- Exclusive
- Foreign investment
Frydenberg snubs China Mengniu's $600m dairy deal for Lion
Josh Frydenberg secretly rejected advice to approve China Mengniu Dairy Co's proposed $600 million acquisition of Lion Dairy & Drinks.
- Live
- Markets Live
ASX to fall: Apple tops $US2trn; Qantas, Wesfarmers profits ahead
The Australian sharemarket is set to open modestly weaker after Wall Street closed lower overnight. Wesfarmers and Qantas headline a busy day of profit results. Gold falls 3.7 per cent overnight.
AMP never provided Pahari report to sexual harassment claimant
The company continues to defend the newly-minted AMP Capital boss while shareholders see his position as untenable.
PM mulls Japan visit as China fears grow
Scott Morrison could visit Japan before the end of the year in an act of regional solidarity.
How COVID-19 threatens CSL's growth run
The medical company's CEO Paul Perreault says when plasma donors stop, it takes some time to bring them back.
Germany, France push for sweeping reforms to strengthen WHO
The two countries want to give more money to the World Health Organisation to bolster its independence. Follow our live updates here.
Apple tops $2.7 trillion in market value
It took decades for Apple to become a $US1 trillion company - and just two years to double that value on the sharemarket.
EARNINGS SEASON
- Opinion
- Chanticleer
What we learnt: How wise is pushing WiseTech up 34pc?
WiseTech's staggering share price performance came despite a result that wasn't easy to digest, and sent mixed signals about future growth.
Afterpay doubles expected earnings on higher collections
Afterpay said after the market closed it would make EBITDA of $44 million for the financial year and its expected losses would be lower.
Webjet posts $144m loss, tips 'protracted' travel recovery
Accounts show 5-year management forecasts anticipating a “recovery to pre-COVID-19 levels in 2023”, if a vaccine is available this year.
Tabcorp to slash costs as pandemic forces $600m raising
The lotteries and wagering group will raise funds and embark on a three-year cost-cutting program after a 30 per cent fall in 2020 profits.
AFR profit season calendar and results
Here is a list of the results of Australian companies reporting their full-year financial results in the August reporting season.
PANDEMIC WINNERS
Northern Star pays out after thriving through pandemic
The gold miner will pay a hefty special dividend as well as a final dividend just five months after suspending its interim dividend.
WiseTech halts acquisition spree, as revenue jumps 23pc
WiseTech grew revenue by 23 per cent for the 2020 financial year, hitting $429.4 million, while its EBITDA came in at the upper end of its guidance.
Toilet paper frenzy lifts The Reject Shop to profit
The discount variety retailer returned to profitability after consumers snapped up essentials such as household cleaners and toilet paper.
Domino's profit up despite dining restrictions
Domino's boss Don Meij remains optimistic even though he expects COVID-19 to stick around for up to three years.
Hand sanitiser helps Rich Lister's Pact Group rebound
Rich Lister Raphael Geminder holds 44 per cent of the company which returned to paying dividends after a drought of 18 months.
Companies
- Opinion
- Chanticleer
Everything is local for Woolies
Woolies expansion into wholesale food services is a logical extension of its "adjacency" strategy, which involves buying businesses that complement its supermarkets.
Cannon-Brookes leads $10m raising for Spaceship amid super crunch
The Atlassian co-founder has led another refuelling of Spaceship, the platform aimed at investing for Millennials, even as 5 per cent of its super fund disappeared in the early access scheme.
Airports pitch plan for gradual return to the skies
The federal government is being urged to support a capped number of flights to all regions except Victoria by October to support aviation jobs.
- Exclusive
- Mergers & acquisitions
New breed of investor eyes LNG ahead of M&A wave
Infrastructure investors, pension funds and private equity are lining up as potential new owners of Australia's transitioning LNG infrastructure, law firm Ashurst has found.
Copper disruptions send 'nervous' smelters to OZ's door
China's hunger for foreign copper should prevent OZ Minerals from being affected by the diplomatic tensions that have hit wine, coal and barley producers.
Mayfair claims tourism venture funding is imminent
Mayfair 101 is facing more pressure from creditors as another financier appointed receivers.
Former ANZ boss Will Bailey dies
The former chief executive spent 42 years at the bank, overseeing its technological transformation and positioning ANZ ahead of its competitors.
Markets
- Analysis
- China relations
Is Australia's 'peak China' moment here?
Beijing's willingness to play diplomatic hardball has proved how illusory China growth can be for Australian companies.
What happened in markets overnight
The S&P 500 and Nasdaq indexes hit record highs as Apple became the first publicly listed US company to cross $US2 trillion in value, but then markets turned.
PM flags pension could rise even though cost of living has fallen
Pensioners saw a 1.4 per cent fall in the cost of living in the June quarter, but they will probably still get a bump in their pensions.
CSL pushes ASX to five-month high
The ASX closed at its highest level since early March as market heavyweight CSL jumped on vaccine manufacturing prospects and full year results.
ASX ends at 5-month high; Webjet reports $143.5m loss
The Australia sharemarket has closed at a 5-month high; ANZ will pay an interim dividend; WiseTech shares soared 34pc; AMP to release report of investigation into Boe Pahari; Woolworths buys stake in PFD Food Services; Resolute dives on Mali coup.
Opinion
China's grape gripes are premium politics
Beijing’s anti-dumping investigation and tariff threat against Australian wine is absurd. And it is purely a political action.
Editorial
ANZ Bank stirs up dividend, provisioning debates
Income-starved shareholders were jubilant after ANZ Bank decided to pay an interim dividend, but its decision ramps up the pressure on Westpac.
Columnist
No vaccine guarantee
That Australia may be among the first nations in line to be inoculated against the coronavirus is good news. But there is still a fair way to go until a safe and effective vaccine is available.
Editorial
China-US rivalry means the rules of business are changing fast
Beijing is exercising its trade power against Australia's wine industry but this is just another example of the hard political border between the China and the US and its allies.
Columnist
Persuasion better than compulsion in vaccinating the nation
Australians readily accept vaccinations. But making the COVID-19 inoculation mandatory risks turning it into a front in culture wars.
Contributor
How unlocked Victoria can learn to live with the virus
A post-lockdown plan for the state and the rest of Australia will need change in political stance, operational strategy and public acceptance.
Contributor
Politics
Coronavirus vaccine to be 'as mandatory as possible': PM
Scott Morrison has indicated there could be penalties imposed on anyone who refuses a coronavirus vaccine, other than those with legitimate medical reasons.
Conflict grows on restrictions, but financial stress easing
There is a division in support for COVID-19 restrictions, but our financial and mental stress levels have fallen.
PM stands firm against China's wine threat
Scott Morrison says Australia will never trade its sovereignty as he rejects Beijing's claims Australian wine is being dumped in China.
Victoria defends 'very substantial' 1700-strong tracing team
Victoria's top public health official has hit back at suggestions the state's contact tracing team is understaffed amid claims that the NSW government has double the number of tracers.
- Opinion
- Wine & spirits
China is playing drinking games with Australian exports
The anti-dumping investigation launched by China's Commerce Ministry has economic coercion written all over it.
SPONSORED
World
The woman who started a revolution in Belarus
As protests swell across the country, Belarusians are calling for the return of the unlikely politician Svetlana Tikhanovskaya.
Kamala Harris' spouse takes leave from high-powered law firm
Doug Emhoff, an attorney at the Los Angeles office of DLA Piper, one of the world's largest legal practices, is stepping down. Here's why.
Lawyer who waved gun at protesters to speak at Republican Convention
Mark McCloskey and his wife, Patricia, were each charged on July 20 with one felony count of unlawful use of a weapon. That won't stop his star turn this week.
China trade relations could hurt virus recovery: Lowy Institute
The long-term challenge for Australia will be to tackle high levels of unemployment and deal with fallout from heightened US-China tensions.
Lukashenko digs in, heaps scorn on opposition
Rather than showing any signs of yielding, the President of Belarus awarded medals for "impeccable service" to members of his brutal security services and denounced his opponents as "tricksters" and "Nazis" intent on seizing power.
Property
'If it's safe to go to cafes and pubs, it's safe at the office': Dexus
Australia's largest office landlord has recorded a net profit after tax of $983 million, down by 23 per cent.
Rent relief eats up Vicinity's income
The pandemic shutdowns hammered Vicinity's income in its second half and took it into a bitter battle alongside other landlords with some of the country's largest retailers.
Office leases trimmed as uncertainty lurks
The length of fixed office leases has been falling amid the rise in flexible working and softness in the pandemic-struck commercial property market.
- Exclusive
- Commercial real estate
Cbus super-charges social housing with NSW plan
The $54 billion industry fund is testing a new way to put institutional money behind much-needed housing for low-income renters.
Redcape 'very optimistic' after COVID-19 hit to 2020 earnings
Redcape reported a 15 per cent fall in operating earnings over the past financial year, but July 2020 trading was stronger than the same time a year ago.
Wealth
'Robinhood investing' goes down under
The popular US trading app Robinhood is yet to launch in Australia, but the global phenomenon it has lent its name to has undoubtedly arrived.
- Analysis
- Online investing
Hunt for dividends a lower priority for online traders
Momentum play and pursuit of share price gains have temporarily trumped the chase for dividends, although investors believe they will return.
- Analysis
- Online investing
Rebalance your portfolio and reduce risk
Experts have begun to ask whether the market has gone ahead of itself and rallied too much. If that is the case, then it would make sense to rebalance portfolios.
Technology
EML to pour $15m into disruptive fintechs
EML Payments, which reported record FY volumes and earnings despite COVID-19 stinging gift cards, has created FinLabs to invest $15m in fintechs over the next two years.
Atlassian still needs big new office in WFH future
Atlassian's co-CEO still expects many workers will come in to its offices, despite being allowed to work from anywhere.
Vocus wants a piece of 5G NBN bypass
Vocus boss Kevin Russell says he is ready to sign deals with the big three mobile network operators to help them take on the NBN with 5G fixed wireless.
Work & Careers
How to future-proof your career
Young professionals may be facing one of the most turbulent job markets of their lives, but experts say it's not too late to start building income resilience.
- Boss
- Gender equality
More women on boards should mean a greater focus on harassment
The proportion of female directors on ASX 300 boards reached a record high of 29.3 per cent in July, up from 24.9 per cent in May 2018.
Life & Luxury
The most powerful woman in fashion you’ve never heard of
Born in China and raised in the West, mathematics whiz Wendy Yu is making a name for herself as one of the industry’s most influential players.
Jordan's 'broken glass' Airs bring record price
An unusual pair of Michael Jordan's signed Nike sneakers, with glass still in the soles, sold for almost $850,000.
Country classic dining with the doyennes of the Barossa
Behind the scenes, the women of the famous wine-growing region are a formidable force in husbanding its riches.
BMW doubles the deal with powerful twins
The BMW X5M and X6M aim for the impossible in a supercharged sector of the market: sports car performance in both a fastback and a super-heavy SUV.
This cycling-mad manager is happy with his hand-me-downs
Tim Cameron of TransferWise had his dream bike stolen in broad daylight on a bikepacking holiday up the Thames. Luckily he's married into a family of cyclists.
