Telstra axes 2800 jobs in restructure
Telstra will get rid of thousands of employees by the end of the year as it struggles to compete against cheaper internet-based communications services.
Hard Rock contradicts Star, says it has made no approach
The Florida-headquartered entertainment giant said it had not authorised its name for use, despite Star telling investors it had received a proposal.
- Live
- Markets Live
ASX slips as Sonic, James Hardie disappoint; RBA pondered a rate rise
Shares ease; Telstra eyes AI; Sonic profit warning; TechOne earnings jumps; James Hardie misses consensus; RBA pondered rate rise; Follow updates here.
- Opinion
- Chanticleer
Nine signs there’s a ‘mini melt-up’ on the ASX – and 12 stocks to buy
Local UBS strategist Richard Schellbach says Wall Street’s relentless grind higher will inevitably flow through to the ASX, and has picked some local stocks to watch.
- Exclusive
- Consulting
Accenture set to buy Partners in Performance
Consulting firm Accenture is set to acquire Partners in Performance, in the most significant consulting market deal in nearly five years.
- Live
- Need to Know
‘Abomination’: Dutton accuses PM of ‘squibbing’ war crimes response
The ICC issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu overnight; Labor Premier Steven Miles has backed Dutton’s plan to slash migration. Live updates here.
James Hardie in $2.5b wipeout on weaker housing outlook
CEO Aaron Erter expects volumes to fall by about 5 per cent in Australia in what he terms a “very challenging” market because of high house prices and cost-of-living pressures.
Exclusive insights from the Street Talk team delivered to your inbox daily.
tuesday tech
Microsoft fights back against Apple with AI laptops
Microsoft says it now has laptops that can match Apple for battery life as well as performance. Plus, they have AI.
- Exclusive
- Venture capital
Big win for Square Peg as Nvidia buys AI start-up Deci
The Melbourne VC firm will soon be toasting a rich profit on its investment in an Israeli AI start-up, when it is acquired by chip titan Nvidia for $447 million.
How business websites will have to change for Google’s AI era
Enterprises hoping to attract the attention of the search engine’s Gemini platform will need short, punchy web pages, says a digital advertising expert.
- Exclusive
- Mergers & acquisitions
Government-backed green tech firm goes broke, gets acquired for $5m
Scipher Technologies, an e-waste processor that the government invested $15 million in, has been bought for $5 million after it entered administration in March.
- Opinion
- Digital Life
Why the iPad Pro still hasn’t made itself useful enough
Apple’s latest tablet is undoubtedly one the greatest feats of computer hardware engineering ever. But what about its software?
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- Analysis
- Tax disputes
Lendlease tax whistleblower’s 12-year fight for vindication
Lendlease’s tax dispute could cost it at least $112m, but whistleblower Anthony Watson has lost his job, battled depression and is about to sell his family home.
Ex-Star CEO accuses board of being involved in regulator stoush
The barrister representing Robbie Cooke has told an inquiry the company’s directors “cannot escape” - they were part of the rift with the NSW casino authorities.
Star shares surge after casino confirms Hard Rock interest
The company has “received inbound interest” from several parties even as it faces the loss of its lucrative Sydney gaming licence.
Rio Tinto declares force majeure on Australian alumina cargoes
The company notified clients that its Queensland refineries have been unable to run properly due to a regional shortage of gas.
Bapcor shuts big warehouses for two weeks to stop inventory blowout
The owner of Autobarn, Burson and Autopro has told car parts suppliers it won’t be taking any deliveries in late June at three large distribution centres in Victoria, Queensland and WA.
BHP averts Pilbara industrial action as train drivers agree to deal
The company’s iron ore train drivers will receive $40,000 in bonus payments under a new workplace agreement that ends a decade of tensions.
- Opinion
- Chanticleer
Star bidders need to answer one big question
That the stricken Star would attract potential bidders is no surprise. But there’s one question buyers will struggle to answer.
Companies in the News
Search companies
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Markets
Ivan Boesky, convicted of 1980s insider trading scandals, dies
The rogue trader was believed to have inspired the character of Gordon Gekko, the rapacious villain played by Michael Douglas in the 1987 film Wall Street.
Technobabbling liar: Judge tears strips off Aussie’s bitcoin claims
A UK judge had already ruled that computer scientist Craig Wright was not bitcoin inventor Satoshi Nakamoto. But in an excoriating full judgment, he let rip.
What happened overnight? S&P 500 edges higher, ether paces cryptocurrency rally
Australian shares are set for a muted start with the RBA’s latest minutes awaited. Nvidia paced an advance in techs and the Nasdaq Composite.
Jamie Dimon signals his retirement timeline
The chief executive officer of JPMorgan Chase & Co said succession plans at the largest US bank were “well on the way”.
Tesla shareholder group slams Elon Musk’s $84b pay package
A coalition of Tesla shareholders that hold a small portion of Tesla stock said Musk is distracted by his commitments to the five other companies he controls.
Opinion
Hamas’ defeat, helping Ukraine win, best for West
The sooner Israel defeats Hamas, the better. And also the sooner the US focuses attention on helping Ukraine win the war, the better.
Editorial
Why WA loves the critical minerals budget boost
Peter Dutton’s refusal to endorse Labor’s plan for production tax credits for critical minerals processing and green hydrogen won’t make him popular in must-win seats in Western Australia.
Columnist
Arrest warrants huge blow for Israel and massive gamble by ICC
The question of how the US president responds to this, along with Congress, now becomes critical.
Columnist
How much fun should you have at work?
Jokes at work need to be deployed with skill and care. Yet, the best are glorious and the working world would be a far better place if we had a great deal more of them.
Columnist
The day I predicted the downfall of Tony O’Reilly
Regarded for much of his life as the most successful Irishman in modern history, the industrialist’s charm wasn’t enough to save his business empire.
Senior correspondent
The Coalition must give up its nuclear dreaming
The opposition’s current nuclear proposal is an unserious political wedge being used to pry open a climate war Pandora’s box. A new round of the climate wars would be catastrophic.
Trade unionist
Reports
The future of financial advice
This special report looks at options to make financial advice more accessible and affordable, including robo-advice.
Sponsored
by CommBankPolitics
Risk of summer blackouts in NSW, Victoria rises
Power users face an increased risk of summer shortages in NSW and Victoria due to delays in transmission lines and renewable projects, and large users may need to switch off plants to avoid blackouts.
Voters like gas better than wind power but solar is still king
A slide in support for wind farms has allowed gas to become entrenched as the nation’s preferred energy source after solar, an AFR/Freshwater Strategy poll has found.
- Exclusive
- Live exports
Farmers prepare to go to war with Labor over live sheep trade
A heated meeting between federal Agriculture Minister Murray Watt, the prime minister and senior National Farmers Federation officials last week may mark a low point in relations.
Vic Labor playing ‘ideological games’ on gas, says industry
Gas, business and union figures have slammed Victorian Labor’s energy stance after a state conference voted against federal Labor’s Future Gas Strategy.
How we can take on Tesla, according to WA’s Roger Cook
WA Premier Roger Cook insists his state’s nickel crisis should not deter major miners from pushing ahead with higher social and environmental standards.
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World
‘Are you staring me down?’: Heated Trump trial boils over
The judge cleared the court in the former president’s trial after his tense exchange with a defence witness. The star prosecution witness also admitted stealing.
Assange wins right to appeal extradition to US
It could be many months until the appeal is heard, and then that decision could be taken to the UK Supreme Court.
ICC prosecutor seeks arrest warrants for Israeli, Hamas leaders
US President Joe Biden called the ICC prosecutor’s decision “outrageous”, adding “there is no equivalence — none — between Israel and Hamas”.
Auditors failed to raise alarm before 75pc of UK corporate collapses
Audit firms failed to raise the alarm before three-quarters of big UK corporate collapses since 2010, raising concerns they are failing to perform one of their core functions.
Little-known vice president named as interim Iranian president
Iran’s Supreme Leader Ayatollah Ali Khamenei has named the first vice president, Mohammad Mokhber, as caretaker, in line with the constitution.
Property
- Exclusive
- Retail property
UBS bets on co-working and bowling to fix troubled Melbourne mall
UBS has secured two big tenancies for St Collins Lane, an arcade in the Melbourne CBD that has been one of the city’s worst performing malls for years.
- Exclusive
- Industrial
ISPT to put $250m of logistics sites on the market
The super fund investor is trying to turn around its flagship fund by selling three industrial sites. It plans to recycle that capital into larger sites.
Fund manager busy buying assets in a struggling office market
Brisbane-based Exceed Capital has snared its second office building in nine months and is now circling bigger CBD assets
Regional housing values gather steam
Persistent demand for homes in regional areas with lifestyle advantages and affordable price points sparked a re-acceleration in price growth in the past three months.
The battle for the streets of New York
The Big Apple’s streets are teetering between lively and unlivable. Now, the city is about to embark on the country’s first congestion-pricing plan.
Wealth
- Opinion
- Managed funds
More zeros than heroes in active funds management
Don’t be fooled by short-term performance data and carefully assess after-fee returns.
JobSeeker, JobKeeper cut wealth inequality
Lower-income households benefited the most from early COVID government payments, but higher-income households had the greatest gains in the recovery.
10 investment tips to ride out the ‘new normal’
Given elevated interest rates and inflation are forecast to flow through financial year 2025, investors are eyeing stocks, property and gold to get ahead.
Technology
- Exclusive
- Funding
NSW surgeons bet they can beat investment bankers with VC fund
Two surgeons behind a new $50 million venture capital fund based in Bowral, NSW, have launched a new venture capital fund.
- Opinion
- Digital Life
Why the iPad Pro still hasn’t made itself useful enough
Apple’s latest tablet is undoubtedly one the greatest feats of computer hardware engineering ever. But what about its software?
- Exclusive
- Mergers & acquisitions
Government-backed green tech firm goes broke, gets acquired for $5m
Scipher Technologies, an e-waste processor that the government invested $15 million in, has been bought for $5 million after it entered administration in March.
Work & Careers
Academics seek pay for emails out of hours
A major union is using Labor’s new right to disconnect laws to scrap a “common practice” where casual academics do not get separately paid to be contacted outside of hours.
- Exclusive
- Insolvency
Doctors owed millions in collapse of service provider
The Melbourne-headquartered eReports allegedly failed to disclose $7.2 million owed to more than 400 specialists before calling in administrators.
Life & Luxury
How to quit the treadmill and travel for six months – yes really
We all crave time out from routine and life stress to discover a different, more peaceful world. Here’s how one Australian couple pulled off “the impossible”.
This week’s edit of lovely luxuries for travellers at heart
From seasoned adventurers to those just looking for a short break away from home, we have inspired suggestions for you.
My Caribbean cruise: Pirates, pampering, rum bars and more
The region has many drawcards in addition to its famous white-sand beaches and azure waters. Norwegian Cruise Line offers a tantalising taster.
How to lose yourself in the wild without getting lost
Having wireless communications with you when there’s no mobile reception isn’t just about making adventure travel more social. It’s safer, too.
What five common sweeteners are really doing to your body
New research has revived fears about whether sweeteners cause health problems.
