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Investors back Metcash bid for Home Timber & Hardware

If Metcash buys Woolworths' Home Timber & Hardware business and combines it with its Mitre 10 it will create a significant No. 2 player in the market.

Catie Low 5:22PM

Metcash revealed its interest in Woolworths' Home Timber & Hardware business as long ago as the middle of 2015, sources close to the listed wholesaler say.

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The halving of the coal price has led to Rio Tinto dumping its expansion plans for Mount Pleasant.

Rio sells more assets, buyers gamble

Brian Robins 4:20PM

The queue of investors betting on a rebound on coal prices is lengthening, with Indonesia's powerful Salim group committing to acquire the Mt Pleasant coal assets in the NSW Hunter Valley for $US244 million.

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Despite a midday bump, the benchmark ASX 200 finished 1.2 per cent lower at 4946.4.

ASX slides back below 5000

Stephen Cauchi 5:08PM

Australian shares ended a three-day winning streak, as the big banks suffered some heavy selling and an early mining rally went into reverse.

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Air New Zealand will begin night flights to Queenstown in July, pending regulatory approval.

Air NZ plans Queenstown night flights

Jamie Freed 4:38PM

Air New Zealand is poised to begin its first-ever night flights in and out of Queenstown Airport in July.

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Outside the Majura Park store is long time customer, Ray Arthurs, of Conder, who hopes the Dick Smith stores survive.

Dick Smith staff 'not properly consulted'

Clare Sibthorpe 4:11PM

The union representing Dick Smith workers says staff at the electronic retailers' concession stores were "not properly consulted" about the impact of the concession closures.

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One way James Packer's Consolidated Press Holdings could make a deal work is Blackstone with a play on its property portfolio.

Packer's Blackstone bet

Perry Williams 3:18PM

Better known for hotels and shopping malls, Blackstone Real Estate has proved critics of its casino foray wrong. Now James Packer wants to talk.

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Up to 80 per cent of the "thousands of baby formula brands" sold in China could disappear.

Australia to win from China's crackdown

Jared Lynch 12:43PM

Australian infant formula makers are poised to profit after Beijing authorities introduced tougher food safety laws.

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Banking and Finance NAB shareholders back Clydesdale float
Currencies $A jumps on inflation data
China China's industrial profits fall
Markets Apple: When $US18b isn't enough

Market Indices

Last updated: January 27, 2016 - 10:19PM

Currencies

United States Dollar
Last updated: Jan 27, 2016 - 10:04PM (delayed by 30 minutes)
0.7033	0.41%
Euro
0.6468	0.40%
British Pound
0.4919	0.72%

Comment & Analysis

Colin Kruger, CBD

Guvera: it's like radio without the money
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Nassim Khadem

Apple's tax bill hits $85m on revenue of $7.9b
Contains: total comments88 This article contains a video.

John McDuling

Apple earnings: Has the iPhone peaked?
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Supermarkets across the country have seen their shelves stripped of baby formula by 'daigou' shoppers buying for friends and family back in China.

China's 'daigou' shoppers leading Australian retail drive

Lucy Battersby 3:11PM

First they bought up our baby formula, then vitamins, now the millions back home have their eyes on Australia's fresh food.

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In Depth

Why nobody's buying gold

Australian gold producers, with the tailwind for the currency, are making good free cash at the moment, says Citi's Trent Allen.

Stephen Cauchi

Gold, usually a safe haven in times of crisis, has increased only marginally this year despite the widespread turmoil.

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Stocks can't predict the future

Stock prices rank very low in the hierarchy of leading economic indicators.

Allan Sloan

Little weight is accorded to stock prices by serious economists whose job is to estimate the future course of the economy.

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Supermarkets stand by local honey

A report from the Rural Industries Research & Development Council, which will soon be published, will show Australian honey is some of the cleanest and purest in the world in terms of chemical contamination, says Dr Shona Blair

Jared Lynch

Claims that Australian honey is the most contaminated in the world dismissed as an 'exaggeration'.

Contains: total comments12 This article contains a video.

Workplace

Public servants owe it to taxpayers to turn up

Australian Chamber chief Kate Carnell said employers must have the discussion with workers who wanted to take time off on Monday.

Noel Towell

Public servants urged not to chuck sickies on Monday.

Contains: total comments63 This article contains a video.

Are you a job hopper? Why you need to find your fit

Warren Kennaugh

What we often fail to appreciate is that job satisfaction is more to do with personality than luck.

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Markets

NAB shareholders call for accountability

NAB shareholder William "Bill" Johnson pictured at home in Deer Park said the bank's exit of Clydesdale is a "vote of no confidence" in past directors.

Sally Rose 8:02PM

Long-suffering shareholders in National Australia Bank voted overwhelmingly for the spin-off of Clydesdale, but they are not inclined to forgive and forget past mistakes.

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Markets Live: ASX drops below 5000

The nerves are back at the thought of braking through the 6000 barrier at the ASX.

Patrick Commins and Jens Meyer 3:41PM Live

Mood sours as oil and Chinese shares fall, with banks dragging shares lower.

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Apple sells fewer iPhones than expected

Apple has confirmed a bug that means iPhone 6s and 6s Plus battery indicators aren't accurate.

8:00AM

Applereported lower-than-expected iPhone sales in the latest quarter, its slowest-ever growth in shipments, as the company began to feel the effects of economic softness in the critical Chinese market.

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Oil surges on hopes for output cut
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need2know: Oil fuels Wall Street rally
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Oprah's weight loss means big share gains
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Unloved and oversold: why nobody's buying gold
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China stocks plunge again
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Australian shares set to reverse
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COMMENT Stocks can't predict the future
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PBOC injects most cash since 2013
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The Dow Jones industrial average fell 207.33 points, or 1.29 per cent, to 15,886.18.

Wall St falls, weighed down by energy shares

Search Quotes & Charts

The Economy

Inflation slightly higher than expected

Expectations were for December quarter inflation of 0.3 per cent or 1.6 per cent year-on-year.

Stephen Cauchi 1:09PM

Inflation has come in slightly higher than expected, with December quarter inflation of 0.4 per cent, or 1.7 per cent year-on-year.

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Apple's tax bill hits $85m on revenue of $7.9b

Nassim Khadem

Apple paid $85 million in Australian income tax last year, despite making almost $8 billion in local revenue, accounts filed with the corporate regulator show.

Contains: total comments88 This article contains a video.

A tidal wave of corporate migrants seeking (tax) shelter
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COMMENT Stocks can't predict the future
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Call to scrap work-related tax claims
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Zombie companies should die in peace
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If robots rise, interest rates will fall
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Retail

Quiksilver to go private under rescue plan

Quiksilver will be controlled by private equity firm Oaktree Capital Management if it emerges from bankruptcy protection this week.

Sue Mitchell 6:44PM

The largest shareholder in Billabong International could emerge with almost full control of arch rival Quiksilver if the now-US based surf and skate wear retailer emerges from bankruptcy.

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Metcash rallies on Home hardware talk

Metcash CEO Ian Morrice. Metcash' shares are trading at 12 month highs.

Catie Low 4:13PM

Investors are buying into Metcash's grocery recovery story and intensifying talk it may buy Woolworth's Home Timber and Hardware business.

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Banking & Finance

ANZ still looking for new CFO, head of digital

ANZ is looking to appoint a new head of digital banking in the coming months.

James Eyers 8:48PM

Two big management changes are still still to come at the ANZ - chief financial officer and group executive, digital

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Fintech prays for a VC cooling off

US venture capital funds put $US1.04 billion into financial services start-ups in 2014.

Shaun Drummond 8:22PM

The flow of US venture capital to the burgeoning fintech sector is slowing to a drizzle, but surprisingly, some say that's perfectly OK.

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NAB shareholders call for accountability
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ANZ 'back to basics' with new CEO
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ANZ shakes up executive management
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Your credit card could look very different in future
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ClearView targets 'overdue reforms'
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Mining & Resources

Nickel bloodbath in WA as Mincor, Panoramic announce closures

Queensland Nickel's refinery in Townsville.

Tess Ingram 5:05PM

The sustained decline in the nickel price has forced three more West Australian operations into suspension at the cost of more than 100 jobs, as the toll of the price crash mounts.

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Rio extends coal mining retreat with sale

The sale by Rio raises to more than $US830 million ($1.18 billion) the miner has raised from the sale of Australian coal mines.

Brian Robins 3:16PM

Rio Tinto has extended its retreat from the coal industry with the sale of its second mine in a matter of months amid the extended slump in coal prices.

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World Business

Apple's tax bill hits $85m on revenue of $7.9b

Nassim Khadem

Apple paid $85 million in Australian income tax last year, despite making almost $8 billion in local revenue, accounts filed with the corporate regulator show.

Contains: total comments88 This article contains a video.

McDonald's all-day breakfast a hit

McDonald's introduced all-day breakfasts in October in the United States, allowing customers to tuck into its popular Egg McMuffins and Hash Browns any time of the day.

McDonald's posts improved sales thanks to Americans loving the start of all-day breakfasts and renewed consumer demand in China.

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A tidal wave of corporate migrants seeking (tax) shelter
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Apple car suffers another setback - report
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Ford to exit Japan, Indonesia
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Disney hit with class actions over sackings
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Iran president meets Pope, signs billion-dollar deals in Italy
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China

China's 'daigou' shoppers leading Australian retail drive

Lucy Battersby 3:11PM

First they bought up our baby formula, next it was vitamins, now the millions back home have their eyes on Australia's fresh food - and they're sending in their shoppers.

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China stocks plunge again

Investors appear to have had enough of their wild ride on China's markets.

China's stocks plunged 6.4 per cent to 2,749.79 at the close amid concern capital outflows will accelerate.

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PBOC injects most cash since 2013
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Want to rent a Ferrari? Get an oil tanker, it's cheaper
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Hedge fund that called GFC urges 50% yuan drop
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Why China's growth rate spells trouble
Contains: total comments115 This article contains a video.
China attempts to walk the economic tightrope
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Property Focus

Mike Baird's $3 billion sell-off of public buildings

Up for sale: The Mercure Hotel in Sydney's CBD.

Jessica Irvine

The NSW government is selling off some of Sydney's most iconic buildings.

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No more beer and schnitzel in suburban pub war

The Buena Vista Hotel in Military Road, Mosman.

Michael Koziol

Prompted by changing tastes and lockout laws, glammed-up pubs are heading further out into Sydney's suburbs.

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Pub sector intoxicated with sales

The Newport Arms Hotel in Sydney has been sold to pub tsar Justin Hemmes.

Carolyn Cummins

Investors have poured more than $500 million into the pub sector, making it one of the busiest areas in the real estate sector.

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Goodman is to develop a giant facility for DHL on the Oakdale Industrial Estate in Western Sydney.

Online shopping shines the spotlight on the humble shed

Cheap debt, high yields drive offshore demand for industrial property
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Office markets see $35b in sales in 2015
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Nine Network's Mr Property in for a busy year
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Triguboff sticks with property
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New impression of the City Tattersalls Club, to be developed in Sydney CBD into hotel and apartments.

City Tattersalls votes for $200m redevelopment

Scentre strikes $2.85m deal with Booodl start up

Carolyn Cummins

Shopping is not everyone's most enjoyable way to spend a day, particularly wandering around a mall trying to locate the stores selling the items on your list.

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