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Local shares are set for an opening decline.

ASX to rise, Wall St advances, gold resets record high

Australian share futures reverse losses; updates pending from Fortescue, Santos, South32; S&P 500 rises on what Trump did not say. Follow live.

President Donald Trump gestures after his special address during the 56th annual meeting of the World Economic Forum, WEF, in Davos, Switzerland, Wednesday, Jan. 21, 2026. (Gian Ehrenzeller/Keystone via AP)

Trump lashes European leaders in Davos

Germany accuses Russia of war crimes; Netanyahu agrees to join Trump’s Board of Peace; Russia-Ukraine peace deal ‘reasonably close’: Trump. Follow live.

AFL’s investigation to come under scrutiny in Sayers lawsuit

Cate Sayers is suing her estranged husband for defamation in a legal action that is already raising questions about how thorough the league’s inquiries were.

Government weighs emergency tariffs on Chinese steel imports

Any restrictions would test the trade detente Albanese has painstakingly rebuilt with Beijing after years of tariffs and trade bans imposed under the Coalition.

US pitch for rare earths minnow helps a grand ambition

The proposed takeover of a small ASX-listed company is key to a much bigger global play to break China’s stranglehold on processing critical minerals.

It’s a silk beauty parade as Labor considers solicitor-general pick

Facing a year of major High Court litigation, the Albanese government is under pressure to fill a vacancy at the top of its legal team.

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Companies

Shoppers pass a Saks Fifth Avenue store in New York. Saks Global has filed for bankruptcy protection.

From Aje to Camilla, luxury labels owed millions after Saks collapse

Some of the country’s best-known womenswear brands have been left in the red after the demise of the American department store giant last week.

Carlos Alcaraz of Spain against Yannick Hanfmann of Germany on Wednesday. The Australian Open is being targeted by illegal gambling websites hoping to use the tournament to entice punters.

Loophole allows illegal gambling sites to promote AO bets

The platforms, which are illegal to users in Australia, are leveraging the Australian Open for new punters.

MinRes managing director Chris Ellison at the company’s AGM last year.

Chris Ellison launches under-the-radar iron ore reshuffle at MinRes

The discreet personnel changes to the miner’s iron ore leadership were made in a pre-Christmas email to staff.

Morgan Stanley alleges former advisers involved in altering documents

The allegations made in the investment bank’s investigation, which has been referred to ASIC, relate to dates being changed on investor visa applications.

Citi bankers’ bonuses jump 20pc but cost-cutting on the cards

The Wall Street giant’s chief executive, Jane Fraser, will visit its local outpost after bankers were told they were in line for bigger pay packets this year.

WA government backflips, extends Griffin Coal five-year lifeline

Energy security concerns forced the West Australian government to backflip on its vow to end financial support for the struggling Indian-owned miner.

Rio shareholder ‘sceptical’ about Glencore merger, demands explanation

Rio Tinto has been urged to explain how the Glencore deal would add immediate value, not just a bunch of distant copper projects that may take decades to build.

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Markets

Regal co-founder Phil King says 2026 could be the year of multi-strategy funds because of heavy market volatility.

Regal’s private fund is investing in water – and making strong returns

The fund, which has returned more than 20 per cent in the past two years, has been upping its exposure to water amid drier conditions and government buybacks.

Markets are worried that President Donald Trump is about to reignite a trade war with Europe.

The US market exodus could only just be starting, strategists warn

Analysts warn of higher market turbulence after Donald Trump flagged punitive taxes on European goods as the battle over the future of Greenland escalated.

Caledonia, the secretive hedge fund run by Will Vicars (pictured) and Mike Messara, made no returns in the six months to December 31.

Caledonia’s wealthy backers see 0pc return in tough six months

While the Sydney hedge fund’s bet on poker machine maker Light & Wonder has been an enormous success, other big positions have performed poorly for months.

Why farmers are winning the trade wars in 2026

Despite the US ramping up its trade barriers and China maintaining its taxes on Australian beef, local farmers are easily outrunning their overseas competitors.

This fundie just made $28b in a year. His 3 rules will surprise you

Christopher Hohn has set a record for the biggest annual gain recorded by a hedge fund. His old-school approach to investing is built on three simple ideas.

Opinion

US pitch for rare earths minnow helps a grand ambition

The proposed takeover of a small ASX-listed company is key to a much bigger global play to break China’s stranglehold on processing critical minerals.

Bondi terror response is not the political class’s finest hour

There has been a bipartisan failure to meet the gravity of the situation and help the nation formulate a coherent response to the antisemitism crisis.

Editorial

The AFR View

Our unis are helping overseas students abuse the visa system

Completely non-genuine international students are turning to the nuclear option to buy more time: an onshore application for asylum under the humanitarian visa stream

Chalmers’ budget blowouts echo Britney’s “Oops, I did it again”

Our silly budget reporting rules allow a completely cooked policymaking disaster to show up as large budgetary savings made by our very responsible treasurer.

Eraring extension is a stopgap. Not the death knell for renewables

Extending the life of Origin Energy’s power plant for a short period may buy breathing space. It does not rewrite the economics of energy.

Green energy industry leader

Jackie Trad

Bulldog clips and mugshots: Trump’s rambling is wearing thin

Unlike his marathon rally speeches of 2024, the US president’s two-hour slog to mark one year in power was a pointless meander.

United States correspondent

Jessica Gardner
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Politics

Treasurer Jim Chalmers’ budget in December contained more revisions to government spending than any budget over the past 20 years.

Record $47.8b budget ‘error’ puts public service forecasts on notice

Hidden in Treasurer Jim Chalmers’ budget papers, a $48 billion correction to spending forecasts has put a spotlight on the accuracy of advice to cabinet.

Treasurer Jim Chalmers.

Debt on a ‘steep upward path’ without spending changes: OECD

Curbing spending on the NDIS is critical for budget repair, says the Paris-based think tank.

A North Steyne Surf Life Saving Club member erects a sign notifying the public that Manly Beach is closed.

Shark repellent is flying off the shelves, even if it may not work

Surf shops up and down the coast say they are selling out of devices that aim to keep predators away. But the jury is out on their effectiveness.

Construction union boss Zach Smith resigns for ‘personal reasons’

The national and Victorian branch boss of the union under administration says he “cannot continue to serve in the way that the members deserve”.

Queensland slams Canberra ‘chaos’, doubles down on gun buyback stand

The state’s defiance on Anthony Albanese’s post-Bondi massacre firearms buyback plan is causing tensions as the federal government grapples with premiers on funding.

World

President Donald Trump plainly made the case for US control of Greenland in an address to the World Economic Forum in Davos, Switzerland.

Trump tries emotional blackmail as he makes case for Greenland

To the great relief of everyone in the room and many around world, the US president ruled out military force. But he still wants to secure the Arctic island.

Christine Lagarde, the head of the European Central Bank.

ECB’s Lagarde walks out of Davos dinner as Lutnick insults Europe

Europe’s top central banker abruptly left a VIP dinner after US Commerce Secretary Howard Lutnick launched into a speech belittling European economies.

Donald Trump’s inner circle: Winners and losers one year on

Unlike the president’s first term, most of his cabinet remains intact. However, some are on the rocks.

Donald Trump Jr’s role in Polymarket, Kalshi raises eyebrows

The president’s son is an investor in and adviser to the two biggest online prediction markets, prompting more questions about the family’s business activities.

Will Europe heed Newsom’s call to grow a spine against ‘T-Rex’ Trump?

The US president’s designs on Greenland are animating European leaders like never before. But is this the moment they finally “grow a backbone” and take him on?

Property

Australian Open 2026

Hotels ready for changing travel plans in an uncertain world

Operators are optimistic they will be able to managing changing macroeconomic and global circumstances as demand outlook remains strong into 2026.

Billionaire Paul Lederer is moving his funds platform LDR Capital into a growth phase.

‘The time is right’: Billionaire Lederer opens up funds platform

Billionaire Paul Lederer has 50 years of investment nous, building his own property portfolio. He’s putting that on the line in a funds management business.

Madura Plains Station in Western Australia has sold to Consolidated Pastoral Company.

UK billionaire buys 700,000-hectare WA sheep station amid buying spree

Once owned by Kerry Packer, Consolidated Pastoral is controlled by Guy Hands. It’s among the country’s biggest station owners and is keen for more.

AirTrunk boss powers up luxe apartments plan with Mosman, Toorak sites

Robin Khuda’s day job is running one of Australia’s biggest data centre operators. His side hustle is developing luxe apartments. And it’s getting busier.

Laundys snap up $13m NSW Riverina pub despite ‘too much red tape’

Headed by Arthur Laundy, the family has struck its first pub deal for 2026. But the billionaire hotelier says there are plenty of reasons to be cautious.

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Wealth

Is it better for your career to job hop or stay loyal to an organisation?

Australian CEOs plot deeper job cuts than global peers

While local bosses fear falling behind in the AI arms race, only 14 per cent have actually seen a return on their investment.

How your super compares to others – from 25 to 70

Whether you’re 25 and just starting out or a 60-year-old eyeing the exit, this new data breakdown reveals exactly how your super balance stacks up.

Direct US shareholdings could delay your SMSF wind-up by months

Holding US shares in a sole-member SMSF is simple during life, but death can trigger complex tax and administrative hurdles.

Technology

John Ternus at an Apple event in 2022. As the company’s head of hardware engineering, Ternus is known for his attention to detail and his knowledge of Apple’s vast supply network.

The man who could be Apple’s next CEO

John Ternus, a low-profile but influential executive at the tech giant, is a front-runner to succeed Tim Cook, insiders say.

A Waymo robotaxi in San Francisco.

It’s time for a reality check about the safety of self-driving cars

As Waymo accelerates plans to launch its for-hire autonomous vehicles in Australia, we still do not know if robotaxis are safer than human drivers.

Kosta Theochari says he supported the teen social media ban, but has been shocked at how easily kids have carried on like before.

‘Shocked at how easy it is’: Snapchat failing to stop teen users

It was the most widely used social network by under-16s before the government’s ban, and a month later parents say kids are still accessing it with ease.

Work & Careers

Once a symbol of corporate success, the spacious private office was in decline before the pandemic, and that trend has intensified.

Do bosses still need a private office?

Business executives increasingly recognise that visibility in the workplace is important.

Sydney and UTS law schools bow to AI wave, partner with Harvey

Students at the prestigious departments will have access to the specialist legal artificial intelligence platform in the hope students don’t get left behind.

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Life & Luxury

Paul Cleary (former Olympian), Nathan L’Huillier (former squash player) playing pickleball at the Sorrento Community Centre.

I thought pickleball was tennis for geriatrics. How wrong I was

My Thursday-night games – often played with a former Olympian and a squash champion – have turned into the undisputed highlight of my week.

Toshikazu Kayano, former ASICS footwear designer known for creating the iconic Kayano series, surrounded by past ASICS models while reviewing design sketches at the ASICS Institute of Sport Science in Kobe, Hyogo Pref., Japan.

Meet the man behind Asics’ best-selling sneaker

Toshikazu Kayano is the only designer at the Japanese sportswear giant with his name on a shoe – even though designing trainers was never his dream.

In January, millions of humans buy new exercise equipment, make ambitious new resolutions and begin new projects at work.

The year should begin on April 6. This is why.

Humans don’t hibernate in winter, but they do get weaker and sadder. So, January is not a natural time for those in the northern hemisphere to start new things.

Joseph Hkeik painting at his Bowral home.

When he’s not working with a scalpel, this doctor is a sculptor

For Joseph Hkeik, sculpting the face and sculpting with clay is the same – just a different material.

Naomi Osaka walks on to Rod Laver Arena for her first round match in the Australian Open 2026.

Naomi Osaka’s dramatic entrance lights up Australian Open

Osaka won in straight sets, but it was her jellyfish-inspired outfit and long white veil that really had people talking.

From the gallery