Engineering construction work dropped in March quarter
Private work shows signs of an increase even as state-funded work drops off, latest figures show.
Trade deficit blows out to $1.9b as resources exports drop
Australia’s trade deficit has widened to the equal largest shortfall in 18 months as exports led by metal ores and minerals fell 5 per cent, increasing speculation the economy has slowed sharply.
Wesfarmers insurance sale masks Target write-down
Chanticleer | Wesfarmers chief Richard Goyder would be facing a sharp deterioration in earnings this year if it was not for the sale of the conglomerate’s insurance operations.
REA chief acknowledges agent concerns
REA Group interim chief executive Peter Tonagh has moved to repair the property marketing company’s strained relationships with real estate agents amid widespread resentment about rising advertising rates.
Medibank invites out, fundies ready to lunch
Invites are out for a host of Medibank lunches and one-on-one meetings to be held next week in Melbourne, Sydney and offshore.
UGL chief Leupen gets $1.8m ‘succession incentive’
Outgoing UGL chief executive Richard Leupen has received $1.8 million in stock as part of a “succession incentive” following the appointment of executives to run the company’s engineering and property businesses.
Nicolas Sarkozy charged with corruption
Former French president Nicolas Sarkozy has been charged with corruption and influence peddling in a criminal investigation.
Martin Parkinson makes push for tax reform
Treasury secretary Martin Parkinson has issued a call to arms on tax reform, saying the case to overhaul the current system needs to be built almost immediately.
Wesfarmers slashes Target goodwill by $680m
Updated | Wesfarmers has slashed the value of goodwill at discount chain Target by $680 million and booked restructuring costs of $94 million in its underperforming liquor business.
Woolworths trials a check-up at the checkout
Grocery giant Woolworths has fallen foul of two of the country’s most powerful lobby groups after it admitted it was trialling the use of nursing and pharmacy graduates to offer blood pressure, cholesterol and other health checks to its customers in stores.
Junior miner tax credit to be limited to onshore
A new tax break designed to encourage exploration by junior miners will be confined to onshore activities and will exclude searches for petroleum or quarry materials.
Chance to buy Crown as World Cup hurts Macau revenue
The lure of staying up late to watch the World Cup has hurt gambling revenue in Macau, which has fallen for the first time in five years, but it could be a good opportunity to buy stocks like Crown Resorts.
Employers risk overtime overdose
Businesses have jacked up the number of extra hours staff work in a trend that could backfire with an exodus of exhausted employees.
Aussie special forces soldier dies in Afghanistan
An Australian special forces soldier has died of gunshot wounds in a non-combat related incident in Kabul.
Woolworths raises grocery prices to plug hardware hole
Updated | Woolworths has been lifting grocery prices in a move aimed at plugging a hole in earnings from its loss-making hardware business and building a war chest to tackle Aldi.
Telstra $2bn buyback likely soon: Credit Suisse
Credit Suisse analysts expect Telstra to announce a $2 billion buyback next month, which would add 1.8 per cent to earnings per share and leave enough room for Asian acquisitions.
JPMorgan’s Jamie Dimon has throat cancer
Jamie Dimon, JPMorgan Chase’s CEO, has been diagnosed with throat cancer, he has told employees and shareholders in an email.
Hong Kong police arrest protesters after anti-China rally
Police have started arresting students who protested overnight in Hong Kong’s central business district in an attempt to clear one of the city’s busiest streets.
Women sue Goldman Sachs ‘boys club’
Goldman Sachs has been accused by two former female employees of widespread gender discrimination and a “boys club” atmosphere.
Shares trade firmer, follow Wall St lead
Shares opened trading 1.1 per cent firmer after the RBA decision to keep rates on hold and as US stocks rallied, pushing both the Dow Jones and S&P 500 to record closing highs.
Deutsche, Citi, UBS lead cash equities market
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The top five cash equities trading desks pulled away from the rest of the market in the second quarter, ensuring a tough task for their rivals to improve broker market share rankings by year’s end.
Goodman’s Gregg backed into a corner
Chanticleer | Goodman Fielder chairman Steven Gregg had little choice in the end but to back down and accept a lower offer from the breadmaker’s Asian suitors.
Ukraine's military strikes pro-Moscow rebels
Ukrainian forces struck at pro-Russian separatist bases in eastern regions with air and artillery strikes after President Petro Poroshenko announced he would not renew a ceasefire.
Three bidders battle for SA’s $500m court project
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South Australia’s election delay has not derailed the $500 million SA Supreme Court project, as three short-listed bidders are set to submit proposals on Wednesday.
ECB's forward guidance under scrutiny
European Central Bank president Mario Draghi faces a grilling after Thursday's policy meeting over forward guidance on interest rates after he hinted at a stronger message last week.
Mining boom not taxed enough, says ANZ
Governments have failed to effectively tax Australia’s mining boom as measures such as the minerals resource rent tax have provided little revenue, says an analysis by ANZ economists.
Aussie touches 8-month high against greenback
Updated | The Australian dollar broke above US95¢ for the first time in eight months, buoyed by the RBA’ decision to keep rates on hold and ahead of the trade report that is expected to show a widening in the country’s trade deficit.
Obama prods rivals to fund road, bridge projects
President Barack Obama called on congressional Republicans to take quick action to fund infrastructure projects, arguing that failing to do so could mean huge layoffs for Americans this year.
Russian hackers attacking oil and gas companies
Russian hackers have targeted hundreds of Western oil and gas companies, as well as energy investment firms, according to private cybersecurity researchers.
Sirtex harnesses power of research institutes in fight against liver cancer
Gilman Wong is recognised as one of the nation’s more innovative chief executive officers as his company, Sirtex, wages war against cancer.
BHP oil exec faces trial over BP probe
BHP Billiton’s petroleum exploration president David Rainey faces trial over criminal charges in the US for allegedly obstructing a congressional investigation into the deadly oil spill caused by former employer BP.
Medibank takes razor to customer claims jobs
Medibank Private will cut more than 40 jobs from its Melbourne office as it automates the processing of customer claims in a move the insurer has distanced from its coming $4 billion privatisation.
Ex-Goldman exec Noto joins Twitter as CFO
Anthony Noto, the Goldman Sachs executive who led Twitter’s initial public offering last year, has joined the social network as the company’s chief financial officer.
First Pacific, Wilmar lower Goodman offer
Updated | First Pacific and Wilmar have agreed to buy Goodman Fielder for the new price of 67.5¢ a share plus a 1¢ dividend, 2.5¢ less than the previous offer.
Cover-More Group (CVO)
Macquarie has an ‘outperform’ recommendation on Cover-More Group (CVO).
Scentre Group (SCG)
Morningstar begins Scentre Group (SCG) coverage with a ‘hold’ recommendation.
Washington H. Soul Pattinson (SOL)
Morningstar has a “hold” on Washington H. Soul Pattinson (SOL)
Transfield Services (TSE)
Shaw Stockbroking upgrades to a ‘buy’ recommendation on Transfield Services (TSE)
Kyrgios defeats Nadal at Wimbledon
Australian teenager Nick Kyrgios has beaten world No.1 Rafael Nadal in four sets to reach the Wimbledon quarter-finals.
Foreign brands losing out to Chinese rivals: study
Foreign brands in China's consumer goods market are facing stiffer competition from domestic rivals, with about 60 per cent of firms overseas losing market share last year, a study showed.
GM, Chrysler, Nissan pace US auto sales in June
Most major auto makers reported better-than-expected US sales in June, in particular General Motors, capping a strong second-quarter comeback from a brutal winter.
Wall St 1st-Qtr revenue hit by subdued markets
Trading revenues at US banks dropped by 18 per cent in the first quarter from a year earlier, weighed down by subdued markets and tougher regulations, a regulator said.
Turkey’s Erdogan will seek presidency to cement legacy
Having withstood the challenges to his rule from street protests and a corruption inquiry, Prime Minister Recep Tayyip Erdogan has announced that he will run for Turkey’s presidency in elections next month.
Handcuffs are already off the rice industry
I note Rob Gordon’s comments about taking the handcuffs off the rice industry (“Give us more water, urges rice grower”, AFR June 30). We all support greater investment in infrastructure. That’s why the government is chipping in many billions of tax payers dollars to take industry sectors like rice through further levels of efficiency improvements.
Rice too thirsty a crop for Australia
SunRice chief executive Rob Gordon’s call for more water for rice growers is predicable. However, in the context of Australia being a relatively dry country, such a call should be resisted at every turn.
Xinhuanet floats: buy a piece of the Chinese government
Xinhuanet’s mission statement says it is an “important information organ of the central government”, and at the same time is “striving to . . . become a first-rate, internationally competitive” media outlet.
TV retransmission can be lost in competition translation
Forget CBS, Disney and Fox. The parties most desperate for a victory in last week’s US Supreme Court decision about television renegade Aereo were local broadcasters.
More light needs to be shone on Philips
Philips announced on Monday that it would merge and then spin out its Lumileds (LEDs) and automotive lighting businesses as one unit. The two are a brightening spot in the group with combined sales of €1.4 billion ($2 billion).
David Paradice sets new standard handing back $800m of client funds
The last thing you expect to hear from a funds management firm is that it’s handing money back to clients, but handing money back could end up becoming the ultimate mark of success for these businesses.
Argonaut expects a rebound after 49¢ low
Analysts at Argonaut have come out strongly in favour of Empired as the company’s shares hover around their 12-month low of 49¢. Argonaut’s price target of 90¢ represents a premium of 56 per cent to Monday’s opening price of 57.5¢.
Australian property trusts make a glittering return
The performance of the Australian sharemarket may have tapered off in 2014 but real estate investment trusts (REITs) have staged a comeback as gun-shy investors are lured back in by attractive headline yields.
Crisis of confidence at BNP weighs on chairman Baudouin Prot
BNP Paribas’s settlement with US authorities – including an $US8.9 billion ($9.5 billion) fine, a guilty plea and a partial suspension of US dollar clearing rights – is likely to leave a rare stain on chairman Baudouin Prot.
Envestra dividend debate moves to Takeovers Panel
The dispute between gas utility company Envestra and suitor Cheung Kong Consortium over the payment of a final dividend has escalated with the matter referred to the Takeovers Panel for a decision.
Julian Ogrin steps up as Amaysim mulls IPO
One of Australia’s largest mobile service operators, Amaysim, has appointed a new managing director to run its day-to-day operations as its founders focus on preparing the business for an initial public offering or trade sale.
Report urges Murray inquiry to raise profile of CFS
The Council of Financial Regulators should be made accountable for macroprudential policy and its role formalised, says the Australian Centre for Financial Studies in a report previewing key regulatory issues for David Murray’s Financial System Inquiry.
Metroglass to test IPO sentiment Thursday
Crescent Capital Partners and its 11 fellow shareholders in Metro Performance Glass can finally smell their payday.
Guilty: Rolf Harris’s fall from grace, time in jail likely
The erasure of Rolf Harris’s legacy has begun. The 84-year-old is being stripped of honours, his artwork pulled from walls and plans are underway to tear up public monuments celebrating the disgraced entertainer.
Policy made by teenagers, says Moran
Parliament House has been populated by “teenage political advisors” who know very little, if anything, about governing and policy making, former top public servant Terry Moran said.
The US is a failed economic model: Joseph Stiglitz
The United States will within three months lose to China its status as the world’s largest economy, said Columbia University professor and Nobel laureate Joseph Stiglitz as he painted a unrelentingly bleak picture of his nation’s economic performance.
Internet impact not translating into productivity
The massive disruption caused by the impact of the internet across Australian business may not be flowing into measured improvements in productivity, according to economists and technology experts.
Inequality a threat to West too: Henry
Former Treasury Secretary Ken Henry said growing inequality in income and wealth could become an “existential threat” for the leaders of not just China, but western countries as well.
Goodman seals $33m South Sydney site deal
Industrial giant Goodman has picked up a large site in South Sydney for $33.1 million in one of the biggest land sales in more than a year.
Melbourne lease deal worth $2m annually for DEXUS
DEXUS Property Group has leased the former L’Oreal distribution facility in Dandenong South, Melbourne to bathroom and plumbing products supplier Reece Plumbing.
Naysayers predict sharemarket gloom
Bets that Australian shares could be in for three years of double digit returns, have forced one of the market’s biggest bears to warn of a significant pull back, due to weaker earnings growth and shocks coming from the housing market.
Men’s health briefs
When the latest edition of the American bible for diagnosing mental disorders was published in May, it had done away with all associations of sexual orientation with mental illness. The Diagnostic and Statistical Manual of Mental Disorders had dropped all diagnostic codes referencing homosexuality.
Oatley’s new neighbour
Speaking of Bob Oatley’s Hamilton Island, his neighbours reopened theirs doors on Tuesday after a $80 million facelift.
Liberal book season
Former NSW Premier Barry O’Farrell launched Anne Henderson’s new book, Menzies at War, at the Gallipoli Club in Sydney on Tuesday. The occasion attracted the likes of former Liberal MPs Peter Coleman and Andrew Tink, former Labor Senator Michael Forshaw and former company director Trevor Kennedy, and O’Connell Street-er Jim Dominguez.
Loxley’s uphill battle
Nine’s weekend newsreader in Melbourne, Alicia Loxley, will co-host the network’s breakfast program, Today, this month while Lisa Wilkinson takes scheduled leave.
It’s skin-in-the-game season
As most companies enter the blackout period ahead of full-year results season, it will be interesting to see who trades in their own stocks, and in which direction.
Goodman Fielder takeover turns sour
Singapore agribusiness group Wilmar International could walk away from its $1.4 billion joint bid for bread and spreads maker Goodman Fielder unless the board agrees to recommend a “watered down” offer.
Fed is world’s central banker
The US Federal Reserve these days is broadly happy with its monetary policy. But, since mid-2007, its policy has been insufficiently expansionary.
UniSuper’s Scentre buy-in queried
“Surprising” is the word from industry players following UniSuper’s quick move to become the biggest shareholder in the new Scentre Group.
Brokers back Collins Foods but market muted
Despite a promising result for the 12 months to April 27, 2014, Collins Foods’ share price was slow to respond after last week’s announcement.
Thousands rally for democracy in Hong Kong
Huge crowds of protesters surged through Hong Kong’s central business and shopping district on Tuesday, to mark the anniversary of its return to China and call for a bigger say in how the city’s leaders are elected.
Forget the ball, forget positions, just go for the player
I for one can’t wait for Gillon McLachlan’s first major announcement as the new chief executive of the AFL.
Colliers buys McKenzie Hall to expand retail access
Colliers International has gained an instant head start in the large format retail sector with the million-dollar acquisition of boutique property services manager McKenzie Hall.
Scentre group winning market support
Scentre Group, the $16.8 billion amalgamation of Westfield Retail and Westfield Group’s Australian and New Zealand assets, continues to win supporters.
Israel strikes Gaza after teens found dead
Jerusalem Israel has struck back at the Islamic militant group Hamas in northern Gaza after the discovery of the bodies of three abducted teenagers.
GM’s safety issues go from bad to worse with new recall
Washington The problems engulfing General Motors have deepened after the beleaguered car maker was forced to announce yet another safety recall, this time for 8.45 million vehicles in North America.
SMSFs tipped for bill of clean health
Christmas may come early for self-managed super fund members this year with David Murray scheduled to release interim findings from the Financial System Inquiry in less than two weeks.
US factory activity steady in June, orders rise
US manufacturing activity rose at a steady clip in June and major automakers reported better-than-expected sales, pointing to momentum in the economy after a turbulent start to the year.
Dow, S&P 500 rise to records on latest data
Updated | The Dow and the S&P 500 closed at record highs as manufacturing activity picked up in the United States and Asia and increased optimism about the global economy’s health.
Zinc retreats, tin bounces and copper stocks rise
Zinc retreated from 16-1/2 month highs as investors liquidated long positions after healthy gains and producers sold material at attractive prices.
Alibaba’s pending IPO prompts NYSE software test
The New York Stock Exchange said it will hold a test run of Alibaba Group Holding's highly anticipated market debut, reflecting the securities industry's focus on risk controls.
Gold eases, platinum rallies to 10-month high
Platinum rose to a 10-month high above $US1500 an ounce, extending its rally to a fourth consecutive session, boosted by long-term supply worries. Gold reversed gains as investors took profits.
European shares advance as Rio Tinto, BNP gain
European shares began the month with a gain, as mining companies rallied after encouraging economic data came out of China, the world's top metals consumer.
Unisuper’s exit linked to Aurizon deal concerns
Superannuation fund Unisuper is the seller behind Friday’s $334 million block trade in Aurizon Holdings, in a surprise exit that takes the institution to below substantial status.
Medibank JLMs book in first non-deal roadshow
Medibank Private’s three joint lead managers will pick up the phone to fund managers on Wednesday, inviting them to meet the ASX hopeful during next week’s non-deal roadshow.
Scentre in talks to offload stake in NZ portfolio
Scentre Group, the $17.3 billion shopping centre trust born out of the controversy of the Westfield restructure, is weighing the sale of half of its Kiwi mall portfolio.
US blow leaves BNP fearing for reputation
At the start of the year, BNP Paribas executives thought they were destined for little more than a slap on the wrist for violating US sanctions.
Debt collection: silver lining in the cloud of joblessness
With significant unemployment stemming from developments such as mine closures and the winding up of manufacturing operations, there could be an increase in consumers defaulting on loans or failing to meet payments for utility services such as telecommunications, electricity and water.
When ASX 200 equals GDP, time for reflection
Philip Baker | There’s a well-known theory about valuations that measures the market capitalisation of a sharemarket against the total of the goods and services of its economy. Stocks are deemed to be expensive when the ratio is more than 100 per cent.
The need to restore APRA’s independence
The Australian Prudential Regulation Authority has undoubtedly served Australia well, with financial system it supervised getting through the global financial crisis without any significant failures.
What happens to remaining DIY fund when a member dies
John Wasiliev | What happens to single-member DIY funds when the time comes to think about what will happen to any super balance that remains on the member’s death?
The big budget sell must go on
Editorial | A senior Abbott government minister has conceded what the polls have been saying for weeks.
A tasty cocktail party, featuring Coldplay
British band Coldplay was in Sydney a week-and-a-bit ago, and performed at an exclusive cocktail party to mark the live finals stage of Channel Nine talent show The Voice.
Westpac’s Gail Kelly on the art of failing
Westpac’s Gail Kelly says bosses need to loosen their grip and let younger employees experiment if they want to beat the competition.
Advisors get call for Defence Housing sell-off
Several investment banks and advisory firms have opted not to participate in a federal government request for proposal to conduct scoping studies for mooted sales of Defence Housing and Australian Hearing.
Woodside gas deal ramps up trading arm
Only weeks after turning its back on an export gas project in Israel, Woodside Petroleum is moving to ramp up its trading operations by opting to buy gas from one of the first of the planned export gas projects in the US.
