- Live
- Markets Live
ASX to slip; Tabcorp takes $1.4b writedown; Fortescue profit jumps
Shares are set to open modestly lower; S&P 500 edges higher; iron ore advances; oil pulls back; Woolworths flags special dividend. Follow updates here.
Latest Posts
10pc TV decline drags down Nine Entertainment’s revenue, profits
Origin taps Campbell for board
Fortescue’s net profit jumps 18pc
Woolworths bottom line dragged lower by $1.5b NZ impairment
Last updated 8 mins ago
- Exclusive
- Superannuation
APRA puts major super funds on notice over ‘opaque’ private credit
Some of the country’s largest funds, including AustralianSuper, are heavily invested in the sector, lending to the challenged US commercial property market.
Major universities smashed in Labor about-face on overseas students
The government will cap numbers and redistribute them across the sector, one of the country’s biggest export industries, with smaller institutions to benefit.
- Live
- Need to Know
Trump faces new case to sidestep immunity
The indictment no longer includes some allegations; Kamala Harris locks in first interview as nominee; “Vast majority” of union members not at protests, Murray Watt says. Follow live updates.
- Opinion
- Chanticleer
How Coles stopped the thieves and beat the petty politics of profits
Populist politicians will probably claim Coles is price gouging. But its results tell a more nuanced story that’s resonating with investors, if not voters.
Rogue CFMEU leaders vow ‘absolute destruction’ of Labor
Ousted CFMEU officials have vowed to campaign to turf Labor out in state and federal elections, as tens of thousands stopped work to protest the CFMEU administration.
Doxxed Jewish group demands police probe of NYT admission
Members of a group of Jewish creative workers who suffered harassment after details of a private chat group were published believe there’s evidence of a possible crime.
- Driving With Tony Davis
- Motoring
This FI beauty could top $100m at a legendary racing car auction
Get our columnists’ expert take on earnings season, direct to your inbox daily. Plus receive the weekly newsletter where they unpack the biggest stories. Exclusive to subscribers.
EARNINGS SEASON
BHP’s warning for high-cost iron ore producers
“We would expect some high-cost suppliers to be driven out of the market over time,” BHP said of its iron ore producer rivals.
- Opinion
- Chanticleer
BHP just called the end of the iron ore boom
While the steelmaking material will deliver huge profits for decades to come, BHP chief executive Mike Henry has switched his growth focus to the next big thing.
Guzman y Gomez is nearly a $4b company
The Mexican-themed fast-food chain is outstripping rivals in delivering strong same-store sales growth and closed at a record on Tuesday.
Zip nails comeback, predicts huge US transaction growth
Zip shares took a breather after a strong run driven by its pivot to profitability.
- Updated
- Earnings season
Woodside investor relief as payouts to remain ‘strong’
Analysts are expected to lift Woodside’s forecast yield after it clung to an 80 per cent payout ratio for shareholder returns.
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
Companies
Insurer payments to hospitals are rising – so are out-of-pocket costs
But major hospital groups say surging specialist fees and medical device expenses mean the higher payments are still barely keeping them above water.
Coles rewards shareholders as profit and margins jump
The result pushed Coles shares to a two-year-high, as major retailers face more political heat over alleged price gouging.
Tradies get a taste for Guzman y Gomez’s breakfast burritos
“Cafes are expensive,” says Guzman y Gomez co-CEO Steven Marks, who is tapping into the fast-growing drive-through breakfast rush.
Worley profits surge but pipeline softens as energy projects cancelled
Customers are being more “pragmatic” on how they reduce carbon emissions and putting pure sustainability projects on hold, says chief executive Chris Ashton.
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.
McGorry ‘taken out of context’ by CA ANZ chief van Onselen
Patrick McGorry says he was taken out of context in an opinion article by Chartered Accountants ANZ chief executive Ainslie van Onselen about proposed new laws to rein in rogue tax agents.
Snowy Hydro’s Kurri Kurri generator to run on diesel for months
The new 660-megawatt power station will begin operating in December but only switch to gas early next year, with green hydrogen now a long-term option.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Gold bulls delight in Jackson Hole as Powell juices rally
Investors say the Federal Reserve chairman’s speech was a watershed moment for bullion.
What happened overnight? Wall Street churned as it awaited Nvidia
Australian shares were set to open down. US stocks traded in a narrow range as the AI darling’s quarterly results loomed. Iron ore advanced, oil pulled back.
Iron ore’s spike above $US100 won’t last: strategists
The price of Australia’s key export has bounced 10 per cent in just two weeks, catching hedge funds off guard.
CBA chief economist Stephen Halmarick calls time at bank
The economics specialist is due to depart early next year after almost 16 years with the big four lender to pursue other opportunities in the field.
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.
Opinion
BHP steps boldly in an uncertain world
The company is confident of future growth prospects in copper and potash, while iron ore profits continue to underpin its bottom line despite nerves over China.
Columnist
How to remake the CFMEU culture of confrontation
Only deeper, durable changes will stop the law-breaking construction union’s self-reinforcing behaviour re-emerging after three years of administration.
Industrial relations expert
Why haven’t the police investigated the doxxing of Jewish creatives?
We now know who leaked the names and comments in the WhatsApp group. But what about holding accountable those who used carriage services to menace and harass?
Australian Jewish Creatives and Academics WhatsApp group
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
Private credit boom demands regulatory attention
Investor protections, transparency and higher disclosure standards need to be put in place, so investors can have faith they’re being paid for the risk they’re taking by moving their money out of guaranteed bank deposits.
Editorial
Beijing could do without Trump’s unpredictability on steroids
The conventional idea is that China would prefer the chaos of second Trump term. But on the ground, officials and scholars are wary of a Trump victory.
Columnist
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
Greens demand $500b in ‘Robin Hood’ taxes on miners, corporates
The Greens’ “Robin Hood” reforms would levy an extra $514 billion in taxes over 10 years.
Households have run out of pandemic savings
The $300 billion in pandemic-era savings may have run out, encouraging households to save stage three tax cuts.
Labor warns on production credits as Libs flag $92b in spending cuts
Resources Minister Madeleine King says the Coalition will risk national security if it revokes production tax credits for critical minerals to fund tax cuts.
Younger people overtake Boomers as biggest investment scam victims
More than half of investment scam victims last financial year were aged under 50, while a similar portion of the losses were in cryptocurrency, according to the AFP.
PM says Labor ‘not for turning’ as Greens court militant unions
The Greens have aligned themselves with the CFMEU as the Labor hierarchy played down the prospects of a damaging backlash.
SPONSORED
World
Israel rescues first living hostage from Gaza tunnel
The 52-year-old Israeli father of 11 was taken to a hospital, where members of his large Bedouin Arab family gathered around his bedside in a joyful reunion.
Chip challengers try to break Nvidia’s grip on AI market
Cerebras, d-Matrix and Groq are among a group of smaller companies aiming to take a slice of the multibillion-dollar artificial intelligence hardware market.
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.
Top US, China officials to meet on military, Taiwan, fentanyl
The two countries are at odds over the Middle East and Ukraine, Chinese territorial claims from Taiwan to the South China Sea, and trade.
Canada tries to halt China’s EV flood with 100pc tariffs
The move replicates US and EU measures as Prime Minister Justin Trudeau says China “is not playing by the same rules” as everyone else over electric vehicles.
Property
Number of homes for sale soar ahead of spring
Fresh listings are surging in some of the more expensive housing markets in Sydney and Melbourne as sellers rush to beat the competition.
- Exclusive
- Hotels
Accor hotel brand to debut in Melbourne match factory
The former Redheads match factory in Melbourne’s Cremorne will be repurposed into the country’s first Hoxton designer hotel by developer Alfasi.
Construction insolvencies come racing out of the blocks in FY25
It’s not clear when the pressures pushing builders over in numbers disproportionate to the size of the sector will ease.
Lendlease, Warburg Pincus in $1.8b life sciences buy
As it goes through a messy turnaround, Lendlease needs to convince investors it is on the right track. This deal aims to do that.
London’s luxury-home market looks to rich Americans to save it
Agents looking to sell the city’s priciest homes are increasingly seeing US buyers as their best hope for reviving a market hurt by tougher taxes on the rich.
Wealth
The hunt for truly diverse investments – from alligators to concrete
With regular asset classes increasingly correlated, wealthy investors are looking to some esoteric choices.
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?
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.
- 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.
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.
Work & Careers
Anthony Pratt a witness to father’s love for half-sister: court claim
Billionaire Anthony Pratt and his sisters were witness to the “bonds of love and affection” between their late father and his “love child” Paula Hitchcock, claim new court documents.
Landmark bid for gig worker pay prompts warning of ‘legal chaos’
Transport Workers Union applies to set minimum rates for food delivery workers, truck drivers and couriers just days after government’s laws came into effect.
Life & Luxury
Affordable or significant? Sydney’s biggest art fair offers both
With 86 galleries taking part in Sydney Contemporary, new director Zoe Paulsen reckons visitors will find something that piques their interest.
The newest trend on London’s Savile Row: women
“We don’t discriminate, except when it comes to gender,” says Daisy Knatchbull, who’s turning heads in the home of suiting.
- Drinks With Max Allen
- Wine & spirits
How a dinner conversation led to a vineyard purchase
Novice owners are writing the next chapter at a top Mornington Peninsula estate.
Hermès for your home? See what the luxury brand has in store
These covetable products may be new, but they include plenty of retro nods.
The robochef revolution poised to take over restaurants
Robot-driven kitchens are delivering profit margins that traditional restaurateurs can only dream of, and their spruikers argue that human chefs will benefit too.
