How the Democrats finally ousted Joe Biden
As of Sunday morning, Joe Biden, the oldest candidate to run for president in US history, was still planning to rejoin the campaign trail.
What it’s like to sell your tech start-up for $180m
For Frank Greeff, selling his real estate marketing company to Domain was the hardest thing he’s ever done, and after it happened he just went to bed.
- Opinion
- Chanticleer
The grand dame of financial services is making a comeback
MLC is showing signs of life – with an earnings upgrade – and is the face of Insignia’s fightback story. If it wins, the company and its 53,000 shareholders win too.
Booming Cash Converters revenues point to squeeze on the poor
The ASX-listed pawnbroker told investors the increase was partly tied to “mainstream finance” being “more difficult to access” for many of its customers.
Why business is left helpless when big tech stuffs up
Experts say there is little most organisations can do to avoid future calamities like the CrowdStrike outage, but Australia’s emergency responses are improving.
- Live
- Markets Live
ASX falls; Insignia rallies 5pc; South32 sinks 13pc
Shares decline at the closing bell; gold and oil rise as US election chaos escalates after Biden drops out; Woodside splashes $1.35b on US LNG. Follow here for more.
- Exclusive
- Managed funds
Taurus misled Phil King’s Regal in due diligence, former CFO claims
Andrew Sampson was made redundant from Taurus in March. He claims he was dismissed after raising concerns about the conduct of the commodities financier’s founders.
AFR Weekend: The big stories, best reads and expert advice. In your inbox on Saturday.
RACE TO THE WHITE HOUSE
Big donors swing behind Kamala Harris with $41m
The vice-president is vetting potential running mates as she secures support from major Democratic Party funders.
- Analysis
- US election
The tragedy of Joe Biden: a cruel exit after 50 years in politics
History will ultimately decide whether the Biden presidency was one of relative political normalcy, or an aberration sandwiched between the Trump presidencies, writes James Curran.
- Opinion
- US election
It’s late in the day to sell Kamala Harris to America
US elections are decided by who shows up to vote. There is only the narrowest of windows to enthuse the public about a new candidate before November, writes Emma Doyle.
- Analysis
- US election
Biden’s 50 years defined by triumph, tragedy and a reluctant exit
He will go down in history as a one-term president, the final chapter of his career marked by his failure to put to rest persistent concerns about his mental acuity and physical strength, writes Toluse Olorunnipa.
- Analysis
- US election
Harris is younger and fitter than Biden, but that’s the easy bit
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.
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Companies
Booming Cash Converters revenues point to squeeze on the poor
The ASX-listed pawnbroker told investors the increase was partly tied to “mainstream finance” being “more difficult to access” for many of its customers.
- Updated
- Mergers & acquisitions
Woodside splashes $1.35b on US LNG to become ‘global powerhouse’
The acquisition of Tellurian will give the ASX-listed oil and gas company a foothold to develop exports in the booming US market for shipping natural gas.
- Exclusive
- Managed funds
Taurus misled Phil King’s Regal in due diligence, former CFO claims
Andrew Sampson was made redundant from Taurus in March. He claims he was dismissed after raising concerns about the conduct of the commodities financier’s founders.
- Updated
- Manufacturing
Environmental rules threaten survival of South32’s Worsley refinery
More than $1b was wiped off the value of South32 as it cut production guidance and warned forest protection rules threatened the future of a WA alumina refinery.
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.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Biden’s exit sends investors rushing to readjust ‘Trump trades’
Traders have poured into gold and are recalibrating their equities positions as a reset of the US presidential election creates uncertainty in the 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 last sitting president who did not seek 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 against 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
Albanese can’t afford distractions now
The prime minister has to shrug off culture wars and Green taunts to focus relentlessly on an improving economy.
Former Labor minister and economist
Australia goes missing as Red Sea crisis deepens
The Houthis have been remarkably persistent in disrupting global trade. But there is a deeper strategic cost to Australia as well.
Defence expert
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
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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by BCGPolitics
King sets up infrastructure project review amid CFMEU scandal
Infrastructure Minister Catherine King has directed her department to review major construction projects including the Western Sydney Airport and Inland Rail.
- 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.
- 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.
- 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.”
No change on AUKUS, but Harris could be different to Biden on Israel
Anthony Albanese says Kamala Harris is a good friend to Australia, and he has focused on building a bond with the Democrat’s likely presidential nominee.
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World
‘Vague, tactless’: Can Kamala Harris overhaul her image to beat Trump?
The vice president’s strengths and failings are under renewed scrutiny by Democrats as Joe Biden backs her to replace him as president.
How the Democrats finally ousted Joe Biden
As of Sunday morning, Joe Biden, the oldest candidate to run for president in US history, was still planning to rejoin the campaign trail.
Biden urges unity to beat Trump after stunning race exit
The US president ended his re-election campaign after fellow Democrats lost faith in him. Kamala Harris, 59, immediately accepted his endorsement.
- Analysis
- US election
The tragedy of Joe Biden: a cruel exit after 50 years in politics
History will ultimately decide whether the Biden presidency was one of relative political normalcy, or an aberration sandwiched between the Trump presidencies.
- 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.
Property
‘Death clause’ triggers an extra $1.2m for vendor
“You’re not legally allowed to ask for a price reduction just because someone dies,” said the agent. But one buyer did – and then pulled out of the sale.
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.
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
Michael Stutchbury calls time as AFR editor-in-chief after 13 years
The 67-year-old has led the Financial Review through six PMs and thousands of editions. He will be succeeded by the former executive editor of The Sydney Morning Herald and The Age, James Chessell.
My sixth form teacher told me to lower my sights
Kiria McNamara is one of the 2024 BOSS Young Executives. She was told she would have trouble getting the marks to get into her chosen university course.
Life & Luxury
Schauffele roars to second major win of year at British Open
The American golfer has delivered one of the British Open’s great finishing rounds to tame blustery Royal Troon after the Australian challenge petered out.
Nine signs your ambition may be damaging your health
When the desire to excel tips into perfectionism, your mental wellbeing can suffer.
The brand to which our watch editor is surprisingly 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.
