Greensill considers insolvency after Credit Suisse fund freeze
Greensill Capital is reportedly considering filing for insolvency after Credit Suisse Group froze $US10 billion ($12.9 billion) worth of investment funds that the trade finance firm had relied on as buyers of the debt securities it issues.
- Opinion
- Global economy
The end of the party looms for markets high on stimulus
The risk is that inflation resurfaces, and bond yields rise more sharply than anticipated, overwhelming the rise in earnings during a recovery. The impact could easily end the rally of 2020.
Klarna raises another $US1b to take on Afterpay
One of Afterpay’s and Zip’s biggest competitors in the United States, CBA-backed Klarna, has raised a further $US1 billion as the land grab to sign up American merchants for buy now, pay later accelerates.
- Live
- Markets Live
ASX gains ahead of RBA meeting
Local stocks open higher following a strong lead from Wall St. Mesoblast completes $138m private placement; RBA convenes to decide on rates. Follow the latest updates here.
- Live
- Need to Know
Turnbull calls for inquest into the death of alleged rape victim
Former prime minister Malcolm Turnbull has called for an inquest into the death of a woman who alleged she was raped in 1988 by a man who is now a member of the Morrison cabinet. the Victorian mental health system runs in ‘crisis mode’, an inquiry has found finds; Victoria reports no new virus cases. Follow updates here.
Ex-French president Sarkozy sentenced to jail for corruption
The conviction was the culmination of one of the long-running legal entanglements that are coming to a head for Nicolas Sarkozy who led France from 2007 to 2012.
- Analysis
- Bitcoin
Crypto price risks collapse on real world vaccines
Mark Carnegie’s conclusion as a widely respected investor that crypto is a vaccine against another collapse in the financial system will shock old-school investors, although risks remain around the bitcoin price drifting back to earth.
The untold story of how two university friends hatched the perfect crime only to be undone by the desire for more.
THE SURE THING PODCAST
Listen now: The Sure Thing episode 2
Lukas Kamay used yet-to-be released government economic data to place bets in the foreign exchange market, turning $10,000 into $7.8 million. New episodes every Monday 6am.
- Exclusive
- The Sure Thing
ABS insider trader was ‘susceptible to blackmail’
Chris Hill failed an Australian government psychological evaluation before he began passing confidential information to his university friend, Lukas Kamay.
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.
- Exclusive
- The Sure Thing
How Facebook helped crack an insider trading scam
Cameras installed around NAB’s dealing captured currency trader Lukas Kamay taking his desk phone off the hook, picking up two mobile phones and heading for the bathroom just before the release of key data from the ABS.
From Oxford to the jailhouse, journey of a criminal scholar
Clinton Free has spent much of the last decade traipsing through prisons in Australia and the United States trying to understand what motivates white collar criminals and how they rationalise their behaviour.
The untold story of how two university friends hatched the perfect crime only to be undone by the desire for more.
Companies
- Exclusive
- Consulting
Accenture splashes out on two specialist firms
The consulting giant has purchased the firms – in supply chain advice and leadership training – to move into high-demand areas and strengthen its relationships with senior executives.
Bassat’s billion-dollar plan for dominance
The Seek co-founder is stepping back from the demands of running a publicly listed company to lean into his plans to make its venture capital arm, Seek Investments, a billion-dollar giant.
Setback for BHP and Rio Tinto at US copper project
Resolution Copper project in Arizona will require further consultation with traditional owners after regulators reversed an approval stage awarded in January.
ASIC hits Commsec over systemic failures
Commsec and CBA’s white label provider of trading services, AUSIEX, are alleged to have breached market integrity rules and the Corporations Act, with Commsec also alleged to have breached the ASIC Act.
Ex-Deloitte consulting chief Kaylene O’Brien to head Capgemini
The veteran consulting is now the managing director for the technology consulting firm in Australia and New Zealand.
Farm production to hit record $66 billion
Farmers’ income has bounced back as they rebuild herds and prepare for more not-so-rainy days.
Coles, Woolworths shares fall as price war fears grow
Coles may need to invest more in cutting prices to boost foot traffic and wrest back market share from Woolworths, IGA and Aldi, analysts say.
Markets
- Opinion
- Chanticleer
‘Frenzy of activity’: Why the RBA needs house price to rise
HSBC chief economist and 12-year RBA veteran Paul Bloxham says the central bank will view the upswing in economic activity as evidence monetary policy is working.
- Analysis
- Shares
RBA puts heat on ASX over trading monopoly failures
The ASX’s technology failures were a prickly talking point when chief executive Dominic Stevens and its departing chairman were grilled by Reserve Bank governor Philip Lowe and senior regulators in early December.
ASX to rise, Dow up 600 points, Nasdaq surges
Australian shares are to rise near 1pc at the open as techs powered Wall Street higher. Nasdaq up 3pc. RBA policy meeting on agenda. $A leaps.
Bond market carnage not over yet
The bond market appears set to sustain more damage, notwithstanding Monday’s rally, although future selling won’t be as wild as February’s surge in long-dated yields as the tussle between investors and central banks rages on.
- Explainer
- Bonds
All your bond market questions answered
The RBA has doubled the value of bonds it buys to $4 billion a day. Why is the RBA doing this, why is the bond market important, and what does it mean for stocks?
Opinion
Why I stopped worrying and learnt to love crypto
What can you do to protect against the real risk to savings when every country is printing currency as fast as the presses will go?
Contributor
Aged care fix is more self-funding, not tax hikes
Fixing the aged care system requires dealing with the politically contentious issue of drawing on housing wealth to pay for better aged care services.
Editorial
Frydenberg needs to think long term with super
Treasurer Josh Frydenberg’s plan to allow people to access their super savings for a house deposit will throw further fuel on the raging property conflagration.
Columnist
FOMO returns to Australian property market
Prospective buyers are turning up in droves to bid at auctions and house prices are rising rapidly. But the Reserve Bank and the Morrison government are not worried – yet.
Columnist
New buy now, pay later code puts huge investor value under question
Afterpay has spent years trying to convince regulators to give it a wide berth; the quid pro quo has just arrived via a code of conduct.
Senior Reporter
WA Liberals risk irrelevance for the foreseeable future
The Liberals are looking at a further two terms in opposition, with Premier Mark McGowan’s deft handling of the pandemic firming up as a factor in elections.
Contributor
Politics
PM mulls aged care tax
The government is contemplating either a tax increase or compelling greater use of retirement savings to meet a multibillion-dollar aged care challenge.
Cormann enters one-on-one battle with European rival to run OECD
A win for the former finance minister would deliver a major boost to the Morrison government’s international standing and its foreign policy agenda.
Jobs, housing and profits lift GDP estimates
Job advertisements have now hit their highest level since October 2018, while the latest corporate profit figures indicate the December quarter GDP will be stronger than previously expected.
States in the dark on vaccine rollout: Berejiklian
Australian business lays out a three-stage plan out of the pandemic as NSW calls for more information from the federal government on the vaccine rollout.
- Exclusive
- Defence spending
Submarine skills training suffers as Naval Group cuts costs
A plan to send 150 welders to France for specialist training has been scaled back. Instead they will learn on simulators.
SPONSORED
World
Brutal crackdown puts pressure on Australia to punish Myanmar’s junta
The Morrison government is lagging other countries in imposing sanctions against coup leaders, human rights advocates say.
Protesters rally outside Hong Kong court after latest crackdown
Hundreds rallied outside a Hong Kong court on Monday to support 47 pro-democracy figures charged with subversion as the political heat rises in the city.
China’s factory activity slows for third straight month
China’s factory activity was weaker than expected in February despite a shorter Lunar New Year holiday.
- Opinion
- Coronavirus pandemic
Global vaccination a jab in the dark in some developing economies
Because Asian states have largely done a good job containing COVID-19, they may not face the same immediate pressures for widespread vaccination campaigns.
Iran rejects offer of direct talks with US on nuclear deal
The decision is a blow to the Biden administration, which had said it would attend talks with Tehran under EU auspices in a bid to revive the multi-party accord.
Property
Trump family mansion next to Mar-a-Lago on sale for $US49m
It features an oceanfront balcony, pool and library and was bought for $US18.5 million in 2018 by a limited liability company controlled by Donald Trump.
‘Extraordinary’: Property values rise at fastest pace in 17 years
Property values rose at their fastest pace in almost 17 years in February, as the combination of ultra-cheap credit and low stock levels puts Sydney and Melbourne on track to hit new record highs.
Frasers secures big logistics group for Melbourne estate
Logistics provider efm will streamline its Melbourne operations from two existing facilities in Dandenong South into the new warehouse.
Healthcare funds circling $85m private hospital and hotel project
The integrated healthcare project will incorporate over 5300 square metres of medical space and an 81-room hotel for patients and their families.
‘An eyesore’: high-profile opponents slam Dexus’ $2b Brisbane tower
The proposed $2 billion redevelopment of Eagle Street Pier in Brisbane’s CBD has ruffled the feathers of some well-known local residents.
Wealth
- Opinion
- Inflation
The great reflation trade in global bond markets
How should central banks respond to the surge in rates and are there any circuit-breakers that could stall – or reverse – the recent rate rise?
- Opinion
- Commodities
Resources stocks much further to run in commodities supercycle
In the last two commodities bull markets, major global resources companies rose four- to five-fold, far outstripping the broader share markets.
- Opinion
- Careers
To get really rich, choose the right job (and property)
First, get into a line of work that’s hard to get into, particularly if the people in that sector are the ones setting the rules for entry. Then invest wisely.
Technology
Hackers put stolen NSW government data up for sale
The hacking group Clop has put up previews and screenshots of stolen data from Transport for NSW.
- Exclusive
- Digital transformation
PE firm’s 300pc tech company transformation
A year on from Quadrant Private Equity’s acquisition of beleaguered tech services company Arq Group, it has banked a bumper increase in earnings.
- Exclusive
- Funding
HR tech firm raises $45m amid remote working boom
Employment Hero has been valued at more than $250 million after a new funding round led by SEEK. It accelerated its international expansion in the pandemic.
Work & Careers
Aged care workforce needs higher pay and better education
The royal commission has made 148 wide-ranging recommendations including residents getting daily minimum staff time, and professionalising the workforce through more education, better training, and higher wages.
Union, business deal means retailers avoid part-time penalties
More than a million part-time retail workers will be able to work extra shifts without the business incurring penalty rates, under a historic deal between business and the unions.
Life & Luxury
If you don’t crash, you’re not trying, says bike-mad boss
Barco managing director Claudio Cardile owned six motorbikes last year; now he’s down to two. He says riding up to 800 kilometres a week is his meditation.
- Opinion
- Food & drink
How the new McDonald’s chicken sandwich ranks against rivals
The much-heralded offering from the Golden Arches turned out to be our least favourite of the bunch. Here’s why.
Monet, Renoir set to draw NGV crowds
The National Gallery of Victoria is turning to French art legends Monet, Degas and Renoir for a major winter exhibition the gallery hopes will bring back big crowds.
- Opinion
- Review
For the posh, Bentley’s new V8 Flying Spur is woke
Bentley’s first V8 sedan saves on fuel and emissions while sacrificing neither performance nor prestige. It could just use a bit more pizzazz.
Top city hotels drop prices by up to 50pc
Always fancied a room overlooking Sydney Harbour, Melbourne’s CBD or Brisbane River? There’s never been a better time to book an urban stay.
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