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Harris consolidates support as Democrats rally to her side
Kamala Harris lauded President Joe Biden as she prepared to visit key campaign staff. Trump continues to attack Biden. Follow updates here.
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Vance says Harris should be more ‘grateful’
Blinken to shore up US relationships in Asia
Black voters excited, hopeful and worried
Harris campaign aims to lock in delegates within days
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ASX to rise, S&P 500 rebounds on Nvidia, Tesla
Australian shares are set to open higher as US investors opted to buy after last week’s tech-paced sell-off. Commodities slip.
CFMEU boss allegedly boasted of corrupt connections to $94b Cbus
Police allege a CFMEU official told corrupt building firms he could secure them lucrative jobs on projects financed by the superannuation giant.
Albanese digs in amid calls for tougher action against CFMEU
PM says the ABCC failed to curb union militancy when it existed, and that the police were best placed to combat criminal behaviour.
- Updated
- Mergers & acquisitions
Woodside splashes $1.35b in the US to become ‘global LNG 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.
Quadrant’s erstwhile top dealmaker returns armed with Packer cash
It’s taken a very sweet opportunity to bring him back to dealmaking – namely Everest Ice Cream, a major manufacturer of wholesale frozen desserts.
AustralianSuper, Hesta look to supercharge housing investment
The industry super fund giants have taken shared ownership of Assemble, which develops affordable rental and for-sale housing.
World View: Australia’s leading foreign experts interpret global events for you. Insights delivered every Wednesday.
RACE TO THE WHITE HOUSE
- Updated
- US election
Democrats throw support behind Harris after Biden exit
Relieved Democrats were quick to rally behind the Vice President after President Joe Biden abandoned his re-election rematch against Donald Trump.
Democrats jostle to be Kamala Harris’ VP as race takes off
Leading Democrats swiftly fell into line behind Kamala Harris, as the Trump campaign team prepared to launch scathing attacks ads.
- 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.
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.
- 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.
tuesday tech
- Exclusive
- Cyber security
Cyber is our fastest growing national security threat: O’Neil
The Home Affairs Minister says Labor’s plans to boost Australia’s defences against increasing online risks are already delivering results.
Why investors see an opportunity in CrowdStrike shares
Australian stock pickers say a plunge in CrowdStrike’s shares after it caused a global outage represents a buying opportunity, with slim cyber pickings on the ASX.
Huge cyber fines to be ‘Ford Pinto’ moment Australian business needs
The threat of business-crushing penalties could change the economics of storing sensitive data and cybersecurity investment.
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.
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.
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Companies
- 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.
- Exclusive
- Private equity
PEP broadens investor access for fund that returned more than 15pc
The private equity firm is opening its Gateway vehicle, which has raised north of $500 million, to New Zealand’s wealthiest families.
Supplier survey suggests Coles has outperformed Woolworths all year
Ahead of financial updates from the major supermarkets next month, suppliers say Coles and Aldi are picking up market share over their rivals, small and large.
- 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.
Michael Stutchbury calls time as AFR editor-in-chief after 13 years
The 67-year-old led the paper through six PMs and thousands of editions. He will be succeeded by former executive editor of The Sydney Morning Herald, James Chessell.
End of the road comes in two-decade saga over sandalwood group Quintis
The company once known as TFS Corporation will be split up and liquidated after KordaMentha failed to find a buyer for the entire business.
Insignia fined $10.7m but share price soars
The regulator slammed the financial services giant for “still struggling with foundational issues” such as failing to put members’ money into default MySuper products.
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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.
- Opinion
- Chanticleer
Trump v Harris: Seven ASX stocks to play the US election
Forget speculative Trump trades, the ramifications for Australian investors from the US election are likely to be much bigger.
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 $1.35 billion on US LNG. Follow here for more.
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
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
Why Biden’s decision may be too late
The president risks being remembered for having provided Donald Trump the opening to retake the White House in November.
Columnist
Biden exits the Democrat dog’s breakfast
The question for Democrat hardheads will be whether Kamala Harris is a sufficiently compelling candidate to stop Donald Trump returning to the White House.
Editorial
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.
US political commentator
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
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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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.
Stressed teens would rather finish school with no ATAR than sit exams
Students at co-educational schools reported the highest scores on emotional and mental wellbeing, and girls-only school students the lowest.
Upfront nuclear power cost will be significant: Dutton
Solar energy and gas are the most popular energy sources. Nuclear is near the bottom, just ahead of coal.
Big tech domination leaves Canberra, states ‘highly vulnerable’
According to some estimates, Microsoft’s Windows and its 365 suite of office software run on more than 80 per cent of federal and state government computers.
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
How a motley crew of investors won back $14b in bitcoin
For more than a decade, creditors of collapsed crypto exchange Mt Gox pushed back on Japan’s bankruptcy laws. Their efforts have paid off, big time, in bitcoin.
China cuts key interest rate after Xi’s top meet disappoints
China surprised markets with interest rate cuts on Monday, in efforts to boost growth in the world’s second-largest economy.
Did ‘meme magic’ create the American extreme right?
A new book, ‘Black Pill’, looks at the world of neo-Nazis and the way in which the online world has spilled into the real one.
China and the Philippines sign deal to avert clashes at sea
The rare deal with the Philippines sparks hope that similar arrangements could be forged by Beijing with other countries to avoid clashes while thorny territorial issues remain unresolved.
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.
Property
In this city, some home owners want to sell to locals only
Interstate investors are being overlooked to give locals a chance to enter Western Australia’s booming property market.
Historic pub to close after Rich Lister sells building, keeps pokies
Pub and pokies baron Bruce Mathieson exchanged contracts to buy the Captain Cook Hotel for $13.5m in late 2022. His BLM Group sold it this month for $6.6m.
‘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.
Wealth
There’s more to private credit than 10pc returns
Private credit is having a moment. It may offer high returns, but is it a space that retail investors should be playing in?
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.
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
From selling vacuum cleaners to running Booking.com in Australia at 33
Tod Lacey is one of the 2024 BOSS Young Executives. His first proper job was selling vacuum cleaners at a department store in Dunedin on New Zealand’s South Island.
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.
Life & Luxury
How to nail the 30-plants-a-week meal challenge
A major study found that the greater number of plants a person ate, the healthier they were. So we had a crack at it.
What Michael Kirby makes of the law school building named in his honour
The new Macquarie University Law School, designed by architectural practice Hassell, brings the legal faculty to the centre of the campus and into the light.
A new wave of Chinese watchmakers is taking on the Swiss giants
Thanks to the growing influence of young independents, watchmaking in China is no longer just a case of mass production.
Gen Z tells me I’m wearing my socks wrong. Am I?
First, Gen Z came for our skinny jeans. Now, they’ve really gone below the belt. Is no Millennial safe?
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.
From the gallery
The Australian Financial Review Magazine
What Michael Kirby makes of the law school building named in his honour
- 58 mins ago
- Stephen Todd
