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    Australia’s battery minerals ambitions are taking a battering as nickel and lithium prices plunge, while it’s also hard in graphite.

    The lithium bubble has popped with stunning speed

    Production cuts from Albemarle are bad news for Australia’s struggling lithium sector. But the market needs more bad news before it can recover.

    PwC Australia chief executives present, Kevin Burrowes, left, and past, Tom Seymour and Luke Sayers.

    PwC chiefs past and present line up for inquiry blockbuster

    Three current and former PwC Australia CEOs will appear before parliament to testify about the firm’s tax leaks scandal in Canberra on Friday.

    Prime Minister Anthony Albanese has blamed Rex’s business strategy for its failure, while former competition tsar Rod Sims points to years of policy failures.

    Ratepayers will be left to foot Rex bill: local councils

    The collapse of Regional Express into voluntary administration is bad news for local councils still reeling from the loss of Bonza, which also left unpaid airport fees.

    ANZ knocks NAB off the home lending podium

    ANZ is now the country’s third-biggest lender to households, boosted by the acquisition of Suncorp’s bank this week.

    US to push for Gaza ceasefire despite assassination setback

    The US effort to secure a pause in the Israel-Hamas war and free Israeli hostages was thrown into question after the assassination of Ismail Haniyeh.

    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.

    Productivity Commission shines light on economic costs just as Whitlam wanted

    Before riding in on a white horse to stage an ‘ESG takeover’, critics should take more than a cursory glance at the work the commission actually does, writes Danielle Wood and Alex Robson.

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    paris 2024

    Jessica Fox was elated at her win.

    ‘Today was pure joy’: Fox rises into a new echelon with second gold

    The canoe champion becomes the first Australian in history to win six individual Olympic medals – and could add still add another gold to her tally.

    Ariarne Titmus and Mollie O’Callaghan.

    What’s on today? Check out the full schedule here

    Find the times and days of all your favourite sports right here with this interactive guide to the Paris Olympic Games.

    Jessica Fox is a world beater.

    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.

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    Companies

    Albemarle’s Kent Masters checking out the Kemerton lithium hydroxide plant in WA.

    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.

    Scarcity Partners’ Managing director Adrian Whittingham has set sights on a private credit manager backed by Macquarie and Al Gore’s investment fund.

    Ex-Pinnacle executives line up Dinimus in private credit push

    Scarcity Partners is closing in on yet another minority investment in an asset manager, in what would be the firm’s second deal since starting in March 2023.

    Armaguard is the only major provider of cash in transit services after it merged with Prosegur last year.

    Banks, supermarkets prep Armaguard contingency plans

    ACCC deputy chairman Mick Keogh said it was “important that the parties continue their discussions” over cash transit services.

    New PwC Australia chairman John M Green.

    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.

    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.

    Companies in the News

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    Markets

    Reserve Bank governor Michele Bullock in June.

    Fed’s rate cut conviction sweeps RBA up in global easing hopes

    Markets are fully priced for Jerome Powell’s September easing, but economists do not share the same enthusiasm that the Reserve Bank may not be far behind.

    Local shares are set to open higher.

    ASX tops 8100 points; oil gains on MidEast worries, DroneShield sinks

    Australian shares reset record high. Meta rallies after its results beat expectations. Regulator backs Namoi Cotton buyout. Follow updates here.

    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

    Albemarle sounds warning on critical minerals processing

    The US-based firm’s decision to reduce output from its lithium hydroxide plant and write down much of its investment demonstrates the flaws in Australia’s plan for greater domestic processing of critical minerals.

    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.

    After Rex’s failure, here is the answer to Australia’s airline competition problem

    It would be in the national interest –  and Qantas’ –  for the government to create a successful duopoly by biting the bullet on foreign ownership of Virgin.

    Peter Harbison

    Aviation expert

    Peter Harbison

    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.

    The AFR View

    Editorial

    The AFR View

    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.

    Tony Grey

    Former miner

    Tony Grey

    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.

    Paul Brennan

    Economist

    Paul Brennan

    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.

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    Politics

    A Royal Australian Air Force FA-18F Super Hornet aircraft departs RAAF Base Darwin for a night flying mission as part of Exercise Pitch Black 2024.

    Top Gun games pull the trigger on deterrence

    Exercise Pitch Black has pulled together air forces from 20 nations for practice missions over northern Australia as concern rises about collaboration between China and Russia.

    The Greens’ housing spokesman, Max Chandler-Mather, and Housing Minister Clare O’Neil.

    Greens prepared to be flexible on housing demands

    The Greens say their demands to curb the CGT exemptions and negative gearing deductions are not a condition of their support for housing bills in the Senate

    Wegovy is launching in Australia two years after being approved by regulators.

    Next blockbuster weight-loss drug to launch in Australia this month

    Novo Nordisk’s Wegovy is about to go on sale here, avoiding the prospect of a supply disaster when compounded Ozempic is banned.

    Accountants escape Labor’s onerous new rules, for now

    Assistant Treasurer Stephen Jones has delayed new requirements for tax professionals, amid a growing backlash about the risk of compliance failures.

    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.

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    World

    The DMZ in South Korea.

    On the front line of North Korea’s nuclear threat

    The possibility of another Trump presidency has global leaders nervous about Kim Jong-un’s erratic behaviour. Would a second mandate tame or embolden “little rocket man”.

    Iranian Supreme Leader Ayatollah Ali Khamenei.

    Iran’s leader green lights Israel strike over Hamas killing

    Iran’s supreme leader, Ayatollah Ali Khamenei, is considering a drone and missile attack towards Tel Aviv, raising the risk of a region-wide conflict.

    Assassinated: Hezbollah leader Fuad Shukr and Hamas political chief Ismail Haniyeh.

    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.

    Property

    San Francisco to ban rent-setting software amid gouging worry

    The ban opens a new front in a long-running controversy over the role of software in setting rents as an affordability crisis worsens in many American cities.

    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.

    The ongoing slump in the housing market is making life tough for consumers and retailers alike.

    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.

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    Wealth

    While it’s technically possible for someone to pay no income tax, it’s highly unlikely.

    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.

    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

    Mark Zuckerberg has forecast his company’s AI assistant will soon be used by more people than any other.

    The AI delusion says ‘we’re all going to get rich quick’

    That sum is the staggering gap between what tech companies are making from selling artificial intelligence and the likely costs of running it.

    Leonardo generated impressive looking images using AI. These were submitted by users to its forums following thematic prompts.

    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.

    Premier Steven Miles says “social media companies have no regard” and “no responsibility”.

    ‘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

    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.

    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.

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    Life & Luxury

    “One of my proudest moments was achieving a 55-kilogram weighted squat”.

    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.

    Ryan Reynolds, left, as Deadpool/Wade Wilson and Hugh Jackman as Wolverine/Logan in the slapsticky Deadpool & Wolverine.

    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.

    Alexia Roberts, Chief Winemaker in the Yeenunga Vineyard.

    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.

    Arthur Boyd’s oil painting, Landscape, measuring a tidy 19.5 x 22.5 cm, carries an estimate of $15,000 to $25,000.

    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.

    Krug Champagnes once bottled  are kept in the House’s cellars in Reims.

    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.

    From the gallery