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- Markets Live
ASX rises; CPI data ahead; Perpetual drops
Shares increase with tech mega caps fuelling a rally on Wall Street; Cleanaway denies speculation about Seven takeover offer; Perpetual books $5.2b in net outflows; inflation figures at 11:30am AEST. Follow here for more.
Latest Posts
Tesla buyers storm back, but not everyone is convinced
Oil holds gain with stockpile data and Iran sanctions in focus
ASX rises; Cleanaway slumps 11pc; St Barbara rallies
Will Musk now deliver the ‘greatest value appreciation in history’?
Last updated 7 mins ago
- Opinion
- Chanticleer
Will Musk now deliver the ‘biggest value appreciation in history’?
Elon Musk has a new vision: AI-fuelled autonomy allows Tesla to move beyond its past as a car maker or energy company to become a new style of tech giant.
Can the NRL’s worst team finally turn itself around?
To say the Wests Tigers have underperformed over the past two decades would be an understatement. Shane Richardson has a plan to change the team’s fortunes.
Sims says ‘high cost’ Australia made fixation threatens green steel
Rod Sims reckons the Commonwealth’s policy could increase the cost of renewable power and threaten Australia’s “green” steel ambitions.
- Updated
- Electric vehicles
Tesla to accelerate cheaper EV rollout, revenue falls 9pc
Tesla’s shares rose 7 per cent after the announcement despite a reported fall in profit margins and sales.
- Updated
- Gaming & wagering
‘Not a scenario’: Star concedes it’s unfit to operate Sydney
The gaming giant’s chairman has also told a NSW inquiry that he was “trigger-happy” when he sent messages suggesting the regulator be scrapped.
- Live
- Need to Know
‘There’s a narrative behind every departure’: ex-Star boss probed
Star’s former chief executive Robbie Cooke faces a NSW inquiry; Labor is considering age limits for children on social media, says Communications Minister Michelle Rowland.
Breaking news on companies, politics and economics, in your inbox as it happens.
Big reads
- Investigation
- Food & drink
Jon Adgemis’ high-wire act is coming unstuck
The former KPMG dealmaker burst onto the hospitality sector after buying up a string of venues. Huge debts and angry lenders are threatening to push it over.
Can Pollination really become the next ‘green’ Macquarie?
The fledgling investment bank has lofty ambitions and a high-profile roster of executives. But it also has plenty of competition for climate dollars.
- Investigation
- Gaming & wagering
Laurence Escalante is living large off controversial gambling billions
At 42, he is one of the country’s youngest billionaires. But Virtual Gaming Worlds investors hoping for a big payday are increasingly concerned it may not come.
Golf ranges are booming on weekdays. Welcome to the WFH economy
Most office workers now spend some of their week working from home. Remote working is changing the way we live and do business.
- Analysis
- Enterprise IT
How Metcash’s $80m tech upgrade blew out by $200m
A plan to replace nine IT systems with one Microsoft platform is a case study in how not to manage a large-scale tech project.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- Updated
- Gaming & wagering
‘Not a scenario’: Star concedes it’s unfit to operate Sydney
The gaming giant’s chairman has also told a NSW inquiry that he was “trigger-happy” when he sent messages suggesting the regulator be scrapped.
- Exclusive
- Infrastructure
Plenary Group sells 49pc stake to sovereign wealth fund ADQ in $1b deal
Founders and some executives of the infrastructure investor will receive a windfall after getting a cash injection from the Abu Dhabi investment group.
Seven Group says talk of Cleanaway buyout ‘completely untrue’
Shares in Australia’s largest waste collection company surged 15.8 per cent, to a two-year-high, after reports that the conglomerate was contemplating a bid.
First Sentier shuts fixed income funds, hands back $14b
Once a giant of the Australian fixed income scene, the Mitsubishi UFJ-owned fund manager will close four units that manage $14 billion in a major restructure.
NSW government must ‘consult’ before changing WestConnex
Transurban has confirmed that the state cannot alter the structure of WestConnex without permission from the toll road group, a hearing revealed.
Electric vehicle sales set to surge, IEA predicts
EV numbers will be strong this year and Chinese carmakers will increase their dominance, the International Energy Agency predicts.
Woolies cuts prices in bid to catch Coles’ growth
A JPMorgan survey of private label products shows the supermarket giants are competing more aggressively on price, closing the gap with discount retailer Aldi.
Companies in the News
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Markets
How Australians are unlocking their crypto riches
Surging valuations mean many want ways to borrow cash against their digital windfalls, and one altcoin evangelist claims he has a solution.
Tesla jumps on pivot to cheaper cars after earnings flop
Shares in the struggling automaker are climbing in after hours trading after Elon Musk unveiled plans to bring forward the launch of more affordable models.
First Sentier shuts fixed income funds, hands back $14b
Once a giant of the Australian fixed income scene, the Mitsubishi UFJ-owned fund manager will close four units that manage $14 billion in a major restructure.
What happened overnight? Inflation figures were in focus
Australian shares were set to rise as Wall Street continued to rebound on the strength of the tech megacaps and the ASX looked towards March CPI figures.
Copper eyes $US10,000 as ‘super squeeze’ intensifies
The metal surged to a two-year high this week as traders ramped up bets that copper’s bull market is unfinished business.
Opinion
Elon Musk’s three key battles
The billionaire is dealing with falling earnings at Tesla, a fight over his multi-billion pay packet and a stoush with the Australian government.
Columnist
Musk sets test for social media without boundaries
The sudden row between Australia and Elon Musk is a test of sovereign writ against the biggest companies – but also where government control of media should begin and end.
Editorial
America’s ‘supercharged’ economy can’t last
One overlooked reason for US resilience is a tonne of stimulus still coursing through the economy.
Writer and investor
Chalmers’ puzzling budget strategy for year ahead
Ideally, the 2024 budget should be slightly contractionary or, at most, neutral to help the Reserve Bank deliver the difficult last mile of disinflation.
Editorial
Goyder will face the music at Woodside AGM
Even if the chairman now looks certain to survive a substantial protest vote and be re-elected, it all adds up to a firm rebuff of the company’s decarbonisation plan.
Columnist
Taxpayers should be furious over public service’s ‘ghost’ offices
On a recent Friday in Canberra, a deflated public servant friend revealed that there were only three people at work on a floor space that can seat 30 to 40.
Economics editor
Politics
‘Enemy of the people’: Musk lashes out at Lambie
X owner Elon Musk has continued his attacks on Australian politicians ahead of a Federal Court hearing on Wednesday about violent content on the platform.
No inflation room for budget stimulus, say economists
With inflation still too high, more than a dozen top analysts have warned Treasurer Jim Chalmers that next month’s federal budget must be contractionary or neutral.
The Melbourne shopping hotspot that became a ‘ghost town’
Businesses on Bridge Road in Richmond, which has a whopping 15.5 per cent vacancy rate, fear an insolvency snowball effect.
Australia’s richest firms get $331m in grants to reduce emissions
The government has doled out $331 million to firms including Rio Tinto, Wesfarmers, Swiss giant Glencore and Rich Lister Dick Honan’s Manildra for decarbonisation projects.
King opts out of call on NSW gas project over her past attacks
Resources Minister Madeleine King pulls out of making decisions around high-profile gas project off the coast of NSW that she once described as risky and a threat to jobs.
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World
Captain Cook’s first Australian souvenir returned to Indigenous owners
Cambridge University has surrendered a set of spears taken the momentous day when Sydney’s Indigenous people first set eyes on their eventual colonisers.
Judge tells Trump lawyer he is ‘losing all credibility’
Donald Trump’s repeated attacks on witnesses in his criminal case have been labelled a deliberate violation of the judge’s gag order.
- Analysis
- South China Sea
Xi’s armada is winning the battle for energy in South China Sea
A fleet of Chinese fishing boats, coast guard cutters and a giant vessel dubbed the “Monster” are making sure of it.
Tabloid publisher says he sought to shield Trump from sex scandals
The effort to suppress unflattering information was designed to illegally influence the election, prosecutors have alleged.
- Opinion
- Israeli-Palestinian conflict
What it means to be (visibly) Jewish in the Ivy League
Behaviour that would be scandalous if aimed at other minorities is treated as understandable or even commendable when directed at Jews.
Property
Median house prices in Brisbane and Adelaide to hit $1m by December
House price growth momentum has slowed across the capital cities, but is still expected to hit new records this year according to Domain.
The Melbourne shopping hotspot that became a ‘ghost town’
Businesses on Bridge Road in Richmond, which has a whopping 15.5 per cent vacancy rate, fear an insolvency snowball effect.
Building materials supplier Lutum goes into administration
The move by directors to try and salvage the Boral spinoff shows casualties in Australia’s precarious home-building sector have spread well beyond builders.
Victor Island in the Whitsundays sold at 31pc discount to last sale
The 3.14ha island near Mackay was bought for $3.65m by Sydney-based Kingdom Developments, but sold for just $2.51m despite competition from 15 bidders.
Melbourne car park near Queen Vic Market tipped to sell for $120m
The large car park site at 380 Queen Street, which could support a multi-tower project overlooking Queen Victoria Market, is owned by Singaporean investors.
Wealth
The $10,000 and $30,000 rules for art that will make you money
With 83 per cent of young collectors buying art for financial reasons, here’s how to make sure you know what you’re doing.
How will $3m super tax work when my balance goes all over the place?
You won’t get a refund if you’ve paid the tax and your fund later loses money. But you can carry forward the loss to offset gains in later years.
The three reasons your portfolio needs emerging markets
A key attraction is the ability to invest across segments that often react differently to various macroeconomic environments.
Technology
The best EV isn’t a Tesla, says this driver
Catch up with the latest instalment in our fortnightly series in which we speak to EV drivers who explain the highs and lows of electric car life in Australia.
‘Safe room for terrorists’: ASIO warns big tech on encryption
Federal spy and crime chiefs will demand access to social messaging systems that allow terrorists, violent extremists and child abusers to operate with impunity.
Welcome to Scam World
A seedy layer beneath our regular lives is cluttered with bogus text messages, spam calls and phishing attempts.
Work & Careers
How to beat the busyness curse
If you’re filling every waking hour with something to do, you may be overcompensating for not wanting to be idle – but there is a middle path.
Forrest-backed Minderoo to become bigger philanthropic force
The financial endowment behind Andrew and Nicola Forrest’s philanthropic Minderoo Foundation is expected to grow towards $40 billion by the end of the decade.
Life & Luxury
Why these are the two standout brands in women’s watches
The pressure is on for brands to be distinctive – and some players are going to extraordinary lengths.
- Drinks With Max Allen
- Winemakers
Gangster turned investigative reporter launches his first wine
Twelve months after his first vintage, Mahmood Fazal is selling a shiraz inspired by a cult label in Spain, Persian poetry and the land of his ancestors.
Five surprising benefits of a firm and shapely bottom
New research shows muscle loss is not inevitable in midlife. Here’s how to perk up your posterior and enjoy the healthy rewards.
Escape into serenity with these day trips out of Kyoto
There are beautiful rivers, myriad shrines, a World Heritage-listed site, and much more within easy reach of the renowned Japanese city.
How the Spice Girls look so good at 50
The group were glowing at Victoria Beckham’s birthday party – here’s how they achieve their youthful look.
