- Live
- Markets Live
ASX rises; GDP grows 3.1pc in Q4
The Australian sharemarket has risen at the open; Mike Sneesby appointed new Nine Entertainment boss; Tesla founder Elon Musk slams bitcoin; Rio chairman Simon Thompson will exit the board in 2022. Follow the latest here.
‘Deep regret’: Rio chairman to exit over Juukan Gorge
Rio chairman Simon Thompson has bowed to pressure and will leave the mining giant, saying he was “ultimately accountable” for the “tragic events” at Juukan Gorge. Director Michael L’Estrange will also step down.
Stan boss Mike Sneesby appointed Nine CEO
The boss of Nine-owned streaming platform Stan, Mike Sneesby, has been appointed the successor to Hugh Marks as chief executive of Nine Entertainment.
- Live
- Need to Know
NSW in dark on vaccine roll out
The NSW Premier says they do not even know which aged care homes have received coronavirus vaccines. Australia has bounced back from recession with GDP growing by an unexpectedly high 3.1 per cent during the fourth quarter. The federal cabinet minister facing rape allegations from 33 years ago plans to speak sometime around 1.30pm. Follow updates here.
Financial regulators monitor surging house prices
Financial regulators are closely monitoring the recent jump in house prices and are ready to clamp down on property lending if banks take on too much risk.
Greensill nears asset fire sale as survival struggle intensifies
The potential sale would still lead AFR Rich Lister Lex Greensill’s beleaguered finance firm to seek insolvency protection in Australia.
Barrenjoey snares senior Citi trader
Barrenjoey Capital has added a two decade Citi veteran and managing director to its equities desk.
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
![](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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
![](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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.
![](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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
- Manufacturing
![Freedom Foods is stripping out the lactoferrin ahead of processing UHT milk, which a whistleblower alleges is breaking the Food Standard Code.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
Freedom Foods is milking it
A whistleblower has raised concerns that Freedom Foods may be breaking the Food Standards Code over its production process of its UHT milk at its Shepparton factory in Victoria.
- Exclusive
- Consulting
![Global Head of Ashurst Consulting Jamie Ng.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
Deloitte, PwC partners join law firm’s consulting business
Ashurst now has six partners and 50 professionals offering board and risk management consulting services.
![Chris Nave, Brandon Capita MD, wants bureaucratic red tape removed to get drug development moving faster.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
Remove red tape to speed new drugs to market - MRCF
Brandon Capital’s Chris Nave manages the $700 million MRCF says the rapid pace of the COVID-19 vaccines has proved the world can supercharge development times.
- Opinion
- Chanticleer
![Yarra Capital’s Dion Hershan says scale is crucial in a consolidating Australian market.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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.
- 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.
Credit Suisse lent Greensill $US160m in October: FT
The Swiss bank lent Greensill Capital $US160 million ($205 million) in October, extending the link between the two firms, the Financial Times reported.
Lex Greensill fights to save empire
The billionaire is considering options to rescue his global finance group after Credit Suisse stopped buying packaged invoices.
Markets
![Value investing has returned to favour.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
Why everything is coming up value
The sharp rise in bond yields driven by expectations of an economic recovery could spark the beginning of a sustained value rally, as asset allocators increase their exposure to value-oriented markets and sectors in a bid to hedge against inflation.
- Opinion
- Cryptocurrencies
![Bitcoin has crossed over into religion territory, with a belief in a supernatural power, the concept of sin, a method of salvation, central myths and narratives, ritual, and even material expressions.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
Coinbase is a $US100b crypto cult
We know what happens when you threaten people’s religion - people die over this stuff.
![US investors appeared content to catch their breath.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
What happened in markets overnight
Australian shares are set to rise at the open, though gains could be checked as US stocks reset lower after the previous session’s surge. $A higher.
- 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.
- 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.
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
![Scott Morrison’s government has been paralysed by historic rape allegations against a cabinet minister.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
Accused minister to out himself, and protest his innocence
The cabinet minister accused of rape 33 years ago is not expected to relinquish his portfolio.
![Drive-in testing in Sydney.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
How 15-minute tests could prepare Australia for third wave
Although less accurate than standard swab tests, rapid COVID tests that report in 15 minutes could be very useful should Australia be hit by a third wave.
![Prime Minister Scott Morrison delivered the royal commission into aged care’s report on Monday.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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.
SPONSORED
World
![Amazon’s original and amended logo.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
Amazon tweaks its new logo after people compare it to Hitler
Some saw the German dictator’s moustache in the tech titan’s fresh branding, so the company made it less appendage-like.
![3LAU has even started his own digital currency $RAC on the Ethereum blockchain.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
Musician 3LAU’s world-first crypto albums make $15m in a day
The electronic dance music producer has sold 33 digital albums on his own custom-made digital-token auction site. One song sold for more than $5 million.
![Karen Seymour in 2004.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
Goldman’s chief lawyer leaves as senior exits grow at bank
Karen Seymour, famous for prosecuting Martha Stewart and keeping executives out of trouble, will be replaced by former Obama White House counsel Kathy Ruemmler.
Musk’s Putin Clubhouse invite a ‘misunderstanding’, says Kremlin
Tesla CEO Elon Musk tweeted in English and Russian to the Kremlin’s Twitter account, asking President Vladimir Putin to join him on the social media platform.
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.
Property
![Data is the new oil: Mark Steinert.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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.
![The latest office occupancy survey has found little growth in the number of workers returning to offices in February across most Australian CBDs.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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.
![](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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 has arguably been the major beneficiary of heightened spending in stores and the shift to online shopping.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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 sells cloud-based software to predominantly small and mid-tier accountants to help them run their firms.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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 chief executive Jeromy Wells had to scale back institutional investors in the company’s new capital raise.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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 is far down the road with its digital currency efforts.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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
![Executives who fail to delegate can also find it harder to retain staff, who quickly become demoralised.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
Can’t let go of the reins? Here are four tips for delegation
A failure to delegate is the skill most lacking among executives and it’s holding them back from running a better business and building a better career.
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.
Life & Luxury
![Michael Gudinski, music industry mogul, has died at 68.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
‘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.
![Tamar Braxton of “Under Construction” recommends
“Good Words with Kirk Franklin”.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
36 podcast stars recommend their favourite shows
The voices in your ears, including Tamar Braxton and Bowen Yang, share their picks, from how to build a business empire to creating magic out of economics.
![The Auto Brunch will be held in scrappy parklands to Sydney’s north.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
A double header for motoring enthusiasts
Two events in Sydney from March 4 to 7 demonstrate the contraries in the vehicle collector scene.
![McGuigan Wines’ new zero-alcohol range.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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.
![‘Potato and Roe’ by Clare Smyth, who has started a home-delivery service. The basic menu costs £350 ($627) for two.](/web/20210303003523im_/https://www.afr.com/assets/bea33247.gif)
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.