ASX down 1.9pc for week, snaps 7-week winning streak
The Australian sharemarket lost ground over the past week, ending a seven-week winning streak. A stubbornly high currency and rising government bond yields have put pressure on the local equity market.
Why property and SMSFs don’t mix
Borrowing in a self-managed super fund is one of the least financially effective ways to buy property, according to exclusive, independent analysis of popular tax breaks intended to build retirement nest eggs.
Switkowski to remain Suncorp chairman
Ziggy Switkowski will continue to chair Queensland’s biggest insurer, Suncorp Group, despite taking on the top job at NBN Co.
King spent up big on firm’s credit card
Former Leighton boss Wal King repaid $40,000 worth of unauthorised expenses – including trips to Madrid, a $780 meal and stays at luxury hotels – that he billed to a company credit card after he left.
BAML appoints new investment banking head
David Wood has been promoted to head of investment banking in Australia at Bank of America Merrill Lynch, replacing Kevin Skelton, who became country head on Wednesday.
Obama cancels APEC visit due to US shutdown
US President Barack Obama has cancelled his upcoming trip to the APEC summit in Bali due to the US government shutdown, a White House statement said.
Commonwealth bond weakness raises fear of budget cuts
Demand for government debt has fallen by about 50 per cent, prompting speculation the Coalition’s cost of borrowing may have to rise to attract investors.
Share prices get close to their ceiling
Bassanese | While there has been much public discussion of late over whether there’s a housing bubble, there’s been less focus on the other major asset on household balance sheets – equity holdings.
Shutdown opens strong case for $A to stay up
The Congressional crisis playing out in Washington adds up to a strong case for the Australian dollar to stay high, defying forecasts for it to fall below US90¢ as the United States economic recovery stumbles.
Singapore's Blumont plans $117m coal miner takeover
Singapore conglomerate Blumont Group has agreed terms on a proposed takeover of a foreign-listed coal company for about $S146 million ($117 million), sending its shares plummeting 39 per cent.
PNG LNG gets extra $US1.5bn debt finance
ExxonMobil’s Papua New Guinea liquefied natural gas venture has secured an extra $US1.5 billion of project debt to cover cost overruns at the venture, now budgeted at $US19 billion.
Improving Fortescue marked ‘overweight’
Commonwealth Bank of Australia has reaffirmed its “overweight” recommendation on Fortescue Metals Group after running the ruler over three ratings by global credit agencies.
Facebook to build luxury apartments at HQ
Free bike repairs, free computer accessories, an onsite barber and soon, 394 new luxury apartments within walking distance of one’s desk.
Bundaberg Rum turns 125 with $1250 bottle
Celebrating the 125fth anniversary of Bundaberg Rum, its owner, Diageo, is preparing to release a super expensive bottle of the rum.
Grand dames lead the charge
The market is on the move again – with well-maintained older houses especially popular.
Elizabeth Quay tipped to set new Perth premium
Pre-marketing has started for the sale of stage two of Perth’s ambitious $2.6 billion Elizabeth Quay urban regeneration waterfront project.
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 Bitcoin-based 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.
National
Switkowski to remain Suncorp chairman
Ziggy Switkowski will continue to chair Queensland’s biggest insurer, Suncorp Group, despite taking on the top job at NBN Co.
- Bribe claims hit Leighton board
- NBN director slams both Conroy and Turnbull
- Don’t act like a socialist, Abbott advises Palmer
- Agency needed to oversee infrastructure debt, says McKibbin
- Cattle industry will meet export demand: PM
- Motoring senator’s policy positions uncertain
- Woolies caged eggs move angers farmers
- Green groups call foul on Santos CSG approval
- Miners want red tape cut, productivity raised
Opinion
Easing the red tape burden is the issue for the business community
While Tony Abbott was in Jakarta this week turning back policy, his treasurer Joe Hockey and assistant treasurer Arthur Sinodinos were in Canberra, talking with Treasury about turning back paperwork.
Malcolm Turnbull stakes name on Ziggy Switkowski
Malcolm Turnbull knows that speeding up delivery of a cost-effective version of high-speed broadband is crucial to his own reputation as well as the government’s and with Ziggy Switkowski by his side as executive chairman of NBN Co he believes he has the man for the job.
World
Obama cancels APEC visit due to US shutdown
US President Barack Obama has cancelled his upcoming trip to the APEC summit in Bali due to the US government shutdown, a White House statement said.
- UK fraud prosecutor poised for more Libor charges
- Twitter IPO filing reveals it aims to raise $US1bn
- Lagarde says US budget money ‘mission critical’
- Scores of migrants die after boat sinks off Sicily
- White House intruder killed by police
- Citigroup fined $30m for early release of iPhone report
- France targets Amazon to protect local bookshops
- Global economic growth cools in September
- Bloomberg, PE firms circle Mergermarket
Business
Switkowski to remain Suncorp chairman
Ziggy Switkowski will continue to chair Queensland’s biggest insurer, Suncorp Group, despite taking on the top job at NBN Co.
- Bribe claims hit Leighton board
- PNG LNG gets extra $US1.5bn debt finance
- Air NZ to raise stake in Virgin Australia to 25.9pc
- Singapore's Blumont plans $117m coal miner takeover
- BAML appoints new investment banking head
- Legal costs to hit Sunland’s 2014 profit
- Echo’s Gold Coast plans are ‘well advanced’
- Woolies caged eggs move angers farmers
- Telecom NZ lines up to buy spectrum
Technology
HTC posts first-ever quarterly loss
Updated | HTC posted a third-quarter net loss of T$2.97 billion ($US100 million), its first ever quarterly loss, hit by fierce competition in the smartphone market, supply chain constraints and internal turmoil.
- Samsung forecasts strong quarter as top mobile chief leaves
- NBN director slams both Conroy and Turnbull
- Switkowski to remain Suncorp chairman
- Twitter IPO filing reveals it aims to raise $US1bn
- Bill Gates seeks re-election to Microsoft board
- Groupon’s Schmidt to head The Iconic
- France targets Amazon to protect local bookshops
- Citigroup fined $30m for early release of iPhone report
- Facebook to build luxury apartments at HQ
Markets
ASX down 1.9pc for week, snaps 7-week winning streak
The Australian sharemarket lost ground over the past week, ending a seven-week winning streak. A stubbornly high currency and rising government bond yields have put pressure on the local equity market.
- Morningstar picks its stock stars
- Share prices get close to their ceiling
- $A rises as US stalemate continues
- Capital raisings have been all risk for little reward
- ASX gains lag overseas investments
- CBA tweaks $A forecast on slower greenback rise
- Activist investor to list on ASX
- Commonwealth bond weakness raises fear of budget cuts
- Equity markets still ‘constrained’: Perpetual’s Lloyd
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
Latest TV
Market Minutes | Shutdown, rates and jobs
Perpetual’s Matt Sherwood says calmer heads will prevail in the US, the RBA’s done cutting the interest rate and also previews next week’s job data. 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
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