Biden triggers oil price surge as Middle East tensions mount
A vague remark from the US president sent oil prices more than 5 per cent higher, as Israel’s standoff with Iran threatens to spill out into the global economy.
ASX to drop, Dow paces Wall St broadly lower
Australian shares are set to open down, tracking losses in New York after crude leapt on concerns Israel is poised to hit Iranian oil assets. Gold steady.
Qatar rebalances the scales in a long game of revenge against Qantas
A decade long drama between the Gulf carrier and the national carrier ultimately led to the blockbuster Virgin Australia deal, shaking up the aviation sector.
The media storm behind the NRL’s next billion-dollar play
Peter V’landys and his chief executive Andrew Abdo want a mammoth broadcast deal to shore up the code’s future. Will they bring an NFL-style model to Australia?
- Updated
- Energy
Origin Energy deals big blow to Australia’s hydrogen hopes
The electricity and gas giant will not proceed with a project in the Hunter, which had been shortlisted for funding as part of Labor’s $2 billion incentive scheme.
Payman won’t lead a single-issue ‘dead duck’ party: adviser
Parliament’s “preference whisperer”, Glenn Druery, says religious-based politics focused on one issue aren’t a vote winner.
Greens join push to scrap junior worker pay rates
The Greens would push a second term minority Albanese government to abolish lower rates of pay for young workers in retail, fast food and pharmacy.
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review
Chungking Mansions, the chaos and glory at the heart of Hong Kong
How a 1960s block of towers filled with deal makers and refugees came to define the changing city.
Iran is losing. That may matter more than Israel’s mistakes
During my deployment in Iraq, I learnt an important lesson about the West’s jihadi enemies: Defeat demoralises them.
- Opinion
- AI
OpenAI has shattered big tech’s promises of a better world
CEO Sam Altman’s latest pivot is a reminder that Silicon Valley’s lofty “missions” usually give way to rapid growth and profit.
How ‘sinister’ Fayed lied his way into the heart of British society
The businessman’s already controversial reputation has been forever sullied by the shocking claims of sexual abuse.
Vance’s mother deals with her past and his future
Trump’s running mate hid nothing in his warts-and-all memoir Hillbilly Elegy – including his mother’s addictions.
The hotly anticipated lists of who wields the most overt, covert and cultural clout in Australia.
Companies
- Exclusive
- Agriculture
Ed Peter’s Duxton stops investors withdrawing from flagship farm fund
The asset management house founded by the prominent South Australian businessman is already selling several of its assets out of its other portfolio companies.
Australia’s IPO drought is the worst since the GFC
Fund managers are frustrated about the lack of quality listings on the ASX, and who can blame them? Anyone who got Guzman y Gomez for $22 is sitting on a tidy profit.
Aurizon investors impatient for Top End contracts
Aurizon is in “regular” talks with potential customers for its ambitious land bridge scheme, but scepticism abounds over whether it can pull the bold plan off.
Westpac’s Peter King keeps his promise on Tiwi Islands consultation
The outgoing CEO had said at last year’s AGM that he would visit Indigenous leaders on country to listen to concerns about Santos’ Barossa gas project.
- Opinion
- Chanticleer
What really killed Origin’s big hydrogen dream
It’s becoming clear that optimism, ambition and government support are not enough to compensate for the risks facing hydrogen project developers like Origin Energy.
- Updated
- Energy
Origin Energy deals big blow to Australia’s hydrogen hopes
The electricity and gas giant will not proceed with a project in the Hunter, which had been shortlisted for funding as part of Labor’s $2 billion incentive scheme.
Masayoshi Son’s $US500m bet on OpenAI deja vu for Softbank
The investment marks one of the largest by SoftBank this year and signals a return to the big-cheque power moves by one of Japan’s most recognised businessmen.
Companies in the News
Search companies
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Markets
‘Stretched valuation’: Dump GyG for KFC, says Goldman Sachs
It has initiated coverage on Guzman y Gomez with a “sell” rating, predicting its shares will drop 12 per over the next 12 months.
Why CSL is the cheapest stock this fundie owns
Brad Clibborn at BAEP says Fisher & Paykel Healthcare surprised the most in reporting season, and outlines why he is bullish about the ASX’s plasma giant.
Australia’s IPO drought the worst since the GFC
Fund managers are frustrated about the lack of quality listings on the ASX, and who can blame them? Anyone who got Guzman y Gomez for $22 is sitting on a tidy profit.
ASX ekes out gain as traders tread water; Sigma Healthcare rally extends
Australian shares inch higher in muted session. Pilbara shares shopped. Energy stock hold gains as fighting in Lebanon escalates. Follow updates here.
ASX cancels trades after fumbling Namoi Cotton takeover bid
The exchange operator was forced to scrap more than $800,000 in trades which were allowed despite a new takeover offer not being put to the market.
Opinion
Australia’s politics of protest is on full display
The country might be well out of target range in the Middle East but its suddenly fragile social fabric is being severely tested.
Columnist
Qatar-Virgin deal finally the right result for consumers
Petrodollars underwriting a more competitive aviation sector is not new for Australia or many other countries. And it’s something that should be welcomed as ultimately giving consumers the best chance to benefit from meaningful competition.
Editorial
Middle ground on the Middle East is bleeding Labor
A fast end to hostilities in the Middle East would suit the Albanese government as it tries to focus on cost of living.
Foreign affairs, defence correspondent
For the Liberals, Israel is a rare moment of cultural unity
Even multicultural societies need some shared values. The Liberals feel confident they are defending them.
Columnist
Our one-trick pony economy can’t keep behaving like this
Population, employment, and government spending are growing faster than the economy can absorb. It is the spending that has to give for a while.
Contributor
Why measuring public sector productivity is so slippery
When Productivity Commission researchers examined past assessments of the health system’s productivity earlier this year, they were pleasantly surprised.
Government editor
Politics
Anti-Israel rally to go ahead despite safety fears
NSW Police have dropped their opposition to the protests after initially launching court action that would have denied the organisers a permit to occupy city streets.
- Exclusive
- Energy
The secret plan to bring a floating LNG terminal to Melbourne
The Victorian government is examining a floating liquefied natural gas terminal in the southwest of Port Phillip Bay.
IMF puts Chalmers on notice over rates, super tax and spending
In its annual health check of Australia’s economy, the International Monetary Fund said more unexpected expenditure rises will force the RBA to keep rates high.
- Exclusive
- International students
Desperate colleges lure agents, students with cash offers
With the introduction of student caps looming, desperate vocational colleges are using unethical practices to shore up numbers.
- Analysis
- Government Observed
Why measuring public sector productivity is so slippery
When Productivity Commission researchers examined past assessments of the health system’s productivity earlier this year, they were pleasantly surprised.
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World
Middle East escalation poses significant economic risks: IMF
The Washington-based global lender is closely monitoring the situation in southern Lebanon with “grave concern”.
Australia, others ramp evacuation of their citizens from Lebanon
Australia has secured more than 500 seats for 1700 Australian residents and their families living in Lebanon, Foreign Minister Penny Wong said.
Oil price rises over Middle East war fears
Iranian oil refineries could be hit in retaliatory strikes after US president Joe Biden said nuclear facilities should be removed from the target list.
Dozens of container ships queue at US ports as huge strike continues
At least 45 container ships were lined up outside US ports as the White House heaped pressure on port owners to give workers a pay rise.
Masayoshi Son’s $US500m bet on OpenAI deja vu for Softbank
The investment marks one of the largest by SoftBank this year and signals a return to the big-cheque power moves by one of Japan’s most recognised businessmen.
Property
Why Australia is building fewer – not more – homes
Australia needs more new homes but the post-pandemic surge in costs makes development viable only when targeting downsizers and empty nesters.
Sydney doesn’t have enough three-bedroom apartments for Boomers
Many empty-nesters are staying put in their large houses or competing with young families and professionals for modern three-bedders with lifts.
Hong Kong arts hub selling land to stay afloat
The redevelopment of a reclaimed area on Victoria Harbour is important as Hong Kong struggles to restore its reputation.
QIC to set record $900m mall deal as it embarks on more sell-downs
Queensland Investment Corporation wants to follow up what will be the biggest retail asset sale in Australian history in Blacktown’s Westpoint mall by selling Woodgrove Shopping Centre in Melbourne’s west.
Why rents and vacancy rates are both falling
Tight rental vacancies typically fuel strong rental increases, but not in the current market.
Wealth
Tweaking the 3pc buffer rule misses the real problem with housing
Reducing the mortgage serviceability test would allow more borrowers into the market. But the test is only one part of a much gnarlier problem.
Juror misconduct probe flagged for Plutus tax fraud trial
Sheriffs will be asked to probe possible juror misconduct in the Plutus tax fraud trial, which ran for nine months and led to five people being jailed.
- Opinion
- Property downsizing
Four tips for upsizing super with downsizer contributions
If you’re 55 or over, you may be able to make a downsizer superannuation contribution to boost your retirement savings by up to $300,000.
Technology
- Updated
- Courts
Billionaire Richard White attempts to bankrupt alleged former lover
Lawyers acting for Double Bay wellness entrepreneur Linda Rogan say WiseTech Global founder’s legal claim against her is an “abuse of process”.
AI can do only 5pc of jobs, says MIT economist who fears crash
Daron Acemoglu doesn’t see how artificial intelligence lives up to all the hype. “You’re not going to get an economic revolution,” he says.
OpenAI raises $9.6b in funding at $228b valuation
The size of the investment underscores the tech industry’s belief in the power of AI, and its appetite for the extremely costly research powering its advancement.
Work & Careers
‘Uniquely broad’ sanctions regime too harsh on business: Allens
Major corporate law firm Allens says the extraterritorial application of local sanctions does little to advance Australia’s foreign policy objectives.
How office workers are losing their social skills
Consultants say incidents of inappropriate workplace behaviour are becoming more common as increasing technology use erodes our people skills.
Life & Luxury
All the fabulous looks and fantasy of Paris Fashion Week
From bubble hems and beaded blouses to the return of the bumster, The Australian Financial Review’s fashion editor shares the highlights from the shows.
Melbourne Symphony sued in battle of ‘brand v human rights’
Jayson Gillham’s suit against the MSO shapes as a test of anti-discrimination laws against the rise of “morals clauses” in employment contracts, says a leading workplace lawyer.
How the parents of Baby Boomers were enticed to cruise
A rare collection of vintage posters reflects an era when travel was a voyage into the unknown.
This summer’s most versatile accessory? A silk scarf
Tie it, drape it, loop it, twist it. There isn’t a wrong way to wear this essential wardrobe piece.
Liked The Sopranos? You’ll love this doco about it
Twenty-five years after The Sopranos first aired, this two-part series on Binge explores the way the show’s art mirrors the life of its creator.
