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PwC’s governance structures ‘not match fit’ during tax leak period
WATCH LIVE: Former general counsel Meredith Beattie says Tom Seymour ‘permitted’ tax advisers to not follow legal protocols; Review leader Ziggy Switkowski says structures were superficial. Follow updates here.
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Sayers ‘aware’ of Seymour issues: Beattie
Switkowski clears Burrowes’ dual role, former PwC CEOs up next
Seymour ‘permitted’ tax advisers to not follow legal protocols: Beattie
PwC’s governance structures ‘not match fit’ during tax leak period
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- Breaking
- Building Bad
Fair Work names CFMEU administrator, seeks extraordinary powers
The Fair Work Commission has chosen a senior barrister to administer the union and wants to give him sweeping powers to follow dirty money and sack officials.
Australian shares sink as ‘sea of red’ sweeps global markets
Australian shares are on track for their worst day in more than a year after fears of a hard economic landing returned in the US overnight.
- Live
- Markets Live
ASX dives 2pc; US launches Nvidia antitrust probe
Shares plunge; Macquarie eyes $1b hybrid issue; Afterpay’s Nick Molnar promoted to head of sales for Block; ResMed revenue up 9pc; Follow updates here.
‘Potential conflict’: PwC kept in the dark for a year on CEO pay
Kevin Burrowes’ second role with PwC International was the focus of the joint parliamentary inquiry into consulting on Friday morning.
Atlassian founders $3.8b poorer as market punishes revenue miss
Slowing revenue growth has dampened Scott Farquhar’s final showing as co-CEO of Atlassian.
‘You don’t embarrass the New Yorker in Trump’ says military adviser
Chris Miller, a former acting secretary of defence and Project 2025 contributor, says the AUKUS military alliance will be fine if Donald Trump wins the election, but Vladimir Putin could be in a jam.
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paris 2024
Australia’s swimming champs deliver relay gold again
The Australian women have delivered another gold, with a record-breaking win in the 4 x 200m freestyle relay.
Swimming gold as the Games shift from pool to track
Jemima Montag’s bronze in the 20km walk signals the start of the Olympics’ transition from swimming to athletics. Here’s what you missed overnight.
- Opinion
- Paris 2024
A Chinese doping scandal in Olympic swimming has become all-out war
US media accused the World Anti-Doping Agency of keeping secret Chinese swimmers’ positive drug tests. WADA says it’s stuck in the middle of a geopolitical fight.
The affirmations race walker Jemima Montag used to win a bronze medal
In the end, it was the power of the mind that pushed Jemima Montag onto the podium to become the first Australian woman to place in race walking since 2004.
‘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.
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review
America will emerge from this horror show triumphant
A British historian who witnessed the US in turmoil last century predicts it will stage a national political resurgence.
How Taylor Swift got very, very rich
The tale of the singing star being exploited by a ruthless, male dominated music industry isn’t the full story.
- Analysis
- Russia
Should the US consider assassinating Putin?
Despite the Russian president’s obsession with intrigue, denial and deception, he is a fairly predictable adversary, writes a former CIA officer.
- Opinion
- Israeli-Palestinian conflict
The world should realise Israel is fighting five wars
The Jewish state’s conflicts are more about ideas than they are about geography.
Buoyed by subsidies, Rex Airlines can rise again
The failure of the discount airline’s national strategy doesn’t spell the end of Rex, this aviation expert says.
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Companies
Nick Molnar to step up at Block, will report to Jack Dorsey
On the three-year anniversary of Afterpay’s blockbuster sale to Block, its founder Jack Dorsey has promoted Nick Molnar to head of sales.
Rex was months behind payments, as ratepayers left to foot bill
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.
- Exclusive
- Energy prices
Humelink budget trimmed but cost worries persist
The energy regulator has disallowed about $314 million of costs to build the contentious transmission line from Transgrid’s original proposal.
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.
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.
Noel Pearson appointed to Fortescue board
This is the Indigenous leader’s first public move following his keeping a low profile since the defeat of the Voice to parliament referendum in October.
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.
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Markets
Australian shares sink as ‘sea of red’ sweeps global markets
Australian shares are on track for their worst day in more than a year after fears of a hard economic landing returned in the US overnight.
Amazon shares drop as AI costs spook market
Like Microsoft earnings earlier in the week, Amazon investors are ignoring profits, and starting to worry about whether big AI investments will ever be recouped.
You can get iPhones much cheaper in China, but they still sell better here
As the tech industry obsesses about new AI features, sales of iPhones are still the core of Apple’s earnings reports.
Pinnacle funds under management hits record $110b
The multi-affiliate investment manager recorded a 20 per cent jump in assets in 2023-24, with international clients accounting for the bulk of net inflows.
US stocks plunge, BoE cuts rates
Shares closed sharply lower in New York after data pointed to slower growth. Earlier, the Bank of England from a 16-year-high.
Opinion
Bogus email address shows Jacinta Allan’s CFMEU crackdown is a joke
The Victorian premier’s snap review of alleged criminal activity in the construction industry went 11 days without so much as an email address for whistleblowers to use. Until The Australian Financial Review asked about it.
Workplace correspondent
Like Howard, Albanese knows two heirs apparent are better than one
Labor’s leadership succession plan seems less obvious than it did six months ago.
Political editor
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.
Columnist
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.
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.
Aviation expert
The world should realise Israel is fighting five wars
The Jewish state’s conflicts are more about ideas than they are about geography.
Contributor
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
- Investigation
- Building Bad
‘Flying blind’: Union watchdog hits roadblocks over CFMEU
The Fair Work Commission cannot get the evidence it needs to put the CFMEU into administration because it is not allowed to access critical police information.
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.
Leaders remember Rod Carnegie, the man who shaped Australia
Leaders from mining, business, politics and science gathered at St John’s Anglican Church in Toorak for the memorial service for business giant Sir Rod Carnegie.
- Exclusive
- Legal industry
How the NACC helped a global law firm take top spot for taxpayer work
“I think the NACC certainly has sharpened people’s focus on integrity,” says Holly McAdam, the firm’s head of Commonwealth government.
- Exclusive
- Defence
Prominent think tank fears the loss of its ‘superpower’
The rarefied world of public intellectuals and scholars is braced for a bombshell following a government review into think tank funding.
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World
Israel’s spies take their revenge with twin assassinations
Israeli security officials view the deaths of Hezbollah and Hamas leaders as a redemption of sorts.
US journalist freed in massive Russia prisoner swap
In a multinational deal, Moscow released reporter Evan Gershkovich and fellow American Paul Whelan, along with dissidents including Vladimir Kara-Murza.
Hamas leader killed by remote controlled bomb smuggled into room
An explosive device hidden in a heavily guarded complex where Ismail Haniyeh was known to stay in Iran was what killed him, according to an investigation.
- Analysis
- US election
Frustrated Republicans question Trump’s black attacks on Harris
Donald Trump’s team says it aims to beat Kamala Harris by blaming her for illegal border crossings and inflation. He’s not sticking to the script.
Death of Hamas military leader confirmed, Israel says
The head of Hamas’ military wing, Mohammed Deif, one of the masterminds of the October 7 attack on Israel, was killed in Gaza last month, Israel said.
Property
Unit prices rising faster than houses in 60pc of all suburbs
Units are predicted to continue to outperform houses in the foreseeable future, even as the gap in values widens.
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.
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.
The best countries for digital nomads to call home
Nine of the top 10 countries for digital nomads’ quality of life are in Europe, including some surprises such as the Netherlands and Norway.
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.
Wealth
There are five types of investor. Which are you?
The best investing advice is 2500 years old and comes from Greek philosopher Socrates: Know yourself.
Why Gen X needs to think about retirement right now
A new generation of just over 5 million Australians – born between 1965 and 1980 – is approaching retirement.
- Opinion
- Super Q&A
Can I access my super if I sell my business and go part-time?
Even if you have not yet turned 65, you may be eligible to start a transition-to-retirement pension.
Technology
Intel plans 15,000 job cuts after AI fumble
The US chipmaker said it will also reduce capital spending as its turnaround strategy hits another setback.
- Analysis
- The Breakdown
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.
- 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.
Work & Careers
How an Iranian refugee landed Australia’s biggest software deal
When Altium CEO Aram Mirkazemi landed at Hobart Airport as a refugee from Iran he had very little English, but six weeks later he was studying at university.
The six tips that stuck with 2024’s BOSS Young Executives
There’s no single route to the top. But a few good habits will help you on your way.
Life & Luxury
High cholesterol critical factor in development of dementia, study finds
Scientists have for the first time linked high cholesterol and vision loss to the onset of dementia, including them among 14 risk factors.
Can a healthy diet help autistic children to thrive?
It’s early days but researchers are hopeful that diet could be a key factor in easing some symptoms of the condition.
Ultra-luxe pyjamas, Wedgwood dog bowls and other unexpected delights
Elevate the everyday with our selection of household items and wardrobe staples given an extra-special twist.
The watch that took three generations to create
Chopard’s Alpine Eagle is now a mainstay of the sports-luxury category and will be part of an exhibition in Melbourne and Sydney.
Do you know this week’s news? Answer these 10 questions
Have you been paying attention this week? Test your knowledge across politics, business and world news.
