Financial Review - Business, Finance and Investment News | afr.com (original) (raw)

AUDUSD0.6801

0.0038 (0.57%)0.57%

S&P/ASX 2008,187.70

45.60 (0.56%)0.56%

All Ords8,413.20

48.90 (0.58%)0.58%

NZX 504,745.52

27.84 (0.59%)0.59%

Hang Seng17,991.66

331.64 (1.88%)1.88%

Nikkei37,192.06

811.89 (2.23%)2.23%

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Jobs data, big-spending governments mean RBA can’t follow Fed

The labour market is softening only at a glacial pace, thanks in no small part to strong public sector jobs growth. That leaves the RBA in a bind.

ASX hits record above 8200 as Fed cuts; Morgan Stanley says buy BHP

ASX shrugs off poor pre-market trading to chart new high before paring gains. Jobless rate holds steady at 4.2 per cent. Iron ore rebounds. Follow for more.

RBA to keep interest rates high after employment jumps 47,000

Economists said the solid jobs numbers meant Australia would not be in a rush to reduce borrowing costs despite a jumbo cut in the US overnight.

Sanjeev Gupta faces UK tax office blowtorch, auditor walkout

The billionaire’s GFG Alliance, which owns Whyalla Steelworks, has been mired in debt since the collapse of its Australian financier Greensill Capital.

Jewish groups lash ‘cowardly’ Australia for abstaining at UN vote

Penny Wong defended Canberra’s stance on a resolution demanding an end to Israel’s occupation of West Bank and East Jerusalem, warning about escalation.

Qantas eyes downtown Tokyo flights as Virgin waits for new planes

Demand for travel to Japan is strong, but not from Cairns, as the red kangaroo tries to muscle in on its rival’s misfortune.

Dutton in talks to bring ex-minister back from consulting land

Former senior PwC partner and Liberal minister Jamie Briggs is returning to politics after he leaves his current role as corporate affairs leader at professional services start-up Scyne Advisory.

LSN Capital Partners’ Nick Sladen.

Here are some small caps that are ripe for a rally

From afterthought to $1 trillion: Millennials drive SMSF boom

Living the lux life in London’s Kensington and Chelsea district.

London’s mansions are struggling to sell

The Fin podcast with Neil Chenoweth and Sam Buckingham Jones

Inside the Murdochs’ secret succession battle

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Street Talk

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Hezbollah explosions

Mossad’s ‘unheard of’ pager attacks leave trail on three continents

The supply chain of devices used in the attacks in Lebanon involves a confused Taiwan CEO, a mysterious Hungarian academic and a wave of Middle East destruction.

Japanese company dragged into Hezbollah walkie-talkie attacks

At least 20 people were killed, this time with walkie-talkies apparently detonated by Mossad. Local media said the devices bore a Japanese brand name.

This is a staggering success for Mossad that opens a window for war

Detonation of Hezbollah walkie-talkies highlights the strength and sophistication of Israeli intelligence.

A Hezbollah war would be Israel’s biggest challenge in decades

If the conflict broadens, Hezbollah’s massive rocket and missile arsenal and hardened military forces would pose a major threat to Israel while its response would likely be devastating to Lebanon as well as Hezbollah.

Pager attack will please some in Israel – for now at least

Co-ordinated blasts seem likely to have been ordered by Prime Minister Benjamin Netanyahu to satisfy domestic needs.

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Companies

Future Fund reveals it voted against Woodside’s climate strategy

The country’s sovereign wealth fund says its analysis shows that activism is rising, with a rise in votes against remuneration reports from big shareholders.

Woolworths faces investor calls to ditch Big W, New Zealand

The new chief executive of the country’s supermarket chain is being urged to focus on the company’s core business, which is losing ground to Coles.

WA opens narrow window for onshore gas exports

The state government’s revised policy may not be enough to achieve the aims of encouraging more gas exploration and development, some commentators say.

Why Rio Tinto has bought 3000 hectares of grazing land

The mining company will plant 750,000 pongamia trees on the property near Townsville as it attempts to create a renewable replacement for diesel.

Nick Scali wants to conquer Britain. Does it stand a chance?

The ASX-listed furniture retailer has made a big bet on the United Kingdom, where plenty of big Australian companies have come unstuck.

Online casino mogul gets into lotteries as profits surge

Revenues at Virtual Gaming Worlds, which pioneered the use of a loophole to offer casino-like games with cash prizes in the US, has soared above $6 billion, accounts show.

Instagram’s teen mode won’t stop new age laws: Rowland

The Albanese government wants to increase the minimum age to use social media, and reckons the platforms aren’t trying hard enough to keep kids offline.

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Markets

Iron ore tipped to fall below $US80, forcing mine closures

Bank of America cautioned that the price of Australia’s key export could slump more than 10 per cent, which would force a new wave of miners to exit the market.

Traders temper bets the RBA will follow the Fed’s rate cut

The Aussie dollar briefly topped US68¢ after the US Federal Reserve’s jumbo rate cut, but hopes of a similar move in Australia are starting to wane.

‘Once you go big, there’s no going back’: Wall Street reacts

Markets got what they wanted from the US Federal Reserve, although central bank chairman Jerome Powell dashed hopes for another 50 basis point move.

What happened overnight? Wall St was modestly lower as dust settled on Fed decision

ASX futures were lower. US stocks closed lower after Jerome Powell dashed hopes for an aggressive rate-cutting cycle.

ASX small caps to surge once the Fed cuts rates

Bell Potter has revealed a list of “cheap” stocks that it believes will benefit from the world’s most important central bank finally lowering borrowing costs.

Opinion

Powell’s jumbo rate cut is a big insurance policy

This super-sized rate reduction is the Federal Reserve chairman’s bid to cement his legacy as he tries to nail a soft economic landing.

Matthew Cranston

United States correspondent

Universal childcare? Remember what the PC said about the NDIS

It is well worth remembering how spectacularly wrong the Productivity Commission was in 2017 when it gave the green light to the National Disability Insurance Scheme.

Phillip Coorey

Political editor

Labor says CFMEU situation is under control. But look on the streets

The CFMEU rallies are the obvious signs of turmoil behind the scenes as a government-appointed administrator struggles to deal with union threats.

Jennifer Hewett

Columnist

Cybersecurity for the C-suite, not just the IT crowd

At Tuesday’s Australian Financial Review Cyber Summit, the corporate regulator warned boards and managers against “cyberwashing”.

The AFR View

Editorial

Why investing in infrastructure could help smooth the bumps

Understanding the key structural trends shaping the next decade will help identify the best opportunities in private infrastructure.

Andrew McAuley

Managing Director at UBS Global Wealth Management Australia

Put new ‘cop on beat’ to stop CFMEU menace machine

We need a new national body with the right powers and accountability to fairly police the threat-filled no-go, police-free zone of Australian life.

Mike Zorbas

CEO of the Property Council of Australia

Reports

Executive Education - lifelong learning

This special report looks at lifelong learning, focusing on the impact and efficacy of leadership courses designed for top-tier managers and business leaders.

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Politics

Jewish groups lash ‘cowardly’ Australia for abstaining at UN vote

Penny Wong defended Canberra’s stance on a resolution demanding an end to Israel’s occupation of West Bank and East Jerusalem, warning about escalation.

PM dodges question on US Federal Reserve impacts

Anthony Albanese says his government is responsible for job growth; Minister says Suburban Rail Loop findings are “dodgy”; Airservices says it has plenty of air traffic controllers. Follow live updates.

Dutton’s plan to tear up IR laws on par with Work Choices: Labor

The government says it is prepared to tweak its IR laws, but there will be no wholesale change as it gears up for an election fight on wages.

Review urges free childcare for some at $5b-a-year cost

The Productivity Commission has rejected Labor’s goal of universal childcare, but still wants the country’s poorest families to get three days a week for free.

Australia set to break with US on West Bank vote

The Albanese government is disappointed Palestinians have not made more concessions on a UN resolution demanding an end to Israel’s occupation but won’t vote no.

World

Trump, Harris vie for political edge from Fed rate cut

The candidates’ duelling narratives underscore the extent to which the economy and interest rates have rapidly become a focal point in the presidential race.

‘Slam dunk’: Fed cuts rates by half of a percentage point

The US Federal Reserve chose a larger interest rate reduction to kick off what is expected to be a steady easing of monetary policy.

Law firms urged to track employees’ sleeping patterns

British firms have been urged to track the mental health and wellbeing of employees, as the legal profession confronts its often toxic work culture.

Japanese company dragged into Hezbollah walkie-talkie attacks

At least 20 people were killed, this time with walkie-talkies apparently detonated by Mossad. Local media said the devices bore a Japanese brand name.

UK inflation steady at 2.2pc leaves door open for more rate cuts

While policymakers are expected to leave rates unchanged at 5 per cent this week, market expectations of further easing have been mounting.

Property

Australian executive allegedly stole $2.7m from Singapore’s CapitaLand

The real estate giant has more than $9 billion in its local portfolio. It accused Yongho Lee of taking the money by faking documents and moving to South Korea.

How Marcus Chiminello became the go-to agent for Melbourne’s wealthy

Marshall White director Marcus Chiminello has broken many records in his career in luxury real estate, but there’s one goal he hasn’t achieved yet.

Buyer’s agent lands lavish Sydney mansion Brompton

After a lengthy campaign, the Paddington landmark has quietly sold for a speculated 12million−12 million-12million−13 million to Cohen Handler founder and director Simon Cohen.

Build-to-rent units to dominate this major city in three years

Build-to-rent apartments will overtake the supply of build-to-sell apartments in the next three years amid rising construction costs, according to Charter Keck Cramer.

Real estate agents face costs to meet new money laundering rules

Australia is at the bottom of a global compliance ranking to halt dirty money flows. Fixing that will raise costs for real estate agents.

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Wealth

From afterthought to $1 trillion: Millennials drive SMSF boom

SMSFs are undergoing a renaissance thanks in part to interest from Millennials. But it’s not all good news because many operate without any expert guidance.

How to maximise pension payments if one spouse is younger

Keeping a younger spouse’s super in accumulation phase can have the benefit of improving the age pension entitlement of the other person.

Why investing in infrastructure could help smooth the bumps

Understanding the key structural trends shaping the next decade will help identify the best opportunities in private infrastructure.

Technology

Microsoft’s climate hypocrisy on AI

The tech giant has marketed AI technology to ExxonMobil and Chevron as a powerful tool for finding and developing new oil and gas reserves.

Cyberspies phone businesses to warn of danger but half don’t respond

The Australian Signals Directorate’s new director-general Abigail Bradshaw says there is a stigma to being attacked, but it is costly for companies.

Why John Mullen wishes he’d paid a cyber ransom

When hackers targeted Qantas chairman John Mullen’s private maritime museum, he didn’t pay the ransom out of principle.

Work & Careers

Suffering in silence: Swans chairman on finals, fans and Robin Khuda

Andrew Pridham is vice chairman of asset manager MA Financial and chairman of AFL club Sydney Swans. “People don’t understand the stress, particularly at finals time.”

What bosses (and husbands) need to know about menopause

A senate inquiry has unanimously recommended women get the legal right to work flexibly during menopause and pushed for more support for those going through it.

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Life & Luxury

How a law firm shaped an award-winning poet’s style

Amy Crutchfield last week won the Prime Minister’s Literary Award for Poetry, and credits her time at Mallesons for shaping her poetic style and philosophy.

‘We’re not Logos by the Sea’: How to make arts sponsorships work

Transfield’s exit from Sydney Biennale in 2014 started a torturous recent history for corporate support, but there are still successful exceptions.

Wine made in China is starting to get interesting

Meet sommelier turned nomad winemaker, Ian Dai, a man challenging norms of Chinese viticulture.

Can Yavuz sets out in his galleries to “challenge, inspire and reclaim”. It’s worked here; now he’s hoping to do the same in London.

‘Mr Paparazzi’ collection brightens up dull market

A famous image of Princess Diana on a yacht, Chinese contemporary paintings, German Expressionism and a silver throne are the highlights of two upcoming sales.

David Rowe cartoons for September 2024

Sep 18, 2024

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The Australian Financial Review Magazine

Former Young Rich Lister’s surprise return to the business she left behind

Suffering in silence: Swans chairman on finals, fans and Robin Khuda

Life & Leisure

Rich List

Online casino mogul gets into lotteries as profits surge