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- Need to Know
Biden drops out of election race, Albanese hails ‘good friend’
Joe Biden pulls out of presidential race; Kamala Harris says she intends to “earn and win” nomination; Obama does not endorse Harris; Albanese and Rudd thank Biden for his service to Australia. Follow for updates.
Latest Posts
Republicans call on Biden to resign presidency
‘Will always be thankful for President Biden’s leadership’: Zelensky
Hollywood reacts to Biden exiting the presidential race
PM says Biden has been a ‘great defender of Australia’
Last updated 14 mins ago
- Live
- Markets Live
ASX to drop; Woodside to buy Gulf Coast LNG group for $US900m
Shares are poised to fall 0.8 per cent at the start of trade; Biden exit leaves markets asking what’s next for ‘Trump trade’; South32 on track to deliver FY24 operating unit cost guidance. Follow here more.
Kamala Harris a ‘good friend to Australia’: Albanese
Anthony Albanese has focused on building a bond with the Democrat’s likely presidential nominee.
- Analysis
- US election
‘Not ready for female president’: voters weigh up switch to Harris
It’s not Democratic House and Senate members who formally choose the next nominee but the delegates who vote at the party convention on August 19, writes Matthew Cranston.
- Opinion
- US election
Why Biden’s decision may be too late
The president’s decision to pull out of the race makes for another extraordinary episode in the drama of the US election, writes Jennifer Hewett.
- Exclusive
- AFR Freshwater poll
Coalition overtakes Labor in popular vote
The Coalition has inched ahead in the popular vote for the first time since the federal election. The Coalition could come within striking distance of minority government.
- Updated
- Building Bad
‘Complete joke’: Former building cops urge 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.”
AFR Weekend: The big stories, best reads and expert advice. In your inbox on Saturday.
MONDAY MEDIA
Google inks renewed media bargaining code deals – with a catch
Google has been quietly renewing deals worth tens of millions of dollars with Australian publishers but has added a clause allowing it to cancel them after each year.
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.
Kerry Stokes hires from Twiggy to replace Bruce McWilliam at Seven
Can you ever really replace someone like Kerry Stokes’ top legal lieutenant Bruce McWilliam? Probably not – but maybe that’s a good thing.
A letter and PowerPoint about News Corp made this activist fund $120m
A failed bid to merge with Fox Corporation pointed out the inherent value in a couple of News Corp’s assets. One investor cashed in on the rise.
Ex-Allens lawyer sets up Australia’s first prison newspaper
The first edition of About Time was delivered to correctional facilities in NSW, Victoria, Tasmania and the ACT this month.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
CSR’s ‘extraordinary’ insulation price rise could be gouging
A major distributor of the building materials giant’s products wants the company to hand over internal documents as it attempts to show misused of market power.
He wrote Qantas’ Project Sunrise off as a PR stunt. Now he runs it
After years in the planning, the airline’s head of international Cam Wallace is preparing to launch the ultra-long haul flights to London and New York.
This private credit fund is going big on companies failing ESG tests
Balmain Corporation said it had considered calling the strategy a “Vulture Series” – but decided naming it after a different bird of prey was more appropriate.
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 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.
- Opinion
- Chanticleer
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.
Origin-backed Octopus extends reach with Ergon Energy deal
Australia’s fourth-largest retailer has taken on Octopus’ Kraken technology platform – the first major local customer besides Origin itself.
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Markets
Biden exit leaves markets asking what’s next for ‘Trump trade’
There is little historical data to use for a read on how markets will react. The most recent example of a sitting president not seeking a second term was Lyndon Johnson in 1968.
M&A arb fund Harvest Lane keeps a ‘blacklist’ of boards to avoid
Investor Luke Cummings has made a name for himself (and money) by trading M&A activity. But one deal that he’s steering clear of is the $8.8 billion Chemist Warehouse and Sigma merger.
- Exclusive
- Governance
Geoff Wilson battles renewed push for virtual AGMs
The veteran fund manager has launched a fresh campaign with the backing of his 130,000 retail investors to save the physical annual meeting.
- Opinion
- Superannuation
Once reluctant, super fund giants are flocking to private credit
If they can find investments that earn close to double-digit returns with reasonable reliability, they’re happy to scale up – which is precisely what they’re doing
- Opinion
- Energy transition
If Earth’s ecosystem was a company, Climate Ltd would have a problem
The core principles that drive good investment are also at play in climate change.
Opinion
Kamala Harris is now fighting in uncharted territory
The Democrats must decide between a coronation of the vice-president or a divisive contested convention.
Columnist
Trump’s return is no cause for chill in Australia
Trump’s America-first populist mash-up of right-wing nationalism and left-wing economics threatens to jeopardise US leadership of the international rules-based order that benefits Australia.
Editorial
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.
International editor
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.
Contributor
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.
Corporate advisor
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?
United States correspondent
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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Caps on foreign students ‘don’t make sense’: WSU boss
Western Sydney University boss George Williams says overseas students take up jobs that are difficult to fill and spend their money with local businesses and families.
- Exclusive
- Paris 2024
Labor wants quotas for women on sports boards
Almost 56 per cent of Australians competing in Paris are women – the highest proportion in history. But this is not reflected on the boards of most sports.
- Exclusive
- Political lobbying
Meet the lobbyists aiming to keep the gambling dollars rolling in
With the Albanese government’s gambling ad policy still up in the air, the Financial Review looked at who’s been hitting the corridors of power for sports betting firms.
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.
‘Spurious’ delays deterring foreign investors from Australia
A slew of regulatory setbacks has South Korean investors for the first time viewing Australia as a destination with ‘sovereign risk’ to investment returns.
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World
Biden urges unity to beat Trump after stunning race exit
The US president ended his reelection campaign after fellow Democrats lost faith in him. Kamala Harris, 59, immediately accepted his endorsement.
- Analysis
- US election
Biden’s legacy: ‘History will be kinder than voters were at the end’
While many Democrats had deep admiration for him personally, they did not have the same affection for him politically.
- Updated
- Middle East tensions
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.
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
As Biden rests, Harris assumes starring role on campaign trail
The vice president has been thrust into an awkward position: remaining loyal to the president while demonstrating that she is ready to take over.
Property
Mortgage cliff turns into ‘a wave’ that is already subsiding
The tailing off of refinancing is fuelling a rosier outlook for housing delinquencies as borrowers come to terms with higher-for-longer interest rates.
How building codes are crunching affordability
Energy efficiency demands and stringent accessibility rules are increasing the cost of building homes by tens of thousands of dollars.
Turramurra home sold for $4.6m despite weaker winter market
The national auction market is losing steam ahead of the spring selling season, with buyer demand waning as expectations of a rate cut this year fizzle.
- Exclusive
- Property development
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.
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.
Wealth
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.
- Opinion
- Superannuation
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
Samsung plans different shape for AI phones
Regular phones have peaked, but AI phones are going to need new shapes and sizes, says Samsung’s Mobile president, and it is already working on them.
- Opinion
- Cybersecurity
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.
- Opinion
- Cybersecurity
Digital paralysis shows the dangers of e-globalisation
Globalisation may be slowing, but e-globalisation is still accelerating. It is essential that, as far as possible, its dangers are minimised.
Work & Careers
This young exec wants to make sure his parents’ sacrifice was worth it
Gurbaj Pawar is one of the 2024 BOSS Young Executives. He is head of strategy and projects at insurance broker network AUB Group.
Why can’t we die at home any more?
Many people who want to die at home are sent into overburdened hospitals for high-intensity care without clear benefits.
Life & Luxury
The brand to which our watch editor is surprising addicted
“I’ve succumbed to the charms of a cheapie as a cheery alternative.”
Meet the Aussie who introduced Paris to the flat white
Tom Clark opened Coutume in early 2011. Now it’s a chain of 15 cafes, with more than 100 employees. Oh, and there’s a wholesale roasting business, too.
Meet the man at the helm of design icon Molteni&C
Vincent Van Duysen, the visionary creative director of Italian design powerhouse Molteni&C, opens the door to his personal spaces.
It’s not Swiss, but this is the brand watch lovers all want
German maker A.Lange & Söhne’s resurrection after WWII and Soviet occupation is remarkable. Now its rare Datograph Up/Down chronograph is coming to Australia.
Waitlisted headphones, one-off table lamps and other little luxuries
Dyson is moving into the sound space, while we make winter a homely pleasure with some inspired suggestions for you.
