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Ex-Telstra boss Thodey pockets $14.5m for last year in job

David Thodey has earned over $27 million in cash and vested shares in the three years to July 2014, but he still drives a Toyota Corolla.

Jemima Whyte 10:04AM

Former Telstra CEO David Thodey, the man who said his salary package was too big to justify, will receive almost $14.5 million for his last year in the role.

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The ASX closed lower on Thursday after ANZ's capital raising sparked a sell-off of the big bank stocks.

Markets Live: Resources relief rally

Patrick Commins and Jens Meyer 10:40AM Live

Shares trade higher as miners and energy stocks bounce, amid a flurry of profit results.

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"This is the right time for the company to make this change.": James Packer has stood down as Crown chair.

Packer steps down as Crown Resorts chair

Perry Williams 10:44AM

James Packer has stepped down as chairman of his casino group Crown Resorts.

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UK publishing company Pearson recently sold 50 per cent of The Economist to wealthy Italian investors for £495 million.

Why rich are pouring millions into media

John McDuling 9:52AM

Suddenly everyone with money wants a piece of the media business.

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Foxtel's price cuts boosted sales and subscriber numbers, but they put a dent in its profits

Foxtel's price cuts eat into profit

Dominic White 10:36AM

Foxtel's moves to counter competition from Netflix have boosted the pay television giant's subscribers and revenues, but at the expense of profits and average revenues per user.

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Westpac had inherited the bonus structures implemented under former St George boss Paul Fegan.

After CBA raising, focus is on Westpac

Narayanan Somasundaram 10:37AM

The focus of the banks' round of record capital-raising efforts is turning to Westpac, which has the lowest capital ratio among the big four banks.

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Since 2014, 1077 megawatts of capacity has been idled.

Power shortages loom after shutdowns

Brian Robins 9:08AM

The planned shutdown of uneconomic power stations in NSW and SA could lead to power shortages by the end of the decade.

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Business Whitehaven in good shape after tough year
Property Housing boom boosts Mirvac
Business Tabcorp profit jumps on wagering, media
Markets Aussie dollar rebounds overnight
Media & Marketing Fairfax Media beats estimates

Market Indices

Last updated: August 13, 2015 - 2:00AM

Currencies

United States Dollar
Last updated: Aug 13, 2015 - 10:23AM (delayed by 30 minutes)
0.7372	-0.09%
Euro
0.6609	-0.08%
British Pound
0.4723	-0.06%

Comment & Analysis

Elizabeth Knight

Pokie players and Chinese punters boost Echo's profit
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Carolyn Cummins

Fraser trousers tidy farewell from AGL
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Malcolm Maiden

The one thing that CBA got wrong.
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Seeking to signal confidence to Alibaba's rattled shareholders, Jack Ma doesn't plan to sell shares into the company's $US4 billion share buyback.

Jack Ma's wealth tumbles $1b in a day

Anders Melin, Jack Witzig 8:53AM

The tech billionaires fortune declined $US752 million Wednesday after shares in China's biggest e-commerce operator dropped to the lowest since its float last September.

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In Depth

Can I take a lump sum back to NZ?

Noel Whittaker

Returning Kiwi wants early access to retirement savings to help set up part-time business. Will that work?

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Never call your customers

Kate Jones 6:02AM

If calling your customers is part of your sales plan, think again.

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Should share buybacks be made illegal?

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GENERIC!!! STOCK EXCHANGE***afrphotos.com***

4:19PM

A growing debate has emerged that increasingly has Wall Street and corporate America worried.

Contains: total comments6 This article contains a poll.

Workplace

'Economic tsunami' looms for George's community

SMH. MERCURY. Bluescope worker George Papaconstantinos.

Anna Patty 9:04PM

In his 35th year at the Port Kembla steelworks near Wollongong, he fears for the future.

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Catholics oppose penalty rates cut

Penalty rates help to protect the living standards of low-paid workers, the Catholic employers' peak body says.

Anna Patty 7:11PM

Catholic employers disagree with the rationale for slashing penalty rates.

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Markets

Shares, currency hit as China devalues further

Devaluation of the yuan is bringing down the Australian dollar.

Mark Mulligan 6:53PM

Shares tanked and the Australian dollar plunged for a second day in a row on Wednesday.

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Wall St ends near flat after late-day rally

A late turnaround caused the Dow Jones industrial average to end flat.

6:59AM

Energy shares rallied after a sharp selloff, Apple rebounded and the Dow Jones moved nearly 300 points from its low of the day to its high before closing flat.

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Oil gains on stockpile decline, dollar weakness

7:28AM

Oil ended up on Wednesday, Brent 1 per cent higher, as a weaker dollar and lower US crude stockpiles provided a modest bounce off six-year lows hit the previous session.

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ASX hits seven-month low on China fears
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When China sneezes, everybody catches a cold
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China's shock reigniting currency wars in Asia
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Yuan elbows Aussie on way down
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China's move may effect a US rate rise
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Apple falls 5pc as China exposure hits Wall Street
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Poor results, yuan move weigh on ASX
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Aussie suffers collateral damage
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Wesfarmers has a strong balance sheet and should do a share buyback, Credit Suisse says.

Credit Suisse says time is right for buybacks

Search Quotes & Charts

The Economy

Ian Narev says house prices have further to run

Head of the CBA, Ian Narev, announces the full year results for the CBA on August 12.

James Eyers and Clancy Yeates 9:36PM

The forces of supply and demand that are propelling house prices in Sydney and Melbourne are likely to persist for "quite some period of time."

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Surprise bounce in consumer confidence

A shopper stands on an escalator at Lakeside shopping centre, operated by Intu Properties Plc., in Thurrock, U.K., on Wednesday, July, 29, 2015. U.K. economic growth accelerated in the second quarter as business services and finance strengthened and North Sea output surged. Photographer: Chris Ratcliffe/Bloomberg

Mark Mulligan 11:59AM

Consumer sentiment bounced unexpectedly in August, according to the latest Westpac-Melbourne Institute survey.

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Wages grow at slowest rate on record
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$6.2b to develop the north? Tell these strugglers
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Business confidence slumps
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Australia is failing Economics 101
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Banks, results and RBA to drive sentiment
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Retail

Small players getting nailed in hardware war

Bunnings estimates its share of the $46 billion home improvement market is 18 per cent.

Sue Mitchell 11:45PM

Claim independent hardware stores are "failing" at a rapid rate because they can't compete with Bunnings.

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'Item not found' could be terminated

The UK's largest supermarket chain has dropped the phrase "unexpected item in the bagging area".

Patrick Hatch 11:54AM

The dread-inducing phrase has been dropped from supermarkets in the UK, and Australians might be rid of it soon as well.

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Banking & Finance

CBA rejects compensation pool for bad advice victims

CBA chief executive Ian Narev said the drop in retail life insurance sales can be traced back to stiffening competition in the life sector.

Sally Rose and Ruth Liew 8:58PM

Bank refuses to back industry-wide compensation scheme of last resort for victims of financial planning disasters.

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Higher costs to hit returns, says CBA

CBA chief executive Ian Narev says carrying capital will lead to a "moderate" decline in profitability.

Clancy Yeates 8:54PM

Lending giant's profitability will probably dip over the coming years.

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CBA profit result is flawed
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Why CBA's profit growth is slowing
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CBA to raise $5b, posts record profit
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Senator pushes crackdown on SMSF spruikers
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Computershare misses guidance, worse to come
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Mining & Resources

Union fights FTA protest ban in court

The ETU is taking building contractors Bechtel to court over its refusal to allow Gladstone workers to protest against the China-Australia free trade agreement.

Cameron Atfield 6:33AM

Qlders banned from attending rally against China-Aust agreement take case to Federal Circuit Court.

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Illawarra miners to strike over South32's casual approach to labour

An Illawarra coal mine will be hit by strike action over a disputed workplace agreement.

Peter Ker 6:03PM

Workers at Dendrobium mine will strike on Friday, effectively halting a mine that supplies coal to BlueScope Steel's Port Kembla works.

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World Business

Jack Ma's wealth tumbles $1b in a day

Anders Melin, Jack Witzig 8:53AM

Billionaire Jack Ma's fortune declined $1.02 billion after Alibaba shares dropped to their lowest since its September float.

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Anger brews as steel exporters cut prices

Some steel mills may be ramping up output before the government orders production cuts to ensure clean air for a parade in Beijing on September 3.

8:18AM

China's steel industry is the world's biggest, but shrinking demand at home has forced many mills to ship record amounts abroad, with some said to be selling at a loss.

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Berkshire risks S&P; rating cut
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Charting Apple's growing China addiction
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Apple falls 5pc as China exposure hits Wall Street
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Oil to copper to corn unhinged by shock China devaluation
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Thirty years on, US Treasury bond with 10pc coupon bows out
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China

Charting Apple's growing China addiction

Customers try Apple iPhones at the company's new Canton Road store in the Tsim Sha Tsui district of Hong Kong.

John McDuling 4:47PM

How important is China to Apple? This important.

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Anger brews as China steel exporters cut prices

8:18AM

China's steel industry is the world's biggest, but shrinking demand at home has forced many mills to ship record amounts abroad, with some said to be selling at a loss.

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Chinese companies look to list on ASX
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China's devaluation could delay a US rate rise
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Apple falls 5pc as China exposure hits Wall Street
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China sinks Aussie with yuan devaluation
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'Dirty float': how China manages its currency
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China limits share market short selling to curb volatility
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Featured advertisers

Property Focus

Residential to dominate property results

Real Estate Investment Trusts are still seen as a safe haven in a low interest rate environment, thanks to the recurring rental income.

Carolyn Cummins

The coming two weeks will see all the real estate investment trusts report for the full year, with the focus firmly on residential development and improving office and retail leasing fundamentals.

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DEXUS Property reports solid growth

The office landlord has had one of its best years in terms of rental growth and leasing.

Carolyn Cummins 2:58PM

Dexus Property has reported a 52.2 per cent rise in net profit after tax for the full year of $618.7 million and a 22.7 per cent increase in revenue to $858.9 million.

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