Panic hits sharemarket as US recession fears build
The ASX 200 was steamrolled in the sharpest two-day sell-off since COVID-19 first roiled markets.
- Live
- Need to Know
Terror attack alert level raised to ‘probable’ amid extremism increase
Prime Minister Anthony Albanese says alert escalation does not mean “imminent threat”; CFMEU Queensland doubles down on PM attack. Follow for updates.
- Investigation
- PwC tax scandal
The Luke and Tom show: Inside the undoing of PwC
The inside story of how PwC transformed from dull accountant into a sales-driven firm that would tear itself apart.
- Live
- Markets Live
ASX sheds 3pc as recession fears spark sell-off; tech stocks crumble
The sharemarket is on track for its worst two-day sell-down in four years. Wall Street tumbles after July jobs miss. Oil touches 7-month low. Follow here for more.
- Opinion
- Chanticleer
ASX investors have been caught out by a brutal bear panic
This isn’t just investors fretting about bad news. It’s investors fretting about bad news and panicking about the fact they are simply not positioned for it.
AFR readers want RBA to hold, divided on saving Rex
Almost two-thirds of readers surveyed by The Australian Financial Review think the Reserve Bank of Australia should hold rates steady on Tuesday.
- Opinion
- US election
Beware the march of the childless voter
The number of non-reproducers is already large and it’s rising, and unfortunately for J.D. Vance, these people may not have kids, but they do have votes, writes Pilita Clark.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
paris 2024
So close, but it’s silver for our swimmers as a new Fox rises
It took the last race to split Australia and the US in the pool, and a shock upset to split the Fox sisters. Here’s what you missed overnight.
Less than a whisker – Lyles breaks seven-man tie to win 100m
The stadium scoreboard initially could not separate the first seven runners in the blue ribbon race. All eight ran under 10 seconds.
The Games take the money out of golf, and the players love it
Rory McIlroy calls the divide between the PGA and LIV a “shit-show”, but he and other players have marvelled at the amazing vibe in Paris, even without prize money.
Australian swimmers fall one race short of breaking 68-year hoodoo
Every Olympics, Australia and America fight to top the swimming medal tally. In Paris, it came down to the wire.
- Exclusive
- Paris 2024
No horsing around: Harvey Norman boss Katie Page at the Games
Page is now Aussie showjumping’s biggest backer, and has come to watch the horses. After looking around, she reckons Paris is the template for future Olympics.
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MONDAY MEDIA
TV networks to demand fee relief as $40m wagering hole opens up
Sports codes, wagering firms and media companies have a week to make their pitch to the Albanese government, after secret briefings on Thursday and Friday.
- Analysis
- Media & marketing
Murdoch thinks Fox, News Corp worth more right wing
At the heart of Rupert and Lachlan Murdoch’s bid to change the family’s “irrevocable” trust is an idea Fox and News Corp are more valuable as conservative outlets.
Paul Keating’s prediction about Nine-Fairfax goes both ways
Also, the secondary effects of a strike at Nine Publishing land as others seek meetings; and who Seven West Media has hired to manage its crisis PR.
Gambling ad crackdown imminent as sports, media join secret meetings
Sporting codes, wagering and media companies have been summoned to private meetings with Communications Minister Michelle Rowland.
Streaming, catch-up services on verge of eclipsing TV advertising
Revenue growth has slowed significantly across the media and entertainment sector – particularly in news – a widely followed annual PwC survey has found.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
Ex-Macquarie exec Ben Brazil triumphs over Vietnamese billionaire
Brazil’s FitzWalter Capital is seeking $270 million in compensation from Vietjet, one of Asia’s largest airlines, which failed to return four Airbus aircraft.
Ramsay tips lower earnings, hospital capex weak
Ramsay Health Care says full-year earnings will be weaker than expected as it flags writedowns on its European operations.
ASX valuations mask grim reality of a softening economy
Sharemarket investors need to factor in that central banks cut interest rates when economies slow and profit growth splutters.
- Exclusive
- Mergers & acquisitions
CBA tapped to bank Nauru and block Beijing in Pacific
When Bendigo & Adelaide Bank announced it would stop servicing the island to “reduce complexity”, the federal government took notice and turned to CBA.
- Exclusive
- Healthcare
Hospitals seek right to boycott big insurers from funding talks
Catholic-operated private hospitals want a major shake-up of the way they negotiate funding deals with health insurers, in an escalation of tensions between the two sides.
- Analysis
- Due diligence
DroneShield: a capital markets plaything or the real deal?
Even as sceptics question its valuation, the drone detection and jamming group has a near $1 billion market capitalisation.
Korea seeks Australian lithium to secure US subsidies, sideline China
The US offers electric carmakers tax breaks for sourcing components from it and its free trade partners such as Australia and South Korea, not China.
Companies in the News
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Markets
Traders bet on rapid rate cuts as recession fears deepen
Bond prices are soaring globally after weaker US jobs data rattled investors and prompted traders to dial up the need for urgent rate cuts in both the US and Australia to stem an economic downturn.
US recession fears may give RBA confidence to cut sooner
A sudden deterioration in the US jobs market could give the Reserve Bank of Australia confidence that it’s done enough to slow the economy.
Lessons from 40 years of investing, from one value investor to another
Dougal Maple-Brown discusses his family’s decision to sell the famed Sydney boutique founded by his father, the late Robert Maple-Brown.
RBA to hold rates steady as inflation gets closer to target
The central bank is expected to oversee a “straightforward” meeting this week, after last week’s inflation result took the heat out of tightening fears.
- Opinion
- Interest rates
The RBA has more to worry about than just inflation
Monetary policy is now more than ever just a wealth redistribution policy in Australia, just ask the Baby Boomers, writes Tim Hext.
Opinion
Why I’m glad I dumped my industry super fund
After his SMSF regularly beat the performance of his former industry super fund for over a decade, Tony Boyd urges more Australians to take control of their super.
Contributor
Labor must call an inquiry to permanently clean up the CFMEU
Amid the seeming powerlessness of anti-corruption bodies and the traditional reluctance of the police to investigate industrial relations matters, the call for a royal commission appears justified.
Editorial
Five fixes are called for to clean up the CFMEU
Australia has a once-in-a-generation opportunity to rid our biggest construction union of ingrained criminal and corrupt conduct. We cannot afford to miss it.
Contributor
No smoking gun to lift rates, but RBA should still pull trigger
The underlying dynamics of the Australian economy are very different to the US. The cash rate is still too low to ensure inflation sustainably returns to target.
Economist
Will Trump get the weaker greenback he wishes for to restore manufacturing?
Because there is some truth to the assertion that the US dollar is too strong, whoever the next president is could get lucky with the dollar.
Columnist
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
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
Calls grow for royal commission to clean up CFMEU
There are growing calls for the federal government to launch a royal commission into the CFMEU, with the Business Council of Australia warning that an administrator does not have the powers to properly investigate misconduct.
- Exclusive
- Weight loss
Ozempic maker wants taxpayer subsidy for new Wegovy drug
Danish pharmaceutical giant Novo Nordisk pulled in more than $600 million from Australia last year but reported just $17 million in profit here.
Meet the doves predicting an RBA rate cut this year
Falling inflation, rising joblessness, a construction downturn and a household sector battered by rising mortgage repayments may force the RBA to cut in November.
Burke working on steps for 2000 Palestinians to stay in Australia
“Obviously, no country in the world would send people back to Gaza at the moment,” says the Home Affairs minister.
- Exclusive
- Interest rates
Debt and deficits may cause financial crisis, RBA research boss warns
Investors could decide government debt is no longer a safe asset, causing financial calamity, RBA research boss John Simon has warned.
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World
- Exclusive
- AUKUS
Powerful Republicans back AUKUS under Trump
Australia will have sovereignty over US nuclear-powered submarines it buys under the AUKUS pact if Donald Trump is elected president, two senators told the AFR.
- Opinion
- Global economy
Shouldn’t the world thank China for producing too much stuff?
If trade policy were about consumers, the US and EU would thank China for its cheap EVs, batteries and solar panels and its contribution to lowering carbon emissions.
- Opinion
- US election
Beware the march of the childless voter
The number of non-reproducers is already large and it’s rising, and unfortunately for J.D. Vance, these people may not have kids, but they do have votes, writes Pilita Clark.
Harris accuses Trump of ‘running scared’ after he cancels debate
A stoush over the lack of a live TV debate comes as Kamala Harris gets set to announce her running mate for the November 5 presidential election.
20,000 missiles, drones: What a new Israel war could look like
The country’s military capabilities have evolved since it last fought Hezbollah, but so have those of the Iran-backed “axis of resistance”.
Property
- Exclusive
- Pubs
Lenders tried to sell Jon Adgemis’ pubs to Justin Hemmes’ Merivale
Merivale was shown internal financial spreadsheets by one major lender, but ultimately decided against exploring a deal, sources said.
Rate reprieve fails to ignite auction markets
Preliminary auction clearance rates slumped across Sydney as home buyers remained cautious and terrified to commit, amid still high mortgage and holding costs, experts say.
- Exclusive
- Accommodation
Brookfield eyes $2b student beds portfolio
Canadian giant Brookfield spies opportunity for expansion in the sector, despite looming disruption from government caps on foreign student enrolments.
- Exclusive
- Construction
The banker and the builders want subcontractors to get Paid
Former Bendigo Bank boss Mike Hirst has invested in an app that could protect subcontractors – and shake up the lucrative market for building contracts.
Ex-QIC boss Damien Frawley sells organic cattle farm for $25.5m
The new owners of Gowan Station near Blackall are Chinchilla-based cattle breeders Shane and Helen Hutton.
Wealth
- Opinion
- Philanthropy
Philanthropy needs reform to be more inclusive and effective
Philanthropy is not just for the 1 per cent. To maximise the impact of giving, all registered charities should qualify for tax-deductible status.
Buffett halves his Apple stake in $116b stock dump
The cash pile at Berkshire Hathaway has soared to $US425 billion as Warren Buffett struggles to find stocks to buy.
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.
Technology
- Exclusive
- AI
This Aussie unicorn is paying millions for a chief AI officer, should you?
SafetyCulture is on the hunt for its first AI boss as companies scramble to find executives to help unlock billions of value from the hot 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.
Work & Careers
Canberra Airport developer Terry Snow dies aged 80
Terry Snow’s biggest legacy was in property development and philanthropy but his family also praised him as “a family man and a man who sought adventures”.
Telling overseas students what they can study is ‘pointless’
Dictating what overseas students can and cannot study to help Australia’s skills profile achieves little because 84 per cent of them go home, ANU analysis says.
Life & Luxury
Get off the grid to explore the undisturbed islands of Okinawa
In this part of Japan, there’s no word for retirement in the native tongue. A unique, immersive cruise itinerary will help to reveal why.
A watch that was more than 160 years in the making
A rare selection of historic Three Bridges calibres from Girard-Perregaux is coming to the About Time Watch Weekend.
The IVF initiative saving the Great Barrier Reef
Scientists are making huge advances in restoring the reef by introducing what amounts to a vast IVF program for heat-stressed coral.
Three tests that prove you’re exercising too hard
It sounds counterintuitive, but dialling down the intensity of your workouts could help you get faster and burn more fat.
Australia’s best beachside boutiques
Forget malls. When you’re at the seaside you want to discover treasure, and these stores deliver. BYO sandy feet.
