Business News, Economy, Finance & ASX Market News

Labor's attack muted by clever super changes

Scott Morrison didn't balance the budget, but he outlined a path to it that is marketable.

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Crown Resorts sells down Macau stake

Billionaire James Packer has stepped down as the co-chair of Macau-focused Melco Crown Entertainment after Crown Resorts sold down part of its stake.

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Rate cut, budget to power retail sales

JB Hi-Fi chief executive Richard Murray is looking forward to bumper sales in May and June.

Australian retailers are bracing for a record run into June 30 as budget tax breaks and the Dick Smith closure power a billion-dollar, small ...

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ANZ saves $80m from partial rate cut

ANZ says its decision to keep part of Tuesday's rate cut will not cover an increase in funding costs.

ANZ Bank will benefit to the tune of $80 million by only passing on part of Tuesday's reduction in official interest rates.

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Women in tech band together

Ellen Pao wants better conditions for women in Silicon Valley.

Visible diversity efforts are coming from women in Silicon Valley as tech companies grapple with criticism over the make-up of their workforces.

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Kim Williams to chair 'Costco of power'

Mojo Power CEO James Myatt and Chairman Kim Williams are backing "the Costco of power".

Former Foxtel chief executive Kim Williams has emerged as a customer, a backer and now chairman of electricity retailing "disruptor" Mojo Power.

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Cover-More pays up for new boss

Insurer Cover-More revealed that its new recruit from QBE, Mike Emmett, will be enjoying a sizeable pay rise compared to the departing chief, ...

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Students cheer end of fee deregulation

Thomas Foster, 21 of Red Hill, Joshua Dundas 21 of Curtin, Tess Hemmings 22 of Ainslie, James Connolly 21 of Acton, and ...

ANU vice-chancellor Brian Schmidt is concerned about federal funding cuts to higher education but students are pleased university fees will not ...

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Market Indices

Updated: May 4, 2016 - 4:42PM

Updated: May 4, 2016 - 6:01PM

Updated: May 5, 2016 - 1:31AM

Updated: May 5, 2016 - 1:17AM

United States Dollar

Price

0.7473

Percentage up/down

-0.15% fall
Euro

Price

0.6503

Percentage up/down

-0.15% fall
British Pound

Price

0.5161

Percentage up/down

0.16% rise

Updated: May 5, 2016 - 12:58AM

Has the Reserve Bank cut rates too much?

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S Kidman & Co's cattle stations occupy vast amounts of land across Australia.

Australian politics 'like House of Cards'

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Consolidation: Smaller aged-care providers are already struggling.

Aged care cuts to drive industry consolidation

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Reserve Bank governor Glenn Stevens cut rates to 1.75 per cent on Tuesday.

Economists cast doubt on RBA's inflation war

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Labor's attack muted by super changes

Scott Morrison didn't balance the budget, but he outlined a path to it that is marketable.

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Has the Reserve Bank cut interest rates too much?

Does Glenn Stevens have nightmares about Australia falling into a longer term deflationary rut like Japan?

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Cover-More pays up for new boss

Insurer Cover-More revealed that its new recruit from QBE, Mike Emmett, will be enjoying a sizeable pay rise compared to the departing chief, Peter Edwards.

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ANZ is lowering its interest rate ''buffer'' – a rate that tests how borrowers would cope if rates rose.

$1000 intern scheme worthy but open to exploitation

On the face of it, the government's internship program is likley to be popular. But there are risks.

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Don't see networking as a chance to nakedly promote your business, but rather build long-term relationships.

The key is to good networking is listening

Business networking is a two-way opportunity to build relationships.

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New CEO of the Australian Red Cross Judy Slatyer says leadership has taught her a lot about herself.

Meet the boss: Red Cross chief Judy Slatyer

Sometimes it's ok to start without a career plan.

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The evidence based budget

VIDEO: Treasurer Scott Morrison & Prime Minister Malcolm Turnbull took advice on how best to achieve their goals - a change from Tony Abbott.

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Castle Hill 'megalot' set for $100m deal

VIDEO: A group of 25 neighbours are set to earn approximately $4 million each in a 'megalot' sale in Sydney's North West.

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Outrage over plan for taxi booking fee

VIDEO: New taxi plan could see Melbourne passengers paying $10 before the metre goes on.

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Miners, led by BHP Billiton posting its worst day in more than seven years, led the index down on Wednesday.

BHP leads ASX slide

Miners led a steep fall in the market, the ...

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Markets Live: BHP worst day in 7 years

Live

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A rocket scientist's guide to stock picking

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BHP dives on Brazil lawsuit

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Air NZ looks to dump Virgin Australia quickly

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Don't be greedy, says $1 trillion man

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Computershare chief Stuart Irving has confirmed it has won a major new UK contract that gives a big boost to its ...

Computershare wins $58bn UK contract

Computershare is expected to get a £100 ...

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Counting the budget's consequences: There will be less money flowing into pension savings, self-managed super funds and ...

Super changes leave ASX 'worse off'

The budget will mean less money into the ...

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China's economy gathered pace in March as a surge in new credit helped the property sector while raising fresh question ...

Five trends have Citigroup worried about a global recession

The bank which warned about a made-in-China ...

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The Bloomberg Dollar Spot Index, which tracks the greenback versus 10 peers, added 0.7 per cent as of 5pm on Tuesday in ...

Greenback rebounds from one-year low

The US dollar rose from a one-year low as ...

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Tuesday's rates decision coincides with the federal government's third budget.

RBA cuts cash rate to fight deflation

The Reserve Bank of Australia on Tuesday cut the cash rate to a record low of 1.75 per cent in a bid to head off falling prices and an economic downturn.

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ANZ Bank spoils the party

NAB said customers with a $300,000 mortgage would save $47 a month as a result of the reduction.

ANZ Bank is the only big four bank that will not pass on the full 25 basis point RBA rate cut to mortgage customers.

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Square, dink, dinks, dinkus, head shot, business, Michael Pascoe,

RBA's big budget day hint

COMMENT
Opinion

Reading between the lines, the RBA is saying the outlook has deteriorated on the Coalition's watch and there's no sign of the government making a difference with fiscal policy.

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China steel, iron ore retreat as demand stagnates

Surging commodity prices have sparked fears markets were heading for a dangerous boom-and-bust cycle.

Steel and iron ore futures in China fell more than 4 per cent on Tuesday after a private survey showed activity at China's factories shrank for the 14th straight month.

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What we know about the business budget... so far

Here's what we know so far about the main tax and business changes in the May 3 federal budget:

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Westpac tips rising bad consumer loans

Westpac is the latest bank to cut interest rate discounts for new housing investors.

Westpac has pointed to mortgage delinquencies rising off their very low base across all Australian states.

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ANZ saves $80m from partial RBA rate cut

ANZ Bank will benefit to the tune of $80 million by only passing on part of Tuesday's reduction in official interest rates.

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Rate cut gives bank margins another squeeze

Banks will find it even harder this time to ease the squeeze on margins following the rate cut.

Bank profits are expected to take a hit from the Reserve Bank's cut to the cash rate on Tuesday, which is likely to wipe out any gains from rate rises in November.

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More flexibile contribution limits will not help Bernadine Lawrence find the extra cash needed to grow her ...

Flexible super caps little help to most women

"Flexibility" measures to help women are fine in principle, but for most women the obstacle to saving more for retirement is finding the extra cash.

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Afterpay fintech float closes up 25pc

Afterpay executive chairman, Anthony Eisen, and Nicholas Molnar, CEO at the ASX IPO ceremony on Wednesday.

Ron Brierley backed buy now, pay later fintech Afterpay got a positive response to its $125 million listing on Wednesday, closing up 25 per cent.

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Self-funded retirees slam attack on big super balances

"People make their most significant contributions to superannuation in a short period once they reach their mid-50s, and ...

Advocates for wealthy savers and self-funded retirees have condemned new limits on how much people can save in the tax-advantaged settings of superannuation.

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Activists voices important: QBE boss

QBE chief executive John Neal and chairman Marty Becker at the company's AGM in Sydney on Wednesday.

John Neal, chief executive of QBE Insurance Group, encourages shareholder activists to protest the company's underwriting of fossil fuel risk, saying their voices were "important" in the climate change debate.

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Rate cut, budget boost to power retail sales

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New Aldi store opens at Casey in Canberra's burgeoning north

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Woolies' shares slump to 10-year low

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Where to next for Aldi in Canberra?

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An empty Dick Smith store ahead of closures.

Dick Smith reborn as a website

Iconic Aussie retailer Dick Smith has been reborn online, just a day after the brand's last bricks-and-mortar shops closed for good.

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Smokers have once again been socked by the budget.

The chart no smoker wants to see

Smokers should take a deep breath before looking at the chart below.

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Spent time making beautiful homemade baby food? Prepare for refusal.

Why baby foods' 'health halo' is slipping

Some baby foods have up to 40 per cent sugar, study finds.

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Kim Williams to chair 'the Costco of power'

Former Foxtel chief executive Kim Williams has emerged as a customer, a backer and now chairman of electricity retailing "disruptor" Mojo Power.

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Origin in major solar power purchase

Large-scale solar is rapidly becoming competitive with wind energy.

Origin Energy will buy the output of a new solar farm in north Queensland, underscoring the growing competitiveness of large-scale solar.

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Fortescue Metals Group chief executive Nev Power has overseen more than $US2 billion of repayments this year.

Fortescue tips decline in iron ore speculation

Fortescue Metals Group expects the iron ore price to steady as the Chinese government moves to curb market speculation with a new set of regulatory rules.

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UBS posts 64% slide in profit

The investment banking giant's first-quarter profit missed analysts' estimates, hurt by weak dealmaking and trading revenue.

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'American Idol' maker goes bankrupt

Kelly Clarkson shot to stardom after winning the first season of <i>American Idol<i/>.

Weeks after its final show, the company behind the former blockbuster franchise has filed for bankruptcy protection.

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CEO's wealth jumps $8b on Amazon results

Jeff Bezos passed Carlos Slim for the first time in November 2015 and ceded the position to him again in February.

Jeff Bezos' net worth rose to $78 billion, making him the world's 4th richest person, as the online retailer's shares jumped.

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Times are tough for big and small players in the automotive industry.

Auto parts makers driving new business

Rubber and plastics manufacturer Graham Hopkins saw the writing on the wall in 2008.

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The former Tune Hotel is now operating as the new ibis Melbourne Swanston Street.

Accor expands Melbourne hotel assets

AccorHotels has expanded its hotel network with the announcement of two new-build hotels and two takeovers.

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Rising high: Mirvac and AMP development 200 George Street.

Mirvac, Goodman on track for earnings growth

Mirvac and Goodman Group are on track to reach their end-of-financial-year earnings forecasts as they benefit from strong demand for residential and industrial assets.