Live: ASX set to slip after Trump-Musk feud triggers sell-off on Wall Street
A very public spat between Donald Trump and Elon Musk has sent shockwaves through financial markets, overshadowing trade diplomacy and fuelling a late-session sell-off on Wall Street.
Follow the day's financial news and insights from our specialist business reporters on our live blog.
Disclaimer: this blog is not intended as investment advice.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Telegraph
an hour ago
- Daily Telegraph
Penthouse shoots for Sydney coastal suburbs record
It has been billed as the most exclusive and prestigious offering Bondi has ever seen, perched on the oceanfront and connected to the coastline. Meet Pearl Bondi the $150m project just approved for Bondi's peninsula cliffside with north-east aspect, elevation and comprising a clutch of seven luxury homes aimed at established eastern suburbs families and downsizers. And Pearl's creator, top Sydney builder developer Central Element is set to rewrite Bondi's property history with the highly anticipated release of the Pearl Penthouse – the pinnacle of the project. Set to become the coastal suburbs most exclusive and high-end residence to date, with an asking price of $30m, the ultra-luxurious apartment is expected to smash the suburb record. The previous record was $24m in 2022, for Multiplex heir Andrew Roberts' 190sqm apartment in Notts Ave, Bondi Beach. The price equated to $126,000 per sqm. MORE: Waterfront deal falls over, then sells for $2m less The 328sqm penthouse offers four bedrooms, 3.5 bathrooms and a 17m east-facing frontage with uninterrupted ocean views. Central Element managing director Nathan Chivas expects Pearl to be popular. 'At its heart is the Pearl Penthouse, the most luxurious and prestigious offering the suburb has ever seen,' Mr Chivas said. 'Every element – from the 17‑metre frontage to the timeless interiors – has been crafted to create a sanctuary that connects deeply with Bondi's coastal energy. 'It's a hidden treasure revealed only to a privileged few and we expect demand for the Pearl Penthouse to reflect the rarity of what's on offer.' Central Element has gathered talented architects, landscapers and interior designers to create Pearl Bondi, which consists of two houses fronting Sandridge St and five apartments cascading towards the coastline with access to Wilga St. Three apartments are whole-floor residences with expansive terraces while the two ground floor apartments will each have a private pool. The Torrens-title houses will also have their own private plunge pools, outdoor entertaining space and wide ocean views. One has, facing north has a traditional layout with bedrooms upstairs while the southern house has the upper level dedicated to living and dining with two balconies capturing the view. The ultra-luxury project has been designed by award-winning architects MHNDU and the homes will share almost 500sqm of landscaped communal space as well as having their own external areas – up to 86sqm. The site is more than 2000sqm in a tightly-held pocket between Bondi and Tamarama with direct access to the coastal walk. Madeleine Blanchfield, of Madeleine Blanchfield Architects, has been engaged to design the interiors of the seven homes. She is well-known and highly sought after in the Eastern suburbs. 'Our design approach for Pearl will be centred on quiet luxury and refined simplicity – using natural materials, light and texture to create homes that feel timeless, grounded and intimately connected to their coastal surrounds,' she said. Materials such as travertine, American oak, Patagonia Pink quartzite and brushed stainless steel are all on the Pearl palette. Kitchens have stone island benches and Sub-Zero and Wolf appliances are included. Construction on Pearl Bondi will begin in the spring of this year and completion is planned for late 2027. Central Element has already broken suburb records in Sydney's east. Last year in Coogee it made a $20m off-market sale for a three-bedroom penthouse at Ballamac House.
News.com.au
an hour ago
- News.com.au
Victoria says $776 million treaty negotiations claim ‘cherry-picked', but $308 million spent since 2020
The Victorian government has hit back at 'cherry-picked analysis' that claimed it has spent more than $776 million on treaty negotiations since 2016. The Institute of Public Affairs (IPA), a conservative think tank, on Sunday published analysis of spending items in Victorian government budget documents relating to treaty or 'self-determination' initiatives. The report claimed Victoria had spent $776.2 million on programs related to the development of a state treaty since 2016, with $100.6 million committed in the 2026 financial year alone and $220 million in the first two full financial years following the defeat of the Voice referendum. 'This is cherry-picked analysis from a Liberal Party-aligned think tank,' a Victorian government spokesperson said. 'If you listen to the people directly affected by policies, you get better outcomes — that's common sense. Treaty is about making a better and fairer state for all Victorians — negotiations are underway and we look forward to bringing Treaty to the Parliament.' The government would not confirm the IPA's figures, but noted $308 million had been invested into the Treaty since the 2020-21 budget, according to publicly available annual reports. Analysis of annual reports and budget papers by the Herald Sun put the figure at $382.4 million over the past 10 years. Some of that funding has gone into setting up the Treaty Authority, an 'independent umpire' created by the First Peoples' Assembly of Victoria and the State of Victoria to oversee the process. The Herald Sun reported in 2023 that members of the Treaty Authority panel could be paid a salary of up to $380,000 per year plus expenses if they worked full-time. The Victorian government first committed to advancing a treaty with Indigenous Victorians in 2016. Negotiations formally began in November 2024, and Victoria plans to finalise a treaty by the end of the 2026 financial year. Victoria would be the first Australian jurisdiction to negotiate a formal treaty with Aboriginal and Torres Strait Islander peoples. But the IPA said Victorians remained largely in the dark about what a treaty would entail, despite the hundreds of millions of dollars spent and hundreds of meetings held since 2017 in preparation for negotiations. 'Despite the Victorian government spending in excess of $776 million on secret treaty negotiations, mainstream Victorians are none the wiser as to what special rights and reparations it will grant to some Victorians based solely on race,' IPA research fellow Margaret Chambers said in a statement. The report noted that between July 2016 and June 2025, 727 meetings had been held by the Victorian government in relation to the development of a treaty — but just four public statements had been issued and the 'substance of these negotiations remains largely undisclosed'.That number included meetings between First Peoples' negotiating parties and the state of Victoria to negotiate or prepare for Treaty agreements, and meetings with departments to support whole of Victorian government co-ordination and engagement in Treaty negotiations. 'The Victorian government is not being honest and upfront with Victorians about its plan to divide the community by race,' Ms Chambers said. 'With a treaty scheduled to be finalised in the next 12 months, and despite the volume of secret meetings over the past decade, very little is known about what this treaty will entail. 'Any treaty will fundamentally change Victoria's legal structure and will likely require already financially stretched Victorian taxpayers to pay billions of dollars to activists aligned to the Allan government. 'Yet, for a government which operates one of the most sophisticated and well-funded spin machines ever seen, just four statements, totalling 1588 words, have been released on the Allan government's plan to divide Victorians by race.' Recent IPA analysis claimed the monetary compensation, tax relief and litigation which would flow from a treaty in Victoria based on the landmark Yoorrook report would be in excess of $48 billion annually. 'Victorians voted against racial division at the Voice referendum,' Ms Chambers said. 'Jacinta Allan is demonstrating complete and utter contempt for the Victorian people, and our democracy, by pursuing this treaty that will divide and cripple Victoria. 'With all the problems that Victoria faces, the last thing the community needs is a two-tiered legal system where some have special rights and get special government payments. Every Victorian should be treated equally under the law.'
News.com.au
an hour ago
- News.com.au
North Sydney Council to introduce ticketed access to New Year's Eve observation spot
Revellers taking in Sydney's legendary New Year's Eve fireworks will soon have to shell out $50 to access a prime viewing spot in a major shake-up to how tourists and locals experience the beloved event. North Sydney councillors on Monday night decided to implement 'ticketed access' to Blues Point, a popular vantage point that fronts Sydney Harbour and the Harbour Bridge. It was a decision that councillors say was made 'with a heavy heart', Mayor Zoe Baker said, citing already high New Year's Eve expenditure and a poor budget position as decisive factors in the decision. 'I share your principle on this and have and every year that I've been on this council, I've always voted to keep public open space free and access free,' Ms Baker told the council meeting. 'But unfortunately, we as a council and a governing body have inherited a really precarious financial position that has not been relieved … And so it is with an exceptionally heavy heart that I find myself supporting the motion for one year only.' 
 'Councillors every year that I've been on the council (17), have written to state governments of varying political persuasions to the same response, which is no. 'I'm hopeful that this Labor state government, who are committed to public access to the foreshore for the fireworks, may be persuaded to provide us, even if it were with the amount that we're seeking to recover, so that we don't have to proceed with the closing of Blue's Point Reserve.' Ms Baker pointed out the ticketed area was one location in a local government area 'blessed with foreshore access and vantage points'. 'So if you cannot afford a ticket for Blues Point, then I'd urge you to go to Bradfield Park to Mary Booth Lookout to Kurraba Point, to Crem Point, to Waverton, to Carradeh Park, and every other vantage point … to see the fireworks on public land for free.' The council area boasts three renowned vantage points for the show, namely Bradfield Park, Lavender Bay and Blues Point, with thousands of punters descending on the spots on December 31 to take in the party. The council is looking to sell 8000 tickets for $50 each. Councillor Nicole Antonini said the cost to the council of hosting New Year's Eve celebrations was already over a million dollars and the implementation of the paid zone would reduce the cost to council by around $300,000 alone. 'Unfortunately … we're in a difficult position. This is not ideal, it's certainly not the preference of most of this council, but in our current financial situation, we have little choice, and for this year only, I support the recommendation of ticketing for this one site.' The report to North Sydney Council outlined three options for the 2025-26 event. Option 1 involved ticketing across all three spots to achieve 'full cost recovery'. Option 2 involved 'partial cost recovery', with ticketing limited to Blues Point, and Option 3 involved continuing with 'free managed access'. The motion to endorse option 2 was carried. Local resident Davie MacDonald said he 'heartily opposed' the idea but if it had to happen, wanted to see an amendment allowing local residents continued access to the area. 'The cost imposed onto young families of being able to go and enjoy the fireworks, especially because there is special fireworks on before 9 o'clock, and I think that impulse against young families, and even for local residents is something that I think you need to take a careful consideration,' Mr MacDonald said. 'I especially look to the progressive people in this chamber, my Labor friends here, and my green friend there, Councillor Hoy, that you must consider very carefully how this impacts on working people. 
 'Let me tell you, I'm here begging for this, and I never go to a New Year's Eve fireworks display, I actually think it's a waste of money and a terrible waste in that respect, but I ask you to at least, if you're going to accept having a fee there, that there's some kind of modification (for locals).' Previously access to all three sites was free.
