Star Entertainment is eating itself alive
How far will the regulator push the company? How much damage have squabbling executives done? An inquiry into the Sydney casino operator is getting ugly.
- Opinion
- Inflation
Business bankruptcies are at a 25-year high and that’s very bad news
In total 1131 businesses went bust in the month, which was the largest number since ASIC started collecting these statistics in 1999, writes Christopher Joye.
- Exclusive
- Russia-Ukraine war
On the front line with Ukraine’s youngest commander
Kharkiv’s improbable resistance, led by General Sergei Melnik, faces growing threats from Russia and political stalemate in the US.
- Live
- Markets Live
Shares sink; gold, oil jump on reports of Israeli strikes
ASX loses 1.7pc. Goyder brings forward Qantas exit. Japan inflation falls to 2.7pc. US posts strong jobs report. Copper hits 52-week high. Netflix grows subs, follow here.
Woodside first-quarter revenue collapses 31pc as proxy showdown looms
Woodside’s revenue fell to $US2.97 billion in the March quarter from $US4.33 billion as the average price of oil and gas sold was crunched 25 per cent.
- Analysis
- Competition
Five practical ways to turbocharge competition
Former productivity commission chairman Peter Harris suggests that supermarkets, banks and qualifications are some of the areas to focus on.
- Live
- Need to Know
Bishop stabbing clearly terrorism says Albanese
Investigators from the Joint Counter Terrorism Team Sydney interviewed the boy in hospital on Thursday; Jim Chalmers on the budget; Olyroos disaster.
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review
Why India’s confidence is growing
Narendra Modi’s reign as prime minister is producing a less liberal but more assured nation that is predicated on the idea of Hindu supremacy.
How not to be bored when you have to wait
A writer went on a quest to wait less. Then he discovered how to care less about waiting.
Russia’s spy network takes a deadly turn
The country’s intelligence services have been put on a war footing and begun operating at a level of aggressiveness reminiscent of the Stalin era.
How Amazon wasted a decade trying to reinvent the supermarket
The online shopping behemoth simply failed to make the technology cheaper than a conventional store.
- Opinion
- Wall Street
Look out graduates, Wall Street banks don’t need you any more
Accenture estimated that artificial intelligence could replace or supplement nearly three-quarters of employees’ working hours.
the age of ai
New legal AI tools target partners, dealmakers
Two new artificial intelligence tools have entered the increasingly crowded legal market, as in-house counsel push firms to pass on the cost savings being made though AI.
- Analysis
- The Breakdown
Is this one word the shortcut to detecting AI-written work?
The word ‘delve’ has taken off in medical research papers, but the Aussie academic behind the finding says using AI is nothing to be ashamed of.
Booming AI demand threatens global electricity supply
Tech chiefs warn that power-hungry data centres are a bottleneck in developing artificial intelligence. Some of them are looking at developing their own electricity supply.
Don’t want your kid to end up as a deepfake? Keep their face offline
The rise of AI has created new anxieties about how an innocent photo could be manipulated, so “sharenting” is out and privacy is in.
- Opinion
- AI
World’s first AI consumer gadget panned by everyone
Humane’s Ai Pin flop shouldn’t mean the end of experimentation in this new era of artificial intelligence gadgets.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
$650 for RM’s? ‘People want handcrafted,’ says Nicola Forrest
Nicola Forrest says people are tiring of throwaway fast fashion as the iconic company she co-owns lifts capacity to tap into a fast-growing market for women’s boots.
Mathieson buys more Star shares as inquiry fallout spreads
The independent inquiry into the casino group heard from more current and former executives about dysfunction within the business.
Transurban’s WestConnex traffic jumps 10pc in a year
The first update from the motorway operator since the controversial Rozelle Interchange opened shows a surge in traffic in the 33-kilometre tunnel network.
Gina Rinehart goes big on copper with $186m Ecuador play
The deal for the Linderos development takes the iron ore billionaire’s outlay on mining projects in the South American nation to almost $500 million
BHP suffers new productivity hit in Queensland coal
Another downgrade means the miner spends almost seven times more money to dig a tonne of coal out of the sunshine state as it does for each tonne of iron ore in WA.
- Opinion
- Chanticleer
Why China could deliver BHP, Rio and FMG a double blow
China’s peak demand for iron ore has likely passed, and the rebalancing of steel from construction to export sector may see iron ore caught up in increasing trade tensions.
Alcoa vows to ‘listen better’ as it closes in on Alumina
Alcoa boss Bill Oplinger says permitting delays in Western Australia showed the US company needed to listen better, as he prepares to spend $4.6 billion buying more Australian assets.
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Markets
Private equity risks leaving ASX behind, RBA warns
The Australian assets of buyout funds have grown 75 per cent in four years, but the ASX 200 has shrunk by roughly $6 billion this year.
What happened overnight? Rate cut hopes faded further
US jobless figures held steady, adding to the week’s positive reports on the health of the world’s biggest economy.
Sharemarket doesn’t need rate cuts for life support
Australia’s jobless rate rose less than expected as the labour force remains tight, reinforcing the case for the Reserve Bank to stay on hold.
This fundie says Visa trumps Mastercard – and it’s cheaper
Claremont Global’s Bob Desmond thinks the market is too conservative on the global payments company, and is confident that Microsoft has AI upside.
- Updated
- Employment
Business collapses hit record, jobs market stays strong
The slowing economy pushed a record number of businesses into insolvency last month, but just 6600 people lost their job, suggesting smaller firms were hit hardest.
Opinion
Delay to environment reforms shows what WA wants, WA gets
The decision to delay reform of federal environmental laws underscores the stranglehold the resources states have on the next election.
Political editor
Australia must pay the price for defence and deterrence
A generation of politicians who grew up with a post-Cold War peace dividend are now struggling to switch from welfare to warfare.
Editorial
Musk wants $87b. Tesla’s Aussie chair is defying a court to help him
Robyn Denholm is asking investors to over-rule a judge who cancelled the biggest pay package in history for an AWOL chief executive.
Senior correspondent
The Senate’s mock outrage games shame all
Threatening corporate leaders with jail time over an accounting contrivance is part of trend where the national parliament is becoming a theatre for showboating and mock outrage, writes Tom Burton.
Government editor
Jobs numbers pose a sticky conundrum
The Albanese government can only publicly welcome the strength of the jobs market, but a receding horizon for rate cuts is always difficult for political leaders eyeing their election prospects.
Columnist
Biden’s trade action against China is just polite Trumpism
Improved relations between the two powers can’t mask age-old trade tensions. Better communication is important because the structural problem between them is insoluble.
Columnist
Politics
- Exclusive
- Class action
Business slams class action lawfare firms
Business groups warn shareholders could be hit with billions of dollars in lawsuits backed by deep pocketed hedge fund investors under the Albanese government’s free-for-all class action setting.
Taxing judges’ pensions bad for independence, women
A former Federal Court chief justice says the reforms were likely unconstitutional and would stymie efforts to improve the number of women on the bench.
China’s iron ore demand may have peaked, RBA warns
The country’s shrinking population is posing a multi-decade headwind for mining industry profits and government revenue.
PM slammed for labelling Gary Banks a flat earther
Anthony Albanese hit back at criticism of the Made in Australia policy, but economists say many share the concerns of former productivity commissioner Gary Banks.
Dutton faces Liberal pushback over ‘big stick’ supermarket powers
Opposition MPs have warned against any move that could undermine the Coalition’s free market economic credentials.
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World
Iran warns West of changes to its nuclear rules
A general from Iran’s Revolutionary Guards issued the warning as the US, UK and EU announced new sanctions against the regime.
Donald Trump’s legal woes are ‘his problem’, says wife Melania Trump
She may support her husband, but she is bound to see headlines involving the presidential hopeful and Stormy Daniels that could reopen old wounds.
Ozempic ‘oops’ babies spark debate as users fall pregnant
Some women on weight-loss drugs who have struggled with fertility issues are now expecting children, leading to questions about the safety of such medications.
12 jurors picked for Donald Trump’s hush money trial
The rapid progress on Thursday afternoon propelled the case closer to opening statements and weeks of testimony.
US House to vote on Ukraine and Israel aid, despite hardliners
Republican Speaker Mike Johnson says the long-awaited vote on aid for Ukraine, Israel and the Indo-Pacific should go ahead as soon as this weekend.
Property
My strange journey into the doomsday bunkers of the super-rich
The first season of Amazon’s ‘Fallout’ has captured the reality of some of the places that I had actually visited in “meatspace”.
‘It’s going to take time’: Bondi mourns as retail goes into limbo
Westfield Bondi Junction was silent on Thursday as its doors opened to the public for the first time, five days after a stabbing attack that killed six people.
David Droga plans new home for Tamarama headland site
The owners and designer Luigi Rosselli aim to create a house on the landmark Sydney site that better reflects its location and the environment.
Singapore’s $192,000-a-month retreats are latest luxury for new mums
High-end post-birth care centres are booming, especially in Singapore where the super-rich from mainland China have been flocking.
Tenants race for top towers as B-grade buildings empty
The divide between prime buildings and secondary ones is most stark in Sydney. B-grade buildings will get left behind by tenants and lenders, experts say.
Wealth
- Opinion
- Investing
The curse of market concentration is spreading
Concentration risk has tended to be predominantly confined to the Australian market but as investors diversify overseas, they face a similar problem in the United States.
- Opinion
- SMSFs
New superannuation tax may hit venture capital
SMSFs will shy away from investing in start-ups for fear of being slugged with big tax bills on unrealised gains.
- Opinion
- Super Q&A
How do I calculate my tax-free super pension limit?
The transfer balance cap has increased twice since its inception to reach $1.9 million. Calculating how to stay within it can be tricky.
Technology
OpenAI’s model all but matches doctors in assessing eye problems
Ophthalmology has been a big focus of efforts to put AI to clinical use and fix obstacles to take-up, such as the tendency of models to ‘hallucinate’ by creating fictitious data.
How Amazon wasted a decade trying to reinvent the supermarket
The online shopping behemoth simply failed to make the technology cheaper than a conventional store.
This tiny tweak made WhatsApp users furious
People began to notice the minor alteration last week, prompting outrage from users across social media.
Work & Careers
Why this CEO keeps Fridays for thinking
Claire Rogers has co-founded a technology start-up that draws on her experience as a former ANZ executive and World Vision CEO.
Childcare workers desert industry for higher wages in aged care
The country’s largest childcare operator says workers are leaving the sector for higher-paying roles in industries such as aged care.
Life & Luxury
What happens when farmers and chefs partner in R&D
Mark Foletta and Stephen Nairn met over a box of foraged mushrooms in 2011. Thus began their endeavours to surprise and delight your tastebuds.
SPEND: This week’s edit of lovely little luxuries
From chic wool slides to cosy corner lamps and retro golf gear, we have inspired suggestions for you.
Max Allen’s three top picks from a hot new booze maker
Kate Galloway and David Ramonteu pivoted from wine to gin to launch Hastings Distillers in New Zealand’s Hawke’s Bay, building flavours in surprising ways.
Melbourne ranked Australia’s best airport and Doha world’s No.1
Singapore lost its top spot, but Asia shone elsewhere as Seoul Incheon came third, while Tokyo’s twin facilities of Haneda and Narita placed fourth and fifth.
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