ANZ’s Asia push underpins bumper result
Chanticleer | ANZ Banking Group chief executive Mike Smith wants to source at least 25 per cent of bank revenue from offshore within three years. Asia was the stand-out in the bank’s better-than-expected first-half result, which sets the scene for what looks like another record bank-reporting season despite fears from some brokers the sector is now looking overvalued.
China factory output posts modest gain
Factory activity in China expanded marginally in April, helped by government efforts to boost growth and support jobs in the world’s second biggest economy.
Cabcharge chairman Reg Kermode dies
Cabcharge chief executive, chairman and founder Reg Kermode has passed away at the age of 87, losing his battle with cancer on Wednesday afternoon, the company announced.
Sydney house price growth loses steam
After 11 months of solid growth, Sydney’s house prices have stalled, up just half a per cent in April – although the median house price has reached $800,000 for the first time.
ASX lower with miners under pressure
Updated | A big dividend declaration from ANZ failed to put any fizz into banking stocks, with the ASX lower as miners came under pressure after iron ore dropped 2.7 per cent overnight.
Budget fears for manufacturing as activity slumps
Manufacturing activity has slumped again, according to the Ai Group, sparking warnings that any tax hikes in the government's May budget could pile more pressure on the industry.
Fed undeterred by US economic weakness
The United States economy stalled in the first quarter of this year, but the shocker GDP report has not deterred the Federal Reserve from dialling back its stimulus campaign.
Mirvac makes gains in ‘challenging’ market
Mirvac Group is on track to deliver 8 per cent to 10 per cent growth in earnings per security in line with earlier guidance, stressing its successes in capital management and investment division strength.
Karoon Gas halts shares for funding announcement
Oil and gas explorer Karoon Gas Australia halted its shares from trading for up to two days ahead of a “material” announcement on funding and comes after a 15 per cent slump in the stock the past three days.
IBM Australia profit tumbles by $118m
IBM Australia has pointed to the significant transformation across the company worldwide and the changing exchange rate as reasons behind a $118 million fall in local profit in the 2013 calendar year.
Shale gas CEO’s $153m makes him best-paid US executive
The chief executive of Cheniere Energy, which exports LNG produced from the US shale boom, took home more than $153 million last year.
The world’s largest tech IPO is looming – but Silicon Valley doesn’t care
Alibaba’s IPO could raise more than the IPOs of Facebook, Twitter, Google, Amazon, AOL and Yahoo combined. But Silicon Valley has little interest in the Chinese internet giant’s offering.
Say goodbye to tax returns
Up to 1.4 million taxpayers will be freed from the hassle of completing a tax return from July 1.
Lend Lease’s Barangaroo plans win support at JPMorgan, MS
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Lend Lease’s decision to bear the full development costs of the third and final skyscraper at Barangaroo in Sydney has won support from analysts at JPMorgan and Morgan Stanley.
McMurdo plots Deutsche path
If James McMurdo has achieved one thing heading Deutsche Bank’s local arm, it’s that the industry is once again talking about the German colossus.
Oprah considers bid for LA Clippers
The NBA set in motion on Wednesday an attempt to force a sale of the Los Angeles Clippers, with Oprah Winfrey signalling interest as a potential buyer.
Which apps are draining your phone?
It should come as no surprise that apps involving the streaming of videos and music are the biggest drain on consumers’ mobile data plans.
Clarke pitches in to secure new boundaries
Rear Window | Top dog, Pup, has a new kennel. The neighbours better get ready for a broken f***ing window!
NSW rules out Uber ride-sharing service
Transport for NSW has ruled out apps which allow motorists who are not taxi or hire car drivers to receive money for offering limits.
China overtakes US in investment race
Chinese foreign direct investment flows into the United States have surpassed American investment into China.
Boys’ academic woes turn economic
By kindergarten, girls are more persistent and more flexible than boys – and the academic struggles of boys turn into economic struggles.
Foreign tourists spend record $29bn in Australia
International visitors to Australia spent a record $28.9 billion last year – a 6 per cent rise from the prior year.
Newsreader Ian Ross dead at 73
Updated | Veteran television newsreader Ian Ross has died after a battle with pancreatic cancer, according to his colleague Chris Reason.
Social network Spring.Me latest to take backdoor to the ASX
Aspiring social network Spring.Me is set to list on the ASX through a reverse take-over of resources firm GRP Corporation.
National
Struggle over deficit tax
The federal government is banking on making $2.5 billion a year from its proposed debt tax but is still arguing over how long it should apply the levy and at what income level it should begin.
- Health Minister Peter Dutton to boost private insurers in primary health care
- Cormann argues for deficit tax
- Say goodbye to tax returns
- NSW asset sell-off will be an uphill fight
- Landlords claim $14bn in tax losses to offset tax on other income
- Miners fear cut to diesel fuel rebate
- Google Australia pays $7.1m tax on profit of $46.5m
- No deal on Vic casino tax
Heat on top ranked young Australian unis
Australian universities have performed strongly in the latest global rankings of universities less than 50 years old.
Opinion
Inconsistency in budget’s priorities
Even with the PM’s mini-back down over paid parental leave, the government’s budget priorities remain riddled with hypocrisies and inconsistencies.
Port of Newcastle sale a hot market tale
Sale is a telling reminder that the infrastructure asset market is so hot that even risky, commodity linked assets can achieve record prices.
Drop the resources prejudices
Jennifer Hewett | The new face of the Australian resources industry is incredibly sophisticated, highly technical and extremely successful for the country, despite the difficulties and costs involved.
World
Fed pares $10bn in bond buying as US economy picks up
The US Federal Reserve has trimmed the pace of monthly bond purchases by another $US10 billion as it says the United States economy is gaining momentum, with consumers spending more.
- China factory output posts modest gain
- Ukraine wins $US17bn bailout from IMF board
- Thailand says it will try to hold an election in July
- Merck explores $US15bn sale of drug portfolio
- Rio Tinto sues Vale over alleged conspiracy to steal mine rights
- Sinn Fein’s Gerry Adams arrested over 1972 murder
- Ukraine vows to staunch separatism
- China, India placed on US piracy, patents blacklist
- US lawmakers seek to speed LNG export permits
Asia’s momentum: how can Australia benefit?
Over the past decade, Australia’s economy has benefited enormously from Asia’s rapid industrialisation and urbanisation, especially in China, which helped drive commodity prices and the mining investment boom.
Business
Cabcharge chairman Reg Kermode dies
Cabcharge chief executive, chairman and founder Reg Kermode has passed away at the age of 87, losing his battle with cancer on Wednesday afternoon, the company announced.
- ANZ ups dividend as profit beats expectations
- Rio Tinto to cut jobs at Hail Creek mine in Queensland
- Mirvac makes gains in ‘challenging’ market
- Andrew Forrest’s Poseidon Nickel tries to raise funds again
- sass & bide fends off rivals with 48pc profit rise
- Rio Tinto sues Vale over alleged conspiracy to steal mine rights
- Karoon Gas halts shares for funding announcement
- Flight Centre acquires Ireland’s Travelplan Corporate
- Vale profit falls amid China slowdown
Hirst: Race to the bottom as banks take on more credit
Bendigo and Adelaide Bank chief executive Mike Hirst says fierce competition in the home loan market is creating a “race to the bottom”, with banks continuing to take on greater risk to entice customers.
Technology
Facebook to let users anonymously log in to apps
Facebook will give users more control over what information they give third-party apps, as it tries to become the dominant way people log in on the internet.
- Google Australia pays $7.1m tax on profit of $46.5m
- Which apps are draining your phone?
- Resimac buys out online lender State Custodians
- Foxconn invests in social platform ahead of ASX listing
- The world’s largest tech IPO is looming – but Silicon Valley doesn’t care
- CBA to introduce smartphone ATM withdrawals
- Apple, Samsung make final pitches to US court in patent trial
- Pleased Vodafone CEO ready to take on rivals
- NSW rules out Uber ride-sharing service
IBM Australia tumbles by $118m
IBM Australia has pointed to the significant transformation across the company worldwide and the changing exchange rate as reasons behind a $118 million fall in local profit in the 2013 calendar year.
Markets
ASX lower with miners under pressure
Updated | A big dividend declaration from ANZ failed to put any fizz into banking stocks, with the ASX lower as miners came under pressure after iron ore dropped 2.7 per cent overnight.
- Budget fears for manufacturing as activity slumps
- Fed pares $10bn in bond buying as US economy picks up
- $A little changed on reduced Fed bond-buying
- Iron ore heads towards two-year low as oversupply looms
- Record high for Dow Jones on US economic outlook
- Nickel up almost 15pc in April, copper flat
- McMurdo plots Deutsche path
- Foxtel rumblings ignite talk of Telstra exit
- Chinese lending rules weigh on iron ore, copper
M&A opportunities for investors
As merger and acquisition activity picks up in Australia, investors should be finding ways to take advantage, say Credit Suisse strategists.
Personal finance
Junk bonds queues indicate risk is back
It doesn’t seem that long ago that investors were just focused on simply riding out the financial storm, preserving cash and keeping a lid on any damage.
Finding home loan deals based on your profession
If you’re on the hunt for a home loan, check whether what you do for a living or the size of your loan can secure you a better deal. Lenders’ “wealth” or “professional” packages can get you access to lower interest rates or a wider range of loans.
Lifestyle
Through the looking glass with mirrors
Melbourne designer Helen Macfarlane didn’t want to wait for her mirrors to age, so she started experimenting.
Spend
Live it up | Alexander McQueen’s silver sandal is a work of art, Dior impresses, and Tasting returns to Cradle Mountain.
Holden Calais V: the last big Australian
Here’s the case for and against the Calais V V8: a tarted up Commodore with a rugged, no nonsense charm.
When lust goes online
There is nothing new in people exposing infidelities, but the lightning speed with which it takes place online is new.
Latest TV
Sydney housing calms; Brisbane's gradual rise
RP Data says the Sydney market is still strong but cooling as affordability stings the low end, and those crowded out may look to Brisbane.
Nick Greiner on male breast cancer
Former NSW premier Nick Greiner says he ignored the signs of breast cancer until it was almost too late, and discusses the reactions of friends and colleagues.
Can Ewen McKenzie save Australian rugby?
The Wallabies need to start winning again – fast. Coach Ewen McKenzie is using change management skills learnt in the corporate world to reinvigorate his charges and fans.
Negative gearing to dodge debt levy
The idea of a temporary increase in income tax to quicken the reduction of national debt is not being well received, and could prompt negative gearing of share income.
