![Telstra Super: no comment on Madoff link](/web/20140123225201im_/http://www.afr.com/rf/image_lowres/2009-2014/AFR/2014/01/23/Photos/a108f4ec-8479-11e3-862b-a46835d9da41_19045322_H490159--U6115007884102yH-434x295_6_1_1503817385--318x212.jpg)
Telstra Super: no comment on Madoff link
Australia’s biggest corporate super fund, Telstra Super, invested in a hedge fund whose directors were caught up in the Bernie Madoff scandal. But it has declined to comment on the investment, nor on whether the super fund accepted an initial recommendation to invest $75 million in the strategy.
$A, emerging markets currencies dive
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Updated | The Australian dollar has dropped and emerging market currencies were hit hard overnight, as jitters over a private gauge of Chinese manufacturing sparked a flight to safe haven assets.
$A tumbles, Wall St drops 1pc on China
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Before the Bell | Disappointing data from China’s manufacturing sector has cast a shadow over global markets triggering a sell-off on Wall Street and in emerging market currencies. ■ Dow falls 1.07pc ■ SPI futures down 31pts ■ $A at US87.68¢.
ResMed profit up 12pc despite fall in US sales
Medical device maker ResMed has brushed off disappointing US sales to post a 12 per cent rise in net profit to $US167.6 million ($191.2 million) for the first half of the financial year.
Infrastructure boss lashes out
Exclusive | The nation’s top infrastructure adviser has blasted the Abbott government for threatening the credibility of Infrastructure Australia by eroding its independence and muzzling its advice.
Big four, regional banks ready bids for Investec
Investec’s $3 billion loan book and professional finance division, which is making about $50 million in pre-tax profit, is generating plenty of interest. But the real test will be in February.
Qantas comes out swinging at market share critics
Qantas Airways will not back down from its target of a 65 per cent share of the domestic aviation market because doing so would be like “waving the white flag”, says chief financial officer Gareth Evans.
Global steel output hits record as confidence improves
Global steel production reached a record high in 2013, with growth speeding up as Asia put a foot an the accelerator and offset a contraction in Europe and the United States.
Is Berkshire Hathaway too big to fail?
Washington regulators are starting to scrutinise Warren Buffett’s Berkshire Hathaway to determine if it is important enough to the financial system to require Federal Reserve supervision, according to sources.
China bumps India from top gold consumer spot
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China’s demand for gold jumped 32 per cent last year as the Chinese purchased gold bars, jewellery and Panda coins, bumping India from the traditional top spot, a new survey shows.
CLSA takes a shine to Orora, as well as Amcor
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CLSA sees no reason for investors not to have both Amcor and its listed spin-off, Orora, in their portfolios.
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Nokia hands Microsoft some bad numbers
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Microsoft’s push into smartphones may not have the best start after Nokia, which is selling its handset division to the US giant, said sales fell 29 per cent.
Pope calls internet ‘a gift from God’
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It may sometimes be a breeding ground for pornographers, bullies and extremists, but Pope Francis has called the web a “gift from God”.
High hopes for Gold Coast property turnaround
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Late January is auction time for the lifestyle market – and this year things are looking up.
Restored Ferrari worthy of the King of Cool
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Steve McQueen is one of the few actors who could back up his fast car film roles with real talent behind the wheel
Telegraph editor the latest casualty of digital age
![Telegraph editor the latest casualty of digital age](/web/20140123225201im_/http://www.afr.com/rf/image_lowres/2009-2014/AFR/2014/01/23/Photos/8319ea2c-841f-11e3-8720-dd1b380f38aa_RTR3B6Y6--90x60.jpg)
Tony Gallagher, the editor of The Daily Telegraph, was sacked on Tuesday.
Bluetongue beer brewery to shut its doors
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Dozens of workers are set to lose their jobs after Carlton and United Breweries (CUB) announced it was canning its Bluetongue beer.
Nikon nails retro chic with ‘Df’ SLR
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Nikon has tried to evoke old-school cool with its new Df camera, a very modern digital SLR wrapped in a retro body.
Time to embrace real capitalism
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Allister Heath | It is a tragedy so many business leaders and politicians don’t understand the difference between free markets and crony capitalism.
Goldman braces for @GSElevator Twitter book
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Just when Goldman Sachs might have thought the public had forgiven Wall Street, the @GSElevator tweeter gets a book deal.
National
Infrastructure boss lashes out
Exclusive | The nation’s top infrastructure adviser has blasted the Abbott government for threatening the credibility of Infrastructure Australia by eroding its independence and muzzling its advice.
- Labour heads back concerns over wages growth
- Sex films and escorts on Thomson credit card
- Cassidy retires as broke ACCC faces revamp
- Tax, protectionism on G20 agenda
- Digital age spells the end of Valuation Office
- Scale of drug money laundering is ‘overwhelming’
- Commission backs Tasmanian shipping law reform
- Competitive Foods profit triples, but Jack’s still hungry
Opinion
Welfare ‘blowout’ doesn’t add up
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Welfare numbers went down as a proportion of the population over the decade, so where is the blowout?
Clarity needed on Arrow’s future
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Angela Macdonald-Smith | The mystery surrounding Arrow’s coal seam gas reserves in Queensland is making more than a few people nervous.
World
Tax, protectionism on G20 agenda
Australia will seek a new international agreement on principles for fair taxation when it hosts this year’s Group of 20 meeting in Brisbane, Prime Minister Tony Abbott says.
- No word on new CEO as Microsoft announces profit rise
- White House threatens Ukraine with sanctions
- Lenovo to buy IBM's low-end server unit for $US2.3bn
- China bumps India from top gold consumer spot
- White House to release fiscal 2015 budget on March 4
- Germany, France attack EU plan to curb big banks
- US homes sales snap losing streak, jobless claims rise
- New GM chief won't deviate from predecessor's plan
- Telegraph editor the latest casualty of digital age
Business
ResMed profit up 12pc despite fall in US sales
Medical device maker ResMed has brushed off disappointing US sales to post a 12 per cent rise in net profit to $US167.6 million ($191.2 million) for the first half of the financial year.
- Telstra Super: no comment on Madoff link
- Infrastructure boss lashes out
- Big four, regional banks ready bids for Investec
- Reputational risk highlighted after ANZ’s child-labour claim
- PIMCO restructures leadership after El-Erian quits
- Atlas Iron takes on rail operators over road charges
- Icahn urges eBay to spin off PayPal
- Buffett’s Berkshire said to be in regulators’ spotlight
- Murray Goulburn withdraws WCB bid, sets sights on Asia
Technology
No word on new CEO as Microsoft announces profit rise
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Microsoft’s second-quarter profit rose 3 per cent as strong sales of its Office software to businesses offset another weak quarter for its flagship Windows system, which is suffering as consumers opt for tablets over PCs.
- Nikon nails retro chic with ‘Df’ SLR
- Icahn takes another $US500m bite out of Apple
- Nokia hands Microsoft some bad numbers
- Pope calls internet ‘a gift from God’
- Microsoft to allow offshore data storage
- Retailers challenged as technology gets personal
- Argentina moves to limit online shopping
- Once-bitten Telstra dips toe back in Asia
- Telstra forms Indonesian joint venture to boost cloud computing business
Markets
$A tumbles, Wall St drops 1pc on China
![$A tumbles, Wall St drops 1pc on China](/web/20140123225201im_/http://www.afr.com/rf/image_lowres/2009-2014/AFR/2014/01/19/Photos/23a8294c-8158-11e3-a8fd-bd9802970ec5_bell_new_secondary.jpg)
Before the Bell | Disappointing data from China’s manufacturing sector has cast a shadow over global markets triggering a sell-off on Wall Street and in emerging market currencies. ■ Dow falls 1.07pc ■ SPI futures down 31pts ■ $A at US87.68¢.
- ASX set to drop as China data sparks sell-off
- $A, emerging markets currencies dive
- $A lower on weak China manufacturing data
- Dow Jones closes lower for third straight session
- European shares knocked by Nokia, US data
- US bonds rally on weak stocks, Chinese data
- Buffett’s Berkshire said to be in regulators’ spotlight
- Gold to see second yearly price drop: GFMS
- Global steel output hits record as confidence improves
Personal finance
Investment fraud a ‘significant threat’ for Australia
The Australian Crime Commission says it is developing prevention and intervention measures to harden Australia against the emerging threat of organised investment fraud.
- Wealth management heavyweights court SMSF trustees
- Meet the wedding planner
- Big, brash houses selling at a discount
- Winery dreams can soon turn sour
- What the charts predict for the market in 2014
- Life expectancy a ticking time bomb for household savings
- Superannuation sledging bound to step up a notch in 2014
- The thousand-dollar fines you’ll get for breaking the SMSF rules
- How it feels to hold a stock in freefall
Latest TV
Newcrest surprises on production
Newcrest has surprised the market with better than expected production numbers, particularly after falls in the gold price and past mixed results from its mines.
Free travel insurance
Credit cards can provide free travel insurance if you satisfy certain conditions, if theses are acceptable then this insurance is definitely an option.
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.