Bennelong's Julian Beaumont favours BWX.

When market multiples are wrong

Price-to-earnings multiples are the most basic indicator of value but they don't tell the full story. Here are the traps to look out for, from Bennelong's Julian Beaumont.

'Tencent and Alibaba? They're frauds for sure'

In China 'if you're not bending the rules you can't win,' says Tim Murray, co-founder of edgy fraud-busing equity and macro research house J Capital. 'Tencent and Alibaba...They're frauds for sure.'

RCR Tomlinson collapse hits banks

Owners of solar farms built by RCR are calling on bank guarantees and insurance bonds after the engineering group went into administration.

Medtronic's global money trail

Heart surgery is the starting point of a money trail that stretches to Singapore, on the way to Switzerland, Luxembourg and finally Ireland.

It takes a lot for Australia’s two largest telcos Telstra and Optus to find common ground ... but both are united in the ...

Telstra and rivals battling 'delusional' NBN

It takes a lot for Australia’s two largest telcos Telstra and Optus to find common ground ... but both are united in the view that NBN's pricing model is setting up a car crash.

Dutch broker pay model can work: Lendi

The Dutch model of customers paying an upfront fee for applying for home loans could work, says Lendi, provided it applies to lenders and brokers equally.

Bennelong's Julian Beaumont favours BWX.

When market multiples are wrong

Price-to-earnings multiples are the most basic indicator of value but they don't tell the full story. Here are the traps to look out for.

Opinion

Phillip Coorey

Voters repudiate the Liberal right

Mainstream Liberal voters are economically conservative but don't lay awake at night terrified the gay couple down the street might get married. They do worry about climate change and they like renewable energy.

"The budget will be back in balance next year, after more than five years of very hard slog to get it back there," Prime ...

Early budget ahead of May election

The Morrison government is planning an early federal budget next year, all but confirming its intention to go full term and call the election for May.

Leader of the Victorian Liberal Party Matthew Guy  announces defeat in Saturday's wipeout.

Liberal feuds flare after defeat

Victorian Liberal Party leader Matthew Guy was expected to stand down and president Michael Kroger was under pressure after Saturday's election wipeout, blamed in part on chaos in the administrative wing.

Andrews sends out tenders for $16b North East Link

The Victorian government will immediately call for expressions of interest for the $16 billion North East Link ring road project as Premier Daniel Andrews moves to double down on his winning election strategy.

Greens slam 'backroom' deals after wipeout

The Greens have slammed "backroom deals" after going backwards in Saturday's election, as they fight to win a third lower house seat and have been all but wiped out in the upper house.

The savings from increasing scale are put at $340 million a year, or $4.5 billion between 2004 and 2017.

Super fund mergers could save $1.8b

Economies of scale across the $2.6 trillion superannuation sector have help create savings of $4.5 billion over the past 13 years, but the savings have not been passed on to members in the form of lower fees.

Thousands of Yellow Jackets, named for the fluorescent road-safety vests that all French drivers must carry, converged ...

French protests take aim at Macron

Shouts of "Macron resign!" and "Macron get lost!" punctuated the booms from tear gas and water cannons as police forced protesters from the "Yellow Jackets" movement away from the Elysee Palace.

Secret 'Plan B' for Brexit

British Cabinet ministers and EU diplomats are secretly drawing up "Plan B" proposals for Brexit based on a growing assumption that Theresa May's deal will be blocked by Parliament.

Bank of Italy sounds alarm on stability

Italy's central bank has sounded the alarm over the country's rising bond yields, warning they are set to cost billions a year in additional interest payments and could threaten the stability of banks and insurers.

Personal Finance

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