How private equity's brutal reckoning could help Australia
Private-equity dealmakers pride themselves on cutting through the corporate BS and getting down to business. So we can only imagine the sector's masters of the universe would read the views of Egyptian industrialist and billionaire investor Nassef Sawiris with begrudging respect this week.
'Private equity has seen its best days . . . They can't exit. Exits are so tough,' Sawiris told the Financial Times.
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The Advertiser
9 hours ago
- The Advertiser
Japan scraps US meeting after defence demands
Japan has cancelled a regular high-level meeting with its key ally the US after the Trump administration demanded it spend more on defence. US Secretary of State Marco Rubio and Defence Secretary Pete Hegseth had been expected to meet Japan's Foreign Minister Takeshi Iwaya and Defence Minister Gen Nakatani in Washington on July 1 for annual security talks. But according to the Financial Times, Tokyo scrapped the meeting after the US asked Japan to boost defence spending to 3.5 per cent of gross domestic product, higher than an earlier request of 3 per cent. Japan's Nikkei newspaper reported on Saturday that President Donald Trump's government was demanding its Asian allies, including Japan, spend 5 per cent of GDP on defence. An unnamed US official told Reuters that Japan had "postponed" the talks in a decision made several weeks ago. A non-government source familiar with the issue said he had also heard Japan had pulled out of the meeting but not the reason for it doing so. The Financial Times said the higher spending demand was made in recent weeks by Elbridge Colby, the third-most senior Pentagon official, who has also recently upset another key US ally in the Indo-Pacific by launching a review of a project to provide Australia with nuclear-powered submarines. In March, Prime Minister Shigeru Ishiba said other nations do not decide Japan's defence budget after Colby called for Tokyo to spend more to counter China, during his nomination hearing. Japan and other US allies have been engaged in difficult trade talks with the United States over Trump's worldwide tariff offensive. The paper said the decision to cancel the July 1 meeting was also related to Japan's July 20 upper house elections, expected to be a major test for Ishiba's minority coalition government. Japan's move comes ahead of a meeting of the US-led NATO alliance in Europe next week, at which Trump is expected to press his demand that European allies boost their defence spending to 5 per cent of GDP. Japan has cancelled a regular high-level meeting with its key ally the US after the Trump administration demanded it spend more on defence. US Secretary of State Marco Rubio and Defence Secretary Pete Hegseth had been expected to meet Japan's Foreign Minister Takeshi Iwaya and Defence Minister Gen Nakatani in Washington on July 1 for annual security talks. But according to the Financial Times, Tokyo scrapped the meeting after the US asked Japan to boost defence spending to 3.5 per cent of gross domestic product, higher than an earlier request of 3 per cent. Japan's Nikkei newspaper reported on Saturday that President Donald Trump's government was demanding its Asian allies, including Japan, spend 5 per cent of GDP on defence. An unnamed US official told Reuters that Japan had "postponed" the talks in a decision made several weeks ago. A non-government source familiar with the issue said he had also heard Japan had pulled out of the meeting but not the reason for it doing so. The Financial Times said the higher spending demand was made in recent weeks by Elbridge Colby, the third-most senior Pentagon official, who has also recently upset another key US ally in the Indo-Pacific by launching a review of a project to provide Australia with nuclear-powered submarines. In March, Prime Minister Shigeru Ishiba said other nations do not decide Japan's defence budget after Colby called for Tokyo to spend more to counter China, during his nomination hearing. Japan and other US allies have been engaged in difficult trade talks with the United States over Trump's worldwide tariff offensive. The paper said the decision to cancel the July 1 meeting was also related to Japan's July 20 upper house elections, expected to be a major test for Ishiba's minority coalition government. Japan's move comes ahead of a meeting of the US-led NATO alliance in Europe next week, at which Trump is expected to press his demand that European allies boost their defence spending to 5 per cent of GDP. Japan has cancelled a regular high-level meeting with its key ally the US after the Trump administration demanded it spend more on defence. US Secretary of State Marco Rubio and Defence Secretary Pete Hegseth had been expected to meet Japan's Foreign Minister Takeshi Iwaya and Defence Minister Gen Nakatani in Washington on July 1 for annual security talks. But according to the Financial Times, Tokyo scrapped the meeting after the US asked Japan to boost defence spending to 3.5 per cent of gross domestic product, higher than an earlier request of 3 per cent. Japan's Nikkei newspaper reported on Saturday that President Donald Trump's government was demanding its Asian allies, including Japan, spend 5 per cent of GDP on defence. An unnamed US official told Reuters that Japan had "postponed" the talks in a decision made several weeks ago. A non-government source familiar with the issue said he had also heard Japan had pulled out of the meeting but not the reason for it doing so. The Financial Times said the higher spending demand was made in recent weeks by Elbridge Colby, the third-most senior Pentagon official, who has also recently upset another key US ally in the Indo-Pacific by launching a review of a project to provide Australia with nuclear-powered submarines. In March, Prime Minister Shigeru Ishiba said other nations do not decide Japan's defence budget after Colby called for Tokyo to spend more to counter China, during his nomination hearing. Japan and other US allies have been engaged in difficult trade talks with the United States over Trump's worldwide tariff offensive. The paper said the decision to cancel the July 1 meeting was also related to Japan's July 20 upper house elections, expected to be a major test for Ishiba's minority coalition government. Japan's move comes ahead of a meeting of the US-led NATO alliance in Europe next week, at which Trump is expected to press his demand that European allies boost their defence spending to 5 per cent of GDP. Japan has cancelled a regular high-level meeting with its key ally the US after the Trump administration demanded it spend more on defence. US Secretary of State Marco Rubio and Defence Secretary Pete Hegseth had been expected to meet Japan's Foreign Minister Takeshi Iwaya and Defence Minister Gen Nakatani in Washington on July 1 for annual security talks. But according to the Financial Times, Tokyo scrapped the meeting after the US asked Japan to boost defence spending to 3.5 per cent of gross domestic product, higher than an earlier request of 3 per cent. Japan's Nikkei newspaper reported on Saturday that President Donald Trump's government was demanding its Asian allies, including Japan, spend 5 per cent of GDP on defence. An unnamed US official told Reuters that Japan had "postponed" the talks in a decision made several weeks ago. A non-government source familiar with the issue said he had also heard Japan had pulled out of the meeting but not the reason for it doing so. The Financial Times said the higher spending demand was made in recent weeks by Elbridge Colby, the third-most senior Pentagon official, who has also recently upset another key US ally in the Indo-Pacific by launching a review of a project to provide Australia with nuclear-powered submarines. In March, Prime Minister Shigeru Ishiba said other nations do not decide Japan's defence budget after Colby called for Tokyo to spend more to counter China, during his nomination hearing. Japan and other US allies have been engaged in difficult trade talks with the United States over Trump's worldwide tariff offensive. The paper said the decision to cancel the July 1 meeting was also related to Japan's July 20 upper house elections, expected to be a major test for Ishiba's minority coalition government. Japan's move comes ahead of a meeting of the US-led NATO alliance in Europe next week, at which Trump is expected to press his demand that European allies boost their defence spending to 5 per cent of GDP.
Perth Now
12 hours ago
- Perth Now
Japan scraps US meeting after defence demands
Japan has cancelled a regular high-level meeting with its key ally the US after the Trump administration demanded it spend more on defence. US Secretary of State Marco Rubio and Defence Secretary Pete Hegseth had been expected to meet Japan's Foreign Minister Takeshi Iwaya and Defence Minister Gen Nakatani in Washington on July 1 for annual security talks. But according to the Financial Times, Tokyo scrapped the meeting after the US asked Japan to boost defence spending to 3.5 per cent of gross domestic product, higher than an earlier request of 3 per cent. Japan's Nikkei newspaper reported on Saturday that President Donald Trump's government was demanding its Asian allies, including Japan, spend 5 per cent of GDP on defence. An unnamed US official told Reuters that Japan had "postponed" the talks in a decision made several weeks ago. A non-government source familiar with the issue said he had also heard Japan had pulled out of the meeting but not the reason for it doing so. The Financial Times said the higher spending demand was made in recent weeks by Elbridge Colby, the third-most senior Pentagon official, who has also recently upset another key US ally in the Indo-Pacific by launching a review of a project to provide Australia with nuclear-powered submarines. In March, Prime Minister Shigeru Ishiba said other nations do not decide Japan's defence budget after Colby called for Tokyo to spend more to counter China, during his nomination hearing. Japan and other US allies have been engaged in difficult trade talks with the United States over Trump's worldwide tariff offensive. The paper said the decision to cancel the July 1 meeting was also related to Japan's July 20 upper house elections, expected to be a major test for Ishiba's minority coalition government. Japan's move comes ahead of a meeting of the US-led NATO alliance in Europe next week, at which Trump is expected to press his demand that European allies boost their defence spending to 5 per cent of GDP.
AU Financial Review
3 days ago
- AU Financial Review
Waitlist grows for Trump's $7.7m golden visa
Washington | Nearly 70,000 people have signed up for the new golden Trump Card, a visa scheme led by Commerce Secretary Howard Lutnick that will grant foreigners legal residency in the United States at a cost of $US5 million ($7.7 million). Last week, Lutnick's department launched a website — — for would-be applicants to register their interest in the visa and to provide basic contact information, including their name, email address and region of the world. The card shown on the website features President Donald Trump's face and signature, as well as an eagle, the Statue of Liberty and the American flag. Financial Times
