodman’s Rosebery Engine Yards development.

    Not an outlet store: how fashion brands are making discounting cool

    With the opening of a new “luxury discount” precinct in Sydney, local retailers are trying to make sales fashionable.

    Mary Lou Ryan (left) and Deborah Sams, of bassike.

    Bassike third local fashion business to lose a co-founder this year

    Bassike co-founder Mary Lou Ryan is leaving the business she helped create.

    ‘I’m in Hell’ – when AI resurrection goes wrong

    It is in its infancy but “death capitalism” will soon become big business.

    From the gallery