Albemarle slashes 300 Australian jobs, shrinks giant lithium facility
Australia’s largest lithium producer and manufacturer will shut half of its giant lithium processing facility in WA.
Fed’s rate cut conviction fuels hopes the RBA will follow
Markets are fully priced for Jerome Powell’s September easing, and if markets are right, the Reserve Bank may not be far behind.
‘Is she Indian or black?’ Trump says Harris became a black person recently
The former president also told the National Association of Black Journalists that his choice of Senator J.D. Vance as vice president will not matter to voters.
- Live
- Markets Live
ASX tops 8100 points; Monadelphous takes hit from Albemarle exit
Australian shares reset record high. Meta rallies after its results beat expectations. Regulator backs Namoi Cotton buyout. Follow updates here.
Ex-Macquarie exec named PwC’s first independent chairman
Company director and thriller writer John M. Green will take the role at PwC Australia as part of reforms following the firm’s tax leaks scandal.
Rex called in advisers in May, Westpac emerges as creditor
Documents filed with ASIC on Thursday show EY had been called in by Rex’s major lender PAG months before it went into voluntary administration.
- Live
- Need to Know
Albanese suggests flight route expansion contributed to Rex’s downfall
Anthony Albanese explains major Rex issue; Donald Trump says Harris only ‘became a black person’ recently; How day five of the Olympic Games unfolded. Follow live updates.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
paris 2024
The day Jess Fox became the world’s best
The Aussie canoeist just can’t stop winning, but the medals dried up for our swimmers and the Matildas were bundled out. Here’s what you missed overnight.
Matildas’ dream over after gut-wrenching defeat
The Matildas lost 2-1 to the US in a match riddled with errors and yellow cards. It was the team’s second loss in a group stage, meaning they are now headed home.
Chalmers snatches silver as gold medals dry up in pool
Zac Stubblety-Cook and Kyle Chalmers had to settle for silver, while favourite Mollie O’Callaghan missed the podium altogether.
‘Like a video game’: How it felt to race in the Seine
These Aussie triathletes have been all over the world, competing in all sorts of conditions. But they’d never seen or done anything like this.
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.
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Companies
Elders makes biggest wool investment in 20 years with robot handlers
Boss Mark Allison is rolling out the robots as the agribusiness makes a high-tech return to wool handling 185 years after its founders started out in the game.
Crescent Capital returns with $327m bid for Pacific Smiles
The battle between private equity players Genesis and Crescent took another twist, with the owner of the National Dental Care network lifting its offer.
‘We know over 500 customers’ are searching for it’: the big changes coming to DJs
Although shoppers remain cautious, Scott Fyfe and Anchorage Capital are hoping their $250 million revamp will keep consumers spending.
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.
This start-up’s invention is keeping coffee prices down
Surging input costs forced Perth company Filament Coffee to rethink how it delivered its cold brew to customers.
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.
Companies in the News
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Markets
Fed says September rate cut is ‘on the table’
Jerome Powell said “a reduction in our policy rate could be on the table as soon as the next meeting in September” as the Federal Reserve held rates steady.
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.
What happened overnight? Nvidia surged higher, Fed held
Australian shares were set to rise. Techs mostly rebounded, paced by Nvidia’s near 13 per cent gain. Meta beat with quarterly results. The US oil price leapt 5 per cent.
- 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.
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.
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
The real danger that Trump would pose for Ukraine
Agreeing to Russia’s demand for a neutral Ukraine, as a new Republican presidency might, could leave the country at the mercy of Vladimir Putin’s long-term ambitions.
Columnist
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
- Building Bad
Builders demand new CFMEU watchdog, but not deregistration
The building lobby wants a new, more powerful industry watchdog, but agrees that deregistering the CFMEU would be counterproductive.
- 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.
- Opinion
- Inflation
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.
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’s invention is keeping coffee prices down
Surging input costs forced Perth company Filament Coffee to rethink how it delivered its cold brew to customers.
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World
Critical players: The archenemies of Israel killed in two strikes
The abrupt assassinations of a shadowy Hezbollah leader and Hamas’ political chief have shaken the region.
Hezbollah confirms that a top commander was killed in Israeli strike
The Iran-backed group said earlier that Fouad Shukur was in the building during the attack, and they were searching for him in the rubble to determine his fate.
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.
The venture capitalists who made J.D. Vance
Vance is the first prominent tech venture capitalist to win a spot on a major party presidential ticket, in a sign of the industry’s growing power.
How Kamala Harris took control of the Democratic Party
As speculation grew over President Joe Biden’s future, officials and campaign aides were quietly reminded a backup quarterback was already on the roster.
Property
QIC property funds head quits
David Asplin, a 12-year veteran of the firm, has left just days after Michael O’Brien quit as the real estate division head.
Two surprising cities to pass Melbourne home values within a month
The shift in the ranks comes as prices continue to increase sharply across Adelaide, Perth and Brisbane, while Victoria’s capital and Sydney weaken.
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.
The big switch: tenants take up more space in top towers
The demand for better-quality space is helping make the business case for a new generation of office landmarks.
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.
Wealth
Is it possible to pay no income tax?
It is nonsensical to spend money just to get a tax deduction because you’re still out of pocket.
- 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.
Technology
- 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.
‘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.
Work & Careers
Olympics and Russian disputes: life as a lawyer in Paris
Thomas Adams enjoys the benefits of working at a top American firm, but without the insane hours.
- 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.
Life & Luxury
How weightlifting strengthens more than muscles for retail strategist
Kelly Brown, co-founder of an e-commerce agency, finds pumping iron reduces her stress levels as she strives to hit personal bests.
Deadpool & Wolverine film review – on its way to cinematic immortality
This “action-comedy” has more blood-letting than any other superhero movie, but its “R” rating hasn’t stopped it making financial history.
- Drinks With Max Allen
- Wine & spirits
Getting a taste for grenache? Try these new old-vine examples
South Australian producers are serving up a bunch of great grenaches – here are four you need to know about.
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.
