Australian Business News

L1 Capital’s $300m profits in three years outshines fellow stock pickers https://www.theaustralian.com.au/business/financial-services/l1-capitals-300m-profits-in-three-years-outshines-fellow-stock-pickers/news-story/a1cd9dd364cb0775f21acc3987644afe

The Green List: They’re the people leading a green revolution that will change the way we power our economy. Meet the shape shifters transforming our future.

The List: Top 100 Green Energy Players 2023 Whether working in corporations of start-ups, in government or advocacy, as investors or advisers, they’re on a mission to meet the challenges of decarbonisation.

A shock decision by OPEC+ to cut oil production by more than a million barrels a day poses a new risk for the global economy at a time of added fragility after massive interest rate hikes.

Oil prices jump as OPEC+ cuts production by one million barrels a day A shock decision by OPEC+ to cut oil production by more than a million barrels a day poses a new risk for the global economy at a time of added fragility after massive interest rate hikes.

"I went down to Sydney University where Paddy was working in the basement of the physics department, and I said, almost sheepishly, this looks like a vacuum deposition machine." https://www.theaustralian.com.au/business/companies/neumann-space-is-poised-to-blast-off-after-impressing-the-likes-of-nasa/news-story/605e313dea3987e42bd7af00a9fe50c5

Australian app developers and designers have joined a consumer class action suit alleging Google and Apple abused their market power by charging 30 per cent commissions for in-app purchases, and forced up prices by not allowing competitors to offer alternate options.
https://www.theaustralian.com.au/business/technology/egregious-apple-google-facing-class-action-suit-over-fees/news-story/b9d0938a52ab2e9fd6fddb0708039f76

ANZ supply chain experts say old ways are over as clients recalibrate from pandemic constriction

ANZ supply chain experts say old ways are over as clients recalibrate from pandemic constriction Companies tapping Asia’s markets are shifting away from pandemic-era measures to bulk up supplies, but ANZ expects many will retain added storage and look at new options after learning difficult lessons in recent years.

The mega deal, which is set to value WWE around $14bn, comes just months after allegations of sexual misconduct by majority owner Vince McMahon. https://www.theaustralian.com.au/business/the-wall-street-journal/wwe-nears-sale-to-ufcs-endeavor-group/news-story/a60f4c621540ee1b18e2f152d5b8137a

Marketing experts are questioning whether last year’s exercise of player power – led by Australian captain Pat Cummins – against the game’s existing major sponsor, energy group Alinta, will affect the value of one of the blue-chip sponsorships of Australian sport.

‘Activist’ sports stars spook sponsors After belatedly rescuing its Indian tour with an improved performance in the final Tests and one-dayers, the Australian cricket team has been out in the market looking for a new major sponsor.

Australian gas producers are set to break their export supply record in 2023 after reaping $90bn in earnings last year – an all-time high – amid moves by the Albanese government to clamp down on the industry.

Gas giants cash in with record earnings, Woodside, Santos, gas trigger Australian gas producers are set to break their export supply record in 2023 after reaping $90bn in earnings last year – an all-time high – amid moves by the Albanese government to clamp down on the industry.

LNG, coal and iron ore will turbocharge the value of Australia's resources and energy exports to a record $464bn in this financial year, promising a tax windfall for the federal budget that extends late into this decade despite retreating prices. https://www.theaustralian.com.au/nation/anthony-albanese-muted-on-budget-tax-windfall-from-resources-and-energy-exports/news-story/c3dbb4cbdaec5a0335b3de94a9e3a1a4

F1 is a strange sport where middle-aged men can go weak at the knees at the sight of an F1 driver. And there were plenty of both at Melbourne's Albert Park’s Paddock Club.

High-octane star power revs up Melbourne’s Formula One Grand Prix Race organisers were holding their breath.

A global shortage of cars and pent-up local demand is helping to drive record sales and earnings for the nation’s largest car dealer.

Virus drives profit boom at Eagers Auto A combination of a pent-up demand for cars, constricted global supply chains causing backlogs of deliveries, and rising prices for both new and used vehicles has delivered record results for the nations largest dealer, Eagers Automotive.

Australians felt the impact of big rises in grocery and petrol costs in the June quarter, but economists say the CPI spike will be short-lived.

Inflation hits highest level since 2008 Inflation spiked to 3.8 per over the year to June and to its highest level since 2008, in what economists have said will be a short-lived anomaly that reflects the Covid disruptions of last year.

The Tax Institute has ignited the inheritance tax debate again with an idea for a 5 per cent slug kicking in at $2.5m.

Inheritance tax ideas refuse to die The reintroduction of inheritance tax remains an agenda item which is not going to go away merely because it may be unpopular.

Sunboost will be able to operate as normal for at least the next three months after a hearing about revoking its electrical contractor licence in NSW was rescheduled.

Nation’s largest solar installer gets three-month reprieve The nation’s largest solar installer has been given a three-month reprieve on the possible loss of its electrical contractor licence in New South Wales, with a hearing scheduled for this week pushed back to late October.

The tech giant says it will develop the app in consultation with child safety experts, as it unveiled a suite of new safety features.

Facebook confirms ‘Instagram for Kids’ Facebook-owned photo sharing network Instagram has confirmed it is working on a so-called “Instagram for kids”, as the tech giant unveiled a suite of new safety features aimed at its millions of teenage users.

One of Queensland’s largest poultry farmers is on the hunt for $8m in funding to grow its operations outside Brisbane.

Major expansion of Brisbane Valley poultry farm planned One of Queensland’s largest meat poultry businesses is seeking an equity partner to expand production to up to 6 million birds a year.

Yumbah Aquaculture is well on the way to a dominant position in Australian aquaculture with the acquisition of a Tasmanian oyster outfit.

Yumbah’s quest to rule the seas continues with Tassie buy Yumbah Aquaculture has bought family-owned oyster producer Cameron of Tasmania in a multimillion-dollar deal designed to help it become a dominant force in the Australian seafood sector.

Superannuation trustee Tidswell Financial Services “failed to do all things necessary” to meet its responsibilities towards MobiSuper members, a court has ruled.

Super trustee Tidswell ‘failed to do all things necessary’ Superannuation fund trustee Tidswell Financial Services ‘failed to do all things necessary to ensure that the service of issuing interests in the MobiSuper Fund was provided efficiently, honestly and fairly’, according to a Federal Court judgment on Tuesday.

Stocks are poised to open lower after Wall Street pulled back ahead of a Fed meeting and big tech earnings results.

ASX ends lower after NSW extends lockdown Welcome to the Trading Day blog for Wednesday, July 28. Australian stocks have closed 0.7 per cent lower after the NSW government extended the lockdown in Greater Sydney until the end of August. The local market followed falls on Wall Street ahead of the Fed meeting and results from tech giants. Nic...

Qantas is facing possible legal action by Rex as airlines struggle with border restrictions but has called the threat ‘nonsensical’.

Rex legal threat sparks dogfight with Qantas Qantas has been warned it could face legal action by smaller rival Rex, which has accused the flying kangaroo of capacity dumping and predatory practices in domestic travel.

Millions of Australians believe they will have to work for longer before they retire, but they may be pleasantly surprised.

Pandemic sparks fresh fears of working for longer Life amid lockdowns has prompted more Australians to check their superannuation, and a significant number now worry they will have to stay in the workforce for longer.

BHP and Rio Tinto are committing a combined $3.6bn to their attempts to muscle in on the global battery metals boom.

BHP, Rio open coffers in hunt for battery riches BHP and Rio Tinto have opened the coffers in their respective attempts to muscle in on the global battery metals supply chain, throwing down a combined 3.6bn to capture a slice of the booming demand for batteries and electric vehicles.

Australia doesn’t want a trade war sparked by a carbon tax but it has a potent weapon to deploy if the need arises

‘$3b in sales’: Brisbane real estate player’s company in liquidation He claims to be “responsible for the sales success of more than 100 projects throughout Australia amounting to more than $3bn in sales’’.

ACCC chair Rod Sims says forcing the Port of Newcastle to pay compensation to its southern rivals if its builds a container terminal is anti-competitive.

ACCC appeals against court’s ruling on port The competition watchdog says allowing the Port of Newcastle to build a container terminal and diversify from thermal coal is in Australias economic interests despite a Federal Court judge dismissing the prospect as fanciful.

A pilot who accused Qantas of age discrimination after it offered him early retirement instead of redundancy has settled his case.

Senior Qantas pilot’s age case settled Qantas has settled a case brought against the airline by Captain Andrew Hewitt, who had alleged he was the victim of age discrimination.

Australia’s share market has surged to record highs as earnings season kicks off.

ASX200 at record high into earnings season Australias sharemarket has surged to record highs as earnings season kicks off, with Rio Tinto having scope to boost its dividend on the back of booming iron ore prices when it reports on Wednesday.