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Skip to navigationSkip to contentSkip to footerHelp using this website - Accessibility statementExperience the AFR for half the priceSave 50% Now * Today's Paper * Markets Data * Events * Lists * Subscribe * Log in MenuSearch Newsfeed Newsfeed * Log in * Home * Companies * Financial Services * Mining * Professional Services * Retail * Telecommunications * Energy * Healthcare & Fitness * Infrastructure * Transport * Media & Marketing * Gaming & Wagering * Manufacturing * Agriculture * Sport * Tourism * Markets * Equity markets * Commodities * Currencies * Debt markets * Markets Live * Markets Data * Street Talk * Politics * Federal * Canberra Observed * Federal Election * Policy * Carbon Challenge * Economy * Energy & Climate * Foreign Affairs & Security * Tax & Super * Health & Education * Public Service * World * North America * Asia * Europe * Middle East * Pacific * South America * Central America * Africa * Property * Residential * Commercial * Technology * Fintech * Start-ups * Social Media * Enterprise IT * Technology Reviews * Opinion * The AFR View * Chanticleer * Rear Window * Letters to the Editor * Wealth * Investing * Personal Finance * Superannuation & SMSFs * Tax * People * Rich List * Young Rich * Wealth Generation * Work & Careers * Careers * Workplace * Management * Education * Executive Education * Leaders * BOSS * Women of Influence * Power List * Life & Luxury * Travel * Cars, Bikes & Boats * Health & Fitness * Food & Wine * Fashion & Style * Arts & Culture * Design * LUXURY * AFR Magazine * Sophisticated Traveller * Life & Leisure Close menu Search Search * Home * CompaniesExpand * MarketsExpand * Street Talk * PoliticsExpand * PolicyExpand * WorldExpand * PropertyExpand * TechnologyExpand * OpinionExpand * WealthExpand * Work & CareersExpand * Life & LuxuryExpand MORE * Today's Paper * Markets Data * Events * Lists Advertisement AUDUSD0.7292 0.0031 (0.43%)0.43%Toggle market snapshot S&P/ASX 2007170.60 53.90 (0.76%)0.76% All Ords7466.50 60.20 (0.81%)0.81% NZX 504995.46 56.98 (1.15%)1.15% Hang Seng22343.92 -417.79 (-1.84%)-1.84% Nikkei26393.03 -451.69 (-1.68%)-1.68% View all The search is on for the best young leaders in the country. Enter now * Live * Russia-Ukraine war RUSSIAN TROOPS SEIZE FIRST MAJOR UKRAINIAN CITY Russian forces captured Kherson, a strategically important southern hub, Ukrainian officials said, the first major city to be overcome; Russia appears determined to pound some of Ukraine’s largest cities into submission. Follow updates here. Latest Posts * 15 mins ago — 10.42AM MSCI PULLS RUSSIAN EQUITIES FROM EMERGING-MARKET INDEX * 33 mins ago — 10.23AM RUSSIAN BILLIONAIRES MOVE SUPER YACHTS TO THE MALDIVES * 1 hr ago — 9.27AM RUSSIAN CONTROL OF UKRAINE TERRITORY: ISW * 1 hr ago — 9.25AM WORLD BANK HALTS ALL PROGRAMS IN RUSSIA, BELARUS Last updated 15 mins ago * Live * Markets Live ASX RISES; ENERGY PULLS BLUE CHIPS HIGHER AS OIL RALLY EXTENDS Australian shares climb; US stocks jump after Fed chairman Powell indicates 25 basis point March rate hike; Brent crude above $US110. * Live * Need to Know 500,000 PEOPLE AROUND SYDNEY TOLD TO PREPARE TO EVACUATE OR LEAVE NOW Half a million residents in and around Sydney region told to evacuate or prepare to leave; flooding set to be worse than in March 2021; NSW Premier Dominic Perrottet warns things will get worse before getting better. Follow updates here. * Opinion * NSW floods ON MONDAY, I FEARED OUR WORKERS WOULD DROWN The Lismore community rallied to save their neighbours on Monday. Now the government should to step up and fund the recovery. * Gambling HOW HIGH ROLLERS ALLEGEDLY CHURNED $70B THROUGH CROWN’S CASINOS From anti-money-laundering and counter-terrorism financing provisions, AUSTRAC’s list of claims could potentially amount to more than $1 billion in penalties. * Opinion * Chanticleer SIX MEGA FUNDS WILL TOWER OVER SUPER A mega super fund was born this week when QSuper and Sunsuper became the $207 billion Australian Retirement Trust. It’s a taste of things to come. * Opinion * Russia-Ukraine war THREE SCENARIOS FOR HOW THIS WAR ENDS If Vladimir Putin goes ahead and levels Ukraine’s biggest cities, the Russian President and all of his cronies may never again see the London and New York apartments they bought with all their stolen riches, writes Thomas Friedman. * Opinion * Review HERE’S A WATCH THAT WILL HELP YOU FIND YOURSELF * Russia-Ukraine war UK LOOKS AT SEIZING RUSSIAN OLIGARCHS’ MANSIONS * Russia-Ukraine war ABRAMOVICH PUTS $7.35B PRICE TAG ON CHELSEA SOCCER TEAM * Opinion * Chanticleer THE AUSSIE BLUE CHIPS ON BCG’S LIST OF RISING STARS Essential news and analysis for business and investors about Australia’s critical economic transition. Sign up for the newsletter STREET TALK * TERMS OUT FOR STANMORE RESOURCES’ US$506M RAISE * 10.03am * PERTH IT BUSINESS VELRADA SELLS TO ASG, SHELVES IPO * 9.05am * PWC SEEKS INVESTOR FOR QUEENSLAND-BASED ONLINE PET GOODS RETAILER CHANTICLEER * THE AUSSIE BLUE CHIPS ON BCG’S LIST OF RISING STARS * SIX MEGA FUNDS WILL TOWER OVER SUPER * WHEN THE BOARDROOM BECOMES THE WAR ROOM REAR WINDOW * ANZ SETS ITSELF UP FOR MORE FAILURE * LEGAL SECTOR $80M RICHER FROM BANK CARTEL CASE * BEFOREPAY’S BROKER SLASHES ITS PRICE TARGET Advertisement RUSSIA-UKRAINE WAR * Russia-Ukraine war MOSCOW CLAIMED TO HAVE CAPTURED THE SOUTHERN TOWN OF KHERSON Russia is looking to pound some of Ukraine’s largest cities into submission, shrugging off fresh Western sanctions and a UN vote confirming its pariah status. * Russia-Ukraine war RICH RUSSIANS SPEND BIG ON LUXURY TO STOP SAVINGS MELTING AWAY With sanctions on Russia sending the ruble plunging and keeping sharemarkets closed, the country’s wealthy are buying jewellery and watches as a store of value. * Russia-Ukraine war VOLODYMYR ZELENSKY STARTED AS A COMEDIAN. HE’S NOW A WARTIME HERO The Ukrainian president’s past as an entertainer has prepared him for his most crucial role yet – as a fearless leader. * Opinion * Russia-Ukraine war RUSSIA IS A POTEMKIN SUPERPOWER I wouldn’t be surprised if postmortems on the Ukraine war eventually show that there was a lot more rot at the heart of Putin’s military than anyone realised, writes Paul Krugman. * Russia-Ukraine war AS THE TANKS ROLLED INTO UKRAINE, SO DID MALWARE. THEN MICROSOFT ENTERED THE WAR A few hours before Russian tanks began rolling into Ukraine, alarms went off inside Microsoft, warning of a never-before-seen piece of “wiper” malware. COMPANIES * Funding FINTECH START-UP BY FORMER LOCAL SQUARE BOSS LANDS $100M FUNDING ROUND Ben Pfisterer’s business banking technology company has cracked the valuation milestone as part of its latest $100 million funding round. * Gaming & wagering EXPERTS SLAM ASIC’S FAILURE TO PROSECUTE CROWN RESORT EXECS ASIC’s failure to prosecute Crown Resort executives adds to a “long-term narrative” of minimal individual accountability, governance experts warn. * Courts IAG HIT WITH $300M OF CLAIMS LINKED TO GREENSILL CAPITAL COLLAPSE The insurer says it was in the dark about policies a half-owned insurance agency was signing. * Mergers & acquisitions API INVESTOR SEEKS LAST-MINUTE BOOST FROM WESFARMERS Investors Mutual says the conglomerate’s $1.55 bid should include the fully franked special dividend. * Energy SANJEEV GUPTA MAY GET A $593M HYDROGEN PLANT NEXT TO HIS STEELWORKS The billionaire’s group says it makes sense to have a taxpayer-funded plant on his doorstep where it can be integrated. * Earnings season DAVID JONES SEES BRIGHT OUTLOOK DESPITE SALES SLIDE The department stores sales fell 9.2 per cent in the first half while profits slide nearly 45 per cent, painting an ominous picture for rival Myer. * Energy prices COPPERSTRING CUSTOMER HITS BACK AT APA Energy users in Mount Isa fed up with paying high power prices from the only supplier, APA, back the controversial project. COMPANIES IN THE NEWS All Companies SEARCH COMPANIES View stories and data from an ASX listed company Search company by ASX code or name Search MARKETS * Interest rates POWELL HOLDS FIRM ON RATE RISES DESPITE UKRAINE Federal Reserve chairman Jerome Powell says Russia means less and less to the US economy and that he expected interest rates to rise 25 basis points this month. * Before the Bell WHAT HAPPENED IN MARKETS OVERNIGHT Australian shares are poised to open higher after the US central bank boss reaffirmed rates will rise this month. Oil extends rally. US bond yields rebound. * Bonds RATE EXPECTATIONS SCALED BACK ON GLOBAL GROWTH WORRIES The intensifying war in Ukraine has investors paring back expectations of monetary tightening by central banks. * GDP HOW YOU ARE SPENDING YOUR MONEY (IN 10 CHARTS) Here are 10 charts putting the latest national accounts data in perspective. * Energy BLACKROCK: SOARING ENERGY PRICES UNDERLINE NEED FOR TRANSITION A rally in coal, gas and oil prices simply points to the need for countries to accelerate the transition towards greener forms of energy, BlackRock says. OPINION * RBA RBA MUST NOT DEVIATE FROM NORMALISING INTEREST RATES The certainty needed now is confidence that the central bank will lean into normalising the cash rate and not risk letting inflation get out of control. The AFR View Editorial * Australian economy ECONOMY ROARS, BUT THERE ARE CHALLENGES AHEAD The stimulus-fuelled economy is running hot after lockdowns, but the Coalition and Labor must face up to risks on the horizon. John Kehoe Economics editor * Russia-Ukraine war ORDINARY RUSSIANS MULL THEIR FUTURE AS SANCTIONS BITE Price hikes, runs on banks, cancelled foreign travel and even their damaged reputation around the world are just some of the problems facing Putin’s people. Misha Zelinsky Special correspondent * Russia-Ukraine war RUSSIA’S WAR IN UKRAINE IS A WAKE-UP CALL ON AUSTRALIA’S CHINA RISK Would Australia be willing to suffer massive economic pain to push back if Beijing moves to take over Taiwan? John Kehoe Economics editor * Russia-Ukraine war WE ARE IN A NEW IDEOLOGICAL CONFLICT MORE DANGEROUS THAN THE COLD WAR The new conflict is not one between communists and capitalists, but one between irredentist tyranny and liberal democracy. Martin Wolf Columnist * Rich farmers FARMS HAVE NEVER BEEN SO LUCRATIVE – AND LOBBYISTS WANT MORE SUBSIDIES A compliant rural media helps the National Farners’ Federation, which this week sought funding for a bureaucracy to lobby for itself. Aaron Patrick Senior correspondent Advertisement POLITICS * Perth business CASES SURGE, RULES TIGHTEN AS WA FINALLY REOPENS West Australians are again having an opposite pandemic experience to the rest of the country. Restrictions have tightened just as they’re easing “over east”. * Russia-Ukraine war AUSTRALIA ROLLS OUT THE BARRELS AS DUTTON AMPS UP CHINA CRITICISM Australia will make a modest contribution to the release of 60 million barrels of oil from global reserves to try and keep a lid on petrol prices. * GDP ENERGY PRICE SPIKE TO KEEP ECONOMY GOING STRONG National figures rebounded strongly in the December quarter after lockdowns in NSW, Victoria and the ACT eased and households spent more of their take home pay. * Floods FLOOD DAMAGE BILL SET TO TOP $2B Wild weather and flooding has moved from south-east Queensland and northern NSW towards Sydney with authorities warning there could be more deaths. * Federal election NATURAL DISASTER FUTURE FUND FACES LABOR SHAKE-UP The Morrison government has been forced to defend its $4.8 billion emergency fund, which has so far paid out only about $50 million. SPONSORED WORLD * Biden's White House BIDEN VOWS TO FIGHT FOR DEMOCRACY, HIT INFLATION Mr Biden said current tensions over Russia were a “battle between democracy and autocracy”. * Coronavirus pandemic NEW ZEALAND ANTI-VACCINE PROTESTERS SET FIRES AS POLICE BREAK UP CAMP New Zealand Prime Minister Jacinda Ardern said she was angry and saddened at the fires and damage. * Shipping BURNT-OUT SHIP CARRYING PORSCHES, BENTLEYS AND LAMBORGHINIS SINKS Volkswagen had VW, Porsche, Audi, Bentley and Lamborghini-branded models on the vessel. * Courts GOLDMAN BANKER’S MESSY LOVE LIFE SCRUTINISED IN 1MDB TRIAL A defence lawyer has attacked the integrity of the government’s star witness, focusing on lies about his marital status and being married to two women at once. * Russia-Ukraine war AS THE TANKS ROLLED INTO UKRAINE, SO DID MALWARE. THEN MICROSOFT ENTERED THE WAR A few hours before Russian tanks began rolling into Ukraine, alarms went off inside Microsoft, warning of a never-before-seen piece of “wiper” malware. PROPERTY * Opinion * Commercial real estate THE BIG GENERATION SHIFT SWEEPING THE PROPERTY SECTOR A change of leadership at Australia’s real estate investment trusts and a fundamental shift in the financial environment permeated an upbeat results season. * Commercial real estate BLACKSTONE CONFIRMED AS AUSTRALIAN PROPERTY’S TOP FOREIGN DEAL MAKER In the end it wasn’t a contest, with Blackstone on the buy and sell side of many of Australian property’s biggest deals. * Exclusive * Hotels HOLIDAY PARK OPERATORS CONFIDENT OF EASTER BOOKINGS SURGE While bookings over Easter are 39 per cent lower compared with the same point last year, this may be due to a hesitancy to book too far in advance. * Office COVID-19, FRESH SUPPLY ADD TO VACANT OFFICE SPACE Given the broader choices involved in coming to a physical office now, CBDs and their office towers need to give office workers reason to be there. * Property market HEFTY DISCOUNTING AND SLOWER RECOVERY FOR FLOODED PROPERTIES House prices in Brisbane’s flooded areas could take longer than four years to bounce back as the market heads to a broader slowdown, according to CoreLogic. Advertisement WEALTH * Wealth Generation NEARLY 300,000 PEOPLE (MOSTLY MILLENNIALS) BECAME TRADERS LAST YEAR The stream of new investors is slowing, but remains strong as Millennial and Gen Z consumers attempt to build wealth outside the heated property market. * Super Q&A CAN I USE SMSF LOAN TO ADD LIFT TO ANOTHER PROPERTY? Borrowed money has to be used to buy a single asset but there are circumstances where excess funds can be spent on other investments. * Opinion * Flat Chat HOW TO GET YOUR APARTMENT NEIGHBOURS TO BEHAVE Everybody living in a strata complex hates the idea of by-laws telling them what to do – until a fellow resident does something they don’t like. TECHNOLOGY * Billionaires AN INTERVIEWER MADE ZUCKERBERG TAKE A TEST TO SHOW HE’S NOT A ROBOT Podcaster Lex Fridman jokingly asked Mark Zuckerberg to complete a CAPTCHA, so the Meta CEO highlighted the squares that included traffic lights. * Russia-Ukraine war AS THE TANKS ROLLED INTO UKRAINE, SO DID MALWARE. THEN MICROSOFT ENTERED THE WAR A few hours before Russian tanks began rolling into Ukraine, alarms went off inside Microsoft, warning of a never-before-seen piece of “wiper” malware. * Analysis * Russia-Ukraine war HOW RUSSIA IS LOSING THE INFORMATION WAR Russia’s famous disinformation factory, like its military, is struggling to find its feet. And Ukraine has stepped into the social media vacuum with aplomb. WORK & CAREERS * Executive education SUPPLY CHAIN CRISIS OPENS UP CAREER OPPORTUNITIES Postgraduate education can help professionals better manage processes, solve problems more effectively and fast track career progression. * Professional moves GRADS MAKE THEIR START AT BOSTON CONSULTING GROUP Strategy consulting firm Boston Consulting Group has hired 16 graduates as associates and three data scientists. Advertisement LIFE & LUXURY * Motoring SPONSORSHIP DRIVES THE CONCOURS D’LEMONS SLIGHTLY UPMARKET This weekend’s display of unremarkable cars will take place at a venue almost as exclusive as the location of the prestigious Concours d’Elégance. * Motoring THE BMW IX3 IS WHISPER QUIET (BUT OH, WHAT A PRICE TAG) You’ll have to pay $114,900 for the electric newcomer, versus $73,900 for the two-litre petrol X3 hatch. There’s good news too, though. * Saleroom TAPESTRIES WEAVE MAGIC AT NAB ART SALE Twenty-nine artist records were set at part two of the bank’s art clearance sale, with particular love for in vogue tapestries. MELBOURNE LOOKS FORWARD TO THE BEAUTY OF ALL THINGS ITALIAN From the streets of Rome to Milan and cities and towns the length of Italy, ‘belleza’ is not just a concept – it’s a fact of life. * Review OSBORN HOUSE HAS BEEN REIMAGINED AS A SOUTHERN HIGHLANDS HAVEN Choose from beautiful suites or cosy garden cabins and revel in sensational, fire-cooked food at this luxury country estate. MOST VIEWED 1. * Live RUSSIAN TROOPS SEIZE FIRST MAJOR UKRAINIAN CITY 2. ‘THEY HAVE ORDERS TO ERASE US ALL’: UKRAINE CITIES TAKE HEAVY SHELLING 3. ‘GET OUT NOW,’ SES TELLS PEOPLE LIVING IN 2021 SYDNEY FLOOD AREAS 4. ABRAMOVICH IS SELLING HIS $275M LONDON MANSION, BRITISH MP CLAIMS 5. GOLDMAN BANKER’S MESSY LOVE LIFE SCRUTINISED IN 1MDB TRIAL 6. VLADIMIR PUTIN’S GRAND PLAN IS UNRAVELLING FROM THE GALLERY DAVID ROWE CARTOONS FOR MARCH 2022 Mar 3, 2022View more editorial cartoons THE AUSTRALIAN FINANCIAL REVIEW MAGAZINE AUSSIE COUPLE IN BORDEAUX IGNORE THE RULES WITH UNCONVENTIONAL WINES * Max Allen * THIS FORMER ROCK STAR NOW HAS HITS WITH ‘INCREDIBLY EXPENSIVE’ CARS * NEW-LOOK ALBO: ‘I’M COMFORTABLE IN THE BOARDROOMS AS WELL AS THE PUB’ BOSS FINANCIAL REVIEW WHY THIS RECYCLING BOSS WOULD LOVE A NEW TAX * Patrick Durkin * NINE’S SNEESBY SETTLES STAN LEADERSHIP AHEAD OF RESULTS * HOW COMPANY DIRECTORS CAN SNIFF OUT A FAILING WORK CULTURE LIFE & LEISURE HERE’S A WATCH THAT WILL HELP YOU FIND YOURSELF * John Davidson * SPONSORSHIP DRIVES THE CONCOURS D’LEMONS SLIGHTLY UPMARKET * CARLA ZAMPATTI TO BE HONOURED WITH POWERHOUSE RETROSPECTIVE RICH LIST KOGAN.COM SHARES TUMBLE 8.9PC ON EARNINGS MISS * Jenny Wiggins and Carrie LaFrenz * THE YIN AND YANG THAT MADE CANVA A $55B BEHEMOTH * WHY CANVA BELIEVES MOST VENTURE-CAPITAL INVESTORS NEED COURAGE The Australian Financial Review The Daily Habit of Successful People * Twitter * Instagram * LinkedIn * Facebook MY ACCOUNT MY ACCOUNT * Login SUBSCRIBE SUBSCRIBE * Subscribe * Corporate subscriptions * Student subscriptions ABOUT US ABOUT US * Products & services * Editorial team * History * Careers * Announcements * Platinum Year CONTACT CONTACT * Support * Letters to the editor * Submit a story * Advertise * FAQs MAGAZINES MAGAZINES * AFR Magazine * BOSS * LUXURY * Life & Leisure * Sophisticated Traveller COLUMNS COLUMNS * Chanticleer * Street Talk * Rear Window * The AFR View MARKETS DATA MARKETS DATA * Australian Indices * World Indices * Commodities * Bonds & Currencies * Companies index * Markets Data FAQs LISTS LISTS * Rich List * Power List * Young Rich * Women of Influence EVENTS EVENTS * Business Summit * Property Summit * Retail Summit * CFO Live * AFR Inside Markets * Banking Summit * National Infrastructure Summit * Super & Wealth Summit * Energy and Climate Summit * Higher Education Summit OUR NETWORK OUR NETWORK * The Sydney Morning Herald * The Age * Brisbane Times * WAtoday * Domain * Drive TERMS AND CONDITIONS TERMS AND CONDITIONS * Accessibility * Subscription Terms * Privacy Policy * Terms of Use * Reprints & Permissions * © Copyright 2022 The Australian Financial Review * Site Map