PM pays tribute to ‘great artery of suffering’ on the Kokoda Track
After two days climbing through Papua New Guinea’s mountains, Anthony Albanese and James Marape marked the dawn service at the Isurava battlefield memorial.
Meta shares tumble as earnings overshadowed by big spending
While the social media giant’s revenue came in largely as the market had expected, increase costs had the stock sinking in after-hours trading.
Budget reality check for Chalmers after high home-grown inflation
“Unrelenting” domestic price pressures boosted consumer inflation in the first three months of 2024, while Treasurer Jim Chalmers would not be drawn on whether the May budget would add to demand.
BHP weighs potential takeover of Anglo American
The mining giant has recently been evaluating the possibility of a bid for the London-listed group, where shares have fallen 12 per cent over the last year.
Wall Street drifts after hot streak, Tesla soars; ASX closed
Wall Street is drifting after a two-day hot streak with car maker Tesla surging but other tech stocks mixed. The ASX is closed for Anzac Day.
US to rush weapons to Ukraine as Biden signs aid bill
The Pentagon said it would rush the first $1.5 billion in aid to Ukraine, including shoulder-fired Stinger surface-to-air missiles and other air defence munitions.
- Exclusive
- Social media
TikTok Australia makes its first stand after US ban laws pass
The US congress passed a bill on Wednesday requiring TikTok to be sold within a year or be banned in the country.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
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 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.
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.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- Updated
- Gaming & wagering
Former Star CEO says he felt ‘under assault’ from casino regulator
Robbie Cooke left last month after NSW officials made it clear they did not think he was moving fast enough to fix governance and cultural issues at the group.
Woodside climate plan sunk but Goyder survives
The proxy battle pitched Australia’s largest gas producer against activists that argue its path could tip the balance towards more dangerous climate change.
Inquiry puts blame on regulator, RBA for ASX failure
ASIC and the Reserve Bank should conduct more thorough audits to avoid a repeat of the bungled CHESS replacement project.
Nick Scali mounts UK push, realising long-held dream
The Australian furniture retailer flagged an equity raising to fund deal and further invest in its new British business.
Lynas boss leaves door ajar for rare earths mega-merger
Lynas boss Amanda Lacaze says there may be a time when big rare earths makes sense and confirms she is a great admirer of Gina Rinehart and her commitment to mining.
Scammers are taking over the world
A seedy layer beneath our regular lives is cluttered with bogus messages, spam callers and phishing attempts.
MinRes says $1b debt-reducing haul road sale is still on track
The iron ore and lithium miner expects to sell a stake in a haul road by June 30 as it weighs up a big investment in onshore gas processing.
Companies in the News
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Markets
Reluctant traders protect themselves from market mayhem
The mounting uncertainty in markets have traders buying put options that pay off if stocks keep tumbling.
Meta’s $554b rally to coincide with AI expectations
The Facebook parent has been the best-performer in the sector this year by far amid a surge in profitability. But there’s a catch.
Traders speculate RBA’s next move could be up
The Australian dollar jumped and bonds sold off after inflation beat forecasts, prompting traders to abandon almost every basis point of easing in this year’s cash rate profile.
Tesla buyers storm back, but not everyone is convinced
One early backer of Elon Musk’s electric vehicle manufacturer said it was hard to see it as a growth stock “when the world’s car industry is coming at you”.
ASX trims gains after robust CPI; Perpetual drops
Shares flat at the closing bell; $A, bond yields jump as CPI data beat forecasts; Cleanaway denies speculation about Seven takeover offer; Perpetual books $5.2b in net outflows. Follow here for more.
Opinion
‘Decolonising’ Anzac Day’s revival
The day offers a welcome counterpoint in an age of fragmenting identity politics in which it is becoming more difficult to find agreement about Australia’s national identity.
Editorial
Why the ECB will cut rates before the Fed
What matters is not what is happening right now, but what will happen in the months or even years ahead, as past policy works through the system.
Columnist
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.
Contributor
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
Politics
Corporate directors warned over Musk behaviour
AFP boss Reece Kershaw says better corporate standards are needed to enable co-operation between social media giants and law enforcement.
‘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.
‘Extraordinary sacrifice’: Albanese, Marape end historic Kokoda trek
Prime Minister Anthony Albanese said the Kokoda Track hike with his PNG counterpart James Marape gave him an appreciation of the sacrifices made by WWII soldiers.
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.
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World
McKinsey faces US criminal probe over opioids work: sources
McKinsey & Co is under criminal investigation in the United States over allegations it played a key role in fuelling the opioid epidemic.
FTC sued a day after banning non-compete agreements for workers
The US Chamber of Commerce lawsuit alleges the Federal Trade Commission lacks the power to adopt sweeping rules such as the ban on so-called non-compete agreements.
- Opinion
- Courts
Trump’s prosecution puts American law on trial too
Flaws in the criminal case against former president Donald Trump demonstrate the vulnerability of the US legal system.
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.
- 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.
Property
The Barbie effect: Mattel expands into mega shed
DHL has relocated its Mattel warehouse to a site 20 per cent bigger as the toy maker looks to cater for rising demand for its products after the hit movie.
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.
Wealth
A child won a share of her dad’s estate – despite planning to kill him
A 75 per cent success rate in contesting wills is encouraging more family members to sue for a bigger share. Here’s how to protect your final wishes.
- Opinion
- SMSFs
The rule book on investing in cars, wine or diamonds
Because they’re classified as collectable or personal use assets, strict rules apply to their acquisition, storage, insurance and use if held by an SMSF.
- Analysis
- Gen Z
Stop complaining, Zoomers – you’re rich
People born between 1997 and 2012 should appreciate that Millennials and Baby Boomers were poorer at this stage in their lives.
Technology
- Exclusive
- Social media
TikTok Australia makes its first stand after US ban laws pass
The US congress passed a bill on Wednesday requiring TikTok to be sold within a year or be banned in the country.
‘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.
Scammers are taking over the world
A seedy layer beneath our regular lives is cluttered with bogus messages, spam callers and phishing attempts.
Work & Careers
Average HECS debts to rise by $2350 on June 1
There may be relief for student-debt holders in the upcoming budget, but it won’t come soon enough to prevent a 4.7 per cent increase.
Energy focus as Ashurst, Allens, Freehills appoint new partners
Energy and environment lawyers have led promotions at top-tier firms, as the legal industry targets the energy transition as the next big source of billings.
Life & Luxury
The rich love anti-ageing stem cell therapy, but does it really work?
The procedure is becoming a favourite for Hollywood A-listers and actors such as John Cleese. It is still under-researched, however – and could be dangerous.
- Opinion
- Gender
In today’s porn-warped culture, no wonder girls identify as non-binary
Teens today are growing up in the most hyper-sexualised environment ever. Deciding not to be a young woman feels like a sensible, self-protective alternative.
This might be the most explosive tennis movie ever made
Challengers packs a punch with breathless action while Ryusuke Hamaguchi’s Evil Does Not Exist builds slowly and silently.
For the full zen, stay at an ancient temple in Japan
Our writer bypasses the hotels and ryokans to spend a night as a guest of Buddhist monks. He didn’t anticipate the wooden stick, though.
This acclaimed writer packs a lot into her weekends and still finds time to work
Lauren Groff is an athlete, a mother, a best-selling writer and she’s taking on the censors in her home state of Florida. She describes her typical Saturday and Sunday.
