Lex Greensill fights to save empire
The billionaire is considering options to rescue his global finance group after Credit Suisse stopped buying packaged invoices.
Accused minister to protest his innocence
The cabinet minister accused of committing a rape 33 years ago plans to out himself on Wednesday in a bid to clear his name and end the controversy paralysing the Morrison government.
ASIC sues REST Super for misleading conduct
The corporate watchdog has accused the $60 billion industry fund of misleading and deceptive conduct, alleging it tried to stop members transferring their savings to a better performing fund.
- Live
- Need to Know
‘Historic’: Merck sets aside rivalry to produce J&J vaccine
President Joe Biden is set to announce that drug maker Merck will help produce rival Johnson & Johnson’s coronavirus vaccine. Follow updates here.
- Analysis
- Monetary policy
RBA boss Phil Lowe demonstrates his dexterity
Reserve Bank boss Phil Lowe’s challenge now is to reassure financial markets, without locking himself into a rigid monetary stimulus framework.
- Opinion
- Chanticleer
Inside Yarra’s $20b deal to grab Nikko
Fund managers know how crucial scale is, but they’ve been slow to do much about it. Yarra’s Dion Hershan won’t be left behind.
Liberal MPs baulk at new aged care tax
Scott Morrison wants the option of a tax increase but would prefer stricter means-testing to help fund aged care.
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
- Electric cars
Origin to tap into ‘tipping point’ for EVs
The energy retailing giant is expanding its push into new energy and aims to get a jump on its rivals in the expected growth area of electric vehicle fleets.
How Greensill Capital makes its money
Credit Suisse’s decision to freeze purchases of Greensill’s supply chain finance securities has stopped cash coming in the finance group’s door.
Lex Greensill fights to save empire
The billionaire is considering options to rescue his global finance group after Credit Suisse stopped buying packaged invoices.
Rio Tinto hit with huge bill in latest tax dispute
Mining giant in fresh $406.5 million battle with tax office as it tries to rebuild reputation under new chief executive.
- Opinion
- Chanticleer
Clouds hang over Greensill’s future
Cheap and abundant capital has been crucial to Greensill Capital’s supply chain financing product. But where too much capital exists, risks will emerge.
More AUSTRAC bumper fines on the way, PwC warns
A financial crime specialist expects the regulator to hand down another monster fine anytime soon, this time for know-your-customer breaches.
Banks fight fire from small business over payments merger
The chairman of the Australian Payments Council says board representation for payment users is being considered as banks pledge to maintain Eftpos services.
Markets
- Analysis
- Interest rates
Lowe gives first signal more QE is coming
A third round of quantitative easing is all but locked in for later this year, but RBA governor Philip Lowe has shown he will not be pushed into perpetually increasing the size of its bond purchases.
Yarra to become $20b fund manager after striking Nikko deal
Yarra will also revive the Tyndall brand after agreeing to acquire Nikko Asset Management in Australia. Dion Hershan will become executive chairman and the enlarged group is seeking a new boss.
RBA holds nerve on rates, bond buying
The central bank has held the cash rate at 0.1 per cent but has brought forward some bond buying to restore functionality to the market.
ASX falls 0.4pc as bond yields rise after RBA meeting
The Australian sharemarket closed lower on Tuesday, extending a volatile run on the local bourse, with domestic bond yields rising once more following the Reserve Bank of Australia’s meeting.
Rate hikes a ‘disaster’ for markets: Douglass
Magellan chairman Hamish Douglass warns equity markets face a huge reckoning if central banks lift interest rates following an outbreak of inflation.
Opinion
Accused minister’s only option is standing up
How can the cycle of escalating rumour and paralysis in Canberra be snapped? The minister could stand up and reveal himself - which is not the same as standing down or standing aside,
Editorial
Accused’s future in politics is devastated no matter what
The minister’s future in politics is devastated no matter what he says, no matter how passionately he defends his innocence, no matter what ‘process’ is in place.
Columnist
The Prime Minister’s silence is nothing short of insulting
Scott Morrison shared the stage with sexual abuse survivor Grace Tame. Now he needs to take a leaf out of the Australian of the Year’s book.
Contributor
His anonymity tenuous, accused minister should out himself
It took me 10 minutes to confirm the identity of a cabinet minister accused of raping a woman 33 years ago.
Senior correspondent
China’s vexing debt issue
As the Chinese political elite prepare to gather in Beijing, there have been two conspicuous warnings on the country’s lingering debt problem.
Columnist
Retirees can afford to pay for aged care. Workers can’t
It would be odd if grandparents left tax-free inheritances to their adult children while their grandchildren pick up the extra aged care tax bill while struggling to pay for homes and to raise families.
Senior writer
Politics
Liberal MPs baulk at new aged care tax
Scott Morrison wants the option of a tax increase but would prefer stricter means-testing to help fund aged care.
Aged care a test for the country
The eight-volume final report of the royal commission into the nation’s troubled aged care sector shows major reforms are needed to make the system work well.
Stop the penalties for first tax offences: Kate Carnell
The tax ombudsman says the Tax Office should permanently end its heavy-handed approach to debt collection from small businesses.
Police and big tech clash on new digital warrants
The government is proposing three new digital warrants for law enforcement, but the proposed changes are not without controversy.
Fresh border battle over McGowan’s plan to keep restrictions
The WA Premier says he wants to stop drugs such as methamphetamine entering his state but the federal government argues Australia is a united country.
SPONSORED
World
Team Australia blitz to help Cormann win OECD top job
Former finance minister Mathias Cormann is in a two-horse race to become head of the economic policymaking body.
Chinese-Australians note rise in discrimination
The Lowy Institute polled 1040 Chinese-Australians in November against the backdrop of rising political tensions between the two countries and public criticism of Beijing’s early handling of the coronavirus pandemic.
China aims to vaccinate 560m people by July
The ambitious target to inoculate 40 per cent of its people means the world’s most populous country will have to pick up the pace, as only 3.5 per cent have been vaccinated so far.
- Analysis
- Myanmar coup
In Myanmar, ASEAN faces its biggest diplomatic challenge in decades
To stay relevant, the regional grouping has to work out how to manage the newly installed military regime in Myanmar.
Former 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.
Property
Outgoing Steinert further boosts Stockland data
The country’s largest diversified developer says data is the new oil and wants to secure its supply of it.
Slow steps: workers trickle back to CBD offices
The latest occupancy rates for CBD offices show there is still a long way to go to fully reactivate the country’s commercial centres.
NorthWest open to higher bid for Australian Unity fund
NorthWest has slammed Australian Unity’s blank refusal to engage further with its $2.3 takeover offer for a healthcare real estate fund it runs as inexplicable and unreasonable for the investors.
Roc Partners would be ‘delighted’ to have Costa as a tenant
The private equity firm says it is making progress on a binding takeover proposal for Vitalharvest after Thursday’s unitholder vote on Macquarie Infrastructure’s offer was put on hold.
Property demand swamps supply, drives up prices
Home buyer demand is swamping supply, leading to predictions that the stock shortage will continue, underpinning continued strong national price rises.
Wealth
Woolworths, Afterpay and Stockland are still key picks
Analysts like the outlook for the grocer, point out rising competition for the buy now, pay later leader and say residential settlements will buoy the property developer.
- Opinion
- SMSFs
Do the maths before SMSF rejig
Tempted to change plans thanks to the new $1.7 million transfer balance cap? Be sure this suits your financial circumstances.
- 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?
Technology
- Exclusive
- Funding
Karbon scores $US10m from software investor Five Elms
Practice management accounting software start-up Karbon says Australian entrepreneurs often fail to crack the US market because they treat it homogenously.
Whispir pushes back profitability plans in favour of growth
Customer communications software company Whispir’s $45.3 million capital raise was oversubscribed and closed in just a few hours.
China charges ahead with national digital currency
Unlike cryptocurrencies, digital currencies such as the electronic yuan aim to centralise control over the use of money, making governments powerful again.
Work & Careers
Is remote working damaging young women’s careers?
Remote working has proven challenging for young women of colour who are struggling to network and find their feet in the workplace.
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.
Life & Luxury
‘Music moved forward because of Michael’: Gudinski remembered
The man dubbed the father of Australia’s music industry, who has died at 68, founded at least two of its cornerstone companies.
A double header for motoring enthusiasts
Two events in Sydney from March 4 to 7 demonstrate the contraries in the vehicle collector scene.
Zero alcohol trend a winner for McGuigan
Beer giant Heineken paved the way on the no alcohol front and the CEO of Australian Vintage says it’s accelerating fast in wine.
The chef with three Michelin stars and 20,000 cancellations
Core restaurant’s Clare Smyth, the first British woman to be awarded that accolade in her own right, saw her moment of triumph turn into a battle for survival.
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.
