Calls for tougher rules amid KWM drama
Major legal partnerships have largely been spared the scrutiny faced by consulting firms since the PwC tax leaks scandal, but senators Deborah O'Neill and Barbara Pocock say they are vulnerable to the same governance failings and have failed to incorporate the reforms adopted by the big four consulting firms.
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Perth Now
11 minutes ago
- Perth Now
Australian shares lower as US outlook weighs
Australian shares have started the week lower, tracking Wall Street weakness as tariffs and underwhelming US jobs figures weigh on the outlook for the world's biggest economy. By midday on Monday the S&P/ASX200 had fallen 26.6 points, or 0.31 per cent, to 8,635.4, as the broader All Ordinaries lost 25.3 points, or 0.28 per cent, to 8,892.4. The top-200 has so far outperformed the 0.4 per cent slip predicted by futures markets before the bell, in the wake of Friday's sell-off in global markets. "Markets reacted decisively to the weaker than expected US jobs report, soft partial economic data coming out of the US, and President Trump's revamped tariff plan announced late last week," Westpac senior economist Pat Bustamante said. The trade duties, the jobs report and Mr Trump's subsequent sacking of the US head of labour statistics have reinvigorated concerns about US economic strength and future growth. Regarding "final" tariffs, Australia has been luckier than others in copping 10 per cent duty from US, but sectoral tariffs on steel, aluminium and pharmaceuticals remain a concern. Seven of 11 local sectors were trading lower by lunchtime, with financials weighing heavily after a 1.1 per cent slip. All four big banks were in the red, led by NAB and ANZ which fell 1.2 per cent. Commonwealth Bank was the best performer, down 0.8 per cent to $173.67. The mining sector bucked the trend, up 0.9 per cent with help from gains among large cap miners. BHP had risen 0.4 per cent, Fortescue was up 1.3 per cent and Rio Tinto had gained 0.3 per cent. But gold miners were stealing the show, as the broader return to risk-on sentiment lifted gold prices, sending Vault Minerals and Northern Star more than six per cent higher, as the precious metal traded at $US3,405 an ounce. Consumer staples was the best-performing sector, up more than one per cent by midday, with Coles and Woolworths each gaining 1.5 per cent, and Dan Murphy's owner Endeavour surging 3.5 per cent to $4.18 after announcing the departure of executive char Ari Mervis. Energy stocks slipped 0.7 per cent, tracking with oil prices after OPEC+ confirmed another production hike for September, and as US authorities indicated their latest tariff rates were unlikely to budge. Brent crude futures are trading at $US69.21 a barrel, roughly 3.4 per cent lower than at Friday's ASX close. The Australian dollar is buying 64.81 US cents, rallying 0.9 per cent since Friday's as worries about the US economy weighed on the greenback.
AU Financial Review
41 minutes ago
- AU Financial Review
Alvarez & Marsal hires McKinsey partner as it pushes into AI advisory
Alvarez & Marsal has hired McKinsey partner Dorian Gaertner to lead its new regional digital and artificial intelligence service offering, part of the consulting firm's aggressive investment in its advisory business. The Australian arm of the firm, which has quickly grown to more than 60 managing directors, expects to record annual revenue of $100 million by the end of this year, according to Igor Sadimenko, the local head of performance improvement.
West Australian
41 minutes ago
- West Australian
Overseas stars lure tourists Down Under in new push
Australian celebrity Robert Irwin, English television cook Nigella Lawson and other international stars are tempting tourists to the land Down Under. Shots of these celebrities set against iconic Australian landscapes are part of the federal government's newest tourism push to attract travellers from five countries. Advertisements featuring Chinese actor Yosh Yu, Ms Lawson and Japanese comedian Abareru-kun will air in their home countries, while Steve Irwin's son will become the face of the American campaign and wellness advocate Sara Tendulkar will star in ads broadcast in India. This $130 million push builds on Tourism Australia's Come and Say G'day campaign, which launched the lovable animated mascot Ruby the Roo. "Traditionally tourism campaigns have leveraged one famous face across every market but for our latest campaign Ruby will be joined by well-known talent from five different markets to showcase personal lasting memories of a holiday to Australia," Tourism Australia managing director Phillipa Harrison said. "These international stars combine with local talent ... to create bespoke invitations for five markets." Since the resumption of international travel, the domestic tourism industry has grown with the number of international arrivals expected to reach a record 10 million in 2026 and 11.8 million in 2029. More than 700,000 jobs and 360,000 Australian businesses depend on tourism. The teaser for this campaign was first launched in July during the prime minister's trip to China. Chinese travellers remain Australia's second biggest cohort of tourists behind New Zealand, figures from the Australian Bureau of Statistics show. "Tourism is the lifeblood of so many communities right around the country and creates hundreds of thousands of jobs," Tourism Minister Don Farrell said. "The previous campaign struck a chord with visitors, with Ruby the Roo bounding into the imagination of countless guests, encouraging them to book a holiday down under. "I know this iteration, featuring popular talent like Robert Irwin, will be a smash." The advertisements will go live in China from August 7 on TV and online.
