- Live
- Markets Live
ASX to rise; CBA Q1 cash profit slides 16pc to $1.8b
ASX futures point to another strong open; Nasdaq slides but the Dow rises; RBNZ delays lift in bank capital requirements; URW shareholders reject equity injection.
CBA quarterly cash profit down 16pc to $1.8b
Australia's largest bank feels the squeeze of lower rates and higher provisioning as cash profit falls sharply.
- Live
- US votes 2020
Trump's failure to concede 'an embarrassment': Biden
Biden taps Gensler to review Fed, other federal banking authorities. Mike Pompeo rebuked for Trump second term comments. Senate leaders to retain positions for now. Follow live updates here.
Why Australia's vaccine boost will take time
Having proved it is possible to provide some protection against COVID-19, Pfizer's vaccine has become a bellwether for other vaccines.
Japan Post bankers in six-point pitch to Toll suitors
JPMorgan and Nomura's opening pitch, more than a dozen pages long and obtained by Street Talk, focused on the business' scale, footprint and market positions within Australia's transport sector.
- Analysis
- Labor in turmoil
'Worst I've seen': Albanese, Fitzgibbon go at it hammer and tongs
Monday night's shadow cabinet meeting was the most explosive many had witnessed as Joel Fitzgibbon and Anthony Albanese traded blows over the US election and climate change.
US complains about WHO-led China probe
Victoria: no new cases, no new deaths. Morgan Stanley sees continued trend of rising cases across Western Europe. Australia will have to wait for a chance at the Pfizer vaccine. Follow live updates.
US ELECTION AFTERMATH
McConnell digs in on stimulus package
The Senate majority leader says last week’s fall in the jobless rate to 6.9 per cent shows the US economy is weathering the storm "a whole lot better" than thought.
How America's suburbs moved away from Trump
On average, Joe Biden improved on Hillary Clinton's performance in 373 suburban counties around the US by about 4.6 percentage points.
More in the firing line as Trump 'terminates' Esper
Two White House officials said Mr Trump was not finished, and that Christopher Wray, the FBI director, and Gina Haspel, the CIA director, could be next in line to be fired.
Fox News cuts away from Kayleigh McEnany after she alleges vote fraud
Fox News anchor Neil Cavuto cut in to end Fox's broadcast from the White House, saying: "I can't in good countenance continue showing you this."
'Hoaxes and nonsense': GOP election officials reject Trump fraud claims
Gabriel Sterling, a lifelong Republican who manages Georgia's voting system, took to a lectern at the Capitol to dismiss criticism of election illegalities in the state as "fake news" and "disinformation".
Companies
Harvey Norman's high-interest credit card gets a Shonky Award
White Lady Funerals also made it onto this year's list by consumer advocacy group Choice, in which companies are called out for taking advantage of customers.
- Exclusive
- Gas crisis
Jemena eyes partners for $5b-plus northern gas push
The unlisted gas pipeline owner is hoping to build more than 2000 kilometres of gas pipelines in the north over the next five to 10 years.
Glencore secures transfer pricing victory
The Anglo-Swiss mining giant's legal victory against the Tax Office could be Australia's most significant transfer pricing decision.
Big businesses face new penalties for unfair contracts
The long-awaited shake-up is aimed at stopping big companies from squeezing small business partners.
Nutrien says farmers need partners with financial firepower
Canada's Nutrien defends foreign investment in agriculture a year on boosting its already dominant position in farm supplies with the acquisition of Ruralco.
'The best news the travel industry has had all year'
Plummeting COVID-19 cases are encouraging Australians to book domestic holidays and news of a potential vaccine means overseas holidays may also be on the horizon.
NAB won’t budge further in fees-for-no-service case
The bank has drawn a line in the sand and rejects allegations of unconscionable conduct as being a bridge too far.
Markets
How the economic outlook changes with vaccine timing
Getting an early vaccine is not a prerequisite for the Reserve Bank to upgrade economic growth. But a late vaccine could hurt growth, according to Goldman Sachs.
What happened in markets overnight
Australian shares are poised to extend their advance. Wall Street is mixed. Oil, gold higher. $A flat.
- Analysis
- World markets
Global markets need a dose of vaccine reality
Progress on a COVID-19 vaccine is to be welcomed but the Federal Reserve is right to warn about the "significant" risks to asset prices.
- Opinion
- Chanticleer
A wake-up call for ETF investors
The booming exchange traded funds industry has traps for those who don't do their due diligence, according to a leading academic.
Pfizer vaccine threatens tech's outperformance
An improvement to the macro outlook on a COVID-19 vaccine could harm the valuations, if not the earnings, of tech businesses, according to analysts.
Opinion
Why an AMP board role is one of the trickiest jobs right now
The AMP board is under enormous pressure to wrap up the sale of the embattled group before it haemorrhages too many more staff or clients and the country heads off on summer holiday.
Columnist
Rules shift on the climate battlefield
Joel Fitzgibbon's resignation from Labor's frontbench is another example of Australia's continuing political brawls over climate changing policy. But the business community and the states are taking a different path.
Columnist
Way to throw your CEO under a bus
Corporate leaders believe the Cartier watch scandal reveals that Canberra holds unrealistic expectations of the talented executives hired from the private sector.
Columnist
Australia's special interest in Biden's success
Failure to contain the pandemic will damage Joe Biden's authority – and make it more difficult to deal with the key China, climate, and trade policy challenges that matter for Australia. writes Alan Mitchell.
Contributor
I took the Pfizer COVID-19 vaccine. It's a miracle for genetic medicine
The great news about RNA vaccines is that they can easily be reprogrammed. Even after we defeat COVID-19, new viruses will come along.
Contributor
Trump lost politicising COVID; let's not repeat the mistake
Pfizer's vaccine breakthrough is a classic public-private partnership between big government and big pharma. Turning the drug into a red versus blue state controversy will only discourage people from taking it.
Contributor
Politics
Culture review for unit at heart of $29.8m airport land deal
The NSW government unit - which is at the centre of the $27 million overpayment for land for the new Western Sydney Airport - will face a review after "very substantial" problems.
- Updated
- Political Leadership
Albanese faces leadership test as climate tensions rise
Anthony Albanese's leadership is facing scrutiny after Joel Fitzgibbon's departure exposed the extent of the party's split over climate policy.
Surveying too many Labor voters led to election polling 'fail'
Pollsters needs to adjust their methodology to gauge the views of less politically-engaged voters, industry report finds.
PM rules out action against ministers over sex allegations
Prime Minister Scott Morrison responded to allegations aired on the ABC by challenging Labor and the Canberra press gallery over their conduct inside Parliament House.
- Updated
- Political Leadership
Fitzgibbon quits frontbench as ALP climate crisis escalates
Shadow resources and agriculture minister Joel Fitzgibbon has quit the shadow cabinet over climate change policy.
SPONSORED
World
Inside Operation Warp Speed’s $26b sprint for a vaccine
It’s expensive, secretive, and the US government's best hope of emerging from the pandemic. A vaccine breakthrough this week has breathed new life into the mission.
Francis Fukuyama on fame, grand postulations and woodwork
The political philosopher, who has published ten books and teaches at Stanford University, spends his free time making furniture.
Alibaba insists recession, political spat will not hurt Singles' Day sales
The world's biggest online shopping extravaganza kicks off in China on Wednesday, and Australian products traditionally rank high in the list of volume of sales to the planet's largest consumer market.
Britain bids to maintain post-Brexit London's financial pre-eminence
Chancellor Rishi Sunak unveils climate measures and digital plans for financial services, as the EU dithers over keeping the door open.
South Korea financial groups look to raise billions via IPOs
As many as six large financial companies are lining up listings on the Seoul bourse, starting in 2021 with the planned debuts of KakaoPay and Hyundai Card.
Property
Vaccine news a shot in the arm for malls, offices
Shopping mall owners and office landlords bounced on news of a successful vaccine, but logistics giant Goodman, which has surged on the increase in e-commerce, fell back.
Large companies want flexible office space after pandemic
Large corporate tenants around the globe will seek out more versatile office footprints and lease contracts, according to a new report.
Green energy fund backs Sunman's 'solar skins'
The investment into the lightweight solar panel comes as Sunman pushes ahead with plans to dramatically expand its range of possible uses.
Investors pump up Sydney servo prices
Cushman & Wakefield's latest auction shows how record-low borrowing costs make commercial assets with guaranteed returns attractive to investors.
Prestige property prices prove immune to pandemic
Australian cities' luxury property markets are continuing to see price growth despite the COVID-19 pandemic and Australia's first recession in three decades.
Wealth
Sharemarket poised to rally into year end
Positive news of a vaccine on top of the US presidential election result has analysts hopeful of a much firmer outlook.
- Opinion
- Property investment
Property lessons from 1990s recession
While history offers hope for a strong market recovery, several concerning issues could stymie a rebound.
Funder overturns 'chilling' decision on underpayment class actions
A court ruling that scraps a precedent requiring litigation funders to pay millions of dollars in costs upfront will prompt an increase in industrial relations class actions, lawyers say.
Technology
Brussels adds Amazon to its list of Big Tech targets
The EU says Amazon is leveraging its marketplace for its own advantage, as Brussels picks yet another trans-Atlantic fight.
Facebook rolls out local alerts as news boycott looms
Facebook is promising to crack down on disinformation as it rolls out a new emergency alert system ahead of this summer's bushfire season.
- Opinion
- Video games
The new PlayStation 5's controller is a game-changer
The DualSense unit's so-called haptic feedback takes gaming technology to the next level in a big step forward.
Work & Careers
Funder overturns 'chilling' decision on underpayment class actions
A court ruling that scraps a precedent requiring litigation funders to pay millions of dollars in costs upfront will prompt an increase in industrial relations class actions, lawyers say.
'Brutal' year for Victorian students approaches end
For final-year students approaching the VCE, it's been hard – but there have been some good lessons.
Life & Luxury
'The best news the travel industry has had all year'
Plummeting COVID-19 cases are encouraging Australians to book domestic holidays and news of a potential vaccine means overseas holidays may also be on the horizon.
Melbourne cinemas want help to keep the lights off
The projectors are rolling in Melbourne cinemas again, but operators say the industry needs a tailored support package to help it recover from lockdown.
Want an electric 911? Porsche's CEO has a message for you
Brand boss Oliver Blume weighs up the options for the future of the quintessential German sports car, including a hybrid.
You don't have to become vegan to save planet, says study
Researchers looked at five types of broad fixes to the food system and found that counting your calories can be just as effective.
Hit refresh with a bucket-list trip at home (and get NZ-ready)
As the nation prepares for borders up by Christmas, we look north – and across the pond – for inspiring ideas to help ease you out on the road.