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Hockey unveils Coalition’s final costings
Federal election live | Foreign aid targeted as Coalition releases much-awaited costings ■ If you have doubts, don’t vote for Abbott, says Rudd ■ Car industry told FBT changes ‘null and void’ under Abbott ■ Peter Costello says he hasn’t been asked to head Coalition commission of audit
Competition stops business getting lazy: Sims
![Competition stops business getting lazy: Sims](/web/20130905055826im_/http://www.afr.com/rf/image/2009-2014/AFR/2013/09/05/Photos/f385bfb8-15eb-11e3-b176-5c18d487fe0b_syd-6b766v46koo1hq6q8lk--180x120.jpg)
Australian Competition and Consumer Commission Chairman Rod Sims has flagged a more aggressive approach to business. He doesn’t buy business arguments that more mergers should be allowed to build ‘national champions’.
Macquarie loses offshore banking fight with ATO
The Tax Office has won a battle against Macquarie Group after a Federal Court judge summarily dismissed a dispute over the tax regime relating to the bank’s offshore banking unit.
Financials, resources drag ASX down 0.4pc
Updated | The ASX dropped on Thursday, dragged lower by declines in sectors including financials and resources despite gains on Wall Street after military action against Syria was expected to be limited.
Citi, Morgan Stanley end distribution agreement
Citi will no longer use Morgan Stanley Wealth Management Australia to sell share offers, hybrids and other products to retail investors, after the two firms ended a distribution agreement.
Coe estate flags cross claim in Allco class action
The lawyer acting for the estate of the late David Coe has said he is considering a cross claim in the class action brought by disgruntled investors against the failed Allco Finance Group.
Perpetual equities deputy Lanchester to leave
![Perpetual equities deputy Lanchester to leave](/web/20130905055826im_/http://www.afr.com/rf/image_lowres/2009-2014/AFR/2013/09/05/Photos/c06d4414-15d9-11e3-b176-5c18d487fe0b_syd-602j2wolojo12r0c7o2t--90x60.jpg)
Prominent fund manager Charlie Lanchester, the deputy head of equities at Perpetual, is leaving the $1.65 billion wealth behemoth after 18 years in the company.
Clayton Utz suffers 4pc revenue decline amid job cuts
National law firm Clayton Utz has reported a fall in revenue to $436.7 million and its intention to cut the increase in annual fees amid a tough year for legal services in Australia.
Newcrest faces huge challenge rebuilding trust
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Maurice Newman’s report into Newcrest Mining says the marketplace did not necessarily understand the company’s disclosure practices. But the gold miner still faces a challenge rebuilding trust with investors.
ACCC gives Air NZ nod to lift Virgin stake
Updated | Air New Zealand has received Australian Competition and Consumer Commission approval to lift its stake in airline Virgin Australia by an extra 6 per cent.
Pura Vida Energy seeks to raise $5m in placement
![Pura Vida Energy seeks to raise $5m in placement](/web/20130905055826im_/http://www.afr.com/rf/image_lowres/2009-2014/AFR/2013/09/05/Photos/0e509020-15c9-11e3-9e0f-139c1f6992e2_street_talk_small (2)--90x60.jpg)
Oil explorer Pura Vida Energy is seeking to raise $5 million in a placement through RBS Morgans and Hartleys.
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Are your food allergies all in your mind?
![Are your food allergies all in your mind?](/web/20130905055826im_/http://www.afr.com/rf/image_lowres/2009-2014/AFR/2013/09/04/Photos/e59101ca-152c-11e3-8176-ad59f0ff80f3_659041036--90x60.jpg)
Gluten intolerance, like MSG intolerance before it, has acquired a quasi-religious status, but it may just be that we are making ourselves sick.
Women venture into venture capitalism with Scale Investors
![Women venture into venture capitalism with Scale Investors](/web/20130905055826im_/http://www.afr.com/rf/image_lowres/2009-2014/AFR/2013/09/05/Photos/5fdfce90-15da-11e3-b176-5c18d487fe0b_syd-617uptsgqwo1ecompogb-20181--90x60.jpg)
Venture-backed start-up is largely a man’s world. But a group of Australian women hopes to change that.
Third time a charm for Sony SmartWatch?
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Sony’s third attempt at a smart watch is by far its best yet.
Prada pays for $1660 champagne stain
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Prada has been forced to refund a $1660 silk skirt after staff were found to be wrong for not warning a buyer that champagne would stain it irreparably.
Aussie wines top table at London awards
![Aussie wines top table at London awards](/web/20130905055826im_/http://www.afr.com/rf/image_lowres/2009-2014/AFR/2013/09/04/Photos/5dd7ae14-15bd-11e3-9e0f-139c1f6992e2_syd-5lzhvlef6e042q4ngf2--90x60.jpg)
Australia has won more international trophies than any other country at the Decanter World Wine Awards, taking the top gong in six of the 32 categories.
Shorter work week may not increase wellbeing
![Shorter work week may not increase wellbeing](/web/20130905055826im_/http://www.afr.com/rf/image_lowres/2009-2014/AFR/2013/09/04/Photos/b4d49c9c-15ac-11e3-9e0f-139c1f6992e2_syd-66wtv24u9ps164yaz4l4--90x60.jpg)
Think a shorter work week will make you happier? You may be in for a surprise. A study has shown it has no effect on job or life satisfaction.
Chill wind blows for spring art auctions
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Spring was in the air in Sydney last week as first Sotheby’s Australia, then rivals Deutscher and Hackett, put an array of art under the hammer.
Whitsunday may be paradise but tourism still slow
![Whitsunday may be paradise but tourism still slow](/web/20130905055826im_/http://www.afr.com/rf/image_lowres/2009-2014/AFR/2013/09/04/Photos/b9bcf8a4-1542-11e3-8176-ad59f0ff80f3_syd-62l93lp7mugd7bx083w--90x60.jpg)
The Whitsunday Islands are still struggling as a tourism destination, although its future is looking brighter.
Kim Dotcom resigns as Mega director
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Flamboyant internet entrepreneur Kim Dotcom has resigned from his Mega data storage empire to focus on fighting extradition to the US.
Kerzner eyes expansion after Hayman Island ‘takeover’
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Kerzner International, the new operator of Hayman Island, is embarking on expansion that could see further Australian resorts transformed. Hayman will close in January and undergo a $50 million refurbishment before opening in April as Kerzner’s first One & Only luxury resort in Australia.
National
Hockey unveils Coalition’s final costings
Federal election live | Foreign aid targeted as Coalition releases much-awaited costings ■ If you have doubts, don’t vote for Abbott, says Rudd ■ Car industry told FBT changes ‘null and void’ under Abbott ■ Peter Costello says he hasn’t been asked to head Coalition commission of audit
- Competition stops business getting lazy: Sims
- Macquarie loses offshore banking fight with ATO
- Abbott in $6 billion crawl to surplus
- Coe estate flags cross claim in Allco class action
- Business, investor confidence hangs on Coalition win
- EnergyAustralia CEO denies pressure to sack former executive
- Aussie wines top table at London awards
- Hydro Tasmania names Davy as new CEO
- Junior miners welcome Coalition’s exploration tax break
Opinion
Austerity could become an urgent prescription
![Maximilian Walsh Maximilian Walsh](/web/20130905055826im_/http://www.afr.com/rw/SysConfig/WebPortal/afr/_files/images/columns/max_walsh_small.jpg)
The end of the mining boom means that hard choices have to be made about the future of the Australian economy. But they will have to be made quickly.
REITs report as expected, but face challenges
![Robert Harley Robert Harley](/web/20130905055826im_/http://www.afr.com/rw/SysConfig/WebPortal/afr/_files/images/columns/robert_harley_small.jpg)
Australia’s Real Estate Investment Trusts reporting season shows prices have lagged behind broader equities for the last three months.
World
US auto sales surge, accelerating past forecasts
US auto sales were on a pace to show a gain as high as 17 per cent in August as the industry raced toward its strongest month since just before the start of the 2007-2009 recession.
- Rupert Murdoch puts family yacht up for sale for $32m
- At UN, Australia pushes diplomatic efforts on Syria
- US may supply Syrian rebels arms via Pentagon
- Britain to prosecute Olympus over fraud
- Global smartphone sales tipped to hit 1bn this year
- US trade deficit widens, little impact seen on Q3 growth
- Ryanair plans aggressive seat sales as profit stalls
- IMF warns emerging economies vulnerable to US tapering
- Putin says Russia may support UN resolution on Syria
Business
Macquarie loses offshore banking fight with ATO
The Tax Office has won a battle against Macquarie Group after a Federal Court judge summarily dismissed a dispute over the tax regime relating to the bank’s offshore banking unit.
- Moody’s cuts sub-debt rating of Australian banks
- Newcrest to tighten up on disclosure
- ACCC gives Air NZ nod to lift Virgin stake
- Perpetual equities deputy Lanchester to leave
- ACCC clears Westfield purchase of Karrinyup
- Coe estate flags cross claim in Allco class action
- Business, investor confidence hangs on Coalition win
- William Hill to scrap online ‘bet’ brands
- Push to lock Nine’s hedge fund owners into holding stock
Technology
Finns mourn loss of national icon as Microsoft takes over
Nokia was once a source of great national pride for Finland and Finns have been left stunned in the wake of Microsoft’s takeover.
- NBN delays are normal, says ACCC’s Sims
- 3D system future-proofs military hardware
- Apple fuels talk of deal with China Mobile
- BlackBerry hopes for November sale
- Caledonia gives Packer a helping hand
- Global smartphone sales tipped to hit 1bn this year
- iPad to lose Aussie tablet top spot within two years
- Voters face double disillusion
- Deloitte NBN savings apply to Coalition policy: Turnbull
Markets
Financials, resources drag ASX down 0.4pc
Updated | The ASX dropped on Thursday, dragged lower by declines in sectors including financials and resources despite gains on Wall Street after military action against Syria was expected to be limited.
- ASX less fair value as you think: 12pc downside, says GS
- Business, investor confidence hangs on Coalition win
- Commodities price collapse overhyped
- Are these the world’s 10 most influential money managers?
- $A tipped to regain US94¢ on global growth
- Wall Street rises on auto maker, tech stocks
- Pimco bond fund takes $US41bn tumble
- European shares track US gains to end slightly higher
- Splits make sense again for local stocks
Personal finance
Future Fund boss Mark Burgess resigns
Updated | Mark Burgess has unexpectedly resigned from his position as managing director and president of the $89 billion Future Fund after a little more than two years with the organisation that was established in 2006 to manage the retirement savings of Commonwealth government employees.
- ASIC orders Credit Suisse, UBS to change ads
- Rush to grab inner city apartments
- REITs report as expected, but face challenges
- Fixed interest investments no longer so safe or simple
- Ausdrill, Barminco executives charged in tax case
- Offshore exposure boosts Future Fund asset base
- Miners detect new life in ‘toughest market in 30 years’
- Building approvals beat forecasts, manufacturing remains weak
- Health.com.au’s Andy Sheats eyes health insurance shake-up
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