Woolworths pulls out of ParknShop bidding
Woolworths has pulled out of the auction for Hong Kong’s second largest grocery chain, ParknShop, because vendor Li Ka-Shing’s price was too high.
ASX at 5-year high as US crisis averted and China grows
The ASX has risen above 5300 points to its highest level since June 2008, after a political stalemate that threatened the ability of the United States to pay is lenders was resolved.
Nine IPO seen worth as much as $3bn: Macquarie
Updated | The Nine Entertainment Co initial public offering is officially underway with some of the country’s top fund managers sent pre-marketing research, valuing Nine between $2.46 billion to $2.93 billion
China GDP up 7.8pc in fastest pace this year
China’s economy rebounded in the third quarter, growing 7.8 per cent from a year ago, its fastest quarterly pace this year, boosted by a marked pick up in factory production and the property market as well as a strong trade performance in July and August.
Myer’s Brookes, executives face fourth year without bonuses
Spare a thought for Myer chief Bernie Brookes. Mr Brookes and his executive team are facing their fourth consecutive year without receiving a cash bonus because earnings in 2014 are expected to fall short of hurdles.
RHG embraces revised $155m Resimac cash offer
RHG, formally RAMS Mortgage Corp, has accepted a revised all-cash offer from a group led by Resimac valuing the company at $155 million.
Westpac outsourcing jobs to India
Westpac will outsource 83 jobs to workers in India as it gets set to report a record profit of more than $7 billion.
Abbott Govt to improve budget bottom line by additional $1bn: PBO
The Parliamentary Budget Office has delivered a filip to the Abbott Government, estimating that its spending and savings measures will improve the budget bottom line by even more than the Coalition had claimed during the election.
Labor frontbench goes Gen X and shrieks diversity
Labor leader Bill Shorten has announced the line-up of his new frontbench, describing it as “energetic and diverse” with more Gen X than ever before, he said.
RBA’s Stevens aims to halt creep of global regulation
Updated | RBA governor Glenn Stevens has signalled that he may not have the power to lower the Australian dollar in order to support the economy as it adjusts to the end of the resources boom.
Smorgon family listing could become Melbourne’s most expensive home
A new Toorak listing from the Smorgon family could become Melbourne’s highest-selling home, with a price tag in excess of $20 million.
Man dies defending home as worst bushfire crisis in decade hits NSW
Updated | Fire services have reported a man has died as the worst bushfire crisis in NSW in a decade remains “very active”, leaving about 100 properties destroyed.
The most satisfying super funds, as ranked by clients
Industry super funds have wiped the floor with their retail rivals in a new report that awards industry funds with nine of the top 10 rankings for client satisfaction.
Warrnambool: the year’s most contested takeover
Warrnambool Cheese & Butter Factory looks set to be remembered as the year’s most contested takeover, after shareholder Murray Goulburn put forward a $7.50 a share cash bid on Friday.
99designs headed for Asian expansion
Online graphic design marketplace 99designs is preparing to launch in Asia, the company’s chief executive Patrick Llewellyn has revealed.
Gucci in $US144m counterfeiting win
Global fashion empire Gucci has been awarded $US144.2 million in damages from online sellers of counterfeit merchandise.
Cheap eats: Pork bun on Michelin menu
Mak Kwai Pui started with one 15-seater restaurant, but when queues were hours long, word got around.
Cityscapes braced for change
As controversy over Barangaroo continues, the question is whether good architecture needs to be beautiful.
The camera we’ve been waiting for
In the few, short days that we had Sony’s new Alpha 7R digital camera in our laboratories, we took to calling it Brian.
Suite times for business class travellers
Some airline analysts call it the business-class war – a constant need to innovate and upgrade.
Coles launches contactless Pay Tag payments
Coles is taking on the banks and e-commerce giants in the fast-growing contactless payments market, launching a novel ‘peel and stick’ mini-credit card.
Apple cutting orders for not-so-cheap iPhone 5C
Apple is cutting production orders for its plastic-backed iPhone 5C, fuelling speculation the cheaper model may have been priced too high.
Auction.com sells $US5bn, aims higher
Jeff Frieden, Auction.com CEO, learned to sell real estate by managing a room full of bidders with rapid-fire patter and a stint in Australia studying auctions.
Trompf and Mayo feature in Christie’s sale
A rare crop of Australian vintage travel posters is featured in Christie’s South Kensington, London, rooms on October 30.
National
RBA’s Stevens aims to halt creep of global regulation
Updated | RBA governor Glenn Stevens has signalled that he may not have the power to lower the Australian dollar in order to support the economy as it adjusts to the end of the resources boom.
- Abbott Govt to improve budget bottom line by additional $1bn: PBO
- Australia Post letter losses could erase parcel profits
- Taxman warns DIY funds against property binge
- Shell stresses long-term jobs aspect of floating LNG
- Tax Office to scrap returns for 1.4 million people
- NuCoal to sue over Doyles Creek licence
- Leighton board defends review under heavy fire from governance experts
- MPs need to be conservative with expenses: Minchin
Smorgon family listing could become Melbourne’s most expensive home
A new Toorak listing from the Smorgon family could become Melbourne’s highest-selling home, with a price tag in excess of $20 million.
Opinion
Britain comes in from the cold: a cautionary tale
London mayor Boris Johnson was in an expansive mood during his trip to China this week, on a mission to attract Chinese investment, students and tourists.
The women who are changing this country
The 100 Women of Influence awards, a joint project of the Australian Financial Review and Westpac, are a showcase for bold and energetic women.
It’s high time to abolish the ACCC
In the Federal Court last Friday Justice John Middleton ruled AGL and its agent had broken the law against unsolicited selling when one of their door-to-door salespeople in South Australia ignored a ”Do Not Knock” sign on the front door of a house.
World
Obama to Republicans – it’s time to co-operate
President Barack Obama urged his Republican adversaries to view the end of the government shutdown and debt ceiling battles of recent weeks as new opportunities for bipartisan compromise in the weeks ahead.
- Lenovo to run ruler over BlackBerry’s books
- Fed needs more time before starting taper: Charles Evans
- China demands flexibility in free trade negotiations
- Madoff employees were his ‘puppets’, defence says
- US budget negotiators pledge to bridge vast gulf
- Google Q3 mobile revenue up, Larry Page pulls back
- Goldman profit flat as trading revenue slumps
- HSBC hit with $US2.5bn judgment in US class action
- Samsung offers rivals patent truce in Europe
Chinese banks plan listings in HK
Chinese banks are poised for a return to Hong Kong’s market for new listings. Three mid-sized lenders, Bank of Chongqing, China Huirong Financial and Huishang Bank are planning to raise money in the coming weeks.
Business
Woolworths pulls out of ParknShop bidding
Woolworths has pulled out of the auction for Hong Kong’s second largest grocery chain, ParknShop, because vendor Li Ka-Shing’s price was too high.
- Nine IPO seen worth as much as $3bn: Macquarie
- Barminco more upbeat about IPO prospects
- Myer’s Brookes, executives face fourth year without bonuses
- Murray Goulburn bids $420m for Warrnambool
- Moorebank better in private sector’s hands: Aurizon
- Qantas yields to fall amid tough conditions: Joyce
- Santos output downgrade tarnishes record quarter
- Packer’s Crown keen to develop casino in Sri Lanka
Warrnambool bidding war tests competition reforms
A former South Australian barrister who now heads the Competition Tribunal has suddenly taken centre stage as the battle for control of the Warrnambool Cheese and Butter Factory heats up with a knock-out bid from Murray Goulburn Co-operative.
Technology
Optus says ‘yes’ to $8.8m refund to customers
SingTel-Optus has said it will refund over 235,000 customers almost $9 million after over-charging them for services they never received between July 2011 and September 2013.
- Google Q3 mobile revenue up, Larry Page pulls back
- Lenovo to run ruler over BlackBerry’s books
- Game console chip sales give AMD Q3 boost
- Telstra lures Western analysts to boost brand in Asia
- Winners and losers: Buy a piece of your favourite athlete at Fantex
- Facebook makes it easier to track teenage users
- Samsung offers rivals patent truce in Europe
- NBN Co turns to consultants for broadband review
- Small-scale approach to online learning earns higher marks
Microsoft adds multi-tasking to Windows 8.1 upgrade
Microsoft has released Windows 8.1 online, making it possible for users to begin updating their computers to the company's latest operating system.
Markets
ASX at 5-year high as US crisis averted and China grows
The ASX has risen above 5300 points to its highest level since June 2008, after a political stalemate that threatened the ability of the United States to pay is lenders was resolved.
- $A end-of-year value to be revised up: NAB
- Six shifts in US landscape according to Bill Evans
- $A above US96¢, but worry grows for next debt crisis
- S&P; 500 sets record high, buoyed by US fiscal deal
- Fed needs more time before starting taper: Charles Evans
- HSBC hit with $US2.5bn judgment in US class action
- Goldman profit flat as trading revenue slumps
- US cancels crop report for first time in 147 years
Islamic group tops list of best equities funds
Australia’s first licensed Islamic fund manager, Crescent Wealth Group, has come out on top of Morningstar’s best-performing Australian equities fund for the September quarter.
Personal finance
Home is where the brewery is
While practising as a corporate lawyer, Peta Fielding brewed up a plan to create a boutique beer company harking back to the traditions of the local inn.
- Grab a bite of life’s rich menu in NYC
- Housing heat calls for cool heads
- Challenger plays the same game, just on a different field
- Oil prices tumble, reserve stocks rise
- NAB expects house price growth to dampen
- Owner-occupiers dive into new-home market
- BoQ urges government to fix system ‘inequities’
- Company directors in the dark on duty to creditors
- Funds attack Polish move to transfer pension assets to state
Tax Office to scrap returns for 1.4 million people
The Australian Taxation Office is close to achieving what former Treasurer Wayne Swan failed to do - getting rid of the annual hassle for millions of taxpayers of lodging a tax return.
Lifestyle
To sleep, perchance to dream at 38,000 feet
Most of us have wrapped a pillow around our neck on a long-haul flight to no avail.
Ski trip on the lake of the sky
California’s Tahoe ski region is every bit as enticing as Colorado’s – minus the Australians.
Cityscapes braced for change
As controversy over Barangaroo continues, the question is whether good architecture needs to be beautiful.
Networked distribution is the future of food
Every Thursday, city types and local residents wander in to a Melbourne cafe to collect large boxes of fruit and vegetables.
Latest TV
Ten’s Hamish McClennan high on Olympics, Nine float
Ten Network CEO Hamish McClennan tells reporter Jake Mitchell the company is improving in the right demographic, and says the Nine float is great publicity for the free to air sector.
Investors unconvinced Leighton's board has done enough
Leighton's board is about to meet for the first time since Fairfax reports about senior management's alleged involvement in illegal payments to win contracts in Iraq. The company insists it is doing everything possible to allay corruption concerns, but reporter Jenny Wiggins says investors need to see more.
Charting Australia’s future
Business and investment leaders discuss the energy, productivity, infrastructure and healthcare challenges and opportunities facing the nation at the Australia 2.0 Melbourne Symposium on October 15.
Rates outlook
The Reserve Bank's latest minutes show the easing bias continues, although the bank is in no rush to cut rates given rising confidence hasn't yet been followed by a bounce in other indicators such as hiring intention.
