Cabinet resignations pave way for first reshuffle in two years
Linda Burney and Brendan O’Connor have quit cabinet pending their retirement from politics, enabling Anthony Albanese to take a fresh line-up to the election, reports Phillip Coorey.
Scyne to cut 90 jobs amid crunch on Canberra work
Those affected have had a tumultuous year, in which they were obligated to move to the start-up after the firesale only to find themselves unemployed again now.
- Opinion
- Big four
ANZ’s bond trading scandal is now too serious to contain
An update on Thursday reveals that the bank and its board are under no illusions about the consequences they may face from the escalating markets scandal, writes Jonathan Shapiro.
- Opinion
- Chanticleer
Macquarie investors will need patience as deal drought rolls on
Macquarie is well-positioned to win from the big shifts in markets – but the deal drought will delay those gains, despite a spring in the step of some bankers.
- Live
- Markets Live
Shares fall; Macquarie, Fortescue sink on results
Shares lose 1pc. Seek warns on profits. ANZ suspends, terminates staff. Fortescue misses production expectations. Wall Street tumbles on slowdown worries. Follow here.
Joe Biden says time to pass torch to ‘new generation’
The US president said he believed his record merited a second term in office, but “nothing can come in the way of saving our democracy”.
Rupert Murdoch’s secret family battle for his empire’s future
The media baron has moved to change the family’s irrevocable trust to preserve his businesses as a conservative force. Several of his children are fighting back.
World View: Australia’s leading foreign experts interpret global events for you. Insights delivered every Wednesday.
paris 2024
Your guide to the Olympics: Who to watch and when
The Games are back and some of the world’s most decorated athletes will be centre stage. These are the events and competitors you won’t want to miss.
‘Titanic moment’: Flag bearers revealed
Jessica Fox and Eddie Ockenden have been selected to carry the Australian flag as they sail down Paris’ river Seine in an unorthodox opening ceremony.
Spy drone scandal rocks Olympic soccer as police detain Canada staffer
The women’s soccer tournament is in chaos after New Zealand reported a drone spying on their session, leading to the dismissal of two Canadian coaching staff.
Aussie boxers have a huge chance in Paris – but it could be the last
Boxing, one of the Olympics’ most “pure” and accessible sports, could be axed for the 2028 Games. The Aussies say this would be “a crime against humanity”.
Brisbane Olympics boss: Stop making 2032 Games a ‘political football’
Andrew Liveris claims plans for the Queensland event are running “ahead of schedule”, with cricket remaining a possibility to be added to the roster of sports.
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Companies
Origin Energy ups battery investments with $450m Eraring project
The second power storage system to be installed at the NSW Central Coast site will have more than double the duration of the first one.
ASIC says Beijing-owned agriculture giant manipulated wheat contracts
COFCO placed improper trades on the exchange in 2022, improperly affecting the futures’ settlement price, ahead of the Ukraine war, the corporate regulator alleges in court filings.
Surging iron ore mining costs plague Fortescue’s year ahead
The Andrew Forrest-chaired resources giant says it expects to grow export volumes, but unit costs are also expected to rise by up to 9 per cent.
- Updated
- Big four
ANZ says bond trading scandal fallout could extend to the very top
The bank’s chief executive, Shayne Elliott, said the company was now investigating whether it should have reported issues to regulators well before it did.
Macquarie treads water as it struggles with sluggish deal activity
The financial services giant told investors that its investment bank had dragged down earnings – flat on last year – for the three months to June 30.
- Updated
- Energy
Forrest’s private Windlab sells big wind projects to Fortescue
The ASX-listed mining group has quietly taken ownership of two projects that were previously controlled by the billionaire’s private renewables developer.
‘Unclear’ how much Meta makes from Australian users: ACCC
It is clear Meta banks billions in revenue from Australians offshore, the competition watchdog said responding to questions from a government inquiry.
Companies in the News
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Markets
- Updated
- Big four
ANZ says bond trading scandal fallout could extend to the very top
The bank’s chief executive, Shayne Elliott, said the company was now investigating whether it should have reported issues to regulators well before it did.
Tech tumbles as investors flee year-long rally
Tesla led a heavy sell-off in the US tech giants overnight, dragging the S&P 500 to its worst day since 2022.
End of an era: Antipodes Partners snaps up Maple-Brown Abbott
The investments house was established in 1984 and managed money for some of Sydney’s wealthiest families. The deal creates an $18 billion asset manager.
The Fed needs to cut rates now: Dudley
Efforts to cool the economy are working and slower growth is turning into fewer jobs, while inflation pressures have abated significantly.
What happened overnight? The Nasdaq fell the most since October 2022
The ASX was set to open lower. The Nasdaq Composite shed 3.6 per cent as Tesla dived 12.3 per cent, pacing heavy selling among the magnificent seven. Nvidia droppped 6.8 per cent.
Opinion
The three strategies that saved the Financial Review
It had a competitive advantage of deep engagement with the Australian business community. But that was just the starting point, writes outgoing editor-in-chief Michael Stutchbury.
Editor-in-chief
Harris’ body language needs Obama’s gravitas to beat Trump
The Democrats presumptive nominee’s problem isn’t just her cackling laugh – her energy is too high in her body.
Leadership coach.
We’re cracking down on market-moving media leaks
ASIC has begun a targeted review of apparent leaks to media. Confidentiality rules will be under scrutiny.
Market regulator
One issue where Kamala Harris gives the Democrats an edge
The party hopes to use the burning issue of abortion rights – and the elevation of Kamala Harris – to change what has been a losing election hand.
Columnist
How the CFMEU tightened its grip on Australia’s cities
Combine governments that put nation-building at the heart of their political agendas with a legalised labour market monopoly. It’s a recipe for total control.
Former IR adviser
What should Australia do about AI regulation? Nothing
Australia should avoid the temptation to rush in like Europe with half-baked rules on AI. We can become a honeypot for talent.
Technology investor
Reports
Cybersecurity and AI
The federal government lays out plans to help boost the nation’s cyber defences, while experts outline steps to stay safe.
Politics
CFMEU law-breaker appointed to Queensland work health and safety board
The union representative, who has an extensive history of breaking workplace laws, was appointed by the state’s Labor government.
Australia sanctions Israeli settlers for human rights abuses
The Albanese government has escalated its discontent with Israel in a move it says will help preserve prospects for a two-state peace deal solution.
Labor’s green subsidies a risk to living standards: PC
The Productivity Commission has warned Labor’s Made in Australia plan risks evolving into protectionism, undermining decades of reform aimed at creating a vibrant economy.
AUKUS navy chiefs sound alarm over China, Russia, Iran collaboration
The head of the US Navy warns that “unfettered access” to the sea for trade is at risk from authoritarian countries dubbed the “axis of upheaval”
CFMEU expects administration move ‘within days’
The Fair Work Commission will apply to place several CFMEU construction division branches into administration by this week, according to the union’s national boss.
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World
Kingmaker to spectator: Rupert Murdoch bumped to Republican sidelines
The media baron’s backseat position at the Republican Convention reflects his diminished influence over a party wholly remade in Donald Trump’s image.
Luxury brands hit hard in China slowdown fear worse to come
Executives at European luxury brands including LVMH, Burberry and Hugo Boss may hope this is a blip, but it’s not clear how China will turn things around.
Lex Greensill accused of misconduct in UK legal twist
Details of the UK Insolvency Service’s lawsuit against the Australian emerged after the High Court in London ordered a partial release of documents.
- Analysis
- US election
Will Biden’s legacy include an end to the Israel-Hamas war?
Being free from the constraints of campaigning will give the president more time to focus on foreign policy, which some analysts say will allow him to bolster his image on the world stage.
Secret Service director resigns over Trump rally shooting
Kimberly Cheatle has handed in her resignation amid intense and unrelenting pressure from lawmakers of both parties.
Property
Sydney house prices at a record high but growth slows
Brisbane, Perth and Melbourne are poised to hit new milestones in the next six to 12 months but prices in Sydney and Adelaide are likely to moderate.
- Exclusive
- Retail property
Leica backs Melbourne CBD revival with world’s biggest store
The famed German camera maker has transformed an entire building in the Melbourne CBD into a retail hub that includes an art gallery.
Melbourne ‘a proper basket case’ as office vacancy hits 20pc
As tenants shift into new towers, older and emptier office blocks will be deemed functionally obsolete.
Construction, labour woes force developer to offload $200m of sites
APH Holding, which has a multibillion-dollar pipeline of Melbourne projects, has put more than $200m worth of sites on the market, including many with permits
Home transaction growth will be ‘modest’ this year
Steady transaction volumes in the first two quarters of this calendar year show consumers are cautious, especially without a rate cut, PEXA data indicates.
Wealth
Six questions to ask your adult kids before writing a will
Not everybody has the financial literacy and emotional intelligence to handle a significant inheritance.
Women called on to make nation more generous
Total charitable giving in Australia is just 0.81 per cent of GDP, compared to 2.1 per cent in the US, and a new campaign is targeting women to turn it around.
- Opinion
- SMSFs
There is a simpler, fairer way to tax super above $3m
Australia will soon become the only pension system in the world to tax unrealised capital gains.
Technology
- Exclusive
- Virtual reality
‘We had to have faith’: Apple’s designers on creating the Vision Pro
For these innovators, the Vision Pro isn’t just a step change in computers. It’s a step into the future.
- Exclusive
- AI
Teachers to get AI training under NSW proposals
Specific training about the use of artificial intelligence and greater protections for copyrighted works are among recommendations from a state inquiry.
- Analysis
- The Breakdown
Investors aren’t buying Google’s AI future – yet
The search giant’s parent, Alphabet, produced solid earnings, but shareholders are tiring of claims about future magic without answers to important questions.
Work & Careers
This top exec reveals the secret to having it all
Sinead Booth is one of the 2024 BOSS Young Executives. She first gained business experience helping with the books as a teenager at her father’s refrigeration business.
How this retail executive found his calling in the school playground
Chad Burke is one of the 2024 BOSS Young Executives. As a teenager, he had a good business selling chocolates and chips to his fellow students.
Life & Luxury
Movie reviews – Gothic Aussie Birdeater and old-school B flick MaXXXine
This dark, ugly chiller set in the bush is hard to fathom, but fiendishly dumb B-grader MaXXXine at least entertains.
Bulgari’s record-breaking watches come to Australia for first time
Bulgari has won multiple awards for its ultra-thin Finissimo timepieces, some of which will be in Melbourne and Sydney in September.
Like tequila? Try these three new Australian agave spirits
A growing number of enterprising Australian distillers are working to meet the demand for agave spirits.
‘Indie’ watch brands on the rise to challenge their expensive rivals
Watches from independent makers might not have made the headlines, but they might just be the best bet for style – and your budget.
‘Old people sometimes scare me’, says Gen Z
Today’s teens know they are missing out on some of the fun, but are baffled previous generations did so many adult things so young says psychologist Jean Twenge.