‘Nerds gone wild’: Inside PwC’s last party before it all blew up
It is the days-long party now described as the last hurrah before the storm of the tax leaks. Within six months, the scandal would change the firm forever.
- Updated
- Media & marketing
News Corp puts Foxtel up for sale after reviewing its assets
The publishing and broadcasting multinational said there was acquisition interest in its pay television arm after a year-long “strategic review” of its assets.
- Live
- Markets Live
ASX to rise, QBE doubles profit, Life360 lifts guidance
Shares to rally; NewsCorp to sell Foxtel; QBE posts $1.2b profit; Life360 adds users; Nick Scali profit slides; Pacific Smiles loses board member. Follow updates here
The gold rush dries up – but there are still feel-good Aussie wins
Mere seconds came between Australia and a brace of golds on Thursday, but our water polo women had enough joy for everyone. Here’s what you missed overnight.
- Live
- Need to Know
Australia to accept nuclear material in new AUKUS deal
Richard Marles says Australia will be allowed to take in nuclear material for the procurement of nuclear submarines; Two silvers and two bronze, how the Olympics day 13 unfolded. Follow live updates.
Trump says debate back on, lashes ‘radical left’ Harris
The former president and Republican candidate taunted his Democrat opponent while recommitting to a face-off against Kamala Harris after earlier backing out.
- Exclusive
- Legal industry
Lawyer fees for class action against BHP top $680 million
BHP’s portion of the costs for the 22-week trial are forecast to be about £108 million, according to documents filed with Britain’s High Court.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
PARIS 2024
Paris was gold for Noah Lyles and Simone Biles. It was also great for Netflix.
The US sprinter may be unhappy, but there are a bunch of business executives in the United States who will quietly deem his Olympic campaign a success.
Our best Games: How Aussies won four gold medals in five hours
Four gold medals secured in quick succession brought the Australian gold medal tally to 18 – our greatest Olympic result. And there are still four days to go.
The new king of skateboarding worries he’s too old. He’s 21.
Keegan Palmer joined fellow Gold Coaster Arisa Trew in taking gold. It was his second, and he wants more. But the skateboarder frets he might be past his prime.
This Olympian has a PhD in the sport she will compete in
Rachael Gunn did her thesis on the culture of breaking. She’s now competing for a gold medal in the sport’s Olympic debut.
Australia snatches cycling gold as Brit rivals suffer last-gasp disaster
The great sports rivalry between Australia and Britain was on full display as the Aussie men’s pursuit track cycling team won gold for the first time in two decades.
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REVIEW
AFR editor-in-chief Michael Stutchbury’s 17 most memorable front page stories
On his final day as editor-in-chief, Michael Stutchbury reflects on the stories that have chronicled the changing face of Australia, won awards, and ended careers.
- Opinion
- Visual art
Too many children are being encouraged to follow their dreams
If history has taught us anything, it’s that there are no risks to a young artist giving up on their dreams.
- Analysis
- Interest rates
Is Japan ready for a ‘world with interest?’
An entire generation has grown up knowing nothing but yields near zero and mortgage rates that seemed to get cheaper by the year.
- Opinion
- Refugees
As the world looks elsewhere, famine descends on Darfur
Conflicts in the Gaza Strip and Ukraine have attracted international attention while children die unnecessarily in Sudan.
How the big bet on electric car gigafactories went badly wrong
A glut of batteries is good news for anyone buying an electric vehicle, but it’s slowing development of the capacity needed in the future.
Get the front page and latest edition of the Financial Review as it was printed, delivered to your inbox every morning.
Companies
- Opinion
- Chanticleer
Qantas case a timely warning for money-spinner Transurban
The flying kangaroo’s drama is relevant for Australia’s dominant toll operator, which is returning more cash than ever to investors despite political pressure.
- Exclusive
- Open banking
‘Badly executed’: Labor unveils plans to simplify consumer data right
A raft of enhancements to the open banking and energy sector data-sharing regime will be unveiled on Friday to boost adoption.
Transurban investors get bigger payday but growth prospects scarce
The toll road giant reported a quadrupling of profits in the last financial year, with higher dividends expected. But it faces slower growth on its roads.
Rising costs hit Mirvac margins, new homes
Property developer Mirvac blamed the steep rise in labour and material costs for halving its profit margins on some residential projects, triggering a 13 per cent fall in operating earnings this year.
- Exclusive
- Energy security
Vales Point coal plant owner eyes gas plant, batteries
Delta joins Squadron Energy and others in studying potential investments in new gas power plants to support the transitioning electricity system.
‘Arguable’ case over axing Jabiluka mine permit, judge says
Energy Resources of Australia, leaseholder for the Jabiluka uranium mine, secured an 11th hour legal win just days before the permit was set to expire.
Familiar with the consumer data right? Here’s why you should be
The philosophical basis for the right is that data generated by consumers of commercial services is their property and not that of the company.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Here’s how this climate fund smashed the market
Munro Partners portfolio manager James Tsinidis talks about the power crunch in the US, how Nvidia can double its earnings and names a small cap that he thinks is too cheap.
What happened overnight? Wall Street rallied as recession fears faded
Australian shares were set to open 1.1 per cent higher. US jobless claims data eased outlook worries. Gold was above $US2400. Oil eyed $US80. Bitcoin reached for $US60,000.
Brokers reveal ‘bargain’ stock picks after ASX meltdown
Analysts are hunting among the rubble of this week’s sharemarket crash, which they say has created an opportunity to snap up some growth and cyclical stocks at bargain prices.
L1 Capital shorts CBA as cracks emerge
The hedge fund has become the latest to take the so-called “widow-maker” trade against Australia’s largest bank.
Investors warn global rout may have not gone ‘far enough’
Goldman Sachs, JPMorgan Asset Management and Capitol Group warn that volatility in the market is likely to persist after Monday’s brutal sell-off.
Opinion
RBA returns serve on inflation
Why the RBA disagrees with the Albanese government on inflation.
Columnist
Indispensable Joyce became excess liability for Qantas
That the former CEO stayed on long enough for hubris to set sad is reality behind an often striking success story.
Editorial
Short-term politics won’t leave sustainable childcare legacy
Five years ago, Labor promised to subsidise childcare wages and was howled down. Now, it hardly moves the dial.
Political editor
Albanese should call out the Greens on antisemitism
The PM is correct that “words matter”. So he should stop talking in code about the elevated terror threat.
Columnist
Next AUSMIN needs to turn alignment into outcomes
This year’s ministerial consultations moved away from defence announcements. But progress on many key initiatives is yet to deliver tangible results.
Defence expert
The big risk in Kamala Harris’ surprise choice for VP
Tim Walz’s down-to-earth language was transformed into the equivalent of a magic wand, but there’s a risk in overlooking Josh Shapiro in a must-win state.
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
- Open banking
‘Badly executed’: Labor unveils plans to simplify consumer data right
A raft of enhancements to the open banking and energy sector data-sharing regime will be unveiled on Friday to boost adoption.
Voice architect fears Indigenous policy ‘deja vu’ trap
Uluru Dialogue co-chairwoman Pat Anderson warned Labor not to throw its promise of a Makarrata commission “out with the referendum bathwater”.
Labor working ‘arm-in-arm’ with RBA on inflation, Albanese insists
The prime minister has pushed back on claims that federal government spending is making it harder for the Reserve Bank to tame inflation.
- Analysis
- Government Observed
Hybrid working mishmash for 1.7m government workers across Australia
The NSW government’s push for public servants to work from their offices has left a jumble of work arrangements for the nation’s largest employers.
‘I’ve had a gutful’ of factional squabbles: SA Liberal leader quits
The leader of the Liberal Party in South Australia, David Speirs, has angrily criticised internal factional squabbles as he resigned
SPONSORED
World
- Analysis
- Inside China
Bad news for Australia: China’s steel crisis is set to deepen
Prices are tumbling, profits are dwindling, and there’s little relief on offer from a government focused on retooling China’s economy for the long term.
Britain issues alert for Iran, Lebanon airspace as risks rise
Egypt issued a similar warning, as Western and Arab nations are seeking to head off a major regional conflict in the Middle East.
Blackstone’s boss has a multimillion-dollar newt problem
Stephen Schwarzman has told UK chancellor Rachel Reeves of how renovations on his $155 million country estate have been derailed by the small animal.
Harris seeks centre-left sweet spot in US election battle
The Democratic candidate has dropped her left-wing policies from her failed 2020 presidential campaign.
- Opinion
- US election
Why Harris’ new running mate is no J.D. Vance
Tim Walz is a blue-collar moderate who branded the Trump-Vance ticket “weird”. His working-class appeal can help Democrats prevail in swing states.
Property
- Updated
- Earnings season
Building cost rises create horror year for Mirvac
One of the country’s largest property developers says profit margins on some big apartment projects have halved, pushing earnings significantly lower this year.
How this Brisbane couple added a sea change to their downsizing
Susie and Glenn Molloy wanted to live close to the water after one of their parents passed away, so they moved to a duplex near Port Stephens in NSW.
Sydney’s tallest tower to test battered office market
The Japanese property giant is seeking around $600 million for its 30 per cent stake, which would value the entire Salesforce Tower at $2 billion.
- Exclusive
- Luxury property
Vacant Vaucluse mansion asking $30m
In Sydney’s Vaucluse, an 1890s manor, sitting on more than 2000 square metres, has hit the market guiding $30 million.
Federal buybacks in Murray-Darling Basin to stem fall in water prices
The Commonwealth’s plan to buy back 70 gigalitres of water entitlements in the southern Murray-Darling Basin has already lifted water prices in some markets.
Wealth
What to do with your money during a market meltdown
Investors are jittery after US recession fears triggered a global market rout this week. But sudden downturns are a good time to review your investment plans.
- Opinion
- Aged care
How a room in aged care could cost $800 a week
Those who can’t afford the full accommodation deposit need to watch out for an 8.35pc sting in the tail.
- Opinion
- Property market
The maths of rentvesting has changed. We do the sums
It’s a popular strategy for building wealth but how does rentvesting stack up after 13 rate rises?
Technology
- Exclusive
- Venture capital
Brumby urged to follow Breakthrough Victoria CEO out the door
The chief executive of the Victorian government’s Breakthrough Victoria fund, Grant Dooley, has resigned and backed an overhaul of the John Brumby-led board.
Olympics’ online trolls get taken down by AI
Athletes have previously had to turn off their phones to avoid online abuse – this year artificial intelligence is helping to keep trolls at bay.
- Exclusive
- Start-ups
‘Harder and harder’: Why Canva’s $370m AI bet said yes
AI dollars can be “fleeting” and competing with big players can cost hundreds of millions, setting the scene for Leonardo’s sale to Canva.
Work & Careers
- Analysis
- CFMEU
CFMEU is a dirty word the industry doesn’t want to talk about
A construction industry conference billed as important as UN climate conferences barely touched corruption allegations roiling the sector.
How geopolitical tension is changing ANZ and its clients
Geopolitical risk is hitting boardrooms with a bang, with ANZ the first of the big four banks to create a specialised unit.
Life & Luxury
Caviar and crocodiles. What’s not to like?
Seabourn’s maiden voyage between Broome and Darwin represents a step change in the way Indigenous people take part in the burgeoning business of Kimberley cruising.
A Michelin star chef’s guide to the hottest dining in London right now
Chef and restaurateur Clare Smyth of London’s Core on the joys of dirty martinis, seasonal fare and Sunday pub roasts.
Bees’ royal jelly may ease autism’s sting
Researchers have found that a component of royal jelly, the secretion from honeybees, can counter one form of autism.
Jessie French turns algae into art, and conjures a PVC alternative
The materials researcher found a way to make art – and replace petrochemical-derived plastics – with algae.
How young sports fans are changing the game
Thanks to social media, team loyalty is being replaced by devotion to individual athletes.
