PwC leaders at war over tax scandal
PwC’s former general counsel says she repeatedly advised then chief Luke Sayers and the governance board that legal professional privilege was being misused.
US jobs data cements path to Fed rate cut
Nonfarm payrolls rose lower than all but one forecast in a Bloomberg survey, triggering a broad sell-off in both US bonds and equities.
Worst day for ASX in a year as US recession fears surge
Australian shares ended their worst session in more than a year on Friday after fears of a hard economic landing returned in droves in the US overnight.
- Analysis
- Monetary policy
Don’t pop champagne on interest rate cuts just yet
Inflation data nixed the danger of an interest rate rise next week, but former RBA economists are split on the outlook from here.
‘Davos in summer’: CEOs and Wall St execs descend on the Olympics
Many of Wall Street’s biggest names have arrived in Paris for a summer of deal-making, wining and dining at the greatest sporting event on earth.
Fortescue in-house lawyer issued spying instructions, court told
Fortescue’s internal counsel personally reviewed the social media of an Element Zero defector to determine his location, according to an affidavit.
PM promises major Indigenous economic plan
Anthony Albanese will attend the Garma Festival in Arnhem Land on Saturday, saying his determination to close the disadvantage gap has not wavered.
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paris 2024
Jess Fox’s other race
The queen of kayaking is trying to win election to a key Olympic body – a sign that she might see herself as an Australian sporting leader in the making.
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.
Gold medals to bottom rung: The tough switch from Olympics to business
Moving onto work wasn’t easy for Rob Scott, Kieran Perkins or fellow medallist Rob Jahrling whose life story demonstrates resilience and focus any business would prize.
Fox in hunt for more lucrative sponsors after making Olympic history
Australia’s most successful individual Olympic medallist already has considerable earning power, experts say.
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.
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weekend reads
‘If I stand behind Mandela and he gets shot, I’ll take a bullet, too’
In the final years of apartheid in South Africa, a young doctor was asked to prepare for an assassination attempt on current and future presidents.
‘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.
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.
Tony Burke has his eyes on the job that comes after Home Affairs
A successful stint in his new portfolio would boost Burke’s leadership chances – but the opposition won’t let up on what it sees as a Labor weak spot.
Should knitting be an Olympic sport?
British diver Tom Daley may not be the first man to knit at the Games, but he’s probably the best known.
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Companies
The luxury bubble is bursting and not even Cettire is safe
Prestige fashion is in a state of crisis as sales plunge and stocks pile up. For Cettire, which has operated in the grey market, this is its moment of truth.
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.
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.
Marinus Link makes billion-dollar cable commitment
The order should ensure the $3 billion-plus project to build a second power link to Tasmania starts up in 2030 when the energy market operator says it’s needed.
BHP’s high-altitude copper bet shows guts, but glory isn’t guaranteed
BHP boss Mike Henry has demonstrated plenty of courage by following the Lundin family to the top of the Andes mountains. Will he be rewarded?
Optus’ Australian accounts show $480m loss
Optus filed its own accounts with regulators this week showing its annual loss deepened more than six-fold from a year earlier.
ResMed says sales growth defies weight-loss fears
Chief executive Mick Farrell says he is confident the company has put to bed investor fears that weight-loss drugs will hurt sales of its sleep apnoea products.
Companies in the News
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Markets
- Opinion
- Chanticleer
AI hype just collided with recession fears
Investors were already worried about how artificial intelligence investment will turn into profits. That’s being compounded by fears of a broader economic slowdown.
ASX dives 2.1pc as NAB, CBA, Westpac slammed
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.
Worst day for ASX since SVB crisis as US recession fears surge
Australian shares ended their worst session in more than a year on Friday after fears of a hard economic landing returned in droves 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.
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
Election timing no longer swings on an elusive rate cut
The government is at the mercy of the Reserve Bank. But the central bank is also subject to forces beyond its control.
Columnist
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.
Contributor
Paris shines in the glory of Olympic gold
Paris has used its unique sights and attractions as the backdrop to its Games. But in terms of organisation too, this is the one that Brisbane must learn from in 2032.
Editorial
Iran is playing a dangerous game
There are plenty of reasons to be suspicious of Benjamin Netanyahu’s motives. But Tehran has an even uglier strategy to disrupt the Middle East.
Contributor
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
Higgins cast Reynolds as villain in ‘fairytale’: lawyer
Senator Linda Reynolds was cast as a villain in a “fictional story” constructed in Brittany Higgins’ mind, lawyers say.
Vacancy rates show overseas students being scapegoated: unis
New analysis shows locals in Australia’s three biggest cities have a better chance of finding an apartment in suburbs with large international student populations.
Allan urged to resist foreign student crackdown ahead of India trip
Melbourne University has urged the Victorian premier to push back against the federal government’s crackdown on international students ahead of her trip next month.
Fair Work names CFMEU administrator, seeks extraordinary powers
The FWC has chosen a senior barrister to administer the union and wants to give him sweeping powers to follow dirty money and sack officials. The CFMEU says it’s taking legal advice.
Inside the depraved mind of Hamas’ last man standing
Israeli interrogator Micha Kobi believes only one fate can befall Hamas’ leader Yahya Sinwar: “He must die”.
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World
Aid workers still at risk after Australian’s death: report
A former military chief says Israel should formally apologise and offer compensation to victims of bungled drone strike after serious failures by soldiers.
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.
- Analysis
- US election
Trump keeps going rogue on Harris. Republicans are frustrated.
Donald Trump’s team says it aims to beat Kamala Harris by blaming her for illegal border crossings and inflation. Instead, he’s launching personal attacks.
Journalist back on US soil in historic Russia prisoner swap
Reporter Evan Gershkovich arrived home, along with other US prisoners freed from Russian jails, following the largest such deal with Moscow since the Cold War.
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.
Property
- Exclusive
- Hotels
Why Australia’s biggest hotel is bringing in maggots
The Hyatt Regency at Darling Harbour is the first in the world to use the fly larvae to dispose of its food waste – and it certainly won’t be the last.
Investor borrowing picks up to a two-year high
Vacancy rates have risen and rent growth is slowing, but Australia’s tight housing market is attracting investors, especially as confidence about interest rates grows.
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.
Wealth
- Opinion
- Investing
Why investors should take notice of Japan’s resurgence
With its equity market finally breaching highs not seen since 1989, there is growing evidence Japan’s structural reforms are working.
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.
- 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
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.
Why this earnings season is the end of an era for Apple
The AI era is upon Apple, and all of its tech peers, and the stories it tells its investors and customers about its products are about to change forever.
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.
Work & Careers
As a state school graduate, I believe in private schools
A British financier explains why she educated her children privately, even though the government gave her a good education.
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.
Life & Luxury
Drought of boys in ballet creates problems for budding ballerinas
They are one half of a pas de deux, yet males are deserting ballet schools in alarming numbers. Queensland Ballet has gone all-out to reverse the trend.
Can a series about alien toilets really be the new Marvel?
Born on YouTube as a series of short episodes, this surreal apocalyptic sci-fi has attracted the attention of Hollywood.
‘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.
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.
