NAB CEO Thorburn shakes up team
Updated | Incoming NAB chief executive Andrew Thorburn has announced a shake-up in the bank’s top executive ranks in his first day on the job, as he vowed to lift returns to shareholders. “NAB has a strong foundation for growth and the new members of the group executive leadership team are committed to taking the action required to drive stronger results and returns for our customers and our shareholders,” Mr Thorburn said.
Markets set to drop after Wall St slumps
Shareholders are bracing for a steep fall at the open of trading on Friday after Wall St suffered its worst decline since April overnight, amid concerns about Argentina’s default and other geopolitical worries.
Apache to sell Wheatstone stake
US oil and gas company Apache, under pressure from an activist investor, said it plans to sell interests in two liquefied natural gas projects, including Australia’s Wheatstone.
$A hits two-month low as stocks fall
The Australian dollar has fallen to its lowest level in almost two months as big falls in overseas equities markets and the prospect of interest rate hikes weigh on the local currency.
African tech firms may be in CBA’s crosshairs
The Commonwealth Bank of Australia remains open to a potential acquisition in Africa and more details are now emerging about what the bank is most focused on.
Shell will ‘reconsider’ if Woodside buyback blocked
Royal Dutch Shell has signalled it will be in no hurry to formulate an alternative plan to sell down its stake in Woodside Petroleum if Woodside shareholders block the $US2.68 billion buyback plan.
PM, Palmer trade barbs over gridlocked budget
Clive Palmer has accused the government of trying to split his party using one-on-one budget negotiations, while Tony Abbott has told the Senate crossbenchers to either put up or shut up over budget measures.
Deloitte buys KD Johns in WA push
Deloitte Touche Tohmatsu wants more of Western Australia’s burgeoning private wealth to flow into its coffers following a bite-sized acquisition of Perth firm KD Johns & Co.
Macquarie offloads stake in Macquarie Atlas Roads
Macquarie Group has shed a $60 million stake in toll road owner Macquarie Atlas Roads in a block trade through the bank’s securities unit on Thursday night.
Packer seeks Las Vegas return
James Packer is plotting his return to Las Vegas after losing almost $US2 billion during the 2008 credit crisis.
The women disrupting covert power
Corporate Australia may not have come to grips with advancing women, but there’s one power base feeling the force of female influencers.
Pay rises fizzle as lawyers flood market
The heady days of double-digit pay bumps for lawyers are well and truly over.
Morgan Stanley may retain slice of RetireAustralia IPO
Morgan Stanley is considering retaining a stake in its retirement village operator RetireAustralia following a $600 million listing on the stock exchange later this year.
Twiggy off to wild west
--90x60.jpg)
Rear Window | Andrew Forrest isn’t one to do things by halves. Any day now, he’ll cure cancer and broker lasting peace in Gaza.
Ferrari gives new meaning to Speciale
It’s brave to call a car special, or smart, or superb. But the Ferrari 458 Speciale is pretty damn speciale.
US can’t get enough of our sangria
Americans are going wild about sangria, especially from the Yellow Tail brand made in New South Wales.
Motoring party tries to expel Ricky Muir
The Victorian branch of Senator Rick Muir’s Motoring Enthusiast Party has attempted to expel him from the organisation.
Kochie rides hedge fund wave
Chanticleer | David Koch is on the next wave of Australian investment in US hedge funds.
Internet to usurp TV as preferred source
About one-quarter of Australians plan to subscribe to an online television service in the next 12 months and in the next year, online will overtake TV.
Lessons to be learned from Vocation
--90x60.jpg)
Rear Window | We’ve had a bit to say of late about listed private education provider Vocation.
Australia’s masters of disruption
Which Australian companies do you think have taken charge of disruption, using it to transform the way they do business?
Packer’s Crown penthouse tipped to fetch $100m
A penthouse at the top of the proposed Crown Sydney resort could be the first Australian property to break $100m.
National
PM, Palmer trade barbs over gridlocked budget
Clive Palmer has accused the government of trying to split his party using one-on-one budget negotiations, while Tony Abbott has told the Senate crossbenchers to either put up or shut up over budget measures.
- Clive Palmer ‘can’t see the point’ of MH17 mission
- Government to revoke employee share scheme rules within weeks
- The secret strategy behind Australia’s Japan trade deal
- Builder-turned-Senator Bob Day sinks boot into developers
- Oversupply limits lawyers’ pay rises
- Herd mentality missing from Australian agribusiness: Forrest
- Nimby neighbours win again as St Kilda music venue closes
Restaurants at sharp end of PIN changes
Restaurants say they are bearing a high cost to reduce banks’ fraud losses, with many forced to buy extra wireless card readers to accept tips.
Opinion
The budget falls on stony ground
Joe Hockey’s first budget is a bit like John Howard’s WorkChoices: it’s a solution to a problem the public doesn’t think exists.
Working for dole plan simply won’t work
The opening salvos in the tabloids had all the subtlety of the now infamous Israeli ten minute warning missile.
Time to stop the bloodshed
Editorial | Even in a region where all sides approve of Old Testament notions of retribution, the punishment being handed out by Israel in Gaza seems disproportionate.
World
Apache to sell Wheatstone stake
US oil and gas company Apache, under pressure from an activist investor, said it plans to sell interests in two liquefied natural gas projects, including Australia’s Wheatstone.
- Three-day humanitarian truce agreed for Gaza
- Gas explosion in Taiwan kills 15, injures 243
- Dutch, Australian experts reach MH17 crash site
- America’s plane truth: Flight 655
- Oregon project secures approval to export LNG
- LinkedIn shares surge on forecast for current quarter
- IMF tells Japan to get on with Abenomics
- IMF split over China growth
- Lloyds’s profit slashed by fines, compensation
Fear strikes back in global markets
A sea of red has descended across trading boards around the world, as jittery investors sold off shares in response to a confluence of economic and geopolitical events.
Business
NAB CEO Andrew Thorburn shakes up executive team
Updated | Incoming NAB chief executive Andrew Thorburn has announced a shake-up in the bank’s top executive ranks in his first day on the job, as he vowed to lift returns to shareholders.
- Kathmandu flags decline in full-year profit
- iiNet puts NBN at heart of growth plans
- Strike action could derail BG LNG start
- Premier Investments soars on Solomon Lew’s Midas touch
- West Pilbara iron ore port, rail costing $1.2b too high: Aurizon
- Crown executive Todd Nisbet meets Osaka governor in push for Japan casino market
- Shell will ‘reconsider’ if Woodside buyback blocked
- ResMed’s next big thing eagerly awaited
- Cash crisis for Lynas Corp
Facing Murray’s guillotine
Chanticleer | There is a growing unease in the financial services sector as the deadline looms for final submissions to David Murray’s financial system inquiry.
Technology
New Westpac CIO won’t follow CBA playbook
Updated | Westpac’s new tech boss Dave Curran says he won’t be emulating Commonwealth Bank’s technology transformation program that he led, and has defended Westpac’s core banking platform as being fit for purpose.
- Alibaba invests $US120 million in mobile gaming studio
- Restaurants at sharp end of PIN changes
- LinkedIn shares surge on forecast for current quarter
- GoPro shares dive as costs drive wider loss
- Copyright review adds to internet regulation mess
- Content owners must justify higher prices: Turnbull
- Australians warned of new internet surveillance tax
- NBN Co extends Ericsson wireless contract
- Vodafone to boost 4G network
App industry growth picks up mining slack
As the main source of growth in the economy continues to shift away from mining investment, a new report has found Australia is well-positioned to take advantage of a booming global “app economy”.
Markets
Equities pummelled in broad selling wave
Before the Bell | Global equities fell sharply amid concerns about US monetary policy, Argentina’s debt default and some corporate result misses ■ Dow off 1.9pc ■ $A below US93¢ ■ SPI down 53pts.
- $A hits two-month low as stocks fall
- S&P; 500 drops as increase in rates edges closer
- US yield curve steepens from five-year lows
- Aluminium forecast to swing to deficit in 2015
- Zinc falls, nickel slips as inventories edge still higher
- African tech firms may be in CBA’s crosshairs
- CLSA says it wants to grow in Australia, not sell out
- SurfStitch’s trade sale process said to be a wipe-out
- European shares sink on Adidas, Banco Espirito Santo
Australian yields not enough to lure Japan pension fund: BlackRock
The 1.3 trillion yen from the Japan’s pension fund will not flow into high-yielding assets like Australian bonds as much as expected, according to BlackRock Investment Institute.
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
Pitfalls of investing ethically
Ethical investing is only for the naive, right? Here’s a run-down of Australia’s top 20 stocks highlighting the problems ethical investors face.
Lifestyle
Take your pick at the Superyacht Show
The big, beautiful, speedy craft at this year’s Sydney Superyacht Show represent the cutting edge of boat design.
Cabernet sauvignon from California’s mountains
Jackson Family Wines are behind some great names in the US and beyond, including McLaren Vale’s Yangarra.
Learn a language the fun way
These apps, books and movies make learning a new language easier than ever before.
Ferrari gives new meaning to Speciale
It’s brave to call a car special, or smart, or superb. But the Ferrari 458 Speciale is pretty damn speciale.
Latest TV
Voice command expands on LG’s G Watch
LG’s new G Watch has excellent navigation and voice recognition, although you may not always catch its alerts.
Why we prefer BitTorrent to Foxtel
On average, Australians are paying 50 per cent more for movies, music, software and games.
Argentina default clouds market horizon
Argentina's debt default raises the prospect of the Latin American economy sinking further into recession.
Cartoon: Children in detention inquiry
The Human Rights Commission is conducting hearings into the effects of detention on children. Illustration by David Rowe.
