
UK to back 50-year AUKUS treaty as US shadow looms
The treaty will be inked when Foreign Minister Penny Wong and Defence Minister Richard Marles host their UK counterparts David Lammy and John Healey in Sydney on Friday for regular Australia-UK ministerial meetings, according to British news agency PA.
"This historic treaty confirms our AUKUS commitment for the next half century," UK Defence Secretary John Healey said.
While the AUKUS nuclear submarine partnership involves the US, UK and Australia, the treaty is between the latter two nations, as a Pentagon review into the agreement threatens America's future participation.
Australia and the UK are expected to lay out the bilateral aspects of the agreement and explore ways the two countries can work together over the next half-century.
In a joint statement, Mr Marles and Senator Wong said the Australia-UK Ministerial Consultations, or AUKMIN, were critical to the two nations' shared interests.
"We take the world as it is - but together, we are working to shape it for the better," Senator Wong said.
Under the $368 billion AUKUS program, Australia will buy at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. A new class of nuclear submarines will be built in Adelaide and delivered in the 2040s.
The US had promised to sell Australia nuclear-powered attack submarines under the AUKUS agreement, but President Donald Trump's administration has launched a review into the deal to examine whether it aligns with his "America first" agenda.
Defence analysts believe a likely outcome of the US review will be a request for more money from Australia to support its submarine industrial base.
The Australian government has said it remains confident in the nuclear-submarine deal being delivered.
The UK has fast become one of Australia's most important defence allies amid turmoil under the Trump administration, a security analyst says.
Australian Strategic Policy Institute senior analyst Alex Bristow said holding ministerial meetings on a six-monthly cycle, rather than the traditional annual timeline, highlights strengthened ties between the two nations.
"The tempo of it increasing, I think, is a signal that Britain is moving into an elite category," he told AAP.
The UK was probably third behind Japan and the US in terms of how strategically significant the defence relationship was to Australia, Dr Bristow said.
Meanwhile, the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales, arrived in Darwin on Wednesday in the midst of the Talisman Sabre multi-nation military exercises being hosted by Australia.
It's the first UK carrier strike group to visit Australia since 1997.
The international task group includes five core ships, 24 jets and 17 helicopters, centred on the flagship aircraft carrier.
On Sunday, Mr Marles and Senator Wong will join their counterparts in Darwin to observe the UK Carrier Strike Group in action at Talisman Sabre.
UK High Commissioner to Australia Sarah MacIntosh said the arrival of the strike group was a demonstration of commitment to the region and the strong relationship with Canberra.
"This is an anchor relationship in a contested world," she said.
Dr Bristow said Australia should be welcoming carrier strike groups from European countries.
He said NATO had identified China as a threat to its interests as Beijing continues to collaborate with Russia and North Korea.
"It's entirely in the interests of European allies in NATO to be working with Indo-Pacific allies," Dr Bristow said.
with PA
The United Kingdom has underscored its commitment to AUKUS after revealing it will sign a new 50-year treaty with Australia, amid questions over US involvement in the trilateral security pact.
The treaty will be inked when Foreign Minister Penny Wong and Defence Minister Richard Marles host their UK counterparts David Lammy and John Healey in Sydney on Friday for regular Australia-UK ministerial meetings, according to British news agency PA.
"This historic treaty confirms our AUKUS commitment for the next half century," UK Defence Secretary John Healey said.
While the AUKUS nuclear submarine partnership involves the US, UK and Australia, the treaty is between the latter two nations, as a Pentagon review into the agreement threatens America's future participation.
Australia and the UK are expected to lay out the bilateral aspects of the agreement and explore ways the two countries can work together over the next half-century.
In a joint statement, Mr Marles and Senator Wong said the Australia-UK Ministerial Consultations, or AUKMIN, were critical to the two nations' shared interests.
"We take the world as it is - but together, we are working to shape it for the better," Senator Wong said.
Under the $368 billion AUKUS program, Australia will buy at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. A new class of nuclear submarines will be built in Adelaide and delivered in the 2040s.
The US had promised to sell Australia nuclear-powered attack submarines under the AUKUS agreement, but President Donald Trump's administration has launched a review into the deal to examine whether it aligns with his "America first" agenda.
Defence analysts believe a likely outcome of the US review will be a request for more money from Australia to support its submarine industrial base.
The Australian government has said it remains confident in the nuclear-submarine deal being delivered.
The UK has fast become one of Australia's most important defence allies amid turmoil under the Trump administration, a security analyst says.
Australian Strategic Policy Institute senior analyst Alex Bristow said holding ministerial meetings on a six-monthly cycle, rather than the traditional annual timeline, highlights strengthened ties between the two nations.
"The tempo of it increasing, I think, is a signal that Britain is moving into an elite category," he told AAP.
The UK was probably third behind Japan and the US in terms of how strategically significant the defence relationship was to Australia, Dr Bristow said.
Meanwhile, the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales, arrived in Darwin on Wednesday in the midst of the Talisman Sabre multi-nation military exercises being hosted by Australia.
It's the first UK carrier strike group to visit Australia since 1997.
The international task group includes five core ships, 24 jets and 17 helicopters, centred on the flagship aircraft carrier.
On Sunday, Mr Marles and Senator Wong will join their counterparts in Darwin to observe the UK Carrier Strike Group in action at Talisman Sabre.
UK High Commissioner to Australia Sarah MacIntosh said the arrival of the strike group was a demonstration of commitment to the region and the strong relationship with Canberra.
"This is an anchor relationship in a contested world," she said.
Dr Bristow said Australia should be welcoming carrier strike groups from European countries.
He said NATO had identified China as a threat to its interests as Beijing continues to collaborate with Russia and North Korea.
"It's entirely in the interests of European allies in NATO to be working with Indo-Pacific allies," Dr Bristow said.
with PA
The United Kingdom has underscored its commitment to AUKUS after revealing it will sign a new 50-year treaty with Australia, amid questions over US involvement in the trilateral security pact.
The treaty will be inked when Foreign Minister Penny Wong and Defence Minister Richard Marles host their UK counterparts David Lammy and John Healey in Sydney on Friday for regular Australia-UK ministerial meetings, according to British news agency PA.
"This historic treaty confirms our AUKUS commitment for the next half century," UK Defence Secretary John Healey said.
While the AUKUS nuclear submarine partnership involves the US, UK and Australia, the treaty is between the latter two nations, as a Pentagon review into the agreement threatens America's future participation.
Australia and the UK are expected to lay out the bilateral aspects of the agreement and explore ways the two countries can work together over the next half-century.
In a joint statement, Mr Marles and Senator Wong said the Australia-UK Ministerial Consultations, or AUKMIN, were critical to the two nations' shared interests.
"We take the world as it is - but together, we are working to shape it for the better," Senator Wong said.
Under the $368 billion AUKUS program, Australia will buy at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. A new class of nuclear submarines will be built in Adelaide and delivered in the 2040s.
The US had promised to sell Australia nuclear-powered attack submarines under the AUKUS agreement, but President Donald Trump's administration has launched a review into the deal to examine whether it aligns with his "America first" agenda.
Defence analysts believe a likely outcome of the US review will be a request for more money from Australia to support its submarine industrial base.
The Australian government has said it remains confident in the nuclear-submarine deal being delivered.
The UK has fast become one of Australia's most important defence allies amid turmoil under the Trump administration, a security analyst says.
Australian Strategic Policy Institute senior analyst Alex Bristow said holding ministerial meetings on a six-monthly cycle, rather than the traditional annual timeline, highlights strengthened ties between the two nations.
"The tempo of it increasing, I think, is a signal that Britain is moving into an elite category," he told AAP.
The UK was probably third behind Japan and the US in terms of how strategically significant the defence relationship was to Australia, Dr Bristow said.
Meanwhile, the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales, arrived in Darwin on Wednesday in the midst of the Talisman Sabre multi-nation military exercises being hosted by Australia.
It's the first UK carrier strike group to visit Australia since 1997.
The international task group includes five core ships, 24 jets and 17 helicopters, centred on the flagship aircraft carrier.
On Sunday, Mr Marles and Senator Wong will join their counterparts in Darwin to observe the UK Carrier Strike Group in action at Talisman Sabre.
UK High Commissioner to Australia Sarah MacIntosh said the arrival of the strike group was a demonstration of commitment to the region and the strong relationship with Canberra.
"This is an anchor relationship in a contested world," she said.
Dr Bristow said Australia should be welcoming carrier strike groups from European countries.
He said NATO had identified China as a threat to its interests as Beijing continues to collaborate with Russia and North Korea.
"It's entirely in the interests of European allies in NATO to be working with Indo-Pacific allies," Dr Bristow said.
with PA
The United Kingdom has underscored its commitment to AUKUS after revealing it will sign a new 50-year treaty with Australia, amid questions over US involvement in the trilateral security pact.
The treaty will be inked when Foreign Minister Penny Wong and Defence Minister Richard Marles host their UK counterparts David Lammy and John Healey in Sydney on Friday for regular Australia-UK ministerial meetings, according to British news agency PA.
"This historic treaty confirms our AUKUS commitment for the next half century," UK Defence Secretary John Healey said.
While the AUKUS nuclear submarine partnership involves the US, UK and Australia, the treaty is between the latter two nations, as a Pentagon review into the agreement threatens America's future participation.
Australia and the UK are expected to lay out the bilateral aspects of the agreement and explore ways the two countries can work together over the next half-century.
In a joint statement, Mr Marles and Senator Wong said the Australia-UK Ministerial Consultations, or AUKMIN, were critical to the two nations' shared interests.
"We take the world as it is - but together, we are working to shape it for the better," Senator Wong said.
Under the $368 billion AUKUS program, Australia will buy at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. A new class of nuclear submarines will be built in Adelaide and delivered in the 2040s.
The US had promised to sell Australia nuclear-powered attack submarines under the AUKUS agreement, but President Donald Trump's administration has launched a review into the deal to examine whether it aligns with his "America first" agenda.
Defence analysts believe a likely outcome of the US review will be a request for more money from Australia to support its submarine industrial base.
The Australian government has said it remains confident in the nuclear-submarine deal being delivered.
The UK has fast become one of Australia's most important defence allies amid turmoil under the Trump administration, a security analyst says.
Australian Strategic Policy Institute senior analyst Alex Bristow said holding ministerial meetings on a six-monthly cycle, rather than the traditional annual timeline, highlights strengthened ties between the two nations.
"The tempo of it increasing, I think, is a signal that Britain is moving into an elite category," he told AAP.
The UK was probably third behind Japan and the US in terms of how strategically significant the defence relationship was to Australia, Dr Bristow said.
Meanwhile, the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales, arrived in Darwin on Wednesday in the midst of the Talisman Sabre multi-nation military exercises being hosted by Australia.
It's the first UK carrier strike group to visit Australia since 1997.
The international task group includes five core ships, 24 jets and 17 helicopters, centred on the flagship aircraft carrier.
On Sunday, Mr Marles and Senator Wong will join their counterparts in Darwin to observe the UK Carrier Strike Group in action at Talisman Sabre.
UK High Commissioner to Australia Sarah MacIntosh said the arrival of the strike group was a demonstration of commitment to the region and the strong relationship with Canberra.
"This is an anchor relationship in a contested world," she said.
Dr Bristow said Australia should be welcoming carrier strike groups from European countries.
He said NATO had identified China as a threat to its interests as Beijing continues to collaborate with Russia and North Korea.
"It's entirely in the interests of European allies in NATO to be working with Indo-Pacific allies," Dr Bristow said.
with PA
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The Advertiser
41 minutes ago
- The Advertiser
Top End war games visit follows bilateral pact signing
With the ink dry on a 50-year Anglo-Australian submarine agreement, visiting British ministers David Lammy and John Healey are set to join Deputy Prime Minister Richard Marles for some fun and war games in the Top End. Mr Marles and Secretary of State Mr Healey put pen to paper on a bilateral deal said to strengthen ties around the AUKUS nuclear submarine agreement in Geelong on Saturday despite a review of the three-nation pact by the US government. AUKUS, formed with the UK and US in 2021 to address concerns about China's rising military ambition, is designed to enable Australia to acquire nuclear-powered attack submarines in the 2040s. However, concerns over the viability of the $560 billion deal have been ongoing since the Trump administration initiated a review to examine if it meets its "America-first" criteria. In a bid to put the matter to rest, Mr Marles insisted after the Geelong Treaty signing that it built on "the strong foundation of trilateral co-operation between Australia, the UK and the United States" and advanced the shared objectives of AUKUS. "It will support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia's ... AUKUS program" as well as support the rotational presence of a UK Astute-class submarine at HMAS Stirling in Perth, he said. Mr Marles said he remained confident about the future of US involvement in the partnership, as did Mr Healey and Mr Lammy, Britain's Foreign Secretary. Australia will pay $5 billion to support British industry in designing and producing nuclear reactors to power the future AUKUS-class subs. It will also acquire at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. With the formalities done and dusted, Mr Marles, Mr Lammy and Mr Healey are expected to attend Talisman Sabre in Darwin on Sunday. Australia's largest and most sophisticated war-fighting exercise started on July 13 and involves more than 35,000 personnel from 19 militaries across three weeks. In addition to the US, forces from Canada, Fiji, France, Germany, India, Indonesia, Japan, the Netherlands, New Zealand, Norway, Papua New Guinea, the Philippines, the Republic of Korea, Singapore, Thailand, Tonga, and the UK have joined as partners. Malaysia and Vietnam are also attending as observers. The 2025 war games involve the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales - the first UK carrier strike group to visit Australia since 1997. With the ink dry on a 50-year Anglo-Australian submarine agreement, visiting British ministers David Lammy and John Healey are set to join Deputy Prime Minister Richard Marles for some fun and war games in the Top End. Mr Marles and Secretary of State Mr Healey put pen to paper on a bilateral deal said to strengthen ties around the AUKUS nuclear submarine agreement in Geelong on Saturday despite a review of the three-nation pact by the US government. AUKUS, formed with the UK and US in 2021 to address concerns about China's rising military ambition, is designed to enable Australia to acquire nuclear-powered attack submarines in the 2040s. However, concerns over the viability of the $560 billion deal have been ongoing since the Trump administration initiated a review to examine if it meets its "America-first" criteria. In a bid to put the matter to rest, Mr Marles insisted after the Geelong Treaty signing that it built on "the strong foundation of trilateral co-operation between Australia, the UK and the United States" and advanced the shared objectives of AUKUS. "It will support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia's ... AUKUS program" as well as support the rotational presence of a UK Astute-class submarine at HMAS Stirling in Perth, he said. Mr Marles said he remained confident about the future of US involvement in the partnership, as did Mr Healey and Mr Lammy, Britain's Foreign Secretary. Australia will pay $5 billion to support British industry in designing and producing nuclear reactors to power the future AUKUS-class subs. It will also acquire at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. With the formalities done and dusted, Mr Marles, Mr Lammy and Mr Healey are expected to attend Talisman Sabre in Darwin on Sunday. Australia's largest and most sophisticated war-fighting exercise started on July 13 and involves more than 35,000 personnel from 19 militaries across three weeks. In addition to the US, forces from Canada, Fiji, France, Germany, India, Indonesia, Japan, the Netherlands, New Zealand, Norway, Papua New Guinea, the Philippines, the Republic of Korea, Singapore, Thailand, Tonga, and the UK have joined as partners. Malaysia and Vietnam are also attending as observers. The 2025 war games involve the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales - the first UK carrier strike group to visit Australia since 1997. With the ink dry on a 50-year Anglo-Australian submarine agreement, visiting British ministers David Lammy and John Healey are set to join Deputy Prime Minister Richard Marles for some fun and war games in the Top End. Mr Marles and Secretary of State Mr Healey put pen to paper on a bilateral deal said to strengthen ties around the AUKUS nuclear submarine agreement in Geelong on Saturday despite a review of the three-nation pact by the US government. AUKUS, formed with the UK and US in 2021 to address concerns about China's rising military ambition, is designed to enable Australia to acquire nuclear-powered attack submarines in the 2040s. However, concerns over the viability of the $560 billion deal have been ongoing since the Trump administration initiated a review to examine if it meets its "America-first" criteria. In a bid to put the matter to rest, Mr Marles insisted after the Geelong Treaty signing that it built on "the strong foundation of trilateral co-operation between Australia, the UK and the United States" and advanced the shared objectives of AUKUS. "It will support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia's ... AUKUS program" as well as support the rotational presence of a UK Astute-class submarine at HMAS Stirling in Perth, he said. Mr Marles said he remained confident about the future of US involvement in the partnership, as did Mr Healey and Mr Lammy, Britain's Foreign Secretary. Australia will pay $5 billion to support British industry in designing and producing nuclear reactors to power the future AUKUS-class subs. It will also acquire at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. With the formalities done and dusted, Mr Marles, Mr Lammy and Mr Healey are expected to attend Talisman Sabre in Darwin on Sunday. Australia's largest and most sophisticated war-fighting exercise started on July 13 and involves more than 35,000 personnel from 19 militaries across three weeks. In addition to the US, forces from Canada, Fiji, France, Germany, India, Indonesia, Japan, the Netherlands, New Zealand, Norway, Papua New Guinea, the Philippines, the Republic of Korea, Singapore, Thailand, Tonga, and the UK have joined as partners. Malaysia and Vietnam are also attending as observers. The 2025 war games involve the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales - the first UK carrier strike group to visit Australia since 1997. With the ink dry on a 50-year Anglo-Australian submarine agreement, visiting British ministers David Lammy and John Healey are set to join Deputy Prime Minister Richard Marles for some fun and war games in the Top End. Mr Marles and Secretary of State Mr Healey put pen to paper on a bilateral deal said to strengthen ties around the AUKUS nuclear submarine agreement in Geelong on Saturday despite a review of the three-nation pact by the US government. AUKUS, formed with the UK and US in 2021 to address concerns about China's rising military ambition, is designed to enable Australia to acquire nuclear-powered attack submarines in the 2040s. However, concerns over the viability of the $560 billion deal have been ongoing since the Trump administration initiated a review to examine if it meets its "America-first" criteria. In a bid to put the matter to rest, Mr Marles insisted after the Geelong Treaty signing that it built on "the strong foundation of trilateral co-operation between Australia, the UK and the United States" and advanced the shared objectives of AUKUS. "It will support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia's ... AUKUS program" as well as support the rotational presence of a UK Astute-class submarine at HMAS Stirling in Perth, he said. Mr Marles said he remained confident about the future of US involvement in the partnership, as did Mr Healey and Mr Lammy, Britain's Foreign Secretary. Australia will pay $5 billion to support British industry in designing and producing nuclear reactors to power the future AUKUS-class subs. It will also acquire at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. With the formalities done and dusted, Mr Marles, Mr Lammy and Mr Healey are expected to attend Talisman Sabre in Darwin on Sunday. Australia's largest and most sophisticated war-fighting exercise started on July 13 and involves more than 35,000 personnel from 19 militaries across three weeks. In addition to the US, forces from Canada, Fiji, France, Germany, India, Indonesia, Japan, the Netherlands, New Zealand, Norway, Papua New Guinea, the Philippines, the Republic of Korea, Singapore, Thailand, Tonga, and the UK have joined as partners. Malaysia and Vietnam are also attending as observers. The 2025 war games involve the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales - the first UK carrier strike group to visit Australia since 1997.

News.com.au
43 minutes ago
- News.com.au
Stock Tips: One expert makes a Sigma call, Aussie Broadband connects with another
It's no easy gig analysing share prices and company performance but somebody's got to do it. Every week two experts from our Share Tips columnist pool give us their recommendations. Toby Grimm – Baker Young Limited BUY Sigma Healthcare (ASX:SIG) Sigma's merger with Chemist Warehouse created Australia's dominant vertically integrated pharmacy group with a high growth outlook given our ageing population and wellness trends. Pinnacle Investment (ASX:PNI) Pinnacle should benefit significantly from the market's rally back to all-time highs with base and performance fees likely to exceed recently downgraded expectations. HOLD South32 (ASX:S32) The company's quarterly production update showed encouraging operational performance, and we note the Hermosa project in the US could be a tier one asset given supportive US critical mineral security policy. Woodside Energy Group (ASX:WDS) Alongside a relatively impressive quarterly output report, Woodside has confirmed key development projects are on track reducing risk and improving free cash flow available for distributions. SELL AMP (ASX:AMP) Recent share price appreciation underestimates continued competitive challenges and continuing investment needs. Combined with sub-optimal bank operations we see risks of setbacks and would be exiting. Helia Group (ASX:HLI) The loss of Commonwealth Bank and potentially ING mortgage insurance contracts (combined worth more than half the business' premiums in 2024) underscores a lack of competitive advantage and growth. Tony Paterno – Ord Minnett BUY Aussie Broadband (ASX:ABB) Remains well placed to grow market share as consumers trend to higher speed tiers and the NBN's fibre upgrade program rolls out. ARB Corporation (ASX:ARB) Australian new vehicles sales increased by 2.4% in Jun-25. ARB's key vehicle sales increased 15.0% in June, with the SUV and LCV market both lifting. HOLD Bapcor (ASX:BAP) After the recent strategy day, the company's key messages are on business simplification, continuing cost initiatives and improving retail operations. It expects operational improvements following headcount reductions and warehouse consolidation. Brickworks (ASX:BKW) Demand for BKW's Industrial property developments remain solid, with further growth in rental income expected. In Australia, recent rate cuts are expected to translate into improved housing activity late in 2025. SELL Evolution Mining (ASX:EVN) EVN delivered a slightly softer quarter result (higher capex), whilst the outlook showed higher costs. Trading expensive at these levels. Lynas (ASX:LYC) We believe the optimistic LYC share price rise since the MP Materials & DoD deal is misplaced. We don't believe they will benefit and the US has gone all-in on its domestic producer.

Sydney Morning Herald
an hour ago
- Sydney Morning Herald
The Gen Z billionaires who are bored with business
The family that ran India's largest luggage maker for more than half a century is packing it in, with control of Mumbai-based VIP Industries passing to private equity. 'What do I do?' chairman Dilip Piramal, 75, wondered aloud in a TV interview after announcing the sale. 'The younger generation is not interested in management.' Piramal isn't the only ageing businessperson to have run out of successors. 'Today among the scions of some of the most affluent families of India, someone is an artist, someone wants to be a sportsman, someone wants to run a small restaurant. There's nothing wrong in that. It's the modern trend, people want to do their own things,' he said. Two hundred years ago, that 'modern' trend among young people used to be enterprise. That's when families like Piramal's began to spread out of the Marwar region in land-locked northern India to take advantage of British-controlled trading opportunities in the port cities of Bombay and Calcutta – now Mumbai and Kolkata. Cotton, jute and opium sold to China provided the seed capital to the Marwari business community for everything from textile mills to cement factories. By the early 20th century, these emerging industrial empires were large enough to challenge the colonial masters and their commercial interests. The likes of Ghanshyam Das Birla openly supported Mahatma Gandhi's campaign for independence, even as they outran rivals like Andrew Yule & Co. The Birla House in Delhi, a prominent hub for the freedom movement, was also where Gandhi was assassinated. As the sway of family firms continued after India's 1947 independence, it was believed that newer generations would always be available to take over the reins. Below the surface, however, the link between ownership and management has been weakening for some time. Piramal's daughter, Radhika, a Harvard University MBA, was the chief executive officer for a few years before quitting in 2017 and relocating with her spouse to London. Her same-sex marriage is not legally recognised in India. The luggage maker was back to being in the care of professional managers, a double-edged sword considering that a rival firm set up by a former managing director is now three-fifths bigger than VIP by market value. The heirs of prominent business families – Millennial and Gen Z billionaires – are setting their own life goals. It's the sensible thing to do. In a labour-surplus economy, access to capital through clan networks and strategic marital alliances was family-run firms' core advantage. But via public markets and private equity, finance is now available to a much wider section of entrepreneurs. Risk-taking has been democratised. That frees up younger members of business dynasties to try new things. Someone recently asked the singer-songwriter Ananya Birla on social media if she was from the family behind India's largest-selling cement brand. She is indeed the great-great-granddaughter of Ghanshyam Das Birla. But from financial inclusion among rural women to a recently launched beauty brand, the 31-year-old Oxford graduate has her own interests that are independent of the sprawling commodities behemoth led by her father.