CITIC claims Palmer ‘misused’ $12m
Chinese government-owned CITIC Pacific has launched fresh legal action against Clive Palmer, seeking compensation over $12 million it claims was inappropriately used by Mr Palmer’s company, Mineralogy. The new court action is aimed at Mr Palmer personally, rather than one of his companies, and escalates the protracted legal battle between CITIC and the mining magnate over royalties.
Stocks edge higher on Apple boost
Before the Bell | Global stocks have edged higher, helped by a jump in shares of Apple which lifted technology companies ■ Dow up 0.1pc ■ SPI futures up 18 pts ■ $A at US94.48¢.
First MH17 bodies arrive in the Netherlands
Updated | The first bodies recovered from the Malaysia Airlines Flight 17 crash site in eastern Ukraine have arrived in the Netherlands where they were met by grieving relatives and dignitaries.
Abbott briefed Murdoch on parental leave before party room
Tony Abbott gave media proprietor Rupert Murdoch a detailed briefing on his $5.5 billion paid parental leave scheme before he controversially announced it without consulting his cabinet or party room.
Three of the big four slash mortgage rates
Three of the country’s largest banks have slashed their fixed mortgage rates, fighting to win new customers by allowing borrowers to lock in longer-term interest rates of less than 5 per cent.
Disrupt or die, says Boston CEO
The new Australian chief executive of Boston Consulting Group, Andrew Clark, has issued an urgent “wake up” call to business to become “digitally enabled” instead of continuing to bury their “head in the sand”.
Insolvencies fall but some companies still lagging
Australian company insolvencies have fallen by 19 per cent overall since the start of the financial year, but the same improvement was not seen in the construction or personal services sectors.
ASX chief touts new yuan settlement service
The Australian Securities Exchange’s new yuan settlement service will go live on Monday, the ASX says, amid growing expectations that China will announce an official yuan clearing bank in Australia.
FSC warns on cost of default super review
Superannuation funds will collapse and retirement savings of millions could be thrown into turmoil unless the federal government aborts a flawed review of default payments, the Financial Services Council says.
Herd mentality grips fund managers
Chanticleer | A wall of foreign money is showing no signs of letting up, says Philip Moffitt.
Country Women list city pad
Better known for jams and spongecakes, the Country Women’s Association are cashing in.
Apple faces challenges on all fronts
Strong iPhone sales continue, but the dominance of the iPad is a major concern.
Infrastructure funds get set for Royal North Shore sale
Infrastructure funds are gearing up for a sale of RBS’s investments in Sydney’s Royal North Shore Hospital.
Gordon Cairns on the road again
Rear Window | Incoming and outgoing DJs chairman Gordon Cairns will be swapping houndstooth for desert garb with a Silk Road adventure.
Skiers reject snow industry’s powdery promises
Reports of excellent snow cover in Thredbo, Perisher and Mt Buller have left a flurry of powdery promises on social media.
Apple files iTime patent
A US patent made public on Tuesday has bolstered rumours that Apple has designs on a smartwatch.
Ex-Goldman trader opens Bitcoin exchange
Yuzo Kano quit Goldman Sachs twice: once for a rival bank, the second time to fill a void.
It’s worth working through the weekend
Do I feel anxious about Mondays? Never. Do I feel overly excited about Friday 5pm? Nope. Here’s why.
Laser therapy: making light of hidden pain
Paul Barton had lived with debilitating pain throughout his life.
Google upgrades Maps to make bike rides easier
For anyone who likes cycling but resents arriving at events sweaty and red-faced, Google might just have the answer: topographical cycling maps.
HTC prepping Apple tablet onslaught
HTC, the maker of one of the best tablets known to humanity, is about to come out with three more, rumours have it.
Aussie takes Tour de France stage win
After winning stage 16 of the Tour de France an emotional Michael Rogers declared, “I’m no longer afraid of failure”. It’s a lesson that applies off the bike too.
Beware the unscrupulous bond seller
Cliff Asness reserves a place in hell between gluttony and greed for advisers who say this.
National
Abbott briefed Murdoch on parental leave before party room
Tony Abbott gave media proprietor Rupert Murdoch a detailed briefing on his $5.5 billion paid parental leave scheme before he controversially announced it without consulting his cabinet or party room.
- Insolvencies fall but some companies still lagging
- Skiers reject snow industry’s powdery promises
- FSC warns on cost of default super review
- Qantas split a business, not a political problem
- Boston CEO says Australia business must strive to lead digital revolution
- Childcare tax perks defended
- Numbers fail to add up for girls amid need for women engineers
- Stage set for US-style health system: AMA
- Business urges Labor to back reform
Green cities a growing theme in tenders
A vision for the greening of Australia’s cities is a recurring theme in a range of tenders, with policy implications ranging from federal government environmental policy to local council management of development applications.
Opinion
BHP numbers add up for controversial strategy
BHP Billiton’s annual production numbers validate a near decade-long capital investment program that eventually cost one CEO his job.
Risky move anchors Grocon as king of sublease
Australia’s largest private construction company, Grocon, frequently reveals something about itself which surprises the commercial property sector.
Why Mark Carnegie is wrong about Indonesia
Tim Dodd | Indonesia has again surprised those who feared the worst. Political reformer Joko Widodo has been declared the winner of this month’s presidential election.
World
First MH17 bodies arrive in the Netherlands
Updated | The first bodies recovered from the Malaysia Airlines Flight 17 crash site in eastern Ukraine have arrived in the Netherlands where they were met by grieving relatives and dignitaries.
- US probe of Deutsche Bank finds shoddy reporting
- IMF trims its forecast for 2014 US growth
- Boeing raises forecast as production escalates
- Indonesia’s presidential runner-up to challenge poll result
- Putin reassures worried nation as Moscow edges in from cold
- Russian oligarchs shift assets out of London
- Bishop: we are living in a more dangerous world
- Labor bought UN Security Council seat: Bishop
Global envoys in desperate rush to halt Gaza bloodshed
Global envoys were engaged in an increasingly desperate round of shuttle diplomacy aimed at stopping continuing bloodshed in Gaza from an Israeli ground offensive designed to put an end to Hamas rocket attacks.
Business
Myer takeover would make sense for Lew: analysts
Solomon Lew was so keen to return to the department store sector he was willing to travel “anywhere in the world’ to discuss a takeover of David Jones in conjunction with South African retailer Woolworths.
- Qantas split a business, not a political problem
- Telstra to outsource 671 jobs to Asia
- Estia Health appoints former Ramsay CEO Pat Grier as chairman
- ANZ seeks international, institutional return of 13pc
- BHP buyback back in the frame
- Nomura appoints investment banking joint heads
- Sims Metal initiates cost-cutting drive
- Rothschild lures Bessell to head infrastructure arm
- One-man shareholder litigator Elliott slammed by judge
Gender failures put boards on notice
Chanticleer | Could it only be a matter of time before proxy advisers vote against a director’s election because of gender diversity concerns?
Technology
iPad worries as Apple faces challenges on all fronts
Strong iPhone sales continue, but the dominance of the iPad tablet is a major concern for Apple as Samsung, Microsoft, Sony and Google slowly take down the company that redefined the market.
- ACCC ready to rule on TPG broadband
- Kogan broadens range to take on retail giants
- Ex-Goldman trader opens Bitcoin exchange
- Google upgrades Maps to make bike rides easier
- Invigor defends taking on Sabre in Publicity Monster deal
- Apple files iTime patent
- Apple quarterly revenue misses forecasts
- Mobile customers continue to abandon Vodafone
HTC prepping Apple onslaught
HTC, the maker of one of the best tablets known to humanity, is about to come out with three more, rumours have it.
Markets
Stocks edge higher on Apple boost
Before the Bell | Global stocks have edged higher, helped by a jump in shares of Apple which lifted technology companies ■ Dow up 0.1pc ■ SPI futures up 18 pts ■ $A at US94.48¢.
- IMF trims its forecast for 2014 US growth
- Macquarie enjoys golden run
- ASX chief touts new yuan settlement service
- FSC warns on cost of default super review
- Through train knocks conspiracy theories off track
- Myer takeover would make sense for Solomon Lew: analysts
- BHP’s production and rosy outlook lifts ASX
- $A gains on inflation as analysts disagree on range
- Desert trek to Mecca bucks amid fears of investor freeze in Siberia
Reporting season tipped to begin with a whimper
Philip Baker | The profit reporting season is still a week away but traders are already jostling into position.
Personal finance
Negotiating the fast-money minefield
Be very, very wary of any fast money investment scheme. It’s the old saying: “If it looks too good to be true, then it probably is.” There are no easy ways to financial security.
- Best policy to keep your children covered
- How we are becoming a free agent nation
- Fund managers spill the beans on returns
- Downsizing made simple: the value of a buyers’ agent
- Beat the IPO market at its own game
- Low market volatility no reason to rest on your laurels
- Do the sums on the true cost of private schools
- What it feels like to have a private plane
Stretched housing valuations mean bubble is here
In April 2008, RBA governor Glenn Stevens was asked by Malcolm Turnbull why housing affordability was so bad. His answer? Prices – not interest rates – were to blame.
Lifestyle
Backstage pass to Paris haute couture week
In the city of love, we revel in the opulent wonderland created by the big heritage fashion houses.
Glenmorangie and Idris Khan: two creative spirits
The Scottish whisky distillery has launched Pride 1978, which comes with a photographic work by the famous British artist.
Homes inspired by other times and places
Residential architects take elements of ancient Japan and high Modernism to create impressive new houses.
When switching off is a bad thing
In a 24/7 world, answering the occasional email on the weekend will help banish those Monday blues.
Latest TV
RBA boss prods business, Canberra
Reserve Bank governor Glenn Stevens has urged cautious investors and Canberra to take action.
Health checks for budget airline, miner
Tiger Airways is due to report quarterly results, while BHP Billiton gives a production update.
Watch August issue preview
Watch editor Bani McSpedden takes a sneak peek at our AFR Magazine August Watch issue.
Boutique fund Kosmos hands back money
Kosmos returns $600 million as its founders take time off for an extended period.
