China credit risk for iron ore price
A crackdown in China on financing backed by commodities risks unleashing a flood of iron ore sales from tens of millions of tonnes of the raw material sitting at Chinese ports, raising the prospect of a renewed price slump. Investors who have raised funds against mostly unhedged iron ore could be at risk in the event of a price fall due to sluggish steel demand, leading to forced sales.
Aurora directors to vote for $2.5bn takeover
Baytex Energy’s $C2.6 billion ($2.5 billion) takeover offer for Aurora Oil & Gas looks set to proceed after an independent expert deemed it “fair and reasonable” and in shareholders’ best interests.
ASX gains on US rally, but RBA pulls focus
The ASX started higher on Tuesday after Wall St staged a rebound, while the dollar traded higher overnight ahead of Reserve Bank of Australia board meeting minutes being released.
Badgerys decision won’t trigger Sydney Airport contract
A decision to select Badgerys Creek for a second Sydney airport will not trigger negotiations with Sydney Airport over a first right of refusal because it won’t represent a decision to actually develop the airport.
QBE should sell Winterthur, take write-down, UBS says
It would be better for QBE Insurance Group to take a write-down and sell American unit Winterthur rather than try to work through its issues after years of premium leakage and low returns, UBS analysts said.
Former DJs chief to Woolworths: it’s not Armani
Former David Jones chief executive Peter Wilkinson has a word of advice for South African retailer Woolworths as it pushes ahead with plans for a $2.15 billion agreed takeover of the upmarket department store chain.
NBN Co takes on internet challenger TPG
NBN Co’s new chief executive, Bill Morrow, has launched an aggressive broadband construction campaign to directly challenge what is shaping up to be its biggest rival, TPG Telecom.
Nufarm factory closure to save millions in costs
Crop protection group Nufarm will shut down its Otahuhu manufacturing facility in the New Zealand city of Auckland and cut up to 59 jobs in a bid to bring $3 million in annual cost savings.
Wilson HTM eyes ‘rivers of gold’, boutiques
Funds management businesses are the “new rivers of gold”, according to Wilson HTM director Steve Wilson, who tips broking companies to face better prospects after the difficult period.
Apple iPhone 6 to be bigger on price
Apple has been sounding out the possibility of increasing the price of its next device which is expected to be the iPhone 6 in a 4.7-inch version followed by a 5.5-inch version.
Business trip? Book it yourself
Companies are increasingly insisting on their staff booking their own business trips online.
Five ways to pay private school fees
A private school education could cost as much as $231,000 per child, so you may need to consider a saving or investment plan.
QBE should sell Winterthur, take write-down, UBS says
It would be better for QBE Insurance Group to take a write-down and sell American unit Winterthur rather than try to work through its issues after years of premium leakage and low returns, UBS analysts said.
Critics round on Flash Boys author
Michael Lewis has been panned by colleagues for the journalistic quality of his investigation into high-frequency trading.
Variety shows paused for a comeback?
Rear Window | Yes, you heard it here first: the evening variety show is set for a renaissance on Australian TV.
Coming next from ANZ – the news
ANZ will blaze a trail for rivals in the banking sector with its own news and opinion site it hopes will be read by thought leaders.
‘No future’ Qantas staff need morale boost
Qantas Airways should focus on rebuilding staff morale and finding new ways to grow revenue while it undertakes its cost-cutting exercise.
ABC’s Scott apologises to Chris Kenny
ABC managing director Mark Scott has apologised to columnist Chris Kenny for a sketch broadcast that depicted him having sex with a dog.
Three games to help you pass time
Sometimes all you want is a little something to pass the time. A simple to follow (if not always to complete) game without any complicated storylines or convoluted animated segues.
Teos pay $5.8m for Southern Highlands estate
Historic country estate The Chase at Sutton Forest in the NSW Southern Highlands has sold for $5.8 million to the Teo family.
The business of frequent flyer points
As the man in charge of Virgin Australia’s frequent flyer program, Neil Thompson says he’s never short of feedback.
Has Melbourne’s property bubble burst?
Almost three months of frenzied selling came to a big bang finale on Saturday, with analysts saying house price growth will slow.
National
NBN Co takes on internet challenger TPG
NBN Co’s new chief executive, Bill Morrow, has launched an aggressive broadband construction campaign to directly challenge what is shaping up to be its biggest rival, TPG Telecom.
- Cabinet to approve Badgerys Creek airport
- Cabinet weighs F-35 decision despite delays
- China wants to import workers under FTA
- ASIC asset sale under microscope: report
- Indonesia spends $50m in the Top End in six months
- Pension age needs to rise to 73, actuaries warn
- ACCC the loser in supermarket fuel case
- Coalition call for clarity over aged pension
- Barry O’Farrell to front ICAC
Bring back the 9-to-5 workday
Lucy Kellaway | Nine-to-five has a long, splendid pedigree and used to work very well. Only in the past 15 years has it fallen out of fashion.
Opinion
Staff morale the key for Qantas
Driving transformational change in the workplace isn’t easy for any organisation.
Investors warned on costly US stock boom
There have been nine sharemarket booms in the US, but the current one is shaping up as the most expensive as the current selloff threatens to escalate.
Forget Asia’s middle class, aim for the millionaires
Tejpavan Gandhok | Australia’s corporate strategists and economic planners are mesmerised by what they believe will be rich pickings from the growth of Asia’s middle class.
World
US retail sales jump 1.1pc in March
US retail sales recorded their largest gain in 1-1/2 years in March, in the latest sign the economy was emerging from its weather-induced slumber and on track to accelerate in the second quarter.
- Google to buy drone-maker Titan Aerospace
- Citi quarterly income rises 4pc as losses narrow
- ‘Way bigger’ buyout interest tipped for emerging markets
- WaPost, Guardian win Pulitzer for Edward Snowden reporting
- Nigerian bus station bombing kills at least 71
- China wants to import workers under FTA
- Abdullah takes early lead in Afghan presidential election
Business
Rio keeps guidance after output misses estimates
Updated | Mining Rio Tinto is sticking to its full-year iron ore production guidance after first-quarter production at its flagship Pilbara operations missed analyst expectations.
- Aurora takeover offer deemed ‘fair and reasonable’
- Nufarm to shed more jobs as it shuts NZ factory
- Telstra’s top team on Asian tour
- Former DJs chief warns Woolworths: it’s not Armani
- Risk takers upbeat under tough conditions
- QBE confirms strategic review of US middle market business
- ACCC the loser in supermarket fuel case
- Wilson HTM eyes ‘rivers of gold’, boutiques
- ANZ to advise China Development Bank on Australian investment
Grain of hope for foreign interests
Chanticleer | Foreign investment is shaping up as one of the thorny issues of Tony Abbott’s leadership as momentum builds to relax restrictions on Chinese state-owned enterprises seeking to spend money in Australia.
Technology
Technology prices, petrol face glare of competition review
Laws to prevent consumers being gouged on technology purchases will be considered as part of a review of competition policy that will also consider consumer concerns over petrol and groceries.
- St.George launches smartwatch app, readies Google Glass
- Australian tech entrepreneurs, start-ups seek support
- Microsoft chief urges Government to step up on broadband and digital economy
- Embrace ‘perfect capitalism’ or face disaster, physicist predicts
- Google to buy drone-maker in global internet push
- Rich start-ups get richer in rush for capital
- Heartbleed flaw could reach to devices, experts say
- NBN Co may be liable to pay Telstra $98bn: report
- Keeping the personal views out of the professional sphere
Markets
ASX gains on US rally, but RBA pulls focus
The ASX started higher on Tuesday after Wall St staged a rebound, while the dollar traded higher overnight ahead of Reserve Bank of Australia board meeting minutes being released.
- Iron ore price at risk of slump amid China financing crackdown
- Aussie dollar heads for US95¢, but analysts doubt parity
- Nickel up more than 2pc, touches 14-month peak
- Late rally helps Wall St end in positive territory
- Citi quarterly income rises 4pc as losses narrow
- Wilson HTM eyes ‘rivers of gold’, boutiques
- ASIC: stock market is not rigged
- BTIM encourages Qantas Loyalty minority stake sale
- European stocks bounce on US data, Citi results
This could be the moment for Greece to default
Wolfgang Münchau | While the financial world is celebrating the Greek return to the bond markets, I am asking myself if this is a good time for Greece to default on its foreign debt?
Personal finance
Set and forget strategies
Most individual superannuation accounts are invested in shares, bonds, property and cash with the asset allocation dependent on whether the growth, balanced, conservative or cash strategy is selected.
Fortune favours early bravery
Lauren Fried has never shied away from taking a chance. She credits a fickle, impetuous moment early in her career for teaching her the greatest lesson. “Jumping ship to chase the money was a short-term approach and I now know it was never going to be a successful business model.”
Lifestyle
A sense of place at Adelaide’s food festival
Tasting Australia have whipped up a new team hell-bent on putting South Australia back on the plate.
Mexico City’s mad mosaic of old and new
Freda Moon spends 36 high-octane hours exploring plazas, bars, castles and art spaces.
Infiniti Q50 Hybrid S wired for fine steering
It takes a leap of faith to turn a corner knowing there are no components connecting the steering wheel and the front tyres.
Hot off the press: Breville’s new upmarket look
Breville is shining up its new offerings: a high-velocity kitchen blender and a top-end coffee machine.
Latest TV
Banking with smartwatches and Google Glass
Google Glass may not yet be here but St George already has an app for it, as well as for Sony’s new SmartWatch 2 as wearable tech moves more into the mainstream.
Stephen Roach's red alert
One of the world's top economists, former Morgan Stanley chief economist Stephen Roach, says Australia must diversify its relationship with China to prosper from the transformation.
EU threatens new sanction on Russia
EU foreign ministers discuss how to respond to the crisis in eastern Ukraine, blaming Russia for the escalating tension, and what the impact further sanctions might have.
Westfield opens books to sceptical investors
Get ready for six weeks of corporate lobbying now that Westfield has released the transaction details of its proposed controversial international and domestic split.
