- Exclusive
- Health insurance
Pressure for health premium overhaul in election headache for Albanese
The influential medical lobby is demanding an independent umpire to determine how high insurance premiums can rise as negotiations over the next increase begin.
- Results Wrap
- Chanticleer
Chanticleer’s hits and misses from day one of earnings season
Retailer JB Hi-Fi was the standout result on day one of earnings season. Here are the key things our Chanticleer columnists noticed today.
Struggling Sims liquidates $435m in assets in strategic reset
Metal recycler Sims has sold two assets as it tries to survive the toughest recycling market in a decade.
- Opinion
- Building Bad
Labor’s shock at CFMEU deserves an acting prize
After years of ignoring all the evidence, Labor governments have expressed their shock at evidence of criminality and corruption in the construction union. What now, asks Jennifer Hewett.
Labor backbench frustrated over watered-down gambling ad ban
Ms Rowland this month flagged a total ban on social media ads, but did not extend the prohibition to TV, a move that has perplexed some Labor MPs.
- Opinion
- Chanticleer
EVs sales splutter, but not this group’s offshore expansion strategy
CAR Group’s big move in the US came at a time of rising rates and softening consumer demand. It still worked.
CFMEU boss’ son Michael Greenfield resigns
The second-most-powerful official in the CFMEU NSW branch has resigned following “extreme” pressure on his family and “relentless” government scrutiny.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
PARIS 2024
- Opinion
- Paris 2024
Like a French film, the closing ceremony was genius, difficult
The closing ceremony was slow, and some people walked out, but the fans stayed until the end and only the Hollywood part was a bit off.
Paris changes as the Paralympics get ready to arrive
Four-time Paralympic gold medallist Dylan Alcott just attended his first Olympics. It’s given him a taste of what’s to come, and how the city has changed accessibility.
Tom Cruise dives into star-studded Paris closing ceremony
With golden fireworks, celebrities and thousands of athletes partying into the night, the closing ceremony put a final flourish to Paris’ first Games in a century.
Meet the PhD breakdancer behind the Raygun memes
Rachael “Raygun” Gunn did her thesis on the culture of breaking. Now she’s a meme after her controversial Olympic debut.
The good, the bad and the ridiculous: We’ll always have Paris 2024
Sporting triumph and tragedy, a blockbuster Aussie medal haul, controversy, bad food, Gina Rinehart, Snoop Dogg. Here’s what you missed in the past fortnight.
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TECH TUESDAY
- Exclusive
- Start-ups
Cannon-Brookes, Benioff-backed start-up lays off staff in US pullback
Loam Bio, a start-up that has raised more than $150 million from high-profile investors, has laid off the majority of its staff in the US.
Fears the only way is down for hot tech sector in reporting season
Nervous investors and analysts are ready to punish any ASX-listed tech company that disappoints this earnings season.
- Opinion
- Digital Life
Apple Vision Pro means the future of work is upon us
The headset lets you do your work in virtual reality. It works surprisingly well, but ideally, you will have the neck strength of a rugby forward.
- Analysis
- Tech Observed
In love with a bot? OpenAI data shows we are entering sci-fi territory
Humans falling in love with chatbots, and AI platforms hatching ‘catastrophic schemes’ are among concerns being monitored and managed by researchers at OpenAI.
Cisco plans thousands of jobs cuts in cyber, AI shift
Cisco will reportedly eliminate 4000 jobs in a second round of layoffs this year, as it moves its focus to areas such as cybersecurity and artificial intelligence.
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Companies
Competition regulator delays $8.8b Chemist Warehouse deal approval
The ACCC is undertaking more analysis of the transaction, which would merge the pharmacy giant into Sigma Healthcare. A decision won’t be made until October.
Struggling Sims liquidates $435m in assets in strategic reset
Metal recycler Sims has sold two assets as it tries to survive the toughest recycling market in a decade.
Sportsbet accuses Deloitte of negligence, misleading audit work
The bookmaker claims the firm signed off on “materially understated” gambling fees and other underpayments at a company it acquired for $313 million in 2018.
‘Carnage’ in steel markets to sink iron ore below $US90
Analysts can’t understand what is holding up the price of Australia’s key export and Westpac says the market is ignoring key fundamentals.
Guzman y Gomez in ‘striking distance’ of joining ASX 200
The Mexican fast-food chain has a good shot at joining the major benchmark next month, potentially attracting millions in new investment.
Overdue loans swamp private credit giant lending to Sydney’s wealthy
The local lender has previously written loans for some of Sydney’s most colourful businessmen. Growing arrears aren’t always made clear to its investors.
- Updated
- Earnings season
Jump in JB Hi-Fi sales fuels retail earnings optimism
Investors predict better-than-expected earnings for retailers after months of soft trading.
Companies in the News
Search companies
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Markets
- Opinion
- Chanticleer
Why the RBA’s rates warning won’t mean much to investors
Andrew Hauser says it’s a risk to listen to “false prophets” on interest rates. But those in the market have little choice but to take a position as a crucial turning point looms.
‘Carnage’ in steel markets to sink iron ore below $US90
Analysts can’t understand what is holding up the price of Australia’s key export and Westpac says the market is ignoring key fundamentals.
ASX climbs as consumer stocks rally; Beach sinks 13pc
Shares advance; JB Hi-Fi flags special dividend; Aurizon announces $150 million buyback; Beach Energy plunges into loss; CAR Group revenue jumps. Follow here for more.
Why this fundie is betting big on Macquarie Group
K2’s George Boubouras is not worried about the recent market turmoil or the US economy, instead he’s betting on mid-caps and Australia’s biggest investment bank.
- Opinion
- Superannuation
This $300b super fund is making a monster move to stocks
Australian Retirement Trust has decided that a big chunk of its members will do a lot better with their pension nest egg invested in riskier assets.
Opinion
Labor’s shock at CFMEU deserves an acting prize
After years of ignoring all the evidence, Labor governments have expressed their shock at evidence of criminality and corruption in the construction union. What now?
Columnist
Kick the gambling ad habit that’s doing damage
If the point is to crack down on gambling ads that cause harm, the old anti-smoking campaign tagline about “every cigarette is doing you damage” ought to apply to making all addicts kick the habit.
Editorial
Central banks need true transparency not fake consensus
The Bank of England isn’t afraid to advertise its differences. That is better for creating trust than the obsession with a united front at the US Fed.
Global financial commentator
High-level dialogue shows China chill is ending
The resumed annual face-to-face meeting of government and industry has been crucial to stabilising the relationship.
Former Labor minister and economist
Unions have been handed the keys to the Pilbara
Unions will seek pay without productivity as the Albanese government hands over control of Australia’s resources powerhouse.
Minerals Council CEO
We need overriding public interest test to break approval logjam
Australia has to look at the global benefits of green projects, not just local impacts. The alternative might be stagnation, or worse.
Former Chief Scientist
Politics
Stop telling us what to do with interest rates: RBA deputy
Economists and politicians have accused the Reserve Bank of hypocrisy after deputy governor Andrew Hauser labelled economic commentators overconfident “false prophets”.
- Analysis
- Sketch
The next election is sucking the life out of politics
Back in Canberra after a six-week break, Labor and the Coalition appeared dejected and snarky.
AUKUS deal prioritises US, UK subs over Australia
The agreement also gives the US and Britain sweeping powers to demand Australia beef up security around submarine bases and yards.
Muslim doctor set to take on Tony Burke in Sydney seat of Watson
Anger over the war Gaza is fuelling a political movement targeting Labor’s safest seats.
Labor backbench frustrated over watered-down gambling ad ban
Ms Rowland this month flagged a total ban on social media ads, but did not extend the prohibition to TV, a move that has perplexed some Labor MPs.
SPONSORED
World
Russia evacuates another border region amid threats from Ukraine
Russia has imposed a sweeping security regime in the Kursk, Bryansk and Belgorod regions, while ally Belarus says it is bolstering troop numbers at its border.
US orders armed submarine to Middle East as tensions mount
US Secretary of Defence Lloyd Austin also ordered the Abraham Lincoln strike group to hasten its deployment to the region, as Israel prepares for Iran’s attack.
Pelosi welcomes Harris home as West Coast donors raise $18m
The former House speaker appeared with the Democratic presidential nominee in San Francisco at an event the Harris campaign said raised more than $18 million.
Investors hit pause on Biden’s manufacturing renaissance
Companies said deteriorating market conditions, slowing demand, and lack of policy certainty in a high-stakes election year have caused them to change their plans.
- Opinion
- Electric vehicles
Why Musk’s antics now appear to be hurting his bottom line
After a string of inflammatory remarks on social media, Elon Musk seems to be turning off the most obvious customers for his cars.
Property
Private hospital woes are ‘short term’, says healthcare property fund
Analysts say the HealthCo Healthcare & Wellness REIT could be one of the few listed property trusts to forecast earnings growth this reporting season.
The Sydney suburbs where rents are falling
Asking rents have fallen in Sydney, Melbourne, Brisbane and Perth. It’s not the end of the rental crisis but could mean the worst increases are over.
US mortgage rates drop sharply to lowest level in a year
The Fed is expected to start lowering interest rates in September after holding them at 5.3 per cent for the past year.
Receivers appointed to sell Selina Australia’s ‘flashpacker’ hotels
The global budget hotel operator collapsed last month. Now its profitable Australian hotels are being sold by receivers acting on behalf of Dorado Capital.
From dropping pamphlets to selling $85m homes
His father was the first person in Australia to sell a house for $1 million. Brad Pillinger reflects on 30 years selling the country’s most expensive homes.
Wealth
Young investors sold geared ETFs as property becomes pipe dream
Leverage is what makes the housing market such a wealth juggernaut. Should ETFs get the same treatment?
- Opinion
- Aged care
Changes to aged care fees are likely. This is how it might look
As providers face financial pressure, one option might be to increase the lifetime cap applied to means-tested fees.
- 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.
Technology
- Analysis
- Tech Observed
In love with a bot? OpenAI data shows we are entering sci-fi territory
Humans falling in love with chatbots, and AI platforms hatching ‘catastrophic schemes’ are among concerns being monitored and managed by researchers at OpenAI.
Fears the only way is down for hot tech sector in reporting season
Nervous investors and analysts are ready to punish any ASX-listed tech company that disappoints this earnings season.
- Exclusive
- Start-ups
Cannon-Brookes, Benioff-backed start-up lays off staff in US pullback
Loam Bio, a start-up that has raised more than $150 million from high-profile investors, has laid off the majority of its staff in the US.
Work & Careers
Directors revolt over government’s climate, IR and merger laws
Mandatory climate reporting, tougher merger laws and workplace legal changes have seen concerns over red tape soar.
40pc of blue-chip company directors lack skin in the game
Of the 22 directors of ASX 300 companies who were paid more than $1 million last year, only three were female, a survey shows.
Life & Luxury
Nuns go disco in Sister Act musical
The musical version of the 1992 hit movie has its heavenly moments.
Discover the real Tokyo at its listening cafés
Dotted around the city, they are not for eating or talking but for hearing music played on elaborate stereo systems. A new documentary lends an ear.
Meet the designer whose $1k pyjamas are too fancy to stay in the bedroom
A pair of PJs for $1000? They must be from UK-based Olivia von Halle, who’s intrigued by how many customers she has Down Under.
Are ‘investment bags’ really worth it?
A reader with cash to splash wants to know: is a luxury handbag really all it’s cracked up to be?
- Driving With Tony Davis
- New car snapshot
Rolls-Royce’s electric Spectre has landed – in all its pompous glory
You don’t buy a Rolls, you commission one, and the options are almost endless. But the marque’s first EV sure makes its presence felt on Australian roads.
