- Exclusive
- Casinos
Gaming no longer ‘glorious part of the business’: Star boss
Steve McCann says the company’s casino business might never return to the boom times and its future is likely to lie in its restaurants and hotels.
ASX to drop, US stocks rise on Powell’s rate signal
Australian shares are set to open lower. The S&P 500 is higher, bolstered by renewed hopes for a September interest rate cut.
- Exclusive
- Industrial relations
CFMEU deal helps add 10pc to apartment costs
The CFMEU’s latest wages deal for NSW will increase labour costs by up to 19 per cent in the first year alone, a new analysis finds.
Biden fends off leadership test ahead of NATO, praised by Marles
Democratic US lawmakers failed to reach a consensus on whether to fall in line behind President Joe Biden’s resolve to pursue his reelection bid.
Labor under pressure to confront China over hacking
The government is under pressure to confront Beijing after its main counterintelligence agency named a hacking group linked to China’s Ministry of State Security.
- Opinion
- Chanticleer
Steve McCann takes his biggest punt with embattled casino giant Star
As far as turnarounds go, this is bigger than Boral, Bapcor and Seven West Media combined. “I had room for one more,” he says when asked why he took the job.
Telstra increases phone plan prices above inflation rate
The telco is lifting prices for most of its mobile plans – and analysts warn there could be more price increases to come.
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Companies
Transmission ‘will get easier’ after EnergyConnect: Transgrid CEO
Brett Redman’s comments come as speculation mounts Transgrid will need to bring other contractors in to complete the delayed $2.3 billion transmission project.
How an ASIC lieutenant was scammed – and her warning for consumers
When Karen Chester bought shoes in a sale last month, she did not expect to be scammed. The fact she was shows the urgent need for reforms.
- Updated
- Mergers & acquisitions
Bapcor rejects Bain’s $1.83b offer, lures exec chair from 7-Eleven
The struggling automotive parts group also flagged an impairment, and said the private equity firm’s cash proposal did not reflect the value of the company.
Perpetual’s $100m private debt pitch shies away from real estate
The fund manager is beefing up its $450 million listed credit fund, capitalising on a 10.2 per cent 12-month return.
Queensland breaks ground on $5b transmission project
The Copperstring project will eventually link the mining region of Mount Isa with the port city of Townsville via an 840-kilometre-high transmission line.
Giant farming co-op looks to exit flour mill partnership with Salim
Australia’s biggest co-op, farmer-controlled CBH, wants to sell its stake in a network of flour mills in South-East Asia owned with the Indonesian family.
How the chairman became the unquestioned power at this bank
Mark Tucker, the chairman of HSBC, has spent years establishing himself as the dominant figure at the heart of Europe’s largest financial group.
Companies in the News
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Markets
Aussie ETFs top $200b as investors flood back to stocks
Strong performance from funds exposed to global equities are drawing investors and fund managers to the fast-growing local ETF market.
Powell signals rate cut decision is approaching
“Elevated inflation is not the only risk we face,” the Federal Reserve chairman told lawmakers on the first of two days of congressional testimony.
Hedge funds turn on Cettire, betting shares will keep falling
The online fashion retailer is now the second most shorted stock on the ASX as hedge funds ramped up bets against the stock over the past week.
Wilsons joins growing chorus of Guzman y Gomez bulls
Shares in the much-hyped Mexican fast-food chain are tipped to surge more than 10 per cent in the next year, fuelled by ‘significant and sustained earnings growth’.
Medtech CurveBeam AI shares rally 15pc on upbeat sales
After its shares lost more than 66 per cent of their value, CurveBeam AI says sales for its medical imaging hardware are improving.
Opinion
France says adieu to the centre
Australia too faces a drift to minority government, polarisation and identity politics at the next election, which France showed how easily can go off course.
Editorial
Where do Australia’s China ties go after hack?
The public outing only raises the question of where Australia takes the matter from here, and what it expects China to do.
Editorial
Confused despair grips Democratic voters
Joe Biden seems to be revelling in his determination to once again prove his doubters wrong. The Trump campaign is confident it ensures their victory on November 5.
Columnist
Europe now leaderless as global threats rise
President Emmanuel Macron’s authority in Europe has shrunk after chaotic national elections, while the UK’s influence has been hobbled by Brexit.
Columnist
On any measure, India has disappointed
It was never meant to be this way. India was to be in the corner of the democracies in the contest with the autocracies.
Columnist
Control of the sea is worth gambling on AUKUS
To any objective observer it is apparent acquiring nuclear-powered submarines has significant advantages for national security. However, these come with major costs and risks.
Defence expert
Reports
Sustainability Leaders
The list celebrates Australasian companies that are making real progress in tackling sustainability challenges – and delivering business value along the way.
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by BCGPolitics
Cattle farmers go to war with Labor over class action
Cattle farmers have accused Attorney-General Mark Dreyfus of launching an appalling, contemptuous and “outrageously misleading” attack on them.
- Exclusive
- White collar crime
Why diamond studded Swiss watches and luxury handbags worry AUSTRAC
The financial crimes watchdog’s chief executive Brendan Thomas says luxury goods along with cash and real estate have received its highest risk rating.
Jillian Segal named as special envoy on antisemitism
Prime Minister Anthony Albanese rejected criticism of his government’s response to tensions as he appointed Australia’s first envoy on discrimination against Jews.
- Exclusive
- Biosecurity
Avian flu surveillance to be upped amid fears of spring outbreaks
A $7 million package of federal initiatives is to be rolled out to prepare for possible outbreaks of the highly dangerous H5N1 avian flu strain
Australia pours millions into Pacific banks to counter China influence
The worry among the national security establishment is some Pacific Island countries will be forced to rely on Chinese financial institutions, which are pushing into the region.
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World
No one worth voting for: Ray Dalio’s lament
“I feel like I am faced with the choice between a strong, unethical, almost fascist Republican Party and a frail, untruthful, and enigmatic Democratic Party.”
Angry Biden launches offensive to hold on to job
The US president has dared his critics to “challenge me at the convention” if they want him out of the presidential race.
Putin uses stealth missiles in Ukraine children’s hospital attack
Ukraine accused Russia of using missiles that fly low to the ground to avoid radar and cause maximum damage to target the country’s biggest children’s hospital.
Markets on tenterhooks as French politicians jostle for power
France’s left-wing parties are scrambling for a way to break the political impasse created by President Emmanuel Macron’s snap parliamentary election.
- Analysis
- US election
Defiant Biden faces two make-or-break tests
Just hours before the US president hosts NATO leaders, Democrats plan to meet on Capitol Hill for the first time since the June 27 debate to discuss his nomination.
Property
Interest rate uncertainty dogs builders as buyers stay away
Less than half of companies polled by Macquarie said they expected sales to increase, even as inquiries for new houses begin to increase from last year’s lows.
The $175b super fund that’s shopping for old London office blocks
With $11 billion in its property portfolio, Aware has been unafraid of going early and hard with a countercyclical strategy. And it means going global.
Now is the time to buy commercial property, says this veteran analyst
Veteran real estate research analyst Sameer Chopra says population growth and the high cost of construction will lead to property values surging.
Foreign land buyers take class action against Victorian surcharge
It’s the latest step in a debate between those who argue taxation based on nationality is discriminatory and state governments that say it’s about revenue.
Home loan size hits record $626,055 as Perth, Brisbane power up
Owner-occupiers are, on average, taking out larger loans than ever before despite the fact the cash rate is sitting at a 12-year-high.
Wealth
- Opinion
- Property investment
This fledgling asset class is generating double-digit returns
Investors are earning attractive returns from land lease communities, which can generate an annuity-style income.
We inherited dad’s house in the UK – where to pay capital gains tax?
Sisters who moved countries find tax and administration penalties could eat into their inheritance.
How this 29-year-old pilot plans to retire at 50 with $2.5m
From meal-prepping a month in advance to investing in Tesla and Coca-Cola, here’s how one young couple is hoping to retire early.
Technology
The consultant telling business what not to do with AI
Data analytics expert Monica Ly says artificial intelligence should only be used to save on costs or generate revenue.
Who are the Chinese hackers named by Australia?
They are based in China’s south and have allegedly operated via a front company called the Hainan Xiandun Technology Development Co.
ASX-listed crypto fund in stoush with co-founder over $29m wallet
DigitalX is heading to court against a former executive over who owns bitcoins linked to collapsed exchange Mt. Gox, which began paying creditors this week.
Work & Careers
Heart Research Institute fights claim it ousted whistle-blower
The Heart Research Institute faces allegations it pushed out its former head of cardiovascular research because he raised concerns about underpayment of funds and conduct of board members.
Unions hail return of $35m Industrial Court
Unions NSW boss Mark Morey says the court will “help moderate the excesses” of the federal system.
Life & Luxury
The new Parramatta aquatic centre was worth the wait
It’s won the Sulman Medal for public architecture and the hearts of locals with its empathetic design and impressive facilities.
Are you guilty of these eight unhealthy ‘microaggressions’?
Such behaviour can have a serious impact on mental and physical wellbeing, including depression and sleeping problems, say experts – so it may pay to avoid it.
De Minaur slays his Wimbledon demon to reach quarter-finals
The Australian Alex De Minaur could meet Novak Djokovic in his first-ever Wimbledon quarter-finals.
- Gadgets With John Davidson
- Digital Life
We went from hate to love in no time flat with this electric scooter
It may not have the charm of a Vespa, but this nifty and very reasonably priced bike from Segway gives it a run for its money.
The most glam Olympics of all? Parisians are unimpressed
Plonking games venues among the city’s iconic monuments is an unprecedented experiment that will look grand on TV but its setup in causing street-level chaos.
