Not the big bazooka markets hoped for
Philip Baker | For all the talk and announcements from the European Central Bank, the euro hardly budged and that’s still a problem for the region. The high euro won’t help any export-led recovery and will also keep inflation low. That’s not what the ECB wants.
Home building grows to fill mining gap
Strong growth in apartment building in May shows other sectors of industry may be offsetting the decline in resources-related work.
$A rises as ECB move boosts appeal
Before the Bell | The Australian dollar and other high-yielding assets regained favour after the European Central Bank moved to bolster euro zone growth ■ $A at US93.33¢ ■ Dow up 0.6pc ■ SPI futures up 10 pts.
Abbott says Turnbull leadership flap ‘overexcited’
Prime Minister Tony Abbott won’t take sides in the fight between Communications Minister Malcolm Turnbull and commentators Andrew Bolt and Alan Jones, saying he’s friends with all three.
BHP’s iron ore expansion too rapid, Mackenzie says
BHP Billiton expanded iron ore production too rapidly, causing the Anglo-Australian miner to overlook the underlying growth of its overall business, its chief executive, Andrew Mackenzie, said.
$45m row over Crowe Horwath takeover
Shareholders in takeover target Crowe Horwath Australasia, Australia’s fifth largest accounting firm, have called for more disclosure of how profits are distributed between subsidiaries in the group.
Murdoch not selling Nova Entertainment
Lachlan Murdoch has denied he wants to sell Nova Entertainment, despite investment banks spruiking the radio business among media companies.
One third of NBN doesn’t work
About 118,000 homes and businesses that should be connected to the national broadband network can’t use the service because of defective fibre connections.
Wesfarmers may fix Vintage Cellars itself
Simon Evans | The possible permutations for the future shape of Coles’ liquor operations are almost as numerous as the bottles of red wine on a liquor store shelf.
Fear minimum wage will reduce Australia’s competitiveness
One of five economists who called for a minimum wage freeze in 1998, Melbourne University’s John Freebairn says the traditional framework for setting minimum wages is “not very effective in modern Australia”.
Budget headed for intensive care
Laura Tingle | Canberra is awash with policy decisions not even bureaucrats can explain.
Out of fashion: $A helps Aussie online shoppers give ASOS the boot
Australia’s love affair with British online retailer ASOS is well and truly over.
ASIC roasts CommBank execs
Chanticleer | Oh to have been a fly on the wall when securities regulator Greg Medcraft called in CBA chief Ian Narev two weeks ago.
UBS values GrainCorp at $11.80 a share
Archer Daniels Midland’s $13.20-a-share bid may no longer be the benchmark for GrainCorp, with earnings headed south and increased competition at bulk ports.
Australian ‘masterminded’ $126m fraud in UK
Nine people, including Australian Jeffrey Revell-Reade, have been convicted of a £70 million boiler-room fraud in Britain.
Profitable? You bet
Fish all start out the same. They are bad at poker yet continue to play. By the time they reach the limits, they are poorer but seldom wiser.
Storming the Melbourne Club
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Rear Window | It would be fair to say that few people enjoy a club story as much as we do. Gents, pipes, chesterfields and all the rest.
World Cup advertisers get innovative
So many US blue-chip marketers are climbing aboard the bandwagon for next week’s 2014 World Cup that the list resembles an Olympics-style line-up.
The six-hour work day on trial in Sweden
The eight-hour day may have its origins in Australia, but Sweden is set to take it to the next level – by reducing it to six.
Malcolm Turnbull lashes Alan Jones
Communications Minister Malcolm Turnbull has locked horns with right-wing radio host Alan Jones, accusing him of fuelling leadership rumours.
Alibaba employees to get $US41bn windfall
Employees of Chinese e-commerce giant Alibaba are expected to pick up a windfall of nearly $US41 billion when the company lists publicly in New York.
Australian avoids jail in US online poker ruling
An Australian man has avoided prison in New York for illegally processing about $US500 million in web gambling proceeds through US banks.
Can’t concentrate? Channel your inner child
Like everyone else, I am losing the attention war. I email when I should be working. I text when I should be paying attention to people in front of me.
Wireless charging through a coffee table
Soon you should be able to sit in an airport lounge and recharge your phone simply by placing your bag on the coffee table.
National
Home building grows to fill mining gap
Strong growth in apartment building in May shows other sectors of industry may be offsetting the decline in resources-related work.
- Why ore giants dig deeper as prices slide
- Fear minimum wage will reduce Australia’s competitiveness
- NBN hits roll out targets but fails to connect services
- Nexans to shut Melbourne plant, eliminate 90 jobs
- Suspension won’t stop Geoff Shaw’s salary
- ICAC finds Obeid, Tripodi corrupt over Circular Quay leases
- ‘Whistleblower’ used HSU funds to pay off credit cards
- Abbott among leaders caught up in US-Russia row in France
- ABS to drop surveys as cost cutting bites
WA moves to rebuild after mining boom
Western Australia is relying on busy home builders and a promising start to the winter crop season to spark activity in the post-iron ore boom economy.
Opinion
Coal, and Bendigo Bank, beyond the pale
Bendigo and Adelaide Bank will have made a little pariah of itself in the coal industry.
Taxpayers shouldn’t fund arts degrees
If an individual wants to go to university to write essays about French cinema, they should be free to do so. That doesn’t mean taxpayers should pay.
How our minimum wage punishes those left at bottom
Mark Wooden | On Wednesday, the Fair Work Commission handed down its latest increase in the national minimum wage.
World
ECB slashes rates to below zero
The European Central Bank has cut interest rates to record lows including an historic “negative” deposit rate in a bid to spur investment and kickstart the region’s economic recovery.
- BofA may pay $US12b to settle mortgage probes
- Australian artist Guo Jian will be ‘required to depart China’, DFAT says
- Deutsche Bank says currency crackdown could prove costly
- Japan PM sets early deadline for pension review
- China unlikely to suffer sharp slow-down, says IMF
- US household net worth reaches record $US81.8t
- China refuses to defend its South China Sea claims to UN court
Abbott welcomes Putin in from cold for November G20
Prime Minister Tony Abbott says he wants Vladimir Putin to attend the G20 Summit in Brisbane in November, after the Russian President was banished from this week’s G8 meeting.
Business
Coles fields bids for $300m Vintage Cellars spinoff
Wesfarmers-owned retail operation Coles has received approaches from private equity buyers offering up to $300 million for its Vintage Cellars liquor chain.
- BHP’s iron ore expansion too rapid, Mackenzie says
- UBS sets GrainCorp takeover value at $11.80 a share
- $45m row over Crowe Horwath takeover
- Alcoa reviews Suriname bauxite business
- Banks stare down police over tap-and-go
- Exiting EA boss blasts ACCC on merger view
- Murdoch not selling Nova Entertainment
- GrainCorp to cut jobs as part of $200m restructure
- ANZ Bank to open more branches in India
Why ore giants dig deeper as prices slide
The major iron ore miners are unfazed by the price crash for the commodity because it is likely to force higher-cost producers out of the market, further shoring up their positions.
Technology
‘Facebook hasn’t assimilated us like the Borg’ says WhatsApp co-founder
The co-founder of messaging service WhatsApp has admitted that boosting adoption in the United States and some other markets is proving difficult, but says the company is settling in well with its new owner Facebook and will deliver substantial revenue benefits.
- IBM, HP products laced with North Korean gold
- Decision on Google risks stifling European tech start-ups
- Alibaba employees to get $US41bn windfall in IPO
- Former Vmware chief Paul Harapin joins Decimal as CEO
- Atlassian apologises for offensive presentation
- Sprint, T-Mobile settle on a $32b merger
- Australian avoids jail in US online poker ruling
- Amazon smartphone headed for June 18 launch
- Credit Suisse downgrades Telstra on Optus fight back
Out of fashion: $A helps Aussie online shoppers give ASOS the boot
Australia’s love affair with British online retailer ASOS is well and truly over.
Markets
$A rises as ECB move boosts appeal
Before the Bell | The Australian dollar and other high-yielding assets regained favour after the European Central Bank moved to bolster euro zone growth ■ $A at US93.33¢ ■ Dow up 0.6pc ■ SPI futures up 10 pts.
- Global markets cautious as ECB cuts rates
- $A rallies to highest since late May as $US eases
- ECB slashes rates to below zero
- Yield-hungry investors snap up local corporate debt
- Dow, S&P; 500 close at fresh records ahead of payrolls
- Euro ricochets off four-month low v $US
- Yield-hungry investors rush to US government bonds
- Gold surges 1pc after ECB cuts rates to record lows
- Aluminium lifts on court case, copper slips on port probe
US market cop takes aim at fast trades, dark pools
US Securities and Exchange Commission chair Mary Jo White is developing rules targeting high-speed traders, less transparent trading venues and order-routing practices.
Personal finance
Saving tips for the young and the reckless
People in their 20s seem to fall into two groups: they either find it really hard not to spend everything they earn or have no problem building up a stash.
Credit boom means low deposit rates
Why are “booming” credit markets important and what do they mean for investors? One interesting consequence of the current credit rally is declining deposit rates.
Lifestyle
How to spend 36 hours in Washington, DC
If you only have 36 hours in the US capital you have to get organised: there’s a lot of history and a lot of food to get through.
A slightly less mini Mini
The good news is there is plenty of mongrel in the latest “new” Mini Cooper S.
Nobuyuki Matsuhisa: the making of a master chef
Robert de Niro, by way of Alaska and Peru. The founder of the Nobu brand tells the story of his life.
Rotterdam’s architectural legacy
Rotterdam’s resurrection after World War I has left a remarkable legacy for modern architecture and design buffs.
Latest TV
Can we accurately value bonds after US falls?
Do models used to value bonds around the world still deliver, or can we no longer rely on the falling US Treasury bond yardstick?
Five mistakes made by millionaires
Global financial consultants have identified the top five investment mistakes made by millionaires – and you’ll be surprised when you find out what they are.
Abbott: Government luck to have Turnbull
The Prime Minister has defended his Minister for Communications following claims Malcolm Turnbull is trying to destabilise the PM's leadership.
ECB steps into the unknown
The ECB enters uncharted territory by imposing negative interest rates on its overnight depositors, seeking to cajole banks into lending instead.
