The day trader raid that rattled world stocks
A David and Goliath-style skirmish pitting small-scale retail investors against mighty Wall Street hedge funds upended the Australian market on Thursday. Investors are wondering if the stoush signals a larger shakeout ahead.
Aussie Reddit traders shut down ‘short squeeze’ plot
The Australian version of the Reddit forum at the centre of the GameStop trading frenzy is cracking down on local attempts to organise a similar ‘market play’.
Bonuses, director deals in spotlight amid CEO sacking spat
Court documents outline why the chief executive of Australia’s largest smash repair business faced a sacking threat.
- Opinion
- Superannuation
No dramas: PM knows a hankering for stability will suit him
A virus-weary population is infertile ground for both Labor and the Coalition’s would-be economic reformers.
Ares talks AMP Bank with Macquarie Group
American financial services firm Ares Investment Management has tapped Macquarie Group for talks about a combined effort to acquire AMP Ltd.
- Analysis
- Quantitative easing
House prices test for whether RBA follows Fed on easing
House prices are rising but so is the Australian dollar, which makes the Reserve Bank’s decision on bond-buying just that little bit harder.
No excuse to delay new defamation laws: NSW
NSW has warned that its patience is running out with states that have not passed uniform defamation laws.
Companies
- Opinion
- Chanticleer
‘The adults are back in charge’: Rio chief resets leadership
New Rio Tinto chief Jakob Stausholm’s executive reshuffle is based in part on focusing on the qualities that once made the miner great.
Advisory firm poaches PwC partner
The partners at advisory and restructuring firm McGrathNicol have appointed three new partners, including a former partner from big four consulting firm PwC.
ACCC moves to break up Google’s ad tech dominance
Competition tsar Rod Sims wants to shake up the advertising technology market, saying Google’s dominance means it is ‘marking its own homework’.
Fortescue facing cost pressures after record iron ore shipments
The miner is shipping iron ore at a record rate but is under pressure from the rising Australian dollar and a big-ticket magnetite project.
Rio out to regain trust lost with leadership overhaul
Rio Tinto has overhauled its executive leadership team with a focus on local talent as it seeks to repair damage done in the blasting of ancient rock shelters.
IOOF managed funds dip $400m as advisers flee
The wealth management giant reported funds under management of $202.4 billion before its high stakes takeover of NAB’s MLC Wealth.
Qantas, BP link up in race to net zero
No particular projects or investments were revealed in the announcement on Thursday.
Markets
ASX sinks 1.9pc; Tech tanks 4pc as Afterpay, Kogan, Xero slide
The sharemarket slumped to a three-week low as blue chips led the sharpest sell-off since September. Tech stocks plunged 4 per cent. Gold stocks hit nine-month low. GME Resources soars 13 per cent on GameStop frenzy.
‘Unusually busy’: WA miner rockets on GameStop mania
It’s not every day a chief executive is left underwhelmed by a 60 per cent share price pop, but these are unusual days.
GameStop, other retail darlings dented after Reddit group briefly shuts doors
Shares of GameStop tumbled in extended trading after WallStreetBets, a popular Reddit forum, turned invitation-only. They pared those losses around an hour later, when the forum opened back up.
- Opinion
- Chanticleer
Forget stocks, animal spirits rising where they matter most
A steady increase in lending to small businesses at online lender Prospa is a welcome sign of renewed confidence in the engine room of the economy.
- Opinion
- Disruption
Social media ignites trader rage on the US sharemarket
It’s a trend that has rightly set alarm bells ringing and which presents short sellers with a new threat.
Opinion
Why Biden won’t reset on China
The Biden administration is not just breaking with Trump, but with all the Republican and Democrat administrations that came before.
Contributor
Hurt feelings win is no protection for investor losses
It is the nature of defamation law that the losses of investors attract less recompense than the hurt feelings of an investment manager.
Editorial
Superannuation is stacked in favour of wealthy men like Paul Keating
The system has evolved into a state-sponsored tax shelter for non-self-made millionaires.
Senior correspondent
Aston’s words ‘a bridge too far’
Elaine Stead had the law on her side when she took objection to a columnist’s ‘honest’ opinion.
Legal editor
Another day in court, another chipping away at free speech
This court decision shows that honest opinion is anything but free due to Australia’s unfair defamation laws.
Contributor
Has Biden’s green revolution done Morrison a climate favour?
Joe Biden’s aggressive global agenda gives Scott Morrison the opportunity to get ahead of the game. A politically digestible carbon price is needed to cut emissions at the lowest cost to the economy.
Contributor
Politics
- Opinion
- Labor in turmoil
Albanese’s reshuffle has undercurrents of fear and panic
If all was well within Labor, Thursday’s frontbench reshuffle would be, in isolation, a smart move. But all is far from well, writes Phillip Coorey.
No excuse to delay new defamation laws: NSW
NSW has warned that its patience is running out with states that have not passed uniform defamation laws.
Labor reshuffle fails to quell dissent about Albanese
Anthony Albanese’s detractors say he must lift his own performance if he is to take Labor to the next election.
Australia gains spot on transparency rankings
New Zealand and Denmark are top of the list that assesses corruption in the public sector, with Australia just outside the top 10.
Tourism bosses plead for certainty as borders come down
As Queensland and South Australia open their borders to Sydneysiders, the Morrison government has extended the suspension of quarantine-free travel from New Zealand.
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World
Democratic Congress prepares to take on Big Tech
Many Democrats, as well as some Republicans, want to take on Big Tech with laws and regulations to address issues like market power, data privacy, and disinformation and hate speech.
Biden signs sweeping action to fight climate change
The US President argued that technological gains and demands for wind and solar infrastructure would create work that would more than make up for job losses.
Biden issues dozens of oil drilling permits in first few days
Authorisations are continuing to flow, despite US President Joe Biden’s plan to pause fossil fuel leasing.
Elon Musk is China’s favourite capitalist ... for now
Tesla’s success in China helped Musk become the world’s richest man but with Beijing and Washington at loggerheads, how long can he straddle this geopolitical fault line?
Shark populations are crashing, with ‘small window’ to avert disaster
There is a problematic disconnect between fisheries and environment agencies in just about every country in the world, one shark advocate says.
Property
Lendlease rushes to meet upmarket demand at Barangaroo
Such is the appetite for blue chip apartments overlooking Sydney Harbour that Lendlease has accelerated the timetable for its next Barangaroo tower by about a year.
Government tenant launches Charter Hall’s $450m Adelaide tower
The 10-year lease to Services Australia is one of the state’s largest ever office pre-commitment deals.
Primewest eyes float of $350m farmland trust
Primewest is targeting $350 million of intensive farming assets for its unlisted agricultural trust with a float penciled in once it has achieved sufficient scale.
Chinese investor picks up discounted Sydney Radisson
The 100-room hotel in Darling Harbour has been sold for $38 million, having been offered for sale for a price above $40 million.
Rents plummet for CBD units as residents retreat
House rents were up 3.3 per cent collectively across the combined capital city markets over the year, while apartment rents fell 4.6 per cent, according to CoreLogic.
Wealth
Farmer’s son a billionaire after bet on wind power
With an early injection of capital from Goldman Sachs, Gim Seong-gon’s CS Wind has become the world’s biggest maker of air-current towers – and is set to grow.
How to keep your head above water with the next wave of floats
Investment bankers claim it is going to be a big year for initial public offerings, creating opportunities and risks for investors prepared to take a punt on companies coming to market.
- Opinion
- SMSFs 101
Life about to get more complicated for SMSF trustees
Rejoicing at the indexation of the transfer balance cap from July 1 because you’ll get more in tax-free pension phase? How it will work is likely to be frustrating.
Technology
Google’s solution would allow it to control arbitration: ACCC boss
The boss of the competition watchdog has labelled Google’s solution to the proposed news media bargaining code, its News Showcase product, another example of its empire-building take it or leave it proposition.
Tesla profits held back by Musk’s pay and cheaper models
The US electric carmaker reported results that topped Wall Street’s expectations for revenue growth in the final quarter of last year but failed to hit forecasts for earnings, sending its shares lower in after-hours trading.
- Exclusive
- Cyber security
NSW Health, SBS probe potential cyber attack damage
NSW’s cyber security agency investigates whether the state health department and others were harmed in the Accellion cyber attack, as SBS takes down the file transfer software.
Work & Careers
Employers push for loaded rates in face of strong union opposition
Restaurant and cafes have stayed clear of weekend penalty rates in response to the government’s push for a loaded rate awards, while clubs are pushing for all-in rates without any requirement to audit them.
Travel restrictions trigger vice-chancellor to quit after father dies
UNSW vice-chancellor resigns after being unable to reconcile family needs with his work location.
Life & Luxury
Corvette’s Australian debut leads all-star cast of new arrivals
As established car makers dig in for battle against the emerging Chinese players and electric vehicle start-ups, as many as 200 new or facelifted models will launch in Australia this year.
Lendlease rushes to meet upmarket demand at Barangaroo
Such is the appetite for blue chip apartments overlooking Sydney Harbour that Lendlease has accelerated the timetable for its next Barangaroo tower by about a year.
Thongs welcome: New gallery aims to show a party town can do culture
When the Home of the Arts (HOTA) opens in May, the Gold Coast will finally have a place to properly show its collection and to host international exhibitions.
Levi’s is making denim you’ll wear forever
It’s one of the most polluting fabrics around, but Paul Dillinger, the label’s head of global innovation, is making a case for the material to be used for good.
Museums can now shop a network to extend their collections
At last, there is a matching service for art galleries and philanthropists who want to donate their collected works.
