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    Hard Rock operates dozens of venues around the world.

    Brisbane developer at centre of Star’s Hard Rock mystery

    The Florida-based entertainment giant said it had not authorised its name for use, despite Star telling investors it had received a proposal.

    Bunnings managing director Mike Schneider said he is not going anywhere, and the internal restructure is to ensure the group steps up its focus on customers.

    Four executives exit Bunnings amid ‘reshaping’ of top management

    Bunnings managing director Mike Schneider has overhauled his top management team, but he says it’s not part of a cost-cutting blitz.

    Boston Consulting Group’s Monika Saunders.

    Cost-cutting advisers the bright spot in professional services

    Advisers are being increasingly asked to conduct cost-cutting programs, from upskilling and reducing staff numbers to digitisation and automation.

    Lenders move on Adgemis’ El Primo Sanchez bar

    The move comes amid debt refinancing negotiations led by major lenders to the dealmaker’s hospitality empire.

    Billionaire MinRes boss hits back at Dutton

    Chris Ellison says tax credits to help build a critical minerals industry that will be around for decades are of high value to Australia, and the Coalition is on the wrong side of history.

    Macquarie says there is a 50pc chance of recession this year

    The group’s economist Sophie Photios said the economy was like a “masquerade”, where immigration had masked it going backwards in per person terms.

    Four listed fintechs say they’ll be smashed by credit report rules

    Plenti, MoneyMe, Harmoney and Wisr allege major banks are conspiring against them by restricting access to crucial credit file data they use to price loans.

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    tuesday tech

    ASIC Chairman Joe Longo says Australia’s regulatory framework is inadequate for the emerging AI era.

    Corporate regulation is not as bland as AI thinks: Longo

    ASIC asked a generative AI program to summarise reams of documents as a test. The results were more boring than the originals.

    Scarlett Johansson takes on Sam Altman over ‘eerily’ similar AI voice

    The Hollywood actor says she was “shocked” by the use of a voice “eerily similar” to her own in the latest worry for the ChatGPT maker.

    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.

    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.

    Features include the ability to save articles, dark mode and real time notifications.

    Get the latest business news on the go with the AFR’s new iOS app.

    Find out more

    Companies

    Vicki Brady on Tuesday.

    Mobile users face price rises as Telstra swings the axe

    Telstra customers could be hit with above-inflation price increases for mobile phone plans, as well as higher internet fees, as the telecommunications giant slashes costs.

    Larry Diamond is returning to Australia from where he will chair Zip US.

    Zip’s Larry Diamond returning to Sydney, says US mission accomplished

    Diamond says he heeded warnings from James Gorman, setting Zip onto a profitable path in the US, where he expects BNPL to keep winning share off credit cards.

    Raj Naran, agreed to relinquish long-term bonus incentives.

    ALS CEO gave up $6m bonus after backlash

    The former chief executive relinquished up to $6 million in potential bonuses following a shareholder backlash against pay at the Brisbane-based testing giant.

    skipp williamson

    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.

    James Hardie in $3.5b wipeout on weaker housing outlook

    The share price slumped 14.8 per cent, with CEO Aaron Erter expecting volumes to fall by about 5 per cent in Australia in what he calls a “very challenging” market.

    Better slot access at Sydney might have saved Bonza, says regulator

    The ACCC warns that regional travellers risk being left behind by the entrenched duopoly of Qantas and Virgin Australia.

    Alcoa amends bid for Alumina to suit China’s CITIC

    Alcoa has already secured the support of Alumina’s biggest Australian shareholder, Allan Gray, but No.2 shareholder CITIC remains elusive.

    Companies in the News

    Search companies

    View stories and data from an ASX listed company

    Markets

    VGI Partners founder Robert Luciano has sold down his stakes in two Regal-owned funds.

    VGI founder Robert Luciano pulls millions from Regal-owned funds

    The high-profile stock picker has sold stakes in the funds managed by Phil King after registering a new venture last month.

    Japan’s sharemarket has hit record highs this year.

    Trillion-dollar fund managers pile money into Asia, emerging markets

    Schroders is bullish on European and Japanese equities, and Blackrock has gone overweight on emerging markets for the first time since 2020.

    The ASX 200 is set to open lower.

    ASX slips as James Hardie craters, BHP climbs ahead of bid deadline

    Shares ease; Telstra eyes AI; Sonic profit warning; James Hardie misses consensus; Hard Rock denies Star offer claims; cryptos surge. Follow updates here.

    Crypto lifted by ether’s biggest jump since 2022 on ETF hope

    Social media is alive with speculation that the US regulator may be warming to the idea of an ether exchange-traded fund.

    Nine signs there’s a ‘mini melt-up’ on the ASX – and 12 stocks to buy

    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.

    Opinion

    From euphoria to subsidies to kick-start the next great mining hopes

    An Australian mining industry more used to being threatened by super-profit tax raids is being offered handouts to kick-start its way into the low carbon era.

    The AFR View

    Editorial

    The AFR View

    Gas industry hawks its carbon credentials

    Barrow Island and its inhabitants of kangaroos, perentie lizards and rare native fauna is also home to the world’s largest dedicated carbon capture and storage project.

    Why you can’t argue the $300 energy rebate will lower inflation

    Energy bill relief increases real disposable income and boosts aggregate demand. We can debate how far they push inflation, but not that the direction is up.

    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.

    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.

    The AFR View

    Editorial

    The AFR View

    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.

    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 CommBank
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    Politics

    Anthony Albanese attended a housing construction project in western Sydney on Tuesday.

    Labor premiers leave Miles on his own with Dutton on immigration

    Former treasurer Wayne Swan has accused Peter Dutton of “dog whistling on migration”. 

    RBA governor Michele Bullock after the bank’s May board meetin.

    Households tipped to save 80pc of stage three tax cuts

    The RBA board has “limited tolerance” for inflation remaining above the mid-point of its target band beyond 2026, but the latest Westpac consumer sentiment survey suggests that might not be a problem.

     The Di Petta’s collection of Ford Mustang muscle cars, such as these examples pictured, were frozen by the court.

    ATO freezes former Young Rich Lister’s muscle cars, mansion

    The flamboyant accountant Steve Di Petta, who has a penchant for Ford Mustangs, is facing allegations he and his wife owe the Tax Office over $3 million.

    Nearly 46 hours a month to read all privacy policies: study

    Australians would spend nearly 46 hours a month reading all the privacy policies they encounter, according to a new report into data firms.

    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.

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    World

    An RNZAF Hercules C-130 takes off from Whenuapai airbase near Auckland on Tuesday bound for Noumea, New Caledonia, on a mercy mission to rescue stranded New Zealand tourists.

    First Aussies home from riot-hit New Caledonia after RAAF rescue

    French authorities have given permission for evacuation flights to take off and land in Noumea.

    Joe Biden told Benjamin Netanyahu last month, following the killing of World Central Kitchen aid workers in an Israeli strike, that ongoing US support for the war would depend on new steps to protect civilians.

    PM’s refusal to slap down international court ‘tarnishes’ Australia

    Jewish groups and Peter Dutton say Anthony Albanese should join the US and condemn the International Criminal Court’s pursuit of Benjamin Netanyahu over war crimes.

    Hot inflation and the fading prospect of rate cuts won’t help Joe Biden.

    Seven theories of why Biden is losing

    The US president is running like he’s winning, which he isn’t. From his age to economic management, voters are turning off the Democrats’ nominee, writes Ezra Klein.

    Iran moves to project stability after fatal air crash

    The change in leadership comes during heightened tensions in the region and discontent in Iran, where many have called for an end to decades of repressive rule.

    Political bombshell hits Israel’s leaders over Gaza war

    The application by the ICC prosecutor for the arrest warrant for Benjamin Netanyahu is loaded with symbolic and practical implications.

    Property

    An artist’s impression of the approved hotel and apartment development.

    Collins Street tower to appeal to return-to-office ‘boltholers’

    Developer Sterling Global believes corporate high-flyers commuting into town from regional locations on a more regular basis will want a CBD bolthole.

    Shaped like a wing: Adrian Williams in front of the Aerofoil co-working hub and new hotels.

    Accor readies Melbourne Airport hotel and co-working hub for take-off

    The hotel offering of 464 rooms across two Accor brands – a Novotel and ibis Styles – will include a two-level co-working hub when it opens on July 1.

    The Tag Heuer and Swatch tenancies on Collins Street will be unaffected by the revamp of the arcade.

    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.

    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

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    Wealth

    Cash often moves a portfolio toward the lower end of the expected return spectrum.

    Why holding too much cash can be harmful to your wealth

    As a standalone asset class cash has long underperformed bonds, property, and shares.

    ‘I lost my 95-year-old mother’s $1.6m life savings to scammers’

    Great-grandmother Elaine Spring is ‘too frail’ to be told that the proceeds of the sale of the family home are gone.

    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.

    Technology

    Andrew Speers, Founding Partner & Chief Operating Officer of Sohi Partners.

    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.

    Apple’s new iPad Pro with its new Magic Keyboard.

    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?

    Sircel CEO Anthony Karam, says the acquisition of Scipher will leave his company in a dominant position in the local e-waste recycling market.

    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

    The NTEU says not paying academics for responding to student emails outside of work hours is inconsistent with the right to disconnect laws.

    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.

    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.

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    Life & Luxury

    Cruise ships docked in Charlotte Amalie Harbour, off Saint Thomas island.

    Pirates, pampering, rum bars and more - the Caribbean has it all

    The region has many drawcards in addition to its famous white-sand beaches and azure waters. Norwegian Cruise Line offers a tantalising taster.

    Sunset above Bandipur, Nepal. The couple have not planned an itinerary; they are working it out as they go.

    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”.

    The Juliette Soft Large Tote from Australian travel brand July has your comfort and convenience very much in mind.

    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.

    GME’s XRS-660: With an unobstructed line of sight, the range can be 10 kilometres or more.

    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.

    From the gallery