Rex needs a buyer willing to spend big on planes
The government is downplaying its interest in a bailout, but may have no choice but to stump up to help keep the regions connected.
ASX to rise, Nvidia surges higher, Fed statement pending
Australian shares are set to rise. Techs mostly rebounded, paced by Nvidia. Microsoft lagged. Meta results ahead. Oil leaps on wider war worries.
Iran’s supreme leader vows revenge on Israel after Hamas chief killed
Israel has been blamed for the killing of Hamas leader Ismail Haniyeh in Tehran, a severe blow to the group that threatens to engulf the region in further conflict.
Middle East on edge after Israel assassinates Hamas chief
All eyes are on Iran’s response after twin Israeli strikes targeted top officials belonging to the Hamas and Hezbollah terror groups.
- Opinion
- Chanticleer
The PE takeover battle that is like pulling teeth
Once a board has decided a takeover isn’t about the highest price, it enters the deal-making twilight zone. This one is a doozy.
- Exclusive
- Start-ups
Canva’s AI prize Leonardo traded for $320m, dividing VC industry
The valuation has been so closely guarded some investors have refused to tell their own backers how much Canva paid for the start-up.
RBA rate rise off the table as inflation not so bad
Investors believe the next move by the RBA will be an interest rate cut rather than a rise, after underlying inflation came in only slightly above forecasts.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
paris 2024
Meet the data junkies helping the Aussie team succeed
They aren’t Olympians or even in Paris, but this team is critical to Australia’s success.
Memory of her dad gives McKeown ‘superpower’ to retain gold
Kaylee McKeown’s furious final lap to win the 100m backstroke earned her a fourth Olympic gold medal and kept Australia at the top of the swimming competition.
‘It sucks’: Distraught Aussie women walk away from rugby empty-handed
The sevens team came into the Games set for gold, but against Canada and then the US they watched a medal almost literally sprint away from them.
He nearly drowned but Jack Robinson just beat the world’s best surfer
The Olympics might be in Paris, but the surfing competition is half a world away in Tahiti where conditions are “so dangerous, so crazy”.
The day Canada trampled on Aussie hopes
It was a day when Canada got the best of Australia in no less than three head-to-head encounters in Paris. Here’s what you missed overnight.
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Companies
Super Retail wins last-minute bid to suppress statement of claim
The owner of Rebel Sport and Supercheap is defending an action brought by its former head of legal.
Why Rio Tinto wants a bigger presence in lithium and copper
‘I couldn’t care less about what the lithium price is in the next 12 months,’ says chief executive Jakob Stausholm.
Rio boss dismisses Jabiluka uranium ‘extortion’
Jakob Stausholm says precious cultural heritage at Jabiluka made it a no-go zone and advocates for a uranium mine were engaging in “extortion”
Eraring output at five-year high as coal dependence persists
Origin Energy lifted provisions on plant sites by $235 million and warned of a big jump in coal costs for the generator.
Customers seeking more discounts than ever, says David Jones chief
Although shoppers remain cautious, Scott Fyfe and Anchorage Capital are hoping their $250 million revamp will keep consumers spending.
Elecnor blames earnings slump on SA-NSW high-voltage cable project
EnergyConnect’s Spanish contractor has recorded a provision of $13.98 million for losses on its Australian projects in the six months to June 30.
Nickel boss says Indonesia trying to distance itself from China
Nickel Industries managing director Justin Werner says Jakarta wants to attract more Western investment to an industry dominated by China.
Companies in the News
Search companies
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Markets
Relief rally sweeps market after cool inflation tempers rate fears
Shares had the best day since 2022, the Aussie dollar fell, and bond yields tumbled after core inflation prompted traders to rapidly start pricing in a rate cut in Australia.
- Opinion
- Chanticleer
Microsoft’s $334b sell-off is a sign of healthy AI doubts
Microsoft smashed analysts’ forecasts in the June quarter, but it still wasn’t enough to please a market that has bet too heavily on the AI revolution.
ASX jumps 1.8pc after June CPI data; Rio rallies
Shares jumped the most since 2022 amid a broad rally; traders bet on Reserve Bank rate cuts; Commonwealth Bank tops BHP to become biggest Australian firm; Rio Tinto half-year profit at $5.8 billion. Follow updates here.
Traders gird for ‘dangerous’ 48 hours in markets
There’s a lot riding on the next few days, with Australia’s quarterly inflation report and the US Federal Reserve’s interest rate decision. Anything less than consensus could rile markets.
Microsoft reports slower Azure cloud growth; shares drop
Microsoft’s main growth engine in recent years, its Azure cloud-computing service, expanded revenue by 29 per cent against expectations of 31 per cent.
Opinion
Inflation helps government dodge interest rate bullet
The June quarter figures were not good, but they also weren’t as bad as feared. That is likely to give the Reserve Bank breathing space to keep interest rates on hold next week.
Columnist
August reprieve but no interest rate relief yet
Inflation remains sticky, well-above the 2 per cent to 3 per cent target band, and has basically moved sideways.
Editorial
Jabiluka was cancelled by edict from above
The decision to mine the uranium deposit or not should have been taken by the parties involved, not through the high-handed intervention of an anti-nuclear government.
Former miner
Productivity is the key to taming inflation for good
Either governments and business improve the supply side of the economy, or the RBA will have to keep squeezing demand indefinitely.
Contributor
Why the $3m super tax has turned into a mess
It may seem hard to argue against making people with high superannuation balances pay more tax, but implementing it is a dog’s breakfast.
Economics editor
Inflation stays sticky, but it won’t force RBA rate rise
The consumer price figures were not as bad as feared, but inflation remains persistent and higher-for-longer interest rates will be required.
Economics editor
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
- Exclusive
- Defence spending
The ‘criminal price tag’ for the navy’s new warships is $4b a pop
A new fleet of frigates will cost almost $4 billion each, even before weapons are fitted, it can be revealed, making them the navy’s most expensive warship.
Nuclear talk finally goes ahead after Holmes à Court criticism
The engineer whose nuclear speech was cancelled the day renewable energy advocate Simon Holmes à Court objected to it has finally delivered the talk.
This start-up invented espresso in a keg to keep coffee prices down
Surging input costs forced Perth company Filament Coffee to rethink how it delivered its cold brew to customers.
BHP warns on ‘made in Australia’
BHP has warned the Albanese government that its flagship Future Made in Australia policy risks being undercut by the economy’s high costs, unproductive workplace laws, and uncompetitive tax system.
Home building crisis worsens with young tradies out of work
The wave of construction insolvencies is worsening an undersupply of homes and skills shortages, as trade apprentices are forced to drop out of TAFE courses.
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World
Trump, Harris launch multi-million dollar attack ads
The presidential candidates are trying to land blows with costly advertisements as the election is reset with the new Democratic candidate.
Top BlackRock executive benefits from unusual ‘points-style’ bonus pay
President Bob Kapito is the only executive named in BlackRock’s annual filings who benefits from a retirement plan linked to individual fund performance.
How China upends a country’s entire car market
The overseas push is the next phase in Beijing’s long-term strategy to focus on new energy vehicles and upend the balance of power in the automobile industry.
China factory activity shrinks for third straight month
The official PMI index hit 49.4. The gauge has stayed below the 50-mark separating growth from contraction for all but three months since April 2023.
Harris to name running mate ahead of swing state blitz
Leading contenders are prominent Democrat politicians from some of the swing states that are crucial to the vice president’s bid to beat Donald Trump.
Property
Record leasing, higher rents lift earnings at Centuria industrial fund
Centuria Industrial REIT leased more than 20pc of its portfolio over FY24 and generated average increases of 43 per cent as rents were reset to market rates.
Rich Lister’s $6b plan for 10,000 homes at master-planned city
The Costa Family Office is the majority investor in a 909ha site near Murray Bridge that will be developed into a $6 billion project with almost 10,000 homes.
DWS sells Brisbane CBD office for $24m less than it paid for it
The property fund manager’s acquisition of 120 Edward Street is yet another sign that office values have dropped at least 20 per cent due to WFH headwinds.
Mitsubishi partners with ESR on first Aussie logistics project
The Japanese property giant will add logistics to a local portfolio which includes investments in luxury apartments, build-to-rent and land lease estates.
Rest, Barings to build $400m industrial estate by end of 2025
The site will provide much needed warehouse space in Sydney, which has the world’s second-lowest vacancy rate.
Wealth
- Opinion
- Superannuation
What to do to with your SMSF if you’re moving overseas
The Tax Office requires trustees to pass three tests if they wish to maintain tax benefits.
Where to invest as the tech megacap rally eases
Signs that equity investors are getting cold feet over the rapid advances in artificial intelligence leaders have put a spotlight on some less obvious beneficiaries of the technology boom.
- Opinion
- Super Q&A
Why the beach house might be cramping your retirement style
Holiday homes are great, but they don’t produce retirement income and might limit your age pension payments.
Technology
‘Offensive’ social media companies shamed for letting scams thrive
Financial Services Minister Stephen Jones says social media giants are “dragging their heels” in the fight against scams
Australians welcome Trump’s pro-crypto stand
Crypto traders say Donald Trump’s pledges to end the “persecution” of the industry and sack SEC chairman Gary Gensler are a good start.
- Opinion
- AI
Why Australia needs its own AI large language model
If we are to retain our economic and cultural sovereignty, Australia needs to develop AI that reflects Australian values.
Work & Careers
- Analysis
- Fertility
If this law graduate has two children, she will be exceptional
Claudia McDonnell, 24, belongs to the most childless generation of Australian women in modern history.
In tougher job market, aspiring bankers skip class to ‘stack’ internships
Goldman Sachs had 31.5 per cent more internship applications in Singapore this year, and graduate recruitment is now so competitive that “internships are where you can get the foot in the door”.
Life & Luxury
An $8.2m result affirms Ron Walker and Denis Savill’s taste in art
Just 28 works owned by two men who spent decades doing deals delivered one of the best auction results of the year.
How much champagne is too much? Depends on the airline you’re flying
We joined Singapore Airlines on a whirlwind tour of its premium suppliers across France’s Champagne region. This is what we learnt.
The cheap vegetable that could save your life
According to a new study, eating carrots increases carotenoids in your skin. These phytonutrients lead to a lower risk of chronic disease and a stronger immune function.
The suburbs where Australians drink the most champagne
Baby boomers are big drinkers of imported bubbles, but younger consumers are driving demand for alternatives such as prosecco.
The five best exercises to beat burnout and stress
Knowing what type of exercise to focus on when needed is key to allowing the stress chemicals to move through you more effectively.
