SPC Ardmona aid package rejected
Up to 3000 jobs in Victoria’s Goulburn Valley are at risk after the federal government decided against contributing $25 million towards a restructure of SPC Ardmona. In a win for Prime Minister Tony Abbott, Treasurer Joe Hockey and other economic dries in the government opposed to industry assistance, the cabinet rejected a submission by Industry Minister Ian Macfarlane that the Commonwealth contribute the money.
Shares lurch lower after US taper darkens mood
Shares fell after the US Federal Reserve ignored investor nervousness about capital outflows from emerging markets and increased cuts to its monthly stimulus.
Treasury’s China woes show danger of misplaced optimism
Angus Grigg | The wreckage of Treasury Wine Estate’s China strategy can be seen on websites across the country. The government’s austerity measures are only half of the story: the company also got greedy.
Why you shouldn’t be tempted by emerging market shares
Retail investors attracted by emerging-market shares trading at bargain prices should be wary and look instead at locally listed stocks that are poised to benefit from growth in Asia, wealth management experts say.
CS sells $41m Nufarm shares for Rathbone
Investment bank Credit Suisse is seeking to sell 11 million Nufarm shares, on behalf chief executive officer Doug Rathbone, representing 4.2 per cent of the company’s shares on issue.
Cootes loses Shell contract, shares slump 28pc
Updated | The Victorian trucking company involved in a fatal fuel tanker crash in Sydney’s northern beaches late last year has lost a major contract to supply Shell petrol stations across the country.
China manufacturing output slows, orders fall: HSBC
Chinese manufacturers are reporting the first deterioration in business conditions in six months, as output growth slows and new orders fall sharply.
Costello to be confirmed as Future Fund chairman
Updated | Federal Cabinet is expected to confirm the appointment of former treasurer Peter Costello as chairman of the Future Fund, in line with the recommendation of outgoing chairman David Gonski.
Fortescue shares sink on iron ore guidance
Fortescue Metals’ shares fell by as much as 5.5 per cent after it announced that weather problems will force total iron ore shipments toward the bottom end of previous guidance.
Packer: ‘I’ve got more money in China than at home’
Crown boss James Packer says the success of his joint casino venture in Macau means he has more wealth tied up in China “than anywhere else – more, probably, than in Australia”.
New phablet doesn’t do things by halves
What’s special about Nokia’s new low-cost, half-phone, half-tablet, Lumia 1320 is that it’s half the price of other phablets on the market.
Risky stocks to watch for in 2014
2014 is likely to be a tough year for engineering and construction stocks, Morgan Stanley says, naming four companies under pressure.
Graeme Wood shuts Global Mail as Wotif shares plunge
Graeme Wood’s decision to shut online news site The Global Mail comes as the value of his shareholding in Wotif.com is sliced in half.
SG Fleet likened to McMillan, insurance brokers
As marketing for the year’s first major initial public offer, SG Fleet, ramps up, investors have been asked to compare it to two other Australian leasing companies and two insurance brokers.
Rinehart on top, Palmer down on Forbes rich list
Gina Rinehart has topped the Forbes list of 50 Australia’s richest people, while Clive Palmer has dropped to the bottom of the table.
Google sells Motorola unit to China’s Lenovo
Google’s foray into the smartphone market has come to an abrupt halt after it sold the Motorola Mobility unit to Lenovo.
ATO hires blue-chip tax guns
The Australian Taxation Office wants to pay for tax advice from a select group of senior executives in blue-chip companies.
Nazi loot up for auction at Sotheby’s
Sotheby’s in New York is selling three paintings recovered from Nazis by a fabled group of experts.
Ferraris race off lot
Two 1958 Ferrari convertibles have captured the top prices at classic car auctions.
TPG introduces footballers to M&A;
Football players are used to having grounds and grandstands named in their honour, but few would expect a major M&A transaction.
Alibaba maintains mystique amid $US100bn float
Chinese internet giant Alibaba is looking to join the ranks of Google and Microsoft with an initial public offering, but little is known about the company.
Behind the dynasty billions: family offices
Family offices are the hidden force in the investing world – wielding enough capital to make a fund manager blush.
MYOB girds for fight with Xero
MYOB is in the throes of a hiring frenzy, adding 75 staff in as many days to defend its patch against rivals, including Xero.
Saxo taps power of social trading
Danish online trading specialist Saxo Bank has taken the covers off an ambitious new project that aims to harness the power of social media.
National
SPC Ardmona aid package rejected
Up to 3000 jobs in Victoria’s Goulburn Valley are at risk after the federal government decided against contributing $25 million towards a restructure of SPC Ardmona.
- O’Farrell tells shareholders to sue corrupt mine directors
- OECD cool on mandatory disclosure of tax bills
- ACCC chairman to take on CEO role
- New home sales post first annual rise since 2008
- Stamp price to rise as letter volume falls
- CFMEU official dismissed over corruption claims
- Coalition seeks ABS chief with financial ‘discipline’
- Future of ABC Asia network in doubt: report
- Scant scrutiny in rejig of financial advice rules
Why we need to adjust to compete
Stephen Walters | Failure of the real exchange rate or real wages to fall will, over the years, cause Australia to continue to lose jobs, and household name companies to close.
Opinion
Challenges in a post-crisis world
The consensus view of the world economy has become more optimistic, for good reason: high-income economies seem at last to be taking off.
The height of civilisation in high summer
Life is supposed to be a beach but whoever said that never encountered an Australian beach.
Mid-income crisis on cards for China
David Bassanese | Foreign Minister Julie Bishop may not have won friends among our cautious diplomatic elite when she asserted that Australia’s most important economic partner is the United States. But she’s probably right.
World
China manufacturing output slows, orders fall: HSBC
Chinese manufacturers are reporting the first deterioration in business conditions in six months, as output growth slows and new orders fall sharply.
- Bernanke leaves little room for debating Fed’s focus
- Democrats fight Obama’s TPP push
- Barclays to cut up to 400 jobs in its investment bank
- OECD warns on difficulties with tax avoidance plan
- Nazi loot up for auction at Sotheby’s
- Deloitte leapfrogs PwC to become top accountant
- Pimco appoints more deputy chief investment officers
- Ex-Monte Paschi chiefs deny hiding Nomura trade
China’s largest lender gains entry into London trading
The Industrial and Commercial Bank of China has agreed to buy a controlling interest in Standard Bank’s global markets business in London, possibly opening the door for other Chinese financial companies.
Business
Treasury Wine reveals $40m downgrade as sales slump
Ailing wine group Treasury Wine Estates has announced a $40 million profit downgrade for 2013-2014 because of a substantial drop in wine sales volumes over the Christmas period.
- Fortescue shares sink on iron ore guidance
- Qantas cancels three A380 flights
- Woolworths bolsters home improvement ranks
- NSW Planning approves Rio mine expansion
- ACCC approves ERM bid for MacGen bid
- IAG share purchase plan raises $236m for WesInsurance
- BlueScope gets ACCC clearance to buy Fielders
- ASIC drops DJs case over evidence
Banking data shake-up means credit info where credit’s due
From March, the big banks will begin to lose their dominance over customer data as Australia becomes virtually the last developed country to introduce positive credit reporting.
Technology
Facebook beats expectations as mobile ads rise
Updated | Facebook’s fourth-quarter revenue jumped 63 per cent, beating Wall Street targets, as the internet company’s mobile ad sales continued to accelerate.
- NBN Co performance poor, debate a ‘policy vacuum’: iiNet
- Telstra urged to reveal copper network maintenance record
- Backdoor tech listings could cause bubble
- Bitcoin operators resist traditional regulation
- Pressure on for Nintendo to go mobile
- Yahoo!’s 4th quarter revenue slides as ad prices dip again
- Big banks’ digital challenge is arriving
- New York Bitcoin licences give ASX a push
- MYOB hopes hiring blitz will help fend off Xero
Android comes to BlackBerry’s aid
At last, BlackBerry 10 phones can run Android apps the way nature intended, without jumping through the hoops they previously had to.
Markets
Shares lurch lower after US taper darkens mood
Shares fell after the US Federal Reserve ignored investor nervousness about capital outflows from emerging markets and increased cuts to its monthly stimulus.
- China manufacturing output slows, orders fall: HSBC
- New home sales post first annual rise since 2008
- US Fed to emerging markets: our taper, your problem
- $A roller-coaster heads back down
- Aussie/Kiwi finds support on RBNZ rates hold
- Emerging markets under Fed pressure
- Bernanke leaves little room for debating Fed’s focus
- Wall St falls after Fed sticks with taper plan
Bankers cheerful on capital markets as float pipeline swells
Capital markets bankers are optimistic about an upswing in local equity issuance this year, as the pipeline of initial public offering hopefuls swells to more than $11 billion.
Personal finance
Six ways to beat the taxman
Tax-minimising strategies are right under your nose. They’re widely available and can make a significant difference to your overall wealth.
- Investment fraud a ‘significant threat’ for Australia
- 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
Saxo taps power of social trading
Danish online trading specialist Saxo Bank has taken the covers off an ambitious new project that aims to harness the power of social media.
Lifestyle
High hopes for Gold Coast property turnaround
Late January is auction time for the lifestyle market – and this year things are looking up.
French chefs put family on the menu
Young stars of the French culinary scene are rejecting gruelling hours in the kitchen for more time at home.
Desert city of soaring visions and hidden delights
Behind the dazzling skyscrapers for which Dubai is famous is a city of tradition and soul – and great food.
Restored Ferrari worthy of the King of Cool
Steve McQueen is one of the few actors who could back up his fast car film roles with real talent behind the wheel
Latest TV
Winter comes early at David Jones
Despite heatwave conditions in parts of Australia, David Jones held its winter fashion show on Wednesday, aiming to entice customers and continue good trading from Christmas.
2014 strategies of top super funds
Australia's top super funds are steering away from equities in 2014, though DIY funds should take care in trying to follow institutional strategies.
2014 to shrug off IPO fatigue
Top names such as Healthscope, Medibank Private, and even name brands such as Peters Ice Cream are potential floats this year, and many are strong prospects despite a mixed finish for IPOs last year.
Aussie shares shaky in '14
The dollar's falling, but shorting our stock market is still UBS's favourite play, with better opportunities overseas.
