Latest news with #TheAustralianFinancialReview
Sky News AU
2 days ago
- Automotive
- Sky News AU
King Charles III receives 'very expensive' ultra-luxury Rolls-Royce Cullinan Series II from King of Bahrain, the same model favoured by A-List celebrities
What do King Charles and Kylie Jenner have in common? They're both the very happy owners of near-million-dollar Rolls-Royces. The 76-year-old monarch was gifted a Rolls-Royce Cullinan Series II, worth a cool $895,000 plus on-road costs (according to The Australian Financial Review) by King Hamad bin Isa al-Khalifa of Bahrain, just before his coronation on May 6, 2023. The flashy SUV, favoured by A-List celebrities such as Kylie Jenner and Mike Tyson, was revealed in a newly released record of official gifts published by Buckingham Palace. The Cullinan Series II, which runs on both petrol and biofuel, is now part of the royal fleet and is expected to be used for official duties, though it hasn't yet been spotted in public with any royals aboard. In an appearance on The Royal Report, Sky News contributor Louise Roberts described the gift as "very interesting". "It's a gigantic vehicle, very, very expensive as well," Roberts said, noting the model is "a favourite of the Kardashians". An official coronation gift list released by Buckingham Palace reveals the lavish SUV wasn't the only offering from the Bahraini King, who also gave Charles a decorative clock. Other gifts received by the King for his May 2023 coronation span the globe and range from deeply symbolic to historically significant. Amazonian Indigenous Leaders presented him with a feather crown, two beaded chest pieces, carved staffs, and a tobacco bowl and inhaler. From New Zealand, Kiingi Tuheitia sent a Greenstone Mere carved specially for the coronation. Australia contributed with a national gift towards the conservation of the critically endangered Western Ground Parrot. US President Joe Biden and First Lady Jill Biden gave the King a leather folder containing correspondence between Queen Elizabeth II and President Eisenhower, along with a framed photo of Marine One landing at Windsor. And before his untimely death in April, Pope Francis presented King Charles with a relic believed to be a piece of the True Cross, which has been incorporated into the Cross of Wales. According to the Palace's gift policy, official gifts, defined as those received in the course of royal duties or from individuals not personally known to the royals, become part of the Royal Collection and are not considered private property. These items cannot be sold or traded but may be used or displayed publicly. By contrast, personal gifts are treated like any other private inheritance and are subject to regular tax rules.
AU Financial Review
3 days ago
- Business
- AU Financial Review
$80m jobs start-up says AI roles have surged 500 per cent
Australia's biggest salary comparison start-up says the number of artificial intelligence jobs at local tech companies has increased fivefold over the past 12 months. Its co-founder, Raymond Siems, said the dramatic increase shows how quickly the industry has shifted in the 2½ years since the release of OpenAI's ChatGPT. He spoke to The Australian Financial Review on the back of acquiring rival comparison tool Compete for an undisclosed sum earlier this month.
The Age
3 days ago
- Business
- The Age
Woollahra's $10.6m failed sale offers a lesson in contract law
But behind the scenes, the $1.06 million deposit owed on the exchange was fast becoming a matter of contention given claims Jabbour's first cheque bounced, and the sale was later secured by a bank transfer of $100,000. That equates to less than 1 per cent of the purchase price. As Longhurst pursued his buyer for the outstanding amount, Gibson claimed she only became aware Jabbour had paid a fraction of the deposit until more than six weeks after the deal was due to settle, by which time they had already given Jabbour more time to finance her purchase, and the market had started its downward trajectory. Gibson further claims she enlisted Longhurst on a 1.1 per cent commission, but that he reduced that by $16,000 after he broke the non-disclosure agreement by emailing his database with the bullish sale price. The commission was never paid. The details behind the failed sale are set to be contested in the Supreme Court in coming months after Gibson launched legal proceedings in a bid to recoup her losses against Jabbour, Longhurst, and the agency's director, Michael Pallier. Like Longhurst, Jabbour declined to comment for this story, so it remains unknown why she didn't complete on the sale, although their defences in the matter have been lodged with the court. Pallier said he is included in the summons purely because he is the Sotheby's licensee, and had nothing to do with the sale. But Pallier did back his leading agent Longhurst, ranking him among Sotheby's – and Sydney's – top sales guns. Longhurst's own purchase of an almost $27 million home in Vaucluse recently made headlines in The Australian Financial Review, given it was the former home of Telstra executive director Maxine Brenner and her husband, founder Jodee Rich. Longhurst has form when it comes to selling high-end houses on a minimal deposit. Two years ago, he set a then-house price record in Paddington of $14 million when he sold the historic double terrace Brompton to Monte Carlo-based art adviser Richard Thompson. But Thompson never settled on the purchase, and the seller Jacqueline Bailey was left with less than a 5 per cent deposit and the need to move back into the house before she relisted it a year later. It eventually sold last September after what was ultimately a more than 18-month campaign, and for nearer to $12.5 million. The binding nature of a sale contract and the 10 per cent deposit that is owed (regardless of what is agreed as an initial deposit) was most famously laid bare by Hollywood star Toni Collette and her former husband, musician Dave Galafassi in 2011 when they exchanged to buy a Paddington terrace for $6.35 million. In Supreme Court proceedings that followed it was revealed that they later pulled out of the deal because they did not have the money. The sellers Industrie Clothing co-founders Nick and Susie Kelly later resold the house for $5.5 million, and sued Collette and Galafassi for the difference. The celebrity former couple not only had to forfeit their 10 per cent deposit, but more than $600,000 in damages.
Sydney Morning Herald
3 days ago
- Business
- Sydney Morning Herald
Woollahra's $10.6m failed sale offers a lesson in contract law
But behind the scenes, the $1.06 million deposit owed on the exchange was fast becoming a matter of contention given claims Jabbour's first cheque bounced, and the sale was later secured by a bank transfer of $100,000. That equates to less than 1 per cent of the purchase price. As Longhurst pursued his buyer for the outstanding amount, Gibson claimed she only became aware Jabbour had paid a fraction of the deposit until more than six weeks after the deal was due to settle, by which time they had already given Jabbour more time to finance her purchase, and the market had started its downward trajectory. Gibson further claims she enlisted Longhurst on a 1.1 per cent commission, but that he reduced that by $16,000 after he broke the non-disclosure agreement by emailing his database with the bullish sale price. The commission was never paid. The details behind the failed sale are set to be contested in the Supreme Court in coming months after Gibson launched legal proceedings in a bid to recoup her losses against Jabbour, Longhurst, and the agency's director, Michael Pallier. Like Longhurst, Jabbour declined to comment for this story, so it remains unknown why she didn't complete on the sale, although their defences in the matter have been lodged with the court. Pallier said he is included in the summons purely because he is the Sotheby's licensee, and had nothing to do with the sale. But Pallier did back his leading agent Longhurst, ranking him among Sotheby's – and Sydney's – top sales guns. Longhurst's own purchase of an almost $27 million home in Vaucluse recently made headlines in The Australian Financial Review, given it was the former home of Telstra executive director Maxine Brenner and her husband, founder Jodee Rich. Longhurst has form when it comes to selling high-end houses on a minimal deposit. Two years ago, he set a then-house price record in Paddington of $14 million when he sold the historic double terrace Brompton to Monte Carlo-based art adviser Richard Thompson. But Thompson never settled on the purchase, and the seller Jacqueline Bailey was left with less than a 5 per cent deposit and the need to move back into the house before she relisted it a year later. It eventually sold last September after what was ultimately a more than 18-month campaign, and for nearer to $12.5 million. The binding nature of a sale contract and the 10 per cent deposit that is owed (regardless of what is agreed as an initial deposit) was most famously laid bare by Hollywood star Toni Collette and her former husband, musician Dave Galafassi in 2011 when they exchanged to buy a Paddington terrace for $6.35 million. In Supreme Court proceedings that followed it was revealed that they later pulled out of the deal because they did not have the money. The sellers Industrie Clothing co-founders Nick and Susie Kelly later resold the house for $5.5 million, and sued Collette and Galafassi for the difference. The celebrity former couple not only had to forfeit their 10 per cent deposit, but more than $600,000 in damages.
AU Financial Review
5 days ago
- Business
- AU Financial Review
Glencore primes its Australian DirtyCo for local sharemarket listing
Brokers say Glencore's decision to quietly shift $30 billion in coal mines and other unattractive assets into an Australian subsidiary opens the way for a local listing and a mega-merger with one of the resource giant's rivals. Glencore's London-listed shares rose 3 per cent after The Australian Financial Review revealed the restructure, which was disclosed in Australian Securities and Investment Commission filings, on Thursday. The share price increase added $1.46 billion to the company's market capitalisation on a day when rivals like Rio Tinto and Anglo American traded largely flat.
