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ASX TO RISE, AMP RETURNS $1.1B TO SHAREHOLDERS; TELSTRA PROFITS SLIP

Australian shares are set to open 1pc higher. US shares rally after soft
inflation data. QBE reports $151m profit. AMP’s bumper capital return. Inflation
expectations data ahead. Follow updates here.

Latest Posts

 * 4 mins ago — 9.40AM
   
   
   TELSTRA WILL NOT EXPAND RETAIL ENERGY BUSINESS IN FY23: PENN

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Last updated 4 mins ago

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 * Energy


KOREA INC IN $1B DOMESTIC GAS PLAY AS LABOR’S KING BACKS LNG

“Without Australian resources, the world doesn’t have net zero,” says Resources
Minister Madeleine King, as South Korea’s Posco and Gina Rinehart invest.

 * Earnings season


AMP PLEDGES TO RETURN $1.1B TO SHAREHOLDERS

The wealth giant reported a 24.5 per cent slump in half-year profit but will
throw long-suffering shareholders a bone in the form of a $1.1 billion capital
return.

 * Live
 * Need to Know


CHINA TO MOVE ON TAIWAN IN LATE 2020S, EARLY 2030S: RUDD

Opposition Leader Peter Dutton says he misspoke when he labelled Taiwan an
independent country; former PM Kevin Rudd expects China to wait to use military
force against Taiwan. Follow updates here.

 * Updated
 * Earnings season


TELSTRA LIFTS DIVIDEND FOR FIRST TIME IN SEVEN YEARS

Telstra’s full-year profits have fallen by more than 4.6 per cent to $1.81
billion, but the telco has managed to lift its final dividend by just over a per
cent to 8.5¢ per share.

 * Opinion
 * Chanticleer


US INFLATION SURPRISE CAN KEEP THIS RALLY RUNNING

Even the most bearish investors need to consider the possibility stocks can keep
melting up. The S&P 500 is up 15 per cent, the Nasdaq 100 is up over 20 per cent
and even the little old ASX 200 is up almost 9 per cent.

 * Earnings season


INSURANCE PREMIUM GROWTH SWELLS FOR QBE

The insurer was hit with a hefty drop in profits due largely to the falls in
investment markets.

 * Leadership lessons


WHAT CEOS CAN LEARN FROM TED LASSO

 * Aviation


LATE-NIGHT EGG ATTACK SHOWS TRAVELLER FURY AT QANTAS CEO

 * Office


STAFF WILL QUIT IF THEY FEEL FORCED INTO THE OFFICE

 * Exclusive
 * Office


OCCUPANCY RATES PLUNGE FOR FIRST TIME IN SIX MONTHS

Essential news and analysis for business and investors about Australia’s
critical economic transition.

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STREET TALK


 * EYE THERAPIES GROUP OPTHEA IN $US240M FUNDING DEAL, CHASES EQUITY LEG
   
    * 8.54am


 * BROOKFIELD COOKS UP BID FOR IXOM, FACES FAMILIAR RIVALS


 * OZ MINERALS GIVES BHP THE COLD SHOULDER, SOUNDS INVESTORS


CHANTICLEER


 * US INFLATION SURPRISE CAN KEEP THIS RALLY RUNNING


 * THE MARKET FOR CRITICAL MINERALS NEEDS TO BE ‘SELF AWARE’


 * RATE PAIN ‘TO QUADRUPLE’, BUT CBA’S COMYN STILL SEES SOFT LANDING


REAR WINDOW


 * MIKE RANN’S ASX BAPTISM OF FIRE


 * TOM TATE DEFINITELY NOT PISSED OFF WITH CCC


 * LABOR MISSES THE DETAIL IN SUPER WAR


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COMPANIES

 * Carbon challenge


THE BATTERY THAT CHARGES 70 TIMES FASTER THAN LITHIUM-ION

Brisbane’s Graphene Manufacturing Company, founded by a group of former Shell
executives, will release graphene aluminium-ion batteries into the market.

 * Earnings season


INSURANCE PREMIUM GROWTH SWELLS FOR QBE

The insurer was hit with a hefty drop in profits due largely to the falls in
investment markets.

 * Aviation


INDUSTRIAL ACTION TO START AT QANTAS, JETSTAR AMID ENGINEER PAY FIGHT

The Australian Licensed Aircraft Engineers Association told members the first
set of “token” industrial actions would occur before the end of August.

 * Opinion
 * Chanticleer


THE MARKET FOR CRITICAL MINERALS NEEDS TO BE ‘SELF AWARE’

Structural weaknesses, low levels of transparency and lack of liquidity are
powerful forces affecting trust in the pricing of these resources.

 * Opinion
 * Chanticleer


CBA GOES AFTER NAB’S CORE BUSINESS

NAB’s Ross McEwan has every reason to be worried about CBA’s decision to lift
its game in business banking, the stand-out in CBA’s $9.6 billion cash profit.

 * Carbon challenge


GREEN METALS BOOM LEAVES OLD MINERS FEELING BROWNED OFF

Investors have rushed toward the minerals needed for decarbonisation, but will
the trend starve the sectors that put bread on Australia’s table today?

 * Exclusive
 * Baby formula


NEW KID ON THE BLOCK CARE A2 PLUS MULLS ASX LISTING

The infant formula start-up was thrust into the limelight after gaining a tick
from the US regulator in early July to supply millions of tins to a stretched
market.


COMPANIES IN THE NEWS

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MARKETS

 * Analysis
 * Inflation


PERSISTENCE NOT PEAK IS KEY FOR US INFLATION

The stockmarket has focused on picking the peak of US inflation, but the real
concern is how long it hangs around, and how the Federal Reserve will respond.

 * Inflation


US INFLATION EASES, HELPING PARE RATE EXPECTATIONS

Its official cost of living measurement declined to 8.5 per cent in July from a
41-year high of 9.1 per cent a month earlier – a faster retreat than expected.

 * Carbon challenge


GREEN METALS BOOM LEAVES OLD MINERS FEELING BROWNED OFF

Investors have rushed toward the minerals needed for decarbonisation, but will
the trend starve the sectors that put bread on Australia’s table today?

 * Before the Bell


HERE’S WHAT HAPPENED IN MARKETS OVERNIGHT

Australian shares are set to open 1pc higher, bolstered by gains in New York as
investors had their hopes for a Fed pivot renewed by July’s CPI data. $A leaps.

 * Inflation


CHINA SHARES WAVER AS INFLATION HITS TWO-YEAR HIGH

China’s consumer price inflation accelerated last month to the highest level in
two years as pork prices surged but missed economists’ expectations for hotter
growth.


OPINION

 * Big four


BANKERS FRET OVER CONSTRUCTION AND COMMERCIAL PROPERTY

They are keeping a close watch on clouds gathering over these sectors, just as
the entertainment, leisure and tourism market springs back to life.

Karen Maley

Columnist

 * Big four


COMYN BANKS ON THE RBA DELIVERING WHAT’S NEEDED

Matt Comyn delivered excellent financial results for CBA. But the year ahead
looks more painful for bankers and customers alike.

Jennifer Hewett

Columnist

 * Commonwealth Bank


AUSTRALIA’S BANKS CAN WITHSTAND END OF CHEAP MONEY

The Commonwealth Bank’s stellar results suggest the overall strength of the
banking system will enable it to weather the interest rate correction without a
crash landing.

The AFR View

Editorial

 * Cryptocurrencies


WHY A US CRYPTO CRACKDOWN THREATENS ALL DIGITAL COMMERCE

If US authorities had got their way on encryption, digital shopping would never
have existed. That’s what makes the crackdown on Tornado Cash such a worry.

Chris Berg

Blockchain expert

 * Monetary policy


LET’S HAVE A SUMMIT THAT LOOKS AT WHOLESALE ECONOMIC REFORM

Unions and the Greens know their ability to influence public policy comes only
during Labor governments, and now that window of opportunity is open.

Ronald Mizen

Economics correspondent

 * Interest rates


‘IN SYNC’ INTEREST RATE RISES ARE UNCHARTED WATERS FOR THE WORLD

Central banks are all tightening monetary policy at once. That robs the world
economy of variation that might offset future ups and downs.

John Kehoe

Economics editor


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POLITICS

 * Australian economy


CHALMERS POURS COLD WATER ON ACTU DEMANDS

Treasurer Jim Chalmers has distanced Labor from the ACTU’s calls for a radical
overhaul of how the economy is structured ahead of the jobs summit.

 * Business investment


‘NO EASY FIX’ TO BUSINESSES HITTING THE LIMITS OF THE ECONOMY

Such are the uncertain economic times, economists are sceptical about whether
the traditional capacity-hiring-investment paradigm will hold true.

 * Australian economy


GOVERNMENT WILL MOVE QUICKLY ON JOBS SUMMIT PROPOSALS: CHALMERS

Jim Chalmers said the jobs summit does not require the attendance of Peter
Dutton, who will boycott the event.

 * Carbon challenge


‘FRAGMENTED, INEFFICIENT, COMPLICATED’ CARBON MARKET NEEDS FIXING

The Climate Change Authority, the government policy advisory body, is urging
Labor to develop a national carbon market strategy

 * Construction


‘CATASTROPHIC’ TIMBER SHORTAGE HITS HOME BUILDS

As builders face chronic shortages of materials a Victorian Supreme Court judge
has partially wound back orders which prevented timber harvesting in the state’s
highlands.


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WORLD

 * World politics


MARIO DRAGHI ISN’T COMING TO ITALY’S RESCUE ANY MORE

The sooner the Italian Democratic Party realises it can’t ride on the
technocrat’s coattails, the better its chances will be in next month’s vote.

 * Opinion
 * Global economy


THE STUFF OF ECONOMIC NIGHTMARES IS PLAYING OUT OVER TAIWAN

The world is likely to split into rival blocs centred on the US and China,
putting upward pressure on costs and reducing real incomes.

 * Trump's America


TRUMP REFUSES TO ANSWER QUESTIONS ABOUT HIS BUSINESS

The New York investigation, begun in March 2019, is looking at whether Donald
Trump and his company improperly inflated the value of his assets.

 * Tax reform


GLOBAL MINIMUM TAX ACCORD COULD COLLAPSE: SUMMERS

A casualty of the Democrats’ tax-and-climate change bill could prove to be the
historic tax deal reached in principle in October.

 * Australia's China challenge


CHINA PLANS RE-EDUCATION ‘ONCE TAIWAN IS UNITED’

Taiwan’s 23 million people face a campaign of re-education if the self-governed
island is taken over by China, with China’s top diplomat to Australia confirms.


PROPERTY

 * Office


GIC BACKS CHARTER HALL’S $800M COLLINS STREET TOWER

Major developers expect the post-pandemic shake-out of the workplace will drive
a bifurcation in office stock: new buildings will win the war for talent and
tenants. 

 * Commercial real estate


BARINGS SNAPS UP $6B ASSET MANAGER ALTIS AS ASIA-PAC LAUNCHING PAD

The acquisition of Altis, via a share sale agreement, will give Barings exposure
to a large portfolio of industrial, office and residential projects.

 * Exclusive
 * Office


HINES PLANS 60,000SQ M OFFICE TOWER AT 600 COLLINS

The Collins Street building with a $1billion budget taps a change in thinking
about the role of private and public spaces as CBDs redefine their role in a
pandemic world.

 * Office


ISPT, HESTA TO DEVELOP $140M OFFICE TOWER IN MELBOURNE

The proposed 12-level office tower takes total investment in new facilities at
its St Vincent’s Fitzroy hospital precinct to more than $500 million.

 * Pubs


FORMER WALLABY BILL YOUNG NABS BAR BROADWAY IN CHIPPENDALE FOR $37M

The acquisition of the hotel on the doorstep of the Tech Central precinct adds
to five other Sydney hotels owned by the former Wallaby star and his family.


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WEALTH

 * Opinion
 * SMSFs


HOTTEST NEW SUPER STRATEGIES TO HELP YOUR KIDS AND SPOUSE

Recontribution tactics made possible by new rules are a game changer for older
Australians and their families.

 * Opinion
 * Flat Chat


WHAT TO DO WHEN APARTMENT OWNERS IN YOUR BUILDING DON’T PAY BILLS

Some can’t pay their levies, some won’t, but there are ways to ensure you don’t
pick up the tab.

 * Super Q&A


I’M ON A HIGHER INCOME BRACKET – IS SUPER WORTH IT IF I PAY MORE TAX?

A reader with a capital gain after selling an investment property is reminded
how CGT is calculated and that the extra super tax is not as onerous.


TECHNOLOGY

 * Gadgets


WHY SAMSUNG SEES ITS NEW FOLDING PHONES SELLING OUT

Samsung has revealed new folding phones, new watches and new earbuds, all
focused on eliminating problems found in earlier models.

 * Social media


ARE YOU SURE YOU’RE NOT GUILTY OF THE ‘MILLENNIAL PAUSE’?

The first generation to grow up with social media, Millennials are now ageing
out of it as their online habits become the subject of parody for Gen Z users.

 * Investing


SOFTBANK PLEDGES SWEEPING COST CUTS AFTER $34B LOSS

Chief executive Masayoshi Son said he would review “everything” for potential
cuts without any “sacred cows”.


WORK & CAREERS

 * Industrial relations


MAJOR HOSPITALITY GROUP GRILLED OVER ‘SHAM’ EBA

The workplace tribunal has raised extraordinary concerns that one of
Queensland’s biggest hospitality groups may have lied to get approval of an
agreement that allowed its workforce to opt out of all their penalty rates.

 * Opinion
 * Chook Roast


THE FUNDIE PAYING BIG SUMS TO TRAIN FEMALE DIRECTORS IN JAPAN

The lack of gender diversity on Japanese boards is even worse than in Australia.
Here’s how one investor tackled the problem himself. 


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LIFE & LUXURY

 * Fin! Magazine


FASHION INSPIRED BY BEZOS AND BRANSON, COMING SOON TO YOUR WARDROBE

The world’s runways are taking inspiration from the final frontier. But
remember, no one can pull off a too-tight jumpsuit. That’s reaching for the
stars.

 * Wine & spirits


NEW WINE IN OLD BOTTLES: REUSING AND REFILLING COMES FULL CIRCLE

The practice goes back decades; it’s just that in times of plenty, we forgot how
to be sustainable.

 * Opinion
 * Review


THE NEVER-ENDING SEARCH FOR THE PERFECT ROBOT VAC

Ecovacs seems to give you a choice with its latest mopping robovacs: have all of
your floor imperfectly mopped, or some of it perfectly mopped.

 * Review


THE KANNEH-MASONS LOOK AND SOUND LIKE CLASSICAL MUSIC’S FUTURE

The seven black British siblings showed they have the prowess to back up their
revolutionary status in the classical music industry, at the first concert of
their Australian tour on Tuesday.

 * Qatar


DOHA IS DIALLING IT UP FOR THE WORLD CUP. HERE’S WHAT YOU NEED TO KNOW

On November 21, Qatar will become the first Middle Eastern country to host the
FIFA competition since it began in 1930.


MOST VIEWED


 1. THE US CAN DEFEND TAIWAN, BUT WOULD LOSE HALF ITS AIR FORCE


 2. LATE-NIGHT EGG ATTACK SHOWS TRAVELLER FURY AT QANTAS CEO


 3. THE BATTERY THAT CHARGES 70 TIMES FASTER THAN LITHIUM-ION


 4. ASX ENDS 0.5PC LOWER, GRAINCORP SHINES; ST BARBARA SUFFERS


 5. DAN MURPHY’S OWNER BUYS ANOTHER HIGHER-END WINERY


 6. CBA GOES AFTER NAB’S CORE BUSINESS


FROM THE GALLERY


DAVID ROWE CARTOONS FOR AUGUST 2022

Aug 10, 2022View more editorial cartoons


THE AUSTRALIAN FINANCIAL REVIEW MAGAZINE


AS WAIT LISTS AND PRICES SKYROCKET, HAVE WE REACHED PEAK WATCH?

 * Bani McSpedden


 * HOW TO MAKE A HARD-TO-FIND SCANDINAVIAN SPECIALTY AT HOME


 * TWENTY OF THE BEST WATCHES COMING TO YOUR WRIST IN 2022


BOSS FINANCIAL REVIEW


TED LASSO’S LEADERSHIP LESSONS FOR CEOS

 * Natasha Boddy and Sally Patten


 * KELLIE PARKER PLOTS RIO TINTO’S PATH BACK FROM INSULT AND INJURY


 * HOW I GOT BACK TO EXECUTIVE WORK AFTER BREAKING MY NECK


LIFE & LEISURE


THE NEVER-ENDING SEARCH FOR THE PERFECT ROBOT VAC

 * John Davidson


 * NEW WINE IN OLD BOTTLES: REUSING AND REFILLING COMES FULL CIRCLE


 * FROM GRAFFITI TO COMMISSIONS FOR LOUIS VUITTON: MEET FUTURA


RICH LIST


RICH LISTER ‘CRYPTO KING’ ADMITS LOSING BIG IN LUNA CRASH

 * Jessica Sier


 * SHE FAILED HIGH SCHOOL ENGLISH. NOW SHE’S WORTH $267M


 * BACKED BY DANIEL BESEN, THIS FUND LETS YOU INVEST LIKE A FAMILY OFFICE

The Australian Financial Review

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