If your business is turning inspiration into innovation, it’s time to be recognised.
BHP sticks to its guns as Anglo American’s resistance softens
The mining giant says it has “made progress” on assuaging Anglo American’s concerns and is adamant there will be no further change to the value nor the structure of its final offer.
Bullying allegation at Corrs prompts regulator to get involved
SafeWork is “making inquiries” into a complaint at the law firm and has requested access to documents, but Corrs says the regulator has no plans to investigate further.
Investors bet that Nvidia will leave Magnificent Seven rivals behind
Another stunning result from the US chipmaker has prompted calls that Nvidia is on its way to becoming the largest company on the planet, leaving the other tech giants in its wake.
- Opinion
- Retail
Why Olivia Wirth’s top Myer role is a governance fail
Myer’s decision to appoint Olivia Wirth as executive chair and CEO has stunned experts but has the full support of Solomon Lew, writes Sue Mitchell.
- Opinion
- Chanticleer
The ASX tech giant surging without jumping on gen AI bandwagon
ASX companies are scrambling to show they too have a generative artificial intelligence halo. But one of our hottest tech stocks is being far more measured.
- Live
- Markets Live
ASX slips as metals rout hits miners; Xero rallies, Nufarm sinks
Australian shares slide after US Fed minutes. $A lower. BHP’s shares drop 3 per cent. Gold miners fall. Follow updates here.
NSW to pay Origin up to $225m a year to keep Eraring open
Origin will pay the government a fifth of any operating profits up to a maximum of $40 million a year should the plant operate at a profit during the extension period.
AFR Weekend: The big stories, best reads and expert advice. In your inbox on Saturday.
AFR MINING SUMMIT
Junior miners in ‘survival mode’ put consolidation on back burner
It is a tale of two worlds in mining as the smaller players cut costs while large miners like BHP eye more acquisitions to grow copper stocks.
Major lithium miners push for a more reliable spot price
MinRes and Pilbara Minerals say a trading exchange would reduce volatility and make the battery commodity more attractive to commercial bank financing.
Hancock exec says Cook’s California dream may mean higher emissions
Magnetite projects fit perfectly into Australia’s green future but are hamstrung by insufficient power, water and regulatory fatigue, Sanjiv Manchanda said.
Lithium giant says China will remain pivotal to local mining projects
Local miners are torn between their dominant customer and investor over two decades, and the lure of subsidies from the US, Australia’s biggest defence ally.
- Updated
- Mining Summit
King says BHP prioritised shareholder returns over nickel jobs
The miner has said it will decide whether to close its nickel business by August. The resources minister says there has been a decade of underinvestment.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
ANZ pushes to reverse fine for $2.5b cap raising blunder
The Federal Court ultimately levelled a $900,000 fine against the financial institution for not informing investors about the shortfall.
Xero shares surge after profits beat expectations
Accounting software player Xero beat profit expectations following chief executive Sukhinder Singh Cassidy’s year of “foundational change”.
Nufarm boss says he wants even playing field, not handouts
Nufarm chief executive Greg Hunt says other nations treat grain production as a critical industry.
Anglo knocks back new $73.9b offer from BHP
BHP and Anglo American are a step closer to a deal after Anglo granted its Australian suitor seven extra days to make an improved offer.
Optus sued by regulator for breaches in 2022 cyberattack
The communications regulator has filed a lawsuit in the Federal Court claiming Optus did not protect customers’ information before it was struck by a cyberattack.
No more ‘go-away’ money as companies take class actions to court
Corporate Australia will no longer pay “go-away” money to avoid shareholder class actions after plaintiff firms lost five major cases in a row, a trend lawyers said would encourage more boards to fight cases in the courts.
Blow for Bain and Accolade Wines as growers reject grape deal
The wine group says the contract has been handicapping it for years in an oversupplied market, as investors in smaller player Australian Vintage brace for bad news.
Companies in the News
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Markets
- Analysis
- AI
Nvidia’s share price is about to plummet, but it’s all part of the plan
Nvidia boss Jensen Huang knows this is his moment, and he’s capitalising on surging demand for his AI chips and his white-hot shares.
Fed officials rally around ‘higher-for-longer’ rates
Policymakers noted disappointing readings on inflation over the first quarter, according to the minutes from their April 30-May 1 meeting.
What happened overnight? Fed policymakers spook investors, Nvidia results boost AI outlook
US equities closed lower, though off their session lows, after the latest Fed minutes pointed to higher rates for still longer. Nvidia reported solid results after New York’s closing bell.
Morgan Stanley turns more bullish on ASX – here’s how it’s positioned
The broker has upped its target for the Australian market by another 10 per cent and says with rates staying high for longer, it’s time to rethink bank stocks.
Traders wrong-footed after RBNZ shocks with rate rise talk
New Zealand’s central bank kept the cash rate steady at a 15-year high of 5.5 per cent as expected on Wednesday, but surprised the market by pushing out the likely timing of some rate relief.
Opinion
The cold war for Australia’s critical minerals future
Despite signalling Labor’s support for aligning with the US on economic security, Madeleine King is likely to want to keep the Chinese investment spigot open.
Editorial
Critical mineral miners chase China’s tail
The sector has welcomed the 10 per cent production tax credits but the big question is where the additional investment to fund growth will come from.
Columnist
Bill Shorten’s NDIS spending claims can’t be trusted
A lack of respect for taxpayers explains the NDIS blowout. Perhaps it’s because almost half of adults pay no net income tax.
Economics editor
Why Webjet wants to let the Ferrari out of the garage
Breaking up is usually hard to do – but fed-up investors are mad for it. Webjet is jumping on the bandwagon.
Columnist
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.
Editorial
Why China is reluctant to help consumers spend more
China’s rulers see cautionary tales in consumer-driven American capitalism. They aspire to build a manufacturing superpower rather than a rich consumer society.
Contributor
Reports
The future of financial advice
This special report looks at options to make financial advice more accessible and affordable, including robo-advice, as well as tips for the new financial year.
Sponsored
by CommBankPolitics
NSW to pay Origin up to $225m a year to keep Eraring open
Origin will pay the government a fifth of any operating profits up to a maximum of $40 million a year should the plant operate at a profit during the extension period.
- Analysis
- Australian economy
Long-term growth is more vulnerable than it looks
The rise of anti-science movements pose the greatest economic threats since the industrial revolution, writes a former deputy RBA governor, writes Guy Debelle.
‘Please keep going’: Brother’s plea as students end Melbourne protest
The brother of a slain Palestinian man at the centre of the Melbourne University encampment said the protesters’ “work mean the world to me”.
Unis brace for up to 95pc fewer foreign students
Both sides of politics say the reductions are needed to relieve housing pressure and both plans would deliver a huge shock to the $48b industry.
Albanese powers ahead with Australian-made battery plan
Prime Minister Anthony Albanese will launch a National Battery Strategy on Thursday for the $523 million for batteries in last week’s budget.
SPONSORED
World
Macron urges calm in high-stakes New Caledonia visit
The French president has met political and business leaders in an attempt to ease tensions following days of deadly unrest over electoral reforms.
- Opinion
- UK election
There is no Blair-mania about UK Labour leader Keir Starmer
The Conservative government has been a pointless charade for months now. What exactly a Labour government will mean is much less clear.
PwC braces for China crisis and a hefty fine
PwC’s role in approving accounts for troubled property developer Evergrande has led to infighting at the big four firm as clients reconsider their relationship.
- Analysis
- UK politics
‘Let me finish the job’: Sunak’s gamble to avoid disaster
On the steps of Downing Street, a rain-soaked Sunak was drowned out by Tony Blair’s victory anthem. It was hard to see past these harbingers of imminent defeat.
British PM Sunak sets July 4 election date
The election has come much sooner than expected, even though the ruling Conservative Party faces a potential landslide loss.
Property
Cobbler counts the cost of fewer feet as CBD economies lose $4.3b
Cities are getting 370,000 fewer office worker visits every day compared to pre-pandemic, which has led to CBD-based businesses struggling to make ends meet.
- Exclusive
- Luxury property
Locals ‘you would know’ spend $23m on off-the-plan Toorak penthouses
The sale of the two sub-penthouses in Orchard Piper’s Toorak Village project achieved record rates of $38,000 per square metre.
How pension funds turned UK student accommodation into a cash cow
Unlike the shared houses of old, student accommodation is fast becoming the domain of luxury. Underpinning this sea change is a wave of institutional investment.
- Exclusive
- Hotels
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.
CBA to accept $10k deposits to speed up off-the-plan construction
Commonwealth Bank will allow $10,000 deposits to be viewed as 10 per cent deposits on certain projects to make it easier for developers to get construction financing.
Wealth
- Opinion
- Superannuation
How to claim a $157,000 tax deduction while turbocharging super
Anybody who can make extra concessional contributions of this magnitude should seriously consider doing so.
- Opinion
- Superannuation
‘It’s my money’ attitude leading to illegal super withdrawals
Early release of super is only supposed to allowed as a last resort. So why are so many people being approved to use it for dental work?
I’m a risk-taker but he plays it safe. How do we invest as a couple?
Mismatched risk appetite is a common problem in relationships. How can couples get over this hurdle when investing together?
Technology
Replica Ozempic ban could deny thousands ‘life-changing medication’
Healthcare start-ups say the ban is a step too far and risks leaving tens of thousands of Australians without the medications they need.
Australian Open champ backs Melbourne composting start-up
The Funded blog is the home for news on the tech deals that are done in Australia, as soon as we hear about them.
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.
Work & Careers
‘There is no work-life balance’ for Ange Postecoglou
How does the Tottenham manager balance the Premier League with being a father and husband? He doesn’t.
What the state of your desk says about your work
Whether you have a Jane Austen or Bill Gates type ordered desk or a Steve Jobs or Albert Einstein messy desk, might explain the way you think and work.
Life & Luxury
How belly fat can predict our future - and longevity
We need to be less obsessed with our outward appearance and treat our inner self with the respect it needs and deserves.
Why you might want to skip the morning workout
A new study appears to show that people who exercise in the evening are 28 per cent less likely to die than morning fitness people. But experts are still divided.
How this geologist got hooked on cycling later in life
“Join a club!” enthuses Delta Lithium’s Charles Hughes. Then, practise a lot before undertaking an 800-kilometre charity ride.
Pickleball court breaks the mold of the stuffy luxury liner
Queen Anne is a litany of firsts for Cunard, including its first designated outdoor yoga space, along with mini golf, a pickleball court and an archery area.
At $74,760 per runner, is this the world’s most expensive marathon?
You have to watch out for ice cracks and polar bears, and many run in life vests. But so far, 534 people have completed this mind-boggling race.
