Day of reckoning for shares ‘inevitable’
Exclusive interview | One of the world’s most revered investors, Howard Marks, has challenged Australia’s superannuation industry to rethink its love affair with shares and warned that a “day of reckoning” for stocks is inevitable. He says while Australia’s heavy allocation to equities has been lucrative, it “may not work forever”.
CBA faces likely $200m class action for ‘bad advice’
Commonwealth Bank of Australia is facing a likely class action brought by Shine Lawyers on behalf of thousands of disgruntled investors who lost millions as a result of allegations of a financial planner and systematic failures.
Labor’s $18b veto of ‘mean’ budget
The federal opposition has dramatically raised the budget stakes with leader Bill Shorten announcing Labor would block cuts to the dole, HECS, pensions, prescription drugs and family tax payments.
Westacott warns on ‘heavy-handed’ action on tax
Business Council of Australia chief executive Jennifer Westacott has defended multinationals saying Australia may become less competitive if it takes heavy-handed action to force multinationals to pay more tax.
Fear factor of foreign investment hits home
Alarmed by rising house prices, home owners and investors have locked horns with property developers over the impact of foreign buyers in the Australian market.
Goodman bidders boost their offer
Updated | Major shareholders in Goodman Fielder are supporting an improved takeover offer from Singapore oils trader Wilmar International and Hong Kong investment company First Pacific.
Call for tax breaks for venture capital
Business is calling for new tax breaks to expand the nation’s puny pool of venture capital in the wake of deep budget cuts to innovation, start-ups and skills training.
RBA $A jawboning unlikely to return
The Reserve Bank of Australia is unlikely to return to jawboning the currency any time soon as it develops a greater tolerance for Australian dollar strength.
ANZ takes an axe to equities
ANZ Banking Group became the latest player to take an axe to some trading functions on Thursday, closing down its equity derivatives business among others.
Nickel crashes in biggest slump since 2011
Nickel has dropped as much as $US1000 in just 25 minutes the biggest slump in 31 months as investors judged the metal’s rally this year as overdone.
Earn more than $180,000? Here’s how to get around the impending debt levy
People earning more than $180,000 will have nine months to salary-package and avoid the debt levy because of a loophole in the budget.
Chinese princeling rebuilds one of Sydney’s icons
Thirty million dollars is a pretty penny to spend on a home you want to bash down. But Chinese princeling Zeng Wei and wife Jiang Mei have done just that.
Riding in Google’s driverless car
One of the first things you notice about Google’s driverless car is the big red kill button. But when it comes to sharing the road, humans could learn a thing or two from this technology.
ANZ takes an axe to equities
ANZ Banking Group became the latest player to take an axe to some trading functions on Thursday, closing down its equity derivatives business among others.
Who guards the internet guards?
Opinion | A Senate committee is investigating a proposal that indicates our authorities view ordinary people as criminals in waiting.
Whisky war over ‘doublewood’ name
A whisky war that harks all the way back to the 1870s is brewing over a modern-day trademark.
A smartwatch for the fashionable
What if you could turn your beloved mechanical watch into a smartwatch?
iPhone 6 ultra-sharp screen tipped
For months, reports have said the next iPhone will feature larger screens, new speculation says it may also feature a significantly higher resolution.
US begins hunt for rich Russians’ ‘shiny toys’
Russia’s super rich have for years shielded assets abroad. But US agents are preparing to swoop.
Users ask Google to remove personal data
Google is already getting requests to remove objectionable personal information from its search engine after a ruling by Europe's top court.
Yoghurt maker five:am taps Asia
Australia’s fastest-growing organic dairy company is looking for partners and considering an IPO as it enters a new phase of Asian expansion.
Abbott’s office puts Fairfax papers in the sin bin
Fairfax Media is in the freezer. Just ask the Prime Minister’s Office.
ANZ’s goMoney app stops working
ANZ customers have been left unable to access their funds using the bank’s smartphone apps because of “technical issues”.
Turkish coal mine explosion kills 200
At least 201 people have been killed and hundreds more remain trapped underground after an explosion at a coal mine in western Turkey.
National
Labor’s $18b veto of ‘mean’ budget
The federal opposition has dramatically raised the budget stakes with leader Bill Shorten announcing Labor would block cuts to the dole, HECS, pensions, prescription drugs and family tax payments.
- Audit chiefs at odds over budget
- Westacott warns on ‘heavy-handed’ action on tax
- Fear factor of foreign investment hits home
- ‘No crocodile tears’ for ICAC, vows Tinkler
- States reject calls for infrastructure analysis
- Cabinet told insulation plan was ‘on track’, Rudd says
- Metgasco drilling stopped, referred to ICAC
- Voluntary home loan repayments ‘low’: Fitch
- RBA warns first-home buyers
Abbott’s reverse course
The cohort of like-minded Liberal state premiers that was supposed to make life easy for Tony Abbott has suddenly turned into his biggest problem.
Opinion
Don’t dismiss the double dissolution theatrics
Senior government figures believe Tony Abbott’s double dissolution threats are completely serious.
RBA eerily quiet on high dollar
The resilience of the Australian dollar in recent months has been surprising, particularly given export commodity prices has resumed their slide.
First class pays a lot for leg room to keep us all flying
Megan McArdle | Next month, American low-cost airline JetBlue is adding a first-class section to its hitherto classless – but relatively classy – planes.
World
Japan’s GDP rises fastest in nearly three years
Japan's economy has posted its biggest expansion since July-September 2011, as consumer spending jumped before an April 1 sales tax rise, government data shows.
- NZ projects first budget surplus in 7 years, eyes tax cuts
- UK jobs growth rises at fastest pace in 43 years
- Profit jumps at luxury goods house Richemont
- Anti-immigration party is shaking up the political order in Britain
- Venezuela protests heat up amid opposition rift
- Angry Turks demand answers after mine disaster
- Modi set to rule India as BJP bet on one-man campaign pays off
- Talks open in Kiev without representation for separatists
- AT&T; taps Lazard in $US50bn DirecTV deal
Modi should stick to pledge of toilets before temples
David Pilling | Narendra Modi, the man most likely to become India’s next prime minister, has a wicked turn of phrase. He once subverted his strong association with Hindu asceticism by declaring support for “toilets before temples”.
Business
Goodman bidders boost their offer
Updated | Major shareholders in Goodman Fielder are supporting an improved takeover offer from Singapore oils trader Wilmar International and Hong Kong investment company First Pacific.
- CBA faces likely $200m class action for ‘bad advice’
- Call for tax breaks for venture capital
- Graincorp first-half profit falls on smaller crop
- Euroz buys Blackswan Equities, issues 5.2m shares
- Mobile customers to pay more for rising telco profits: Optus
- Crown US joint venture offloads racetrack, casino
- Westfield reports improving retail sales
- Optus, Vodafone rally against Telstra subsidy
- Allan Gray calls EGM at Roc to force vote on deal
Tanna appointment – sometimes it pays to be bold
Chanticleer | Every so often an individual in business is able to transform an entire industry by dispensing with the entrenched positions, ignoring the political game playing in Canberra and convincing all stakeholders to agree on sensible policy settings.
Technology
Optus, Vodafone rally against Telstra subsidy
SingTel-Optus and Vodafone Hutchison Australia have pushed against any moves to give Telstra a government subsidy to expand its mobile network under the Coalition’s $100 million blackspots program.
- MyGov website flaw exposes Australians’ data
- Mobile customers to pay more for rising telco profits: Optus
- Telstra trials mobile internet that’s faster than NBN
- Google Glass goes on sale for $US1,500
- Apple iPhone 6 to have ultra-sharp screen resolution: report
- Users ask Google to take down personal information
- Samsung bid to revive patent case denied in US
- Cisco shares gain after revenue fall less than expected
- Telstra keeps quiet on spending plans
NICTA boss blasts government over budget axe
The head of technology research body National ICT Australia has lashed the Coalition for its decision to cease public funding for the organisation, arguing it is impossible to continue research solely on private sector.
Markets
Day of reckoning for shares ‘inevitable’
Exclusive interview | One of the world’s most revered investors, Howard Marks, has challenged Australia’s superannuation industry to rethink its love affair with shares and warned that a “day of reckoning” for stocks is inevitable. He says while Australia’s heavy allocation to equities has been lucrative, it “may not work forever”.
- Banks lead late sharemarket jump into the black
- Nickel crashes in biggest slump since 2011
- ANZ takes an axe to equities
- Global equities bull run charges on
- RBA $A jawboning unlikely to return
- Ultra-low bond rates spur M&A; spree
- GP fees will hit hard on companies’ share price
- Dow, S&P; 500 retreat from record highs
- $A lower after hitting one-month high
Celebs and hedge fundies talk bonds in Vegas
For the 1500 hedge fund managers, brokers and salespeople who have descended on the Bellagio Hotel on the Las Vegas Strip for the SkyBridge Alternatives Conference, the chatter in the expansive and decadent hallways is what to make of a bond market that continues to defy gravity
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.
Gen X could get 35pc less in pension
Linking the age pension to inflation will mean that beneficiaries will receive 55 per cent less in just over 30 years’ time than they would under the current arrangements, experts have calculated.
Lifestyle
David Thompson goes from Nahm to Noosa
David Thompson of Nahm, named Asia’s top restaurant, is headlining the Noosa International Food and Wine Festival.
Super-sized fashion is the next big thing
Enormous silhouettes are blowing up runways like a sartorial form of island gigantism.
Audi’s RS 6 Avant built to please all
An ultra-expensive, ultra-sporty station wagon is a conundrum. It shouldn’t work, but it looks simply stunning.
Upcycling | What goes around comes around
Sustainability and surprise are all part of the design package when it comes to turning trash into treasure.
Latest TV
US bond yields buck expectations
Investors in the US bond market have been caught offside so far this year. Phil Baker explains where yields look set to go next.
The politics of a tough budget
The Abbott government has handcuffed unpopular petrol and Medicare moves to grander initiatives, but has a tough political sell ahead for the budget.
Budget bribe for hiring older workers?
Treasure Joe Hockey's budget incentive for employers to hire workers over fifty just might work given it's $10,000, compared to the previous $1,000 carrot.
Less time to settle trades
The ASX is introducing T+2 settlement, which means investors will now have less time to settle trades, bringing us in line with others around the world.
