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    Vice President Kamala Harris arrives to speak from the South Lawn of the White House.

    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.

    Latest Posts

    Last updated 5 mins ago

    The New York Stock Exchange.

    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 and Cbus illo for Building Bad investigation.

    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.

    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.

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    RACE TO THE WHITE HOUSE

    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.

    California Governor Gavin Newsom and US Vice President Kamala Harris.

    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.

    Senator Joe Biden addressing the Senate Foreign Relations Committee in 1986.

    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.

    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

    Home Affairs Minister Clare O’Neil is leading the government’s cybersecurity efforts in cabinet.

    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.

    CrowdStrike shares are down, but its long-term prospects look fine, according to investment experts.

    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.

    Medibank is facing increasing legal challenges related to a 2022 data breach.

    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.

    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

    South32’s Worsley mine in Western Australia.

    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.

    Pacific Equity Partners managing director Cameron Blanks said PEP’s Gateway fund was closing in on $500 million in commitments.

    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.

    According to a UBS supermarkets survey of suppliers, trading through April to June favoured Coles over Woolworths, while Aldi gained the most market share.

    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.

    Phil King, a former Macquarie sell-side analyst, has turned Regal into a key element in Australia’s equity markets.

    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.

    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.

    Donald Trump and Kamala Harris.

    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.

    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.

    Craig Emerson

    Former Labor minister and economist

    Craig Emerson

    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.

    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.

    The AFR View

    Editorial

    The AFR View

    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.

    Emma Doyle

    US political commentator

    Emma Doyle

    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.

    Jennifer Parker

    Defence expert

    Jennifer Parker

    Kamala Harris is now fighting in uncharted territory

    The Democrats must decide between a coronation of the vice president or a divisive contested convention.

    Edward Luce

    Columnist

    Edward Luce

    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

    Infrastructure Minister Catherine King during a tour of the Metro station at the Western Sydney Aerotropolis.

    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. 

    Some students say they want to protect their mental health by avoiding the stress of exams.

    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.

    Peter Dutton has a fight on his hands to convince voters of his nuclear power plans.

    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

    Kolin Burges holds up a placard in protest in 2014 after more than 700,000 bitcoins went missing.

    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’s Third Plenum outlined economic reforms but there was little detail.

    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.

     People openly identifying as Nazis were social outcasts at the start of the last decade; now they can become social media icons.

    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

    East coast property investors are being overlooked by some Perth homeowners who are opting to sell their properties to West Australian buyers.

    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.

    The Captain Cook Hotel has changed hands again for $6.6m.

    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.

    Round one: The 35.5ha block at 117-147 Tweed Coast Road in northern NSW’s Cudgen contracted to sell as a whole for $11 million.

    ‘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.

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    Wealth

    Private credit offers higher returns at greater risk.

    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.

    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.

    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.

    The digital paralysis rapidly spread around the world causing massive disruption at banks, airports, hospitals, television stations and many other organisations.

    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

    Tod Lacey says working as a vacuum salesman taught him “how to connect, and how to sell to people of all different backgrounds and types.”

    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.

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    Life & Luxury

    The boy is eating different fruits on the terrace.

    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.

    Kendall Jenner is seen on a shoot for Calvin Klein on October 08, 2023 in New York

    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?

    Xander Schauffele kisses the Claret Jug on the 18th green on Sunday.

    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