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Scale of drug money laundering is ‘overwhelming’

Scale of drug money laundering is ‘overwhelming’

Australia’s biggest money-laundering probe has identified hundreds of unwitting Australian residents duped into helping launder drug money ­overseas, including cash generated by outlaw motorcycle groups and people-smuggling operations.

Nine set to win ratings race

Nine set to win ratings race

Media buyers say Nine Entertainment Co is the network most likely to boost its share of the free-to-air advertising market this year, but it is unclear whether that would likely come at the expense of Ten Network Holdings or Seven West Media.

CPI’s inflationary jump hits savers

The surprise spike in the headline consumer price index to an annual rate of 2.7 per cent, has pushed the “real” cash rate into negative territory for only the second time since Reserve Bank of Australia began targeting an inflation rate of between 2 and 3 per cent.

Abbott calls for G20 action

Prime Minister Tony Abbott says the Group of 20 meetings to be held in Australia will be about “real actions” and “specific outcomes”, not just another international talkfest.

Parental leave scheme flexible, says government

The federal government has released details of how its paid parental leave scheme will work, denying claims it will seek to override existing industrial agreements

ANZ bankrolls child labour sugar cane plantation

Banking giant Australia and New Zealand Banking Group is financing a Cambodian sugar plantation that has involved child labour, military-backed land grabs, forced evictions and food shortages.

Focus on independence, urges Perpetual CEO

Perpetual boss Geoff Lloyd wants company independence and reducing the complexity of Australia’s $1.6 trillion superannuation industry to be spotlights in the federal government’s latest health check into the financial system.

Tension flares between FMG and Yindjibarndi

Iron ore miner Fortescue Metals Group has won the right to explore a parcel of Pilbara land without input from the Yindjibarndi native-title holders, in a legal decision that has inflamed tension between the groups.

Online retailers can’t rely on weakening Australian dollar

Online retailers are cheering a steady decline in the Australian dollar because it is boosting their competitiveness against offshore businesses.

NAB looks to divest UK bank

National Australia Bank will look to sell out of its United Kingdom-based bank but will continue to provide high-level support to the business until a buyer is found, an international credit ratings agency has concluded.

Sale of Echo Townsville casino within the week

Echo Entertainment Group is expected to announce the sale of its smallest property, Jupiters Townsville, within a week.

Stars start to align for Macquarie’s Moore

Stars start to align for Macquarie’s Moore

Expect a rather ebullient Nicholas Moore, Macquarie Group’s chief executive, when he gives an operational briefing on February 11, which is expected to include a third quarter trading statement and guidance on the company’s full year earnings.

NSW moves to dry out violence hot spots

NSW moves to dry out violence hot spots

The belief that something has to be done to stem alcohol-fuelled violence has not protected this week’s new drinking restrictions for Sydney’s centre from sceptical attack.

The Wolf of Wall Street – the inside story

The Wolf of Wall Street – the inside story

Roula Khalaf reveals her role in bringing down the fraudulent trader Jordan Belfort, the man at the centre of the Martin Scorcese movie ‘The Wolf of Wall Street’.

Markets Summary

Change % Chg
S&P/ASX 200 5319.8 - 11.7 - 0.22%
Dow Jones 16414.44 - 44.12 - 0.27%
FTSE 100 6826.16 - 8.10 - 0.12%
SPI 200 MAR4 5262.000 - 18.000 - 0.30%
AUD/USD 0.8868 0.0063 + 0.72%

Markets Data »

Price % Chg
GUD G.U.D. $ 5.960 + 3.83%
MGX MT GIBSON $ 1.020 + 3.55%
MQA MACQ ATLAS $ 2.840 + 3.27%
CDD CARDNO $ 6.670 + 2.62%
SGN STW COMM $ 1.530 + 2.34%

Markets Data »

Price % Chg
SFR SANDFIRE $ 5.910 - 8.80%
TSE TFIELDSERV $ 0.880 - 5.88%
MML MEDUSA $ 2.200 - 5.58%
SIR SIRIUS RES $ 2.230 - 5.11%
BDR BEADELL $ 0.830 - 4.60%

Markets Data »

Street Talk

Telstra should reinvest $5bn warchest: CLSA

Telstra should reinvest $5bn warchest: CLSA

CLSA telco analysts Laurent Horrut and Roger Samuel reckon Telstra should reinvest its cash warchest organically, and resist acquisitions or capital returns.

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Telstra move ends bill shock for calls

Telstra has joined Optus and Vodafone in putting a ceiling on the excess a customer can be charged for exceeding their voice call allowance. Bill shock is still a risk for data, however, as David Ramli looks at what the shift means for telco revenue.

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National

‘Sell property assets’ business tells government

‘Sell property assets’ business tells government

Peak business groups are calling on the federal government to sell property assets out of corporations such as the ABC to help sure up a future budget surplus and solve housing constraints.

Opinion

Allister Heath

Reject crony capitalism and embrace the real thing

It is a real tragedy that so many of the great and the good who are meeting in Davos this week don’t really understand the difference between genuine free markets and crony capitalism.

Garard Phillips

How companies get bargained into oblivion

How companies get bargained into oblivion

One of the early decisions made by the Abbott government was to ask the Productivity Commission to undertake a review of workplace relations in Australia.

Model of a modern central banker

Model of a modern central banker

In The Pirates of Penzance, Gilbert and Sullivan satirised the notion of an educated “modern major-general”. Today they might satirise academic central bankers, of which Ben Bernanke is the very model. His knowledge of economic history helped him halt a terrifying panic. But he also made mistakes, and there is much to be learned from his time at the Fed.

World

Snowden rebuffs chairman’s Russian spy claims

Snowden rebuffs chairman’s Russian spy claims

US intelligence whistle-blower Edward Snowden has adamantly denied as absurd and smears the suggestion by the leaders of the House and Senate Intelligence Committees that he might have been a Russian spy when he downloaded archives of classified National Security Agency documents and leaked them to journalists.

Business

The NSW country town begging to keep Qantas

The NSW country town begging to keep Qantas

The Flying Kangaroo may be under pressure on many fronts, but the north-west NSW town of Moree is certainly not one of them.

Technology

Mobiles will change the world in 2014, says Yahoo! chief

Mobiles will change the world in 2014, says Yahoo! chief

The rapid adoption of smartphones and the applications that run on those devices will make 2014 a tipping point that radically changes the way people worldwide work and live, said Yahoo! chief executive Marissa Mayer.

Markets

Stars start to align for Macquarie’s Moore

Stars start to align for Macquarie’s Moore

Expect a rather ebullient Nicholas Moore, Macquarie Group’s chief executive, when he gives an operational briefing on February 11, which is expected to include a third quarter trading statement and guidance on the company’s full year earnings.

Lifestyle

From car yards to upscale architecture

From car yards to upscale architecture

A former industrial precinct in southern Sydney is the new high-density, green hot spot.

Southern hospitality rings true on River Road

Southern hospitality rings true on River Road

Take a break from New Orleans’ French quarter and step back in time along River Road.

Spanish gin the tipple for a hot summer’s day

Spanish gin the tipple for a hot summer’s day

The Spanish drink more gin than any other country: free poured and served with tonic and ice.

A weekend in Antwerp

A weekend in Antwerp

Forty-eight hours is not nearly enough to savour the Flemish city’s flair for fashion, food, art and architecture.

Latest TV

REST tops super ranks with foreign focus

Despite being the best performing super fund last year, REST Industry Super is ringing in the new year with change. Associate editor Sally Patten says more funds will be managed internally, and REST is also pulling back slightly from international equities in 2014.

Aussie dollar set to slide

Lower commodity prices will drive the Aussie dollar down this year, even below US$0.85. Columnist David Bassanese says overall that's good news for our stock market and equity-heavy super funds.

Inflation nixes rate cut talk

Inflation data for the December quarter was higher than expected, but while a rate cut is now unlikely, the weak economy means a rate increase in 2014 is far from certain.

Startups target staff share schemes

Employee share ownership schemes have faced tough tax treatment, which startups claim have hurt their ability to attract staff. Financial services editor James Eyers says this is likely to change under the Abbott government, which should make it easier to keep entrepreneurs in Australia.