- Live
- Markets Live
ASX falls 2pc; Afterpay, Nuix headline tech crash
Afterpay upsizes offering to $1.5b, AMP adds 5.8pc on Ares JV deal, Orica drops 18pc as CEO exits and Kogan sinks 12pc. US 10-years give back some gains to 1.45pc and local dollar retreats to buy US78.6c. Follow the latest here.
Buy now, pay later sentiment sours on concerns about costs
Sentiment went sour on buy now, pay later stocks on Friday, with Afterpay shares plunging 10 per cent when they came back on to the market after a $1.5 billion cap raising.
Revealed: the raid that set off Australia’s biggest insider-trading case
Fifteen officers, two sniffer dogs and a locked bedroom door. It was May 9, 2014, and Christopher Hill was just about to find out exactly what his partner-in-crime had been up to.
- Opinion
- Chanticleer
AMP’s clever deal to gain global reach
After three years of dealmaking and failing to sell itself, AMP has struck a $3b deal with Ares Management to turbocharge its exposure to infrastructure asset management.
- Opinion
- Bonds
Worst bond bloodbath since 1994
A critical question is why Australians are being battered by interest rate movements more than anyone else, writes Christopher Joye.
Biden orders military strikes on Syria
US President Joe Biden directed the airstrikes in eastern Syria against facilities belonging to what the Pentagon said were Iran-backed militia, in a calibrated response to recent rocket attacks against US targets in Iraq.
- Live
- Need to Know
Masks off, return to office in Victoria
Dan Andrews announces easing of COVID-19 restrictions; Queensland flood victims paid $440 million in settlement; Aged care royal commission report handed to governor-general. Follow updates here.
The untold story of how two university friends hatched the perfect crime only to be undone by the desire for more.
Companies
- Exclusive
- China
Penfolds owner Treasury Wines axes 60 jobs in China
Penfolds owner Treasury Wine Estates has axed up to 60 positions from across its China wine business following the punishing wine tariffs imposed by the Chinese government.
AMP sells half of AMP Capital to Ares
AMP has inked a $1.35 billion deal with US asset manager Ares Management to skive off 60 per cent of AMP Capital’s unlisted markets businesses, just weeks after a takeover proposal for the whole company was dumped by the suitor.
Lynas boss lashes out at pretenders to rare earths throne
A less is more approach has paid off for Lynas Rare Earths Limited with the company reporting big increase in half year revenue and profit while warning against over investment in processing infrastructure in the industry.
Harvey Norman faces JobKeeper heat as profits double
Harvey Norman increased its interim dividend to 20¢ a share after net profit surged 114 per cent.
JPMorgan makes franchise bet on Afterpay
JPMorgan’s got a VIP ticket to the hottest show in town.
Soft first half leads to 4pc revenue hit for debutant Nuix
Investigative analytics and data intelligence software company Nuix reaffirmed its full-year prospectus guidance, despite taking a hit from COVID-19.
Kogan.com celebrates bumper first half but January stalls
Kogan.com’s December-half net profit rose 165 per cent to $23.6 million but the shares fell 10 per cent after sales growth halved in January.
Markets
Interest in Warren Buffett’s thoughts as strong as ever
The billionaire chief executive officer of Berkshire Hathaway has a chance to break his silence with the release of his annual letter this weekend.
Future Fund bolsters private equity team
There’s a new team member in the Future Fund’s $23 billion private equity arm.
GameStop surges and no one truly knows why
Shares in the company rose more than 100 per cent, then retreated, to end the latest New York trading day up 18.6 per cent.
US Treasury yields surge, sounding alarm for risk assets
Traders pulled forward bets on when the Federal Reserve will start lifting policy rates, and yields took off with startling speed.
NZ housing policy stand blows up the bond market
New Zealand’s bonds were sold-off savagely on Thursday after the RBNZ added housing to its policy remit. Bond managers think it will have no option but to raise interest rates to preserve affordability.
Opinion
Worst bond bloodbath since 1994
A critical question is why Australians are being battered by interest rate movements more than anyone else, writes Christopher Joye.
Columnist
Political pile-ons could get in the way of vaccine rollout
The point-scoring over vaccination bungles risks undermining confidence in the program we are relying on to get the economy back to normal.
Political editor
Slogan-led strategy isn’t working
Australia’s tough line on China could be easily undermined by Beijing - and by our own allies, too.
Contributor
Alan Joyce looks up, up and away
The Qantas chief is trying to persuade state and federal governments that the vaccine rollout means it is time to keep state borders open and plan for international travel by October. Will it work?
Columnist
Coates shows why he is the master of Olympic politics
A lifetime of plotting, scheming and flattery by the Australian Olympic Committee president has paid off.
Senior correspondent
Australia’s submarine deterrent needs a clear course
Australia’s huge submarine contract with France has run into trouble. But that is what happens when too many pressures pull on a project.
Editorial
Politics
CFMEU hit with restraint orders over fears of new poaching war
The union’s mining division has succeeded in getting court orders to stop its construction rival from changing membership rules that it warned would disrupt mine sites and see attacks on employers.
Super should be used ‘more effectively’: Frydenberg
Josh Frydenberg says retirees must be encouraged to draw down on their super “more effectively”, hinting that the government could freeze the guarantee.
BWX sales flat in first half, but sticks to full year outlook
The Natural skincare group posts mixed overall half year results, and flags an equity-linked partnership with retail pharmacy chain Chemist Warehouse Group.
- Exclusive
- University
Chinese students told not to study in Australia
Beijing’s dispute with Australia appears to have reached a new low, with education agents based in China given a directive not to send students to Australia.
Now the Olympic fast-rail Games begin
The 2032 Games will place huge demands on infrastructure in and around Brisbane, and mayors from surrounding areas are insisting improvements are crucial to serve the fast-growing population of their region.
SPONSORED
World
Sir Michael Somare, PNG’s first PM, dies at 84
The grand chief and “father of the nation” united the country after independence but failed to greatly improve health or economic outcomes.
The many lives of Cold War double agent George Blake
I was beguiled when I met the notorious British spy in Moscow, but the charm wore off fast when I considered the man’s life.
Georgia counties sue Trump for legal fees over failed vote fraud suits
The state says former US President Donald Trump’s legal actions were based on ‘unsubstantiated and frivolous claims’.
China claims to have ‘eradicated’ extreme poverty - but questions remain
In a bombastic ceremony, Chinese leader Xi Jinping declared ‘complete victory’ over extreme poverty but facts and figures were hard to come by.
- Opinion
- World politics
Super Mario will give Italy more sway in Europe
The new Prime Minister will put Europe and the US at the centre of his foreign policy – a marked shift from his predecessor, who had aligned Italy more closely with China.
Property
Sydney median auction house price hits record high
It’s reached $1.68 million in stunning activity across the city amid fierce buyer competition during a record month of clearance rates.
Housing boom lifts homemaker centre landlord Aventus
Visits to homemaker centres owned and operated by Aventus hit a record high of 44 million in 2020, benefiting tenants like Bunnings, Harvey Norman and JB Hi-Fi.
- Opinion
- Chanticleer
Stockland’s housing warning
Mark Steinert delivered his last profit result on Thursday after seven years as CEO of property group Stockland. He returned to a familiar theme - Australia’s poor track record in supplying land for detached housing.
Stockland reports strongest sales result in four years
The country’s largest diversified developer is confident in its ability to boost house-and-land production in response to demand from a sharply rising market.
Growthpoint trims distribution rate, launches buyback
Managing director Tim Collyer has pared back the interim distribution after adopting a more conservative payout ratio.
Wealth
- Opinion
- Sharemarket
Sony valuation ‘undemanding’ even after share gains
The multinational conglomerate is focusing on higher-margin and recurring sources of revenue, with content – music, movies and games – as the key driver.
- Opinion
- Flat Chat
Dogged determination leads to pet-friendly strata laws
Owners corporations in NSW will not be able to unreasonably deny permission for residents to have pets – just as soon as MPs have agreed on the definition of “unreasonable”.
Munger calls out Robinhood, other brokers for ‘dirty’ money
Warren Buffett’s business partner dismisses commission-free brokerages as gambling services.
Technology
Made in Melbourne customer data platform raises $33.5m
Lexer’s clients include Optus and Billabong, but it’s eyeing offshore growth.
Twitter’s new feature could earn you money
The subscription option could attract more influencers, who have become accustomed to earning revenue from their content on other platforms.
The massive challenge of regulating Big Tech
As countries take on the growing political and economic power of the tech giants, the focus is moving beyond breaking them up to tougher rules around privacy protection and ownership of data.
Work & Careers
The 150-year making of Netwealth
The Heine family has a long history of exploiting the zeitgeist. Now, they are in pole position to profit from the wealth management industry’s royal commission reckoning.
What it’s really like to ride shotgun with Elon
Robyn Denholm grew up working at her family’s Sydney petrol station. Now she’s back home steering Tesla from Australia, which she says could be a green energy superpower.
Life & Luxury
To avoid parental guilt, ‘do something’ one-on-one
The key to spending quality time with your kids is breaking free of the daily routines – and ditching their siblings, if you can.
How low can you go with your next phone?
Before buying Oppo’s new budget phone, the A15, you need to ask yourself some challenging questions.
Tesla’s electric evolution
Machine editor Tony Davis traces the history of the Tesla from 2008 to today – and beyond.
Health and wellbeing has given golf new focus, says R&A chief
Despite a torrid year Martin Slumbers is optimistic the game could be one of the winners from the pandemic.
Six reasons the new Genesis SUV deserves to succeed
Hyundai’s upmarket new contender pulls out all the stops in the red-hot sports utility vehicle market.
