From barbarians to Taylor Swift: PE's push for the masses
The deal and the book immortalised KKR as a power player on Wall Street. Now, 35 years later, the original corporate raider manages $US640 billion ($996 billion) of assets and trades on the New York Stock Exchange with a market capitalisation of $US100 billion.
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Sydney Morning Herald
6 days ago
- Sydney Morning Herald
The photo that shows how Trump puts his ego ahead of America's future
One of the most provocative items in my wardrobe is a plain dark T-shirt designed by a libertarian economist. In 10 lines across the front, it reads: 'Tariffs not only impose immense economic costs but also fail to achieve their primary policy aims and foster political dysfunction along the way.' In related news, Apple chief executive Tim Cook went to the White House last week to give President Donald Trump a large piece of gold. In exchange, Trump said that Apple would be exempt from a new 100 per cent tariff the US is imposing on imported microchips. Officially, Apple gets the exemption because it committed to making a $US100 billion ($153.5 billion) investment in the US. Apple had already announced earlier this year a $US500 billion investment program, which itself was a modest expansion of previous plans. No matter. To Trump, the important thing is announcing these pledges, not enforcing them. During his first term, there was an infamous vaporware investment from Foxconn in Wisconsin that never amounted to anything. The real benefit to the president is the sycophantic photo op, when the chief executive smiles for the cameras and praises Trump's dealmaking prowess. This is the political dysfunction described on my T-shirt. A flat tariff instituted for the purpose of raising revenue would, whatever its downsides, basically be just a peculiar form of tax. But tariffs are almost invariably marketed as having strategic or economic-development benefits. And that leads to exemptions. The chip tariffs are supposed to foster the growth of an electronics manufacturing industry in the US. But because chips are an input into other manufactured goods, the tariffs could easily backfire. So if you can convince the president that you are in fact making investments in manufacturing in the US, you can get an exemption from the tariffs. Loading The problem here — and with the dozens of other exemptions and waivers baked into Trump's various tariff announcements — is that there is no objective criteria or process at work. Who gets exemptions, and who does not, is almost entirely up to the whims of Trump and his appointees. This in turn raises the question of whether his primary policy aim isn't just to maximise his own power and influence. Cook, for example, used to be a somewhat vocal advocate of LGBT rights. He's always been, first and foremost, a corporate executive. But he would occasionally take advantage of America's status as a free country to speak his mind about political issues. That could now be a risky business proposition, because the viability of Apple's business hinges on not just its ability to keep making products people want to buy, but its ability to secure tariff exemptions. Other tech executives, such as Jeff Bezos, have also erred on the side of reticence: While he wants his newspaper to support and defend personal liberties and free markets, the company he founded backed down from a plan to list explicit tariff surcharges after facing pressure from the White House.
The Age
6 days ago
- The Age
The photo that shows how Trump puts his ego ahead of America's future
One of the most provocative items in my wardrobe is a plain dark T-shirt designed by a libertarian economist. In 10 lines across the front, it reads: 'Tariffs not only impose immense economic costs but also fail to achieve their primary policy aims and foster political dysfunction along the way.' In related news, Apple chief executive Tim Cook went to the White House last week to give President Donald Trump a large piece of gold. In exchange, Trump said that Apple would be exempt from a new 100 per cent tariff the US is imposing on imported microchips. Officially, Apple gets the exemption because it committed to making a $US100 billion ($153.5 billion) investment in the US. Apple had already announced earlier this year a $US500 billion investment program, which itself was a modest expansion of previous plans. No matter. To Trump, the important thing is announcing these pledges, not enforcing them. During his first term, there was an infamous vaporware investment from Foxconn in Wisconsin that never amounted to anything. The real benefit to the president is the sycophantic photo op, when the chief executive smiles for the cameras and praises Trump's dealmaking prowess. This is the political dysfunction described on my T-shirt. A flat tariff instituted for the purpose of raising revenue would, whatever its downsides, basically be just a peculiar form of tax. But tariffs are almost invariably marketed as having strategic or economic-development benefits. And that leads to exemptions. The chip tariffs are supposed to foster the growth of an electronics manufacturing industry in the US. But because chips are an input into other manufactured goods, the tariffs could easily backfire. So if you can convince the president that you are in fact making investments in manufacturing in the US, you can get an exemption from the tariffs. Loading The problem here — and with the dozens of other exemptions and waivers baked into Trump's various tariff announcements — is that there is no objective criteria or process at work. Who gets exemptions, and who does not, is almost entirely up to the whims of Trump and his appointees. This in turn raises the question of whether his primary policy aim isn't just to maximise his own power and influence. Cook, for example, used to be a somewhat vocal advocate of LGBT rights. He's always been, first and foremost, a corporate executive. But he would occasionally take advantage of America's status as a free country to speak his mind about political issues. That could now be a risky business proposition, because the viability of Apple's business hinges on not just its ability to keep making products people want to buy, but its ability to secure tariff exemptions. Other tech executives, such as Jeff Bezos, have also erred on the side of reticence: While he wants his newspaper to support and defend personal liberties and free markets, the company he founded backed down from a plan to list explicit tariff surcharges after facing pressure from the White House.
News.com.au
6 days ago
- News.com.au
NBN homes using 508GB data monthly, up 13 per cent
Data use has increased more than 10 per cent in Australian households in the past year, as half a million new NBN connections have been installed in 12 months. NBN Co released full-year financial results on Tuesday that show an accelerating thirst for data. More than 8.63 million homes and businesses are connected to the NBN network, and the organisation makes on average $50 per month from each residential user, a figure that has increased $3 this past financial year. 'These results demonstrate that our strategy of upgrading our network to full fibre and other leading technologies is delivering for customers, businesses and the nation,' chief executive Ellie Sweeney said. 'Almost 9.8 million premises can now order our highest speed residential products, and by the end of December this year, that will grow to more than 10 million premises or 90 per cent of our fixed line network.' The average NBN-connected premises uses 508GB of data a month, up 13 per cent on last year. NBN Co's financial results show revenue has grown 4 per cent (to $5.7bn) and pre-tax earnings rose 8 per cent to $4.2bn. NBN Co's investments would lift the 100Mbps wholesale speed offering to 500Mbps in September, Mr Sweeney said. 'Looking to the future, it is NBN's aim that our 500Mbps wholesale speed tier becomes Australia's most popular NBN plan. And thanks to our investments in the latest technologies and network upgrades, we expect to lift average fixed broadband speeds across the nation.' In January, the federal government announced it was investing $3bn, to go alongside NBN's $800m spend, to get the remaining 622,000 premises on copper connection onto fibre by 2030. 'We are on track to complete the initial five-year Fibre Connect program on time by December 2025 and on budget,' Ms Sweeney said. NBN Co has shaved 5 per cent of its operating expenses this year – attributed to 'disciplined' cost-efficiency initiatives – without recording a single 'serious' health and safety incident. The organisation also cut capital expenditure by 7 per cent (to $3.5bn) as major infrastructure and capacity works were completed. In May, NBN Co was named the most sustainable public sector entity in the southern hemisphere by the 2025 Corporate Knights Global 25 Most Sustainable Public Sector Corporations in the World index. The award criteria included greenhouse gas emissions, inclusivity and diversity in the workplace, and the social impacts of company operations.
