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CFMEU calls for ‘absolute destruction’ of ALP
Thousands of union members march in Melbourne and Sydney amid calls for construction industry to shutdown; Foreign higher education students capped to 270,000 per year. Follow live updates.
Latest Posts
Union protests are ‘illegal’: Victorian opposition leader
‘I’ll be their worst f--- enemy’: Ex-CFMEU leader
Protest reflects strong feelings of workers
Calls for industry to shut down until administration removed
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- Opinion
- Chanticleer
BHP just called the end of the iron ore boom
While the steelmaking material will deliver huge profits for decades to come, chief executive Mike Henry has switched his growth focus to the next big thing.
Tradies’ taste for breakfast burritos lifts Guzman y Gomez
The extraordinary rise in the fast food group’s share price came to a temporary halt on Tuesday, even though same-store sales for July and August are ahead of expectations.
Debt dealmakers prepare to lend big for winner of $20b-plus AirTrunk
Both sides have arranged their own debt packages on top of the OpCo slice, where IFM and Blackstone are understood to be using different structures.
Austal fights to keep US Navy work after $35m fraud penalty
The Australian defence contractor accepted a $US24 million fine in a plea deal to avoid criminal prosecution after a long-running American investigation.
- Live
- Markets Live
ASX flat; Woodside jumps, Lovisa tumbles
Shares steady; Integral Diagnostic swings to loss; Coles reports higher profit; Lovisa’s revenue jumps; BHP cuts dividend; Telix revamp. Follow updates here.
- Opinion
- Russia-Ukraine war
An aggressive Ukraine has crossed Washington’s red line
Volodymyr Zelensky is prepared to ignore Russia’s nuclear threats. But the Biden administration is still wary of escalating the war.
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EARNINGS SEASON
Coles rewards shareholders as profit and margins jump
The result for the country’s second-largest supermarket chain was in line with expectations, but came as major retailers face political pressure over prices.
- Updated
- Earnings season
Woodside reassures investors on dividends as profits slip
The company told shareholders that it could maintain “strong” payments even as it ramps up spending on low-carbon energy projects and new oil and gas fields.
Perpetual takes ‘embarrassing’ $547m write-down on Pendal funds
The firm, which is in the midst of selling a large part of itself to KKR, disclosed the write-down just four days before it delivers a full-year financial update.
Dan Murphy’s owner Endeavour fumbles early 2024-25 trading
The group, which also runs hotels and wineries, started the new financial year with weaker than expected turnover.
The 6-minute mortgage: lender unveils new weapon in home loan wars
The lender reported a decline in profit for the past 12 months. And rivals are threatening to re-heat the intense battle for borrowers that cut into margins.
TECH TUESDAY
- Exclusive
- Superannuation
AustralianSuper takes billion-dollar hit on venture capital failure
The country’s largest superannuation fund had extended loans and capital to education start-up Pluralsight. But lenders have moved in, wiping its investment.
- Exclusive
- Venture capital
How this research institute turned cancer success into a $66m VC fund
After banking $US325m from co-developing a blockbuster cancer drug, WEHI has begun making start-up investments seeking scientific breakthroughs from a new $66m fund.
Why this start-up thinks it can succeed where Uber failed
Drive Mate says it has had a 39 per cent increase in vehicles listed to rent on its platform since news broke of Uber’s plan to close its car sharing service.
The Pixel 9 Pro features we won’t forget about
Smartphone makers, including Google, are throwing dozens of new artificial intelligence features at us right now. How many of them will stick?
- Exclusive
- Performing arts
New music booking platform raises millions to cut out middle men
Try to book big names for an event, and you’ll face a dozen sites claiming to represent them. That scourge may now end for artists such as Casey Donovan.
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
Companies
Pilbara Minerals loads up on debt despite bleak lithium outlook
A new line of credit was unveiled on Monday at the miner’s full-year result, where it reported the lithium price crash had dented its net profit by 89 per cent.
NIB says plan to fix hospital pricing ‘crazy’ as funding tensions grow
Insurers and hospitals are split on how to fix their acrimonious pricing negotiations as government reviews private health.
Ciaran Carruthers to leave Crown Resorts
The departing chief executive will be replaced by David Tsai as interim CEO from September 1.
- Opinion
- Chanticleer
The ASX’s uranium stocks are on a bull run – except this one
You could not pick a better day to launch a uranium play’s equity raising. Stocks are flying. But investors see one company as nothing but a giant hole.
ERA faces shareholder backlash as it flags $210m capital raise
The Rio Tinto controlled company needs to raise money to rehabilitate the Ranger uranium mine in the Northern Territory. Some investors are not happy.
Private equity circles Grant Thornton’s UK business
Carlyle, Blackstone, Permira, CVC Capital Partners and Bridgepoint are among buyout firms that could result in a $2.9 billion valuation for the business.
Chris Ellison’s daughter earns millions for MinRes shipping work
Mineral Resources requires ship owners carrying the group’s iron ore exports to use a shipping agent owned by the daughter of the chief executive, says Ownership Matters.
Companies in the News
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Markets
Five reasons traders don’t believe the RBA’s rate warning
From forecasting errors to credibility issues, market pundits flag the many risks that lie ahead for the Reserve Bank on interest rates.
Traders pile into $A, commodities ahead of Fed cuts
Investors have started targeting the US dollar, adding further momentum to its decline and sparking a rally across foreign-exchange and commodity markets.
Lithium mine closures just ‘tip of the iceberg’
UBS is the latest broker to slash its lithium forecasts, warning that more projects need to close or pause production to end the collapse in prices.
- Opinion
- Sharemarket
Two wrong calls: Why fundies couldn’t beat the market in FY24
There were two key calls to make in FY24 if you wanted to at least keep up with the ASX 200. Get one of those trades wrong and that’s your year’s performance gone.
Paradice’s Sam Theodore sees riches in these uranium stocks
The former Blackrock hedge fund manager’s recent trip to Paladin’s flagship Namibia mine has made him more bullish on the controversial energy source.
Opinion
Dutton’s populist politics trashes Liberal principles
The Coalition’s junior National Party partner is running a populist anti-business agenda, trashing the pro-business principles the Liberals purport to stand for.
Editorial
Why flight delays remain a ‘regrettable reality’ for many Australians
Transport Minister Catherine King promises fixes for airline customers failed by delays, cancellations and sky-high fares – just not quickly.
Columnist
An aggressive Ukraine has crossed Washington’s red line
Volodymyr Zelensky is prepared to ignore Russia’s nuclear threats. But the Biden administration is still wary of escalating the war, writes Gideon Rachman.
Columnist
There’s just no evidence that profits are pushing up prices
Consumer prices have been rising. But its costs not profits that have been doing the driving, writes Saul Eslake.
Contributor
Why you should hear out Andrew Hauser
The recessionistas out there should be listening to the RBA deputy governor’s warnings against overconfidence in predicting the economy.
Former Labor minister and economist
Plan for aviation ‘ombuds’ misses the real problem with air travel
An expanded bureaucracy will likely deliver the opposite of what Australians want and deserve: lower airfares.
Senior correspondent
Reports
Higher Education Awards
The Higher Education Awards highlight the tremendous contribution that the Higher Education sector makes to Australian capability, prosperity and society.
Politics
Venture capitalist teams up with CBA for next big project – democracy
Venture capitalist Paul Bassat is worried Australia is heading in the wrong direction and has teamed up with the Commonwealth Bank and others to get it back on track.
Sacked CFMEU leaders ‘go rogue’, prepare for mass walkouts
Sacked CFMEU NSW leaders held a mass meeting of delegates on Monday that called for nationwide walkouts, despite the union going into administration.
- Exclusive
- Federal election
Coalition to fund ‘aspirational’ tax cuts from axed Labor policies
Lifting the $135,000 tax threshold is one option being considered as the Coalition aims to help aspirational voters.
Dutton doubles down on ‘price gouging’ by big-box retailers
Brands including IKEA, Petbarn and Officeworks are expected to front the looming Senate inquiry into the business practices of big-box retailers.
‘Reckless gamble’ threatens $48b industry
International students are worth billions to Australia’s economy but the government hasn’t modelled the impact of a drastic cap on their numbers.
SPONSORED
World
Ukraine plans payback with new weapon after ‘massive’ Russian attack
Ukraine says it has a new long-range “game changer” weapon to strike deep into Russia, and it doesn’t require asking permission from the US and other allies.
Second high-profile independent endorses Trump
Former Democratic member of Congress Tulsi Gabbard, now a registered independent, has backed Donald Trump in the race to the White House.
- Analysis
- US election
‘Mind-boggling’: Why Trump is still in the presidential race
Anthony Scaramucci was fired by Donald Trump after just 11 days; he has launched a blistering attack on his former boss – and also the Americans who support him.
China’s budget spending shrinks as land sales plummet
The property fallout on public finances is becoming increasingly evident on the balance sheets of indebted local governments.
Women supercharge Harris’ campaign coffers to $795m
The vice president’s fundraising has benefited from Democratic National Convention enthusiasm and “unprecedented grassroots donations”, mainly from women.
Property
What home buyers want, according to search results
Home buyers’ priorities are shifting as cost-of-living considerations rise, making some lifestyle features less desirable.
Australia has a ‘thousand levers’ to pull to increase new home supply
Governments must create an environment that makes it easier to add more housing, including bringing in more skilled tradies, says Mirvac’s development head.
Couple buys $1.8m home – and still ends up sharing with parents
Many multi-generational families want to live close to each other. But worsening affordability has reduced spending power – and that’s changing housing design.
Dubai booms with an influx of anxious wealth
The desert sheikdom’s economy is buzzing with tourism and construction as it positions itself as a safe haven in a region that’s resting on a knife’s edge.
Developers turn to micro apartments to fix housing crisis
Well-designed apartments smaller than 32 square metres can be rented out to singles and couples at rates below the market.
Wealth
Being an Nvidia multimillionaire isn’t as enjoyable as you may think
The tech darling’s 3776 per cent rally has enriched people, but they are too busy to bask in their wealth, as work at the company is gruelling and high-stress.
Can I get a mortgage without a credit score?
Credit scores are a shortcut used by credit providers to assess your history in repaying debt. But what happens if you don’t have one?
How to work less, help the kids and do the job you always wanted
A transition to retirement pension offers opportunities to revamp your lifestyle, pay down debt or gift a home deposit. Here’s how to take advantage.
Technology
- Gadgets With John Davidson
- Digital Life
How to hide your tech in plain sight
Like Samsung’s Frame TV, the Samsung Music Frame uses the power of invisibility to get spouses to finally agree on something for once in their lives.
Why this start-up thinks it can succeed where Uber failed
Drive Mate says it has had a 39 per cent increase in vehicles listed to rent on its platform since news broke of Uber’s plan to close its car sharing service.
- Exclusive
- Performing arts
Why Casey Donovan has 10 people claiming to be her agent
Try to book big names for an event, and you’ll face a dozen sites claiming to represent them. That scourge may now end for artists such as Casey Donovan.
Work & Careers
- Opinion
- Workplace culture
Why saying ‘no’ at work is good for your career
Researchers who knocked back extra work put themselves under the microscope and made some important discoveries.
Labor denies Setka’s claim of secret deal not to take over CFMEU
The union’s former boss said the ALP betrayed a deal that it would not appoint an administrator in return for his resignation amid claims of bikie infiltration.
Life & Luxury
Fashion house turns up the dial on designer watches
Ralph Lauren is all about bringing a little panache to the wrist without compromising on the mechanicals.
Qantas blunder lets people buy first-class tickets for 85pc discount
Within eight hours, passengers snapped up 300 of the seats on flights between the US and Australia, getting deals of up to $29,000 for as little as $5000.
Forget Aperol spritz, this is what’s hot on the drink list this year
Aperol Spritz is so last year. Zoncello limoncello spritz and local sparkling wine are on the summer drinks hit list.
This is where you will be treated like racing royalty
Few hotels can claim an equine concierge, but book a stay at Ireland’s Cashel Palace and you will mingle with the best in the business.
Sydney, beautiful but boring, relearns to party
The city is ending a shortage of bars and nightclubs, overruling inner-city residents who prefer their streets quiet.
