PM to legislate levy rise before poll
Updated | A rise in the Medicare levy from July 1 next year is all but certain after Prime Minister Julia Gillard accepted Opposition Leader Tony Abbott’s qualified support for the 0.5 percentage point increase.
Goldman’s Australian profit falls
Goldman Sachs Australia reported a $5 million profit in calendar 2012, a fraction of its 2011 result, in the first set of accounts since the bank was acquired by its United States parent and shut down its proprietary trading desks.
ASX warns against constant market rule tweaks
The head of trading at the ASX has warned the regulator against continuing to tweak the stockmarket rules because high frequency traders will end up exploiting investors.
Building approvals drop adds to case for rate cut
Updated | Building approvals have suffered their biggest slump in eight months, reinforcing concern that the economy remains fragile, despite near record low official interest rates.
Conroy denies NBN direct contact ban
Communications Minister Stephen Conroy has denied there are newly built Chinese walls in place to prevent him from speaking directly to NBN Co chief Mike Quigley about the rollout of the NBN.
ADM targets $70m synergies in GrainCorp bid
Updated | US agribusiness giant Archer Daniels Midland is proceeding with its $3 billion takeover of eastern Australia’s largest grains handler GrainCorp, which it believes can deliver synergies of up to $70 million within two years.
‘Australia IPO is still a priority’: Genworth
Updated | US-listed Genworth Financial is seeking “more evidence of a good IPO market” in Australia as the company continues to mull an $800 million partial float of its Australian operations.
Rubin to join National Australia Bank wealth arm
Elana Rubin, one of the most high profile figures in Australia’s $1.5 trillion superannuation industry, has been appointed to the board of National Australia Bank’s wealth management arm.
Asciano to cut spending, accelerate job cuts
Asciano has scaled back its capital spending and accelerated job redundancies, citing “tougher economic conditions” due to weak volumes in its container ports and bulk haulage rail businesses.
Warm start to winter to hit Target: Wesfarmers
Wesfarmers has said it expects sustained earnings growth in its retail division but warns a warm start to winter will affect trading in the fourth quarter for its Target division as it is forced to clear high inventory levels.
ASX drops 0.7pc on global economic concerns
Updated | The ASX continued lower through Thursday, dropping by 0.7 per cent after shares on Wall Street extended losses on concern about the global economic outlook.
Rich list exit? Frank Timis loses $1bn as questions mount about share slump
The wealth of controversial former billionaire Frank Timis has fallen by more than $1 billion and questions have been raised about why shares are being dumped in the company that made him rich.
Is the yield trade safe in light of the Fed’s commentary?
The short story is that the Fed will continue with its asset-purchase program. The longer story, which we’re going to write about, is that it’s not set in stone – at the very least, it’s flexible.
China to challenge US for East-Asia supremacy: report
China’s growing industrial might is likely to allow it to mount an increasingly formidable challenge to the military supremacy of the United States in the waters around China, a report says.
AGL unlikely to buy during NSW privatisation
AGL Energy managing director Michael Fraser has told investors his company is unlikely to buy any assets during the NSW electricity privatisation program.
Women can have it all, just not all at once
There are plenty of valid reasons why employees – male and female – need to take time out of the workforce.
Media executives get a better grip on digital
The newspaper business can withstand the onslaught of digital media if their owners are prepared to abandon old practices.
Rare blue diamond sets world record sale price
A rare deep-blue diamond sold at Bonhams in London last week for a world-record $US1.8 million per carat.
Pizza heaven on the Xbox
Couch potatoes take note: Pizza Hut and Microsoft have teamed up so that US users of the Xbox can order their own customised pizza directly from the games console
Five Aussie entrepreneurs under 30 to watch
Australia’s emerging generation-y business leaders are smart, tech-savvy and prepared to take risks. Here are five young faces to watch.
ASOS’ offer of fast fashion a hit in Australia
Australia has taken out the top spot again as the largest territory contributing to online fashion retailer ASOS’s international sales.
Ex-jockey backs Singleton in More Joyous scandal
Former champion jockey Allan Robinson on Tuesday entered the credibility stakes between John Singleton and trainer Gai Waterhouse.
CSL restarts local flu vaccine production
CSL’s vaccine business, bioCSL, has restarted production of influenza vaccine for the Australian market in response to higher than expected demand.
NZ dollar gains against other majors
New Zealand’s dollar is powering, according to analysts, but be prepared to stump up more for a glass of their finest wines.
Wave hello to Galaxy S4 – it’s got the magic
You can choose a marvellous phone that looks great, or you can choose a marvellous phone that does everything you can imagine.
National
PM to legislate levy rise before poll
Updated | A rise in the Medicare levy from July 1 next year is all but certain after Prime Minister Julia Gillard accepted Opposition Leader Tony Abbott’s qualified support for the 0.5 percentage point increase.
- Building approvals drop adds to case for rate cut
- More budget pain: $3bn carbon hole
- Obeid recalled to ICAC to respond to claims
- Slipper back in court as Ashby appeals
- Korean spy’s deportation revealed by court
- Ferguson warns power strikes will cost jobs
- Productivity Commission chairman backs Labor’s NBN
- Baird’s NSW board move draws union ire
- Vic govt extends fire services levy
Opinion
Reform essential for prosperity
“Don’t underestimate what it takes to get a big reform up,” warns Arthur Sinodinos, the former Treasury economist and prime ministerial chief of staff who is now parliamentary secretary to Tony Abbott.
Mirvac, Devine on board for Logan’s run
Mirvac, Devine and Transfield have been short listed to manage, own and develop 5000 Department of Housing homes in Logan’s Run.
Chance for Malaysians to bury ghosts
The enduring image from the current election campaign should be that of members of the opposition coalition parties being prepared to carry each other’s banners.
World
Fed ready to expand asset purchases if necessary
Updated | The Federal Reserve said it is prepared to double down on its controversial bond buying program if the US economy continues to swoon in the face of fiscal restraint.
- Thousands rally against austerity on May Day
- North Korea jails US man for 15 years
- Facebook mobile revenue up in first quarter
- Three men charged with undermining Boston probe
- Japan-France group to build Turkish nuclear plant
- Alcoa considers aluminium production cuts
- Greece sells controlling stake in gambling firm
- Berkshire buys rest of Israel's Iscar for $US2.05bn
- Pizza heaven on the Xbox
China to challenge US for East-Asia supremacy: report
China’s growing industrial might is likely to allow it to mount an increasingly formidable challenge to the military supremacy of the United States in the waters around China, a report says.
Business
Goldman’s Australian profit falls
Goldman Sachs Australia reported a $5 million profit in calendar 2012, a fraction of its 2011 result, in the first set of accounts since the bank was acquired by its United States parent and shut down its proprietary trading desks.
- ADM targets $70m synergies in GrainCorp bid
- ‘Australia IPO is still a priority’: Genworth
- Asciano to cut spending, accelerate job cuts
- Retail rivals, prices eat into AGL profit guidance
- Warm start to winter to hit Target: Wesfarmers
- Flight Centre lifts profit guidance on travel rebound
- Storm Financial clients seek $82.5m: court
- APN's regional business takes a hit
- Stokes taps John Alexander for Seven West board
Wesfarmers needs to do more on capital
Wesfarmers shareholders will no doubt be pleased that the country’s biggest industrial conglomerate is accelerating its efforts to free up capital from its balance sheet and recycle it into growth options.
Technology
Apple works to preview iOS 7 at WWDC: reports
Under pressure to launch a new innovative device Apple has tapped engineers from its computer software team to help hasten the development of its next smartphone operating system iOS 7, it has been reported.
- Backlash in store for Myer over NDIS comments
- Alphawest merged into Optus
- Facebook mobile revenue up in first quarter
- Productivity Commission chairman backs Labor’s NBN
- Quantium leap for Woolworths
- Android fuels surge in tablet sales
- Banana industry set for internet data portal
- Swype keyboard sheds beta to launch in Google Play
- Sony executives forego bonuses
Wave hello to Galaxy S4 – it’s got the magic
You can choose a marvellous phone that looks great, or you can choose a marvellous phone that does everything you can imagine.
Markets
ASX drops 0.7pc on global economic concerns
Updated | The ASX continued lower through Thursday, dropping by 0.7 per cent after shares on Wall Street extended losses on concern about the global economic outlook.
- Is the yield trade safe in light of the Fed’s commentary?
- Goldman’s Australian profit falls
- $A hits one-week low as building approvals fall
- Rich list exit? Frank Timis loses $1bn as questions mount about share slump
- ASX warns against constant market rule tweaks
- Fed ready to expand asset purchases if necessary
- Wall St drops on data, earnings; Facebook up late
- Greenback slides as Fed holds firm on asset buying
- Brent crude drops below $US100 on weak global data
ASX rethinks role in OTC derivatives products
Australia accounts for only 2 per cent of global derivatives trading. But efforts by the ASX to have a central role in clearing over the counter derivatives products is causing immense tension in capital markets.
Personal finance
Banks enter bubble zone: analysts
Australian bank shares have entered a risky great bubble territory similar to the peak of the internet stock boom that ended in a crash last decade, leading fund managers and the country’s top bank analyst warned.
- Telstra shares break through $5
- Bank protest: farmer digs in as others get sowing
- A-REITs enjoy 27pc rise for past 12 months
- House prices dip in April
- ANZ lifts dividend after $3.2bn profit
- Panicky landlords woo CBD tenants
- Gold Coast house price surge
- Western Sydney has highest number of bankrupts
- IMF backs tools to curb credit booms
ANZ’s low-cost super scheme meets expectations
ANZ Banking Group’s new low-cost superannuation product has attracted 20,000 clients since it was re-launched late last year and is to be expanded into New Zealand.
Lifestyle
Anthony Bourdain turns focus to faraway flavours
The irreverent New York chef’s new show Parts Unknown takes him to exotic, surprising, and not always safe locations.
Jewellery | Tiffany toasts top clients
Tiffany & Co takes a leaf from top fashion houses of yore as they invite top clients to an exclusive and very glitzy ball.
Scent of luxury
The psychology of smell, particularly its application as an instant mood-lifter, is being embraced by many of the world’s top hotels.
Luxury limousine sets benchmark for refinement
BMW’s new 750Li is nimble, but it’s unlikely that many buyers are likely to explore the outer edges. It’s just not that sort of car.
Latest TV
Labour market faces productivity scrutiny
Liberal Senator Arthur Sinodinos says the Productivity Commission should scrutinise the IR system. More AFR TV
Review | Samsung Galaxy S4 smartphone
Is the Samsung Galaxy S4’s gesture recognition useful? Just nod your head and you’ll have your answer. Ky Chow speaks with Digital Life’s John Davidson about waving, nodding, jogging and more with the Korean company’s latest. More AFR TV
RP Data | Property prices dip in April
RP Data is surprised by the size of the seasonal fall in housing values, but says the trend is still positive. More AFR TV
Harris backs NDIS levy
The new Productivity Commission chairman Peter Harris supports a levy to fund the NDIS. More AFR TV
