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Banks could face ‘double whammy’: ANZ’s Smith
Updated | ANZ Banking Group chief executive Mike Smith believes the Australian economy is in for a prolonged period of low defaults on loans, but acknowledged banks could face a “double whammy” in the event of a future economic downturn.
Leighton could be forced to defend bribe allegations
Leighton Holdings may be forced to explain its version of the allegations that it paid a multi-million dollar bribe in Iraq and covered-up warnings of internal fraud, after a writ was filed in the Victorian Supreme Court.
Battle of budget perceptions begins
With the release of the Coalition government’s taxation plans, you could feel the first whiffs of grapeshot of an escalating political barrage over budget policy after a couple of months of relative quiet in Canberra.
Shares close flat, CBA hits fresh record high
The ASX recovered from a heavy fall at the open to post a modest gain on Wednesday, buoyed by Commonwealth Bank of Australia, which rose to a new high following its bumper first-quarter profit results.
Japan ‘won’t jeopardise Melco Crown dividend’
Melco Crown chief executive Lawrence Ho has dismissed concerns a potential development in Japan would jeopardise distribution of the casino operator’s maiden dividend – a payout James Packer’s Crown Resorts is counting on to pay for developments in Sydney, Perth and Sri Lanka.
ANZ, Telstra target suppliers over gender diversity rules
A group of Australia’s largest companies and key government departments will put pressure on thousands of their suppliers to implement gender diversity policies under a move to lift the number of women in the workforce.
Coalition ditches tax changes worth $2.4bn
Updated | The federal government will dump tax initiatives worth more than $2.4 billion as it “draws a line in the sand” under a total of 96 tax changes announced but not yet legislated, but Labor has accused the Coalition of hypocrisy.
Faltering euro zone growth may hit local exports
Hopes of a sustained euro zone recovery have suffered a setback which could put a further dampener on Chinese demand for Australian exports.
Big 4 banks ramp up property exposure outside Australia
Australia’s Big Four banks have increased their exposure to commercial property by more than $3 billion in the last six months, with Westpac leading the charge.
‘I will not be bullied’ over GrainCorp: Hockey
Tensions between the Liberals and the Nationals over the proposed sale of GrainCorp have escalated with Treasurer Joe Hockey warning angrily that he will not be bullied by anyone over his decision.
Countdown to taper aligned with currency relief
The Reserve Bank of Australia is faced with an “uncomfortably” high currency until the US Federal Reserve starts pulling back its stimulus program leaving exchange rate sensitive sectors under pressure.
Vic must act if it’s to rescue gas
If the Victorian government really does mean to embrace gas reservation as a way of disarming rural critics of the state’s unconventional petroleum future, then the time to do it is right now.
Accolade keen to buy more wine
The nation’s largest winemaker Accolade Wines, the former Constellation Wines business, is eyeing further acquisitions after expanding into the New Zealand market .
Time to turn Twitter’s hashtags into cash bags
It is easy to get starry eyed ahead of a highly anticipated dotcom initial public offering. Despite the horrific burns suffered by many when the first internet bubble burst, there remains a buzz like no other when a big name player takes its first bow.
PM Capital seeks up to $200m
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Fund manager PM Capital will seek up to $200 million from institutional investors next week as it launches a book build for its new global equities-listed investment company.
We are brainwashed every night
Scientists have long speculated about why we devote roughly a third of our lives to sleep, now, evidence shows during sleep, the brain cleans itself.
Apple testing ‘king-sized’ iPads: report
A ‘king-sized’ iPad device is reportedly being tested in Apple’s Taiwanese plant that is inching closer to the size of Apple’s notebooks.
Bloomberg’s top billionaires increase their wealth – but not Gina Rinehart
The collective fortunes of the world’s top 100 billionaires have soared $US200 billion to $US2.1 trillion.
More Aussies set to do Christmas shopping online
Traditional retailers will be fighting over ever diminishing market share this Christmas as more people seek out stocking filling bargains online.
Global warming threat ‘exaggerated’: Howard
Former PM John Howard says he is not convinced of warnings of global warming, saying some claims are “exaggerated”.
China pledges action on ‘severe’ air pollution
China’s top economic planning agency has admitted the country is suffering from “severe air pollution”.
A toast to Gai – and a few bouquets for the BCA
Women are on a roll this week – Gai Waterhouse wins the Melbourne Cup, and the Business Council of Australia takes action.
Bubbles, beer and a few Melbourne Cup bets
The Rear Window crew join in the fun and games at the Melbourne Cup.
Work perks replace pay rises
Employees still have access to a host of perks despite many businesses no longer rewarding staff with annual bonuses.
‘Dream come true’: Waterhouse claims maiden cup
Updated | Gai Waterhouse has claimed her first Melbourne Cup after her horse and favourite Fiorente finished strongly to win the nation’s biggest race.
National
Battle of budget perceptions begins
With the release of the Coalition government’s taxation plans, you could feel the first whiffs of grapeshot of an escalating political barrage over budget policy after a couple of months of relative quiet in Canberra.
- Obeid used influence to prevent water licence restrictions
- Tasmanian premier pitches NBN solution to Turnbull
- COAG Reform Council tells governments to boost services
- Airlines to decide on electronic device use, not regulator
- Trade deficit shrinks $2.9bn in 10 months
- Car sales fall, but SUVs lose none of their drive
- Bishop downplays issues with Indonesia
- ‘I will not be bullied’ over GrainCorp: Hockey
University of NSW is Australia’s top millionaire factory
The University of NSW has produced more millionaires than any other Australian university according to a new international league table.
Opinion
Taller, denser and still good for Sydney
Every change to the Barangaroo master plan since its inception has made the project taller and denser – and the new concept plans are no exception.
Beijing’s attitude masks rising ethnic tensions
Tiananmen Square is back up and running as if nothing had happened, despite an alleged terrorist attack ten days ago that killed five people.
Japan’s search for solutions after the lost decades
Japan has a smaller working-age population that must support a large population of retirees. The most significant challenge confronting Japan is how to adjust to this rapid demographic change.
World
Brussels trims euro zone growth forecast
The euro zone economy will expand slightly more slowly next year than previously expected because of weaker private demand and investment will stay well below the central bank target over the next two years.
- One dead as blasts rock Chinese Communist Party HQ
- Deutsche, JPMorgan set for rate rigging fines: source
- US service sector growth quickens in October
- Greece, creditors seek to resolve budget gap dispute
- Germany hauls in UK ambassador over 'spying'
- Toronto mayor admits to smoking crack
- SAC Capital's plea hearing set for Friday
- ‘Turning point’ as Turkey resumes EU membership talks
- China’s central bank warns of inflation risks
Rare visit reveals North Korea’s answer to the iPad
There’s almost no Internet access in North Korea, but that hasn’t stopped the isolated nation from producing its version of an iPad, called the Samjiyon.
Business
Banks could face ‘double whammy’: ANZ’s Smith
Updated | ANZ Banking Group chief executive Mike Smith believes the Australian economy is in for a prolonged period of low defaults on loans, but acknowledged banks could face a “double whammy” in the event of a future economic downturn.
- Accolade keen to buy more wine
- Linc shareholders OK listing transfer to Singapore
- Japan ‘won’t jeopardise Melco Crown dividend’
- Leighton could be forced to defend bribe allegations
- CBA posts $2.1bn quarterly profit
- New Zealand’s Fonterra buys Tamar Valley Dairy
- Macquarie caught in Advantage Rent-A-Car bankruptcy
- Downer keeps guidance, changes auditor to KPMG
- Virtus Health on track to hit prospectus forecasts
Technology
Freelancer to choose final shareholders as IPO closes over-subscribed
Freelancer.com has closed its $15 million initial public offering a day early and over-subscribed, after well-known investors including Seek co-founder Andrew Bassat and Sydney fund manager Caledonia Investments both applied for stakes in the company.
- Samsung to increase cash returns to lift stock price
- Tasmanian premier pitches NBN solution to Turnbull
- Intel creates connected gadgets division
- Extent of Apple’s Aussie government data requests revealed
- Microsoft narrows CEO shortlist
- Twitter early backers stand to make over 500 times their investment
- More Aussies set to do Christmas shopping online
- Huawei rules out BlackBerry, acquisitions
- Google unveils how-to video service called Helpouts
Apple testing ‘king-sized’ iPads: report
A ‘king-sized’ iPad device is reportedly being tested in Apple’s Taiwanese plant that is inching closer to the size of Apple’s notebooks.
Markets
Shares close flat, CBA hits fresh record high
The ASX recovered from a heavy fall at the open to post a modest gain on Wednesday, buoyed by Commonwealth Bank of Australia, which rose to a new high following its bumper first-quarter profit results.
- Faltering euro zone growth may hit local exports
- Jobs news likely to erase exports lift for $A
- South African Reserve Bank game for $A
- Trade deficit shrinks $2.9bn in 10 months
- Countdown to taper aligned with currency relief
- Brussels trims euro zone growth forecast
- Deutsche, JPMorgan set for rate rigging fines: source
- S&P; 500 ends lower with Fed policy in question
- Huge demand eases Italian funding pressures
Twitter early backers stand to make over 500 times their investment
For Twitter's early venture capital backers, some of whom stand to make over 500 times their investment when the company goes public, now is a time not just to celebrate but increase their stakes in mobile and social media.
Personal finance
Superannuation, FBT changes axed as Hockey dumps Labor tax plans
The Abbott government will unwind some of Labor’s plans to clamp down on profit-shifting by multinationals and to impose higher taxes on earnings from superannuation pension funds.
- Bank bosses set brighter tone for 2014
- RBA’s record-low rates fuel housing activity
- Pimco no longer world’s largest mutual fund
- Westpac posts record $7bn profit, pays special dividend
- Trusts are a business priority in clearing the tax fog
- East coast listings reveal fewer forced commercial property sales
- Sydney pushes auctions to 4-year high
- Hockey to tackle tax law backlog
- APRA could seek $14bn in extra bank capital
Strict rules cover DIY fund trustees
Whether it is when they first register their fund, which around 60,000 do each year, or every time they lodge their annual audited return, members of do-it-yourself super funds must be satisfied at all times they are eligible to be a fund trustee.
Lifestyle
Charm offensive in the Cook Islands
Soak up hospitality as warm as the sunshine in the untrammelled Cook Islands, where newlyweds tie the knot on golden sands and families are freed from the trappings of modern holidays.
Elusive prize awaits PNG’s intrepid travellers
Finding rare birds in the wilds of Papua New Guinea is not for the faint-hearted and it takes local knowledge and skill to attract the shy, emblematic bird of paradise.
Delhi: City of living history
Legions of writers have long flocked to New Delhi. Sophisticated Traveller goes in search of what makes this city so fascinating and discovers a wealth of stories worth telling.
Latest TV
Mobile betting
Racing for the online dollar ... Tab Corp's big punt, on digital betting.
Tweet Deal
Twitter's expected $11 billion payday leads to the investor hunt for the next big thing in technology.
