- Opinion
- Chanticleer
Macquarie’s Viktor Shvets’ lesson from ‘mini heart attack’ on markets
Was the market rout – and rebound – a sign of how fragile markets are, or proof they are actually less risky? Viktor Shvets’ answer might surprise you.
- Updated
- Earnings season
News Corp puts Foxtel up for sale after asset review
The publishing and broadcasting multinational said there was acquisition interest in its pay television arm after a year-long study of its assets.
Buy the dip: Twenty-six shares fundies would snap up in another rout
More wild market swings are predicted in coming months by some experts. We asked fund managers where they see opportunity.
- Live
- Markets Live
ASX extends gains, Life360 hits record high
Shares rally; Whitehaven Coal given legal nod for Narrabri; NewsCorp to sell Foxtel; QBE posts $1.2b profit; Life360 ups guidance; Nick Scali profit slides. Follow updates here.
The Agency sacks CEO following period of underperformance
Geoff Lucas’ exit comes just three years after he was poached from rival top-end real estate firm McGrath.
- Exclusive
- Private equity
Wingate Group on the sales block as investors circle private credit
The Melbourne-based investment manager is in discussions with a Singaporean suitor about a potential investment or takeover that could be sealed this month.
‘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.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
PARIS 2024
- Explainer
- Paris 2024
What you need to know about this new Olympic sport
Breaking is the latest sport to appear at the Olympic Games. But how does it work, how do you win and can you make any money from it?
Boilover in the pool as Aussies stun US to seek water polo gold
The increasingly confident women’s team have defied the odds to beat three-time Olympic champions the United States and book a place in the final.
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.
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.
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.
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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
Life360 shares hit all-time high, announces 70m users
Market darling Life360 continued its share price rally on Friday after lifting its revenue and earnings guidance for the full year.
Nick Scali’s profit drops as shoppers avoid big ticket items
Other large retailers had already warned of softer results this reporting season, while the furniture merchant said it would also cut dividends.
- Updated
- Aviation
Qantas board failed to challenge Joyce’s ‘command and control’
Qantas’ incoming chairman John Mullen said bonus practices at the airline had been problematic as the board was unable to override “the formulaic results of a compensation scheme” if there was a major scandal.
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.
AMP cuts financial advice deal, stemming losses
The company will partially sell that business via transactions totalling $92.4 million, while the stock lifted 13 per cent after interim profit beat consensus.
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.
- 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.
Companies in the News
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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
The RBA’s take down of government spending is reverberating loudly in Canberra and can only undermine Labor’s key argument that its fiscal policy complements monetary policy.
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
Politics
Marles denies any sinister meaning in AUKUS ‘political commitments’
New AUKUS treaty does not lock Australia into accepting nuclear waste from the US and UK, or commit to joining a war over Taiwan.
- 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.
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”.
- 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.
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.
SPONSORED
World
- Analysis
- Russia-Ukraine war
Ukraine punches through Putin’s lines in surprise war tactic
A government in Russia’s Kursk region declared a state of emergency as Ukrainian forces advanced several kilometres across the border.
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.
Why Coke’s $24b epic tax battle is staying hidden
The stakes of a fight with the US Internal Revenue Service over “astronomical” profits in low-tax countries are visible only in fine print.
- 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.
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
Rooms in aged care now 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
Apple plans its smallest computer ever
As part of an overhaul of the Mac line with AI-focused M4 chips, the Mac Mini will get its first big redesign since it was revamped under Steve Jobs in 2010.
- 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.
Work & Careers
The CEO of this $1b company was told he’d ‘never amount to anything’
Victoria’s Latrobe Valley, home to some of the country’s largest coal power plants, is an unlikely birthplace for Aussie Broadband and its CEO.
- 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.
Life & Luxury
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.
Would you like a matching gelato with that watch?
IWC, maker of the much-loved Portugieser, will serve up treats at Australia’s prestige watch event along with multiple new models.
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.
Sleeping Dogs movie review: Russell Crowe in top form in this thriller
Crowe’s performance in the lead role reminds us what a fine actor he is in this slow-burner that occasionally erupts into violent action.
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.
