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Powell signals rates will stay higher for longer
The Federal Reserve has kept rates unchanged but chairman Jerome Powell said inflation was still too high despite “sufficiently restrictive” policy.
- Breaking
- Earnings season
NAB reloads $1.5b buyback despite earnings miss
National Australia Bank’s interim cash earnings fell 12.8 per cent to $3.55 billion, just short of consensus forecasts.
- Opinion
- Chanticleer
Investors aren’t falling for Powell’s ‘confidence’ trick
The Fed chairman has made it clear the bar for a rate rise is very high. But while he hasn’t lost faith in disinflation, rate cuts are moving further away, too.
- Live
- Markets Live
ASX futures fall; US Fed holds rates, NAB declares flat dividend
ASX futures fall. Woolworths says food prices largely flat. Wall St mixed. Fed chairman says rate rise unlikely. Oil retreats, bitcoin sinks. Follow here.
Chalmers flags budget tax breaks
Treasurer Jim Chalmers has kept open the prospect of tax incentives in the budget as business warned that changes to foreign investment rules were not enough to attract needed capital.
- Live
- Need to Know
PM promises more action on domestic violence at next national cabinet
Prime Minister Anthony Albanese says the $925 million to combat gender-based violence is just a “first step”; US secretary of state Antony Blinken has hiked pressure on Hamas to accept Israel’s ceasefire deal.
Left has abandoned free speech: Singer
The Australian philosopher says: “What used to be things that were generally accepted by people on the progressive side of politics have shifted – and freedom of speech is a basic example.”
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Companies
Karoon chairman in activists’ firing line over pay
Sandon wrote to chairman Peter Botten on Wednesday arguing that Karoon’s incentive structure had insufficient regard for shareholder value.
Bonza administrator still looking for new backers
Bonza’s move to enter voluntary administration is a “sad time for aviation and major blow for competition”, says the main body representing Australia’s network of airports.
- Exclusive
- Payments
Airwallex’s local outpost reverses to loss
The local outpost of one of Australia’s largest technology start-ups tripped to a deep loss after a big increase in costs.
Ex-Macquarie banker who banked on premium gin hits payday
George Georgiadis left finance to build a gin business with two mates eight years ago. They’ve hit payday with a buyout by Asahi.
MinRes in row over lithium processing hub
Poseidon Nickel, worth $22 million, has mounted a David versus Goliath legal battle with $14.1 billion MinRes over assets in the Western Australian Goldfields.
Bruce Lehrmann given extension to appeal but will be forced to pay
The former Liberal staffer has appointed barrister Guy Reynolds, SC, to review his case. He has until May 31 to lodge an appeal.
Qantas says app now stable, still investigating malfunction
The Flying Kangaroo is investigating a system malfunction that gives passengers access to other Qantas customers’ data.
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Markets
Fed, RBA to talk tough on inflation and rates
The central banks are expected to take harsher tone on tackling inflation at their upcoming policy meetings, further tempering rate cut hopes that have underpinned equities this year.
What happened overnight? Powell said a rate increase was ‘unlikely’ as Fed held
Australian shares were expected to rise after the Federal Reserve kept interest rates unchanged.
- Opinion
- Chanticleer
Down markets draw out the year’s biggest share trades
Big block trades are flying this week, which only ramps up the chase for the next big trade.
AVZ flags delisting, shareholders face $2.8 billion wealth wipeout
The lithium explorer will delist on May 13 as more than 21,000 shareholders remain trapped in a company that joined the S&P/ASX 200 in 2022.
- Opinion
- Interest rates
Are we returning to the late ’90s high interest rate era?
I’m starting to wonder whether high interest rates might last a lot longer than many people, including me, have been predicting.
Opinion
Chalmers’ ‘new growth model’ lacking on the supply side
Jim Chalmers is right to say that Australia cannot draw an “artificial distinction between our prosperity and our security”. It has been a theme of The Australian Financial Review’s since our 2022 Business Summit.
Editorial
Powell bristles at election influence on rate cuts
The Federal Reserve chairman has taken umbrage at suggestions monetary policy decisions will be influenced by the US presidential election.
United States correspondent
Quantum a better bet than burning a billion on solar panels
But even if this is the right place to deploy such a huge sum, we know too little about whether this was the best way to spend it.
Editorial
Chalmers came to Sydney, left his humility in Canberra
The treasurer promotes the national security benefits of protectionism, but can’t explain how his government can find better investments than the private sector.
Senior correspondent
Chalmers’ recipe for friendly foreign investment ignores the basics
The treasurer has a grand new take on industrial policy, but there’s little evidence of the reforms that international investors seek.
Columnist
Melbourne property market is due for a comeback
Oxford Economics predicts the median Melbourne house price will grow 21 per cent over the next three years, outpacing Sydney’s forecast 18 per cent expected growth.
Contributor
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
Chinese investment critical to reach net-zero goals
Clean energy experts warn moves that limit Chinese investment in Australia could undermine the Albanese government’s green energy goals.
- Exclusive
- Foreign relations
‘No concerns’ with South Korean takeover bid for Austal: Marles
Defence Minister Richard Marles has given a fillip to Hanwha’s bid to buy Perth shipbuilder Austal, despite the deal raising security concerns.
Sims, Harris soften stance on Made in Australia Act
Two critics of the government’s Future Made In Australia Act have softened their views after Treasurer Jim Chalmers outlined five criteria for support.
Wong warns on foreign interference after Indian spies expelled
Revelations Indian spies were asked to leave Australia in 2020 suggest Western intelligence agencies are unhappy about New Delhi’s espionage tactics.
How three female economists would fix the housing crisis
An economic adviser to the government has suggested a “quick win” to encourage older Australians to downsize and free up housing for younger families.
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World
Violent clashes at UCLA, police storm Columbia Uni
Police moved in to arrest pro-Palestinian protesters at the Ivy League university, which has been struggling to balance freedom of speech with antisemitism concerns.
Why Indian workers head to war zones, from Israel to Russia
The promise of well-paid jobs is too strong a lure to resist, despite the lack of protection from their home government and those they work under.
European economy rebounds, but June rate cut still on the cards
The bounceback has not triggered inflation, creating space for the European Central Bank to start easing the squeeze before the US Federal Reserve.
Moguls circle as Telegraph, Spectator go up for sale again
Rupert Murdoch could launch a bid for the Spectator magazine, after an Abu Dhabi-backed consortium threw in the towel.
Tesla fires Supercharger team, raising doubts about expansion
The abrupt dismissal of the Supercharger team caught many people off-guard, and suggested that Elon Musk had changed his mind about the company’s strategy.
Property
FIRB changes are fine but please fix tax: investors
Changes to the foreign investment regime to boost investment in rental housing may count for little if tax settings remain a handbrake.
Crown Group’s divorce nears finish as assets get divvied up
Since liquidators were appointed to Crown Group, the founders have bought assets from each other while selling unfinished projects to repay lenders.
A housing boom is coming – for the wealthy
Investors, downsizers and upgraders will drive the next wave of residential development. First home buyers will hardly get a look in.
John Symond set to break Australia’s property record with $200m sale
The Aussie Home Loans founder’s just-listed Point Piper mansion, Wingadal, is expected to become the nation’s most expensive deal when it sells.
Developers bet on long-term tourism boom with new hotels
Developers have struck agreements with IHG, Hilton and Accor to operate new hotels in Brisbane, Townsville and Launceston as occupancy rates rise.
Wealth
What every buyer needs to know about auction clearance rates
The widely followed metric is often seized upon for clues over the direction of the market, but isn’t always a good indicator of when to buy or sell.
- Opinion
- Flat Chat
There’s more trouble coming for apartment owners. Here’s why
The Netstrata insurance scandal rocked the strata management industry in NSW but that’s just the beginning as an independent inquiry starts to dig deeper.
Should we pay off our mortgage or keep it for a line of credit?
A line of credit can serve as a financial lifeline – the trick is to know when to let go.
Technology
Amazon posts strong cloud unit sales on rising AI demand
The e-commerce company’s operating income more than tripled as Amazon Web Services and adverts provided a boost.
‘Country mile ahead’: How PsiQuantum won a $1b investment
Chief scientist Cathy Foley said US-based PsiQuantum showed it was a “country mile” ahead of other Aussie companies in trying to build a world-first quantum computer.
- Analysis
- Quantum Computing
Quantum computing explained and what’s different about PsiQuantum
The Australian-invented machine uses light particles, which could be a fast way to build a quantum computer but might use too much power.
Work & Careers
Uber’s new retail boss has a plan to shake up groceries in Australia
Susan Anderson says online penetration for the $130 billion Australian grocery sector is still low. She predicts a big step change within the next few years.
Court intervenes as workers clash during CFMEU strike
The builder of Queensland’s biggest infrastructure project has won urgent orders to stop the union’s alleged unlawful behaviour after footage emerged of brawls and punch-ups between construction workers.
Life & Luxury
Why this actress is now the chief Gen Z torchbearer of cool
Zendaya’s films have earned $US2.6 billion so far, making the 27-year-old former Disney star a multimillionaire – and a social media favourite.
How did a pair of nylon knickers become a hot fashion item?
Miu Miu’s pants are the world’s third most in-demand piece of clothing right now.
- Drinks With Max Allen
- Wine & spirits
Drinking alone? Here’s how to keep it interesting
Finishing the same bottle off over a few evenings can get a little dull. An Australian company has come up with an innovative alternative.
British designer Zandra Rhodes pays homage to Australia
The woman who dressed Jackie Kennedy Onassis and Princess Diana is giving back to the country she fell for 53 years ago.
Bad timing for biopic about an Israeli prime minister
Golda looks at the stakes of high-powered confrontation in the Middle East, and Fremont is a subtle, bittersweet, wryly humorous film.
