Resources outlook leaves Hockey between a rock and a hard place
The clock is ticking loud and clear for new Treasurer, Joe Hockey who has vowed he will avoid a recession.
Albanese hits out at new NBN chair Switkowski
Updated | Shadow Communications Minister Anthony Albanese has hit out at incoming NBN Co executive chair Ziggy Switkowski less than two hours after the former Telstra executive was appointed to the role.
ASX up on mining strength, Leighton worst performer
The Australian sharemarket closed higher on Thursday as investors looked beyond the short-term volatility being caused by a budget crisis in the US, and were cheered by the prospect improving global economic growth.
Bill Evans changes his mind on interest rate cut
Updated | Westpac chief economist Bill Evans has scrapped his forecast for a Reserve Bank of Australia interest rate before the end of the year.
Port Hedland iron ore exports jump 46pc to new record
Iron ore exports at Western Australia’s Port Hedland, used by BHP Billiton, Fortescue Metals and Atlas Iron, have jumped 46 per cent year-on-year to a new monthly record of 28.9 million tonnes.
McAleese to review fleet safety ahead of float
McAleese Transport, which is due to seek bids from investors next week ahead of its stockmarket listing, is reviewing the safety of a fleet of its trucks in NSW after a fatal crash this week of a fuel tanker operated by its Cootes Transport Group.
Cbus boss Atkin gets 8pc pay rise
David Atkin, the chief executive of $22 billion superannuation fund Cbus, received an 8 per cent pay rise to $540,000 last year, according to the construction industry scheme’s annual report.
Investors eye Wal King’s bonuses amid bribery claims
Investors are questioning whether Leighton Holdings can seek to clawback record payments made to former chief executive Wal King if allegations he knew about kickbacks to win construction contracts are proven.
Jupiter Mines plans to go private
In another example of company promoters growing tired of the lack of investor support for emerging resources companies, Brian Gilbertson is seeking to delist his Jupiter Mines manganese and iron ore vehicle from the Australian Securities Exchange and take it private.
Rio Tinto sells Blair Athol to Linc Energy
Updated | Rio Tinto has confirmed the sale of its interests in the Queensland-based coal mine Blair Athol to Linc Energy subsidiary, New Emerald Coal.
Inside the Roosters’ exclusive Chairman’s Club
Roosters chairman Nick Politis has made the Chairman’s Club one of the best places for Sydney’s eastern suburbs set to be wined, dined and do business on match day.
Concept of constrained credit is old hat
A growing number of economists – dubbed the “modern monetarists” – argue the financial system is always able to provide as much money as the economy needs.
We might have stalled: The definitive ASX forecast post
It’s time to squeeze the juice from the Tangelo and serve up the best glass of strategists’ forecasts in the Australian market. If the averages are to believed, the S&P/ASX 200 might stall into the end of the year.
Bega needs to increase its offer: RBS Morgans
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RBS Morgans analyst Belinda Moore has raised her recommendation on Warrnambool Cheese & Butter Factory to ‘outperform’ and pegged her price target at $6.97.
Ten rules for being a better leader
Today’s leaders were schooled for a different era – where the pace was slower and big problems came one at a time, with some warning, and where they could have a working knowledge of most of the areas in the business.
Sydney-based Technocash named in Silk Road arrest
Sydney-based cash exchange firm Technocash was named by US prosecutors in connection to the arrest and indictment of the alleged founder of Silk Road, the online website used to traffic drugs and other illegal goods.
Top-shelf library bucks austerity trend
The new mesh and glass library in Birmingham, England, offers more than just books. It’s an airy forum where locals talk, walk, eat and play.
AEG Live not guilty in Michael Jackson’s death
A California jury decided on Wednesday that Michael Jackson’s final concert promoter, AEG Live, was not responsible for the pop star’s death.
Russian billionaire sues Dulux owner for $100m over botched paint job
Not since an elderly lady had a go at restoring a 19th century Spanish fresco has a paint job caused so much fuss.
Best-selling author Tom Clancy dies at 66
Tom Clancy, the author whose novels inspired blockbuster movies and action-packed video games, has died aged 66.
Marc Jacobs to leave Louis Vuitton: report
Fashion designer Marc Jacobs is leaving Louis Vuitton after 16 years to concentrate on his namesake line.
Aboriginal art remote and outdated: British critics
An exhibition ‘Australia’ at London’s Royal Academy of Arts has attracted some negative reviews, among them reactions to Aboriginal art.
Elysium Space sends ashes into orbit
Elysium Space is offering a service in Japan to send some of a person’s cremated remains in a capsule that will circle the earth.
BHP’s WA office gets top Green Star award
The Perth office of miner BHP Billiton has received 6 stars – the highest attainable Green Star rating.
National
Resources outlook leaves Hockey between a rock and a hard place
The clock is ticking loud and clear for new Treasurer, Joe Hockey who has vowed he will avoid a recession.
- Wal King ‘approved Iraq bribe’
- Victoria’s west looks good for gas
- BG softens opposition to gas reservation idea
- Big ute sales surge as cars overtake last year’s figures
- Eddie Obeid faces three new inquiries
- Abbott gives lobbyists deadline to choose pay or party
- Abbott’s agenda finds favour among new senators
- NSW should scrap power price controls: AEMC
- Greens laud CSG ‘win’ in NSW, companies critical
Top Australian unis slip in global report
Most of Australia’s leading universities have been downgraded in the latest global report card on higher education, with Melbourne dropping out of the top 30.
Opinion
The global assault on Westfield Group
Westfield Group is facing a challenge to its social, environmental and governance policies from a global coalition of labour and community groups.
Time to split gas rights with land holders
Editorial | The threat of rising gas prices due to supply constraints in some states is finally shifting from an unproductive impasse to a serious discussion about how to efficiently divide the spoils.
Credit controls won’t fix housing
News that capital city dwelling prices rose to new record highs in September has been accompanied by the usual hand-wringing and warnings of a housing “bubble”. In fact, recent price increases are far from exceptional from a long-run perspective.
World
Obama won’t negotiate with Republicans
Updated | President Barack Obama has told Republican leaders at a meeting at the White House that he won’t negotiate changes to his healthcare law as a condition to ending the budget stalemate.
- AEG Live not guilty in Michael Jackson’s death
- Distressed investment play Cerberus eyes BlackBerry: sources
- ECB’s Draghi says all options remain on table
- US private sector hiring slows
- Delay threat to iPad Mini with Retina display
- Obamacare site Healthcare.gov traffic causes glitches
- Portugal Telecom and Brazil’s Oi to form telecoms giant
- Fonterra and Danone in talks over food scare dispute
- Tesco to form venture with Chinese retail giant
$3.6m Bitcoin sting world’s largest virtual currency seizure
The Justice Department said it has arrested the mystery man who ran a hidden website called Silk Road that served as an Amazon.com-like marketplace for illegal drugs and guns, which were purchased with Bitcoin virtual currency.
Business
Leighton defends conduct in ‘exceptional instances’
Updated | Leighton Holdings has moved to contain the damage over allegations of corruption by describing a multi-million dollar kickback in Iraq and corporate misconduct involving the building of an Indonesian barge as “exceptional instances.”
- Cbus boss Atkin gets 8pc pay rise
- Jupiter Mines plans to go private
- Elders appoints external investigators for livestock probe
- Groupon’s Schmidt to head The Iconic
- Rio Tinto sells Blair Athol to Linc Energy
- Ian Narev to bank $4m bonus if CBA hits targets
- McAleese to review fleet safety ahead of float
- Fonterra appoints De Petrini as Asia-Pacific head
- Cairns to replace Origin chairman McCann
Bribes come back to haunt Leighton
Leighton Holdings says it is taking allegations that former executives approved bribery payments seriously. So is the market.
Technology
Sydney-based Technocash named in Silk Road arrest
Sydney-based cash exchange firm Technocash was named by US prosecutors in connection to the arrest and indictment of the alleged founder of Silk Road, the online website used to traffic drugs and other illegal goods.
- Senate committee director denies NSA collects smartphone user location data
- Desire for mobile data will wane due to limitations of devices, networks
- Microsoft gave data on 1050 users to Australia in first half
- Obamacare site Healthcare.gov traffic causes glitches
- Coalition vision for NBN will put Malcolm in the middle
- $3.6m Bitcoin sting world’s largest virtual currency seizure
- Facebook expands mobile ad options
- Delay threat to iPad Mini with Retina display
- Distressed investment play Cerberus eyes BlackBerry: sources
Markets
ASX up on mining strength, Leighton worst performer
The Australian sharemarket closed higher on Thursday as investors looked beyond the short-term volatility being caused by a budget crisis in the US, and were cheered by the prospect improving global economic growth.
- Rising confidence boosts $A
- Westpac’s Evans pushes forecast RBA cuts into 2014
- Investors want to know results well before ASX opens
- Sugar high as prices hit by production slump
- Obama won’t negotiate with Republicans
- UBS denies plans to sell Australian wealth arm
- Global investment banking fees pass $US56bn in 2013
- Bill Evans changes his mind on interest rate cut
- Wall St ends down on second day of shutdown
Wall St, ECB warn Washington on ‘grandstanding’
Wall Street chiefs and central bankers have joined the chorus urging Congress to come to an agreement on the US budget as fears of a default lurk.
Personal finance
Investor caution advised on IPOs as market heats up
Investors have been told to regard coming IPOs with a healthy degree of scepticism as private-equity-owned businesses return to the market at record speeds and prices.
- RBA rate expected to remain steady
- More mortgagee sales in the Sunshine State
- Strong housing demand drives REITs in September
- Desperately seeking women: Westpac’s new adviser network
- Drop in the ocean: Peter Drake’s $30m home sells for $7m
- Crackdown looms on property superannuation spruikers
- Mortgage broker charged over home loans
- Home loan arrears will rise, warns Moody’s
Property bubble not imminent: ANZ’s Morschel
ANZ Banking Group chairman John Morschel has acknowledged that Australia could face a property price bubble in the future but downplayed concerns of an imminent threat.
Lifestyle
Hotel review | Sails in the Desert
If you ignore the jail chic exterior, Sails in the Desert is friendly and a luxurious place from which to view The Rock.
Short, wide and super chic
The best Jaguars have combined pace with a compliant ride, and the new F-Type puts the brand back where it should be.
Odyssey for the appetite
French cuisine takes on a beguiling Asian dimension at a handful of restaurants in Japan.
Rymill creates purist cabernets worth seeking out
Rymill Coonawarra has refined its winemaking and put the bad-smelling brettanomyce years behind it.
Latest TV
Uniqlo debuts
Uniqlo Australia CEO Shoichi Miyasaka has set himself a massive challenge to make the label Australia’s number one brand. More AFR TV
RBA on hold as US shuts down
Commonwealth Bank senior economist John Peters says the Reserve Bank’s decision to keep the cash rate on hold is likely to be repeated, while the shutdown of the US government could have a heavy market impact if it lingers. More AFR TV
Howes’ gay marriage push
Australian Workers Union boss Paul Howes is ready for a showdown with members of his own union, as well as others in the ALP, as he seeks to end the party’s policy of a conscience vote on gay marriage. More AFR TV
Big cities drive home prices
Australian homes are more expensive than ever before as surging activity in Sydney and Melbourne again raise the spectre of a property bubble. More AFR TV
