The longer the Strait of Hormuz is closed, the more the economic and political pressure on the US and its allies mounts, strengthening Iran’s negotiating hand. In seeking to be seen to be helping the younger generation buy property, the government could end up making an already arcane tax system more complex and distorted. The plan to impose a retrospective tax on foreign investors is a politically opportunistic attempt to bail out the budget that sets a dangerous precedent. Moderating growth is vital, but doing so takes harder work than the government has attempted. The Liberal and National leaders use global uncertainty to peddle anger.
As half of an unfathomably powerful couple, Sanchez Bezos seems to have influenced the uber-rich to stop apologising and start enjoying themselves. Then again, running businesses owned by the likes of KKR and Bain Capital is not for everyone. Private equity-style paydays are out of reach for most Australian CEOs. The Business Council of Australia and gas giants say evidence from the UK shows investment and exploration will drop if a gas tax is included in the budget. A decision to award double-digit pay rises has left Labor’s projected budget surplus in doubt amid a warning the move could put upward pressure on interest rates.
Peace talks, strait closed, China calls out US blockade: What to know today
Simon Beard, the founder of streetwear empire Culture Kings, wants to live as long as possible to enjoy his success. The company had already been heavily sold off over the year, with Trump administration trade policies increasing the cost of its products and hurting sales. The creation of software has driven 47 of the fortunes, including seven new additions in cryptocurrency. The Young Rich List, now in its 21st year, sets a new high for total wealth of $41.7b, dominated by technology entrepreneurs and retailers. The definitive list of our next generation of entrepreneurs, aged 40 and younger. The definitive list of our best and brightest next generation of entrepreneurs, aged 40 and younger.
Plus the world’s most powerful man does some casual free advertising for an Australian-run crypto gambling platform that doesn’t legally operate in here — or in the US. Angus Taylor can demonise migrants all he wants, but without saying how many he’ll cut and who will pay the costs, he’s no better than Peter Dutton on the issue. Even by global standards, the rapid unplanned disassembly of Australian National University has been disturbing. Trump portraying himself as Jesus is a Caligula-like moment — and points to the important role of Roman political thought in understanding where the US is right now.
Kic co-founder and CEO Laura Henshaw is handing over the reins to serial founder Jane Martino, who will lead the company through a major wellness expansion. From footballer to founder, Brad Moran has spent the past three years putting his all into this residence – which comes complete with three panic rooms. What started as a single co-working “side hustle” survived the rise and fall of WeWork and the pandemic to land Cliff Ho and Tom Ye on the Young Rich List. No one can book a meeting with Vu Tran on a Thursday – it’s the day he practises medicine and doesn’t think about his businesses. The founder of the sportswear chain rose from 77th place to 29th and was the biggest mover of the year, with an estimated personal wealth of $221 million.
Fund mangers from Wilson Asset Management to Blackwattle are bracing for a slowdown in global growth to hit Australia. A three-year-old start-up run has raised more than $20 million in a fundraising round after claiming its agents make better phone calls than humans. Irene Thomas spent six months fighting for her late husband’s superannuation, and members are still waiting for the government’s long-promised service standard rules. A global economic downturn coupled with rising interest rates in Australia creates a more difficult operating climate but can also throw up opportunities. Shareholders delivered a substantial protest vote against the oil and gas producer’s executive pay report at the AGM, pointing to continuing discontent. Sign up to get the latest on your favourite topics from the ABC
M Resources founder Matt Latimore had Olympic dreams until a decision to study – and a trip to Japan – set him on the path to the Rich List. A Melbourne fund manager that’s backed Silicon Valley’s hottest AI start-ups has joined forces with JPC Group to launch a $60 million property tech fund. The smoothie franchise put its founder on the map. There is cutthroat competition for Australian AI customers and some start-ups say OpenAI is starting to lag the likes of Google and Anthropic.
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A plan to make people pay out of pocket, rather than from their super fund, for advice about switching funds will do more harm than good, Hub24 and Insignia say. Other fees and charges may apply, please see our share trading cost and charges page. The cryptocurrency market is unregulated and you do not benefit from Investor protections available for regulated financial products. Trade 700 US shares 24/5⁶ and 110+ US shares out-of-hours. Trade a wide range of currency pairs in the world’s most-traded financial market. The former co-founder of Crust, who is now behind the chain Zeus Street Greek, believes it will have up to 400 stores within a decade – with 150 planned by 2030.
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We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn, and work. Viva Energy is in a trading halt after a fire at its Geelong oil refinery. It’s now been over three years since two women left their jobs at a small business. If you are interested in trading CFDs, you should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. All trading involves risk.
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- A global economic downturn coupled with rising interest rates in Australia creates a more difficult operating climate but can also throw up opportunities.
ASX ends lower; CBA dives 2.8pc in bank sell down; WiseTech soars
Crikey acknowledges the Traditional Owners of the many nations across Australia, and pay our respect to Elders past and present. The ASX is fundamental to Australian capitalism and our financial system. Demands to reverse Australia’s ‘deindustrialisation’ are the new political vogue. A group of Murujuga traditional owners have sought legal advice after the listing for a Mumbrella panel referenced a ‘misinformation’ campaign. The chief justice of the High Court is not happy with the Albanese government, rejecting — for the third time — its preventative detention regime as unconstitutional. Contact us securely and anonymously to share information.
Reluctant entrepreneur Flavia Tata Nardini had no desire to start her own business, but when she arrived in Australia it became clear it was her only choice. The global payments group has raised $467 million from investors, who include all three of the country’s major venture capital firms. The wealthiest people under 40 are now worth a combined $31.7 billion, led by Canva duo Melanie Perkins and Cliff Obrecht, who topped the list for the sixth year. Daniel Roberts, a former Macquarie banker who runs the Nasdaq-listed data centres business, says the agreement is only the first of many as demand booms. A roaring sharemarket, deep tax cuts and crypto riches are driving a younger cohort to invest in the world of floating luxury. The cryptocurrency gaming start-up is backed by some of the country’s best-known venture capital funds and says it has significantly reduced its cash burn.
Australia’s top business leaders reveal how they built their fortunes and what they learnt along the way. What makes a business venture successful? She previously reported on technology, healthcare and Street Talk. Shares lower on the major banks; Santos avoid second strike; Viva Energy in trading halt; China expands economy by 5pc; jobless rate steady at 4.3pc; gold miners dive. He draws a daily political cartoon and one for the Chanticleer column. While there are plenty of investors trying to land a lucrative payday as AI use goes mainstream, Maincode is trying to become Australia’s answer to OpenAI.