MinterEllison boss faces revolt over Porter email
The head of Australia’s largest law firm is facing an internal revolt after sending an email to staff that criticised a senior partner who is acting for Attorney-General Christian Porter.
Beijing sets 6pc growth target in market surprise
China’s top leaders have gathered in the Great Hall of the People in Beijing to outline their plans for the country’s economic recovery - surprising markets with a bold growth forecast and signalling the crackdown on Hong Kong’s pro-democracy movement will intensify.
- Opinion
- Bonds
Bonds blow up equity market – again
The assumed defensive hedge of fixed-rate bonds against equities has broken down, forcing investors to consider other options, writes Christopher Joye.
How the Greensill empire was brought down
Skittish insurers, wary fund managers, a suspicious regulator and a sceptical press created a pile of tinder that only needed a few sparks to start a fire.
- Live
- Need to Know
PM ‘very confident’ Porter, Reynolds will stay in cabinet
Scott Morrison is standing by his embattled ministers; Sex discrimination commissioner Kate Jenkins will lead an independent review into workplace culture at federal parliament; WA to hold a royal commission into Crown Resorts. Follow updates here.
- Live
- Markets Live
ASX falls; Afterpay, Zip lead tech losses
The Australian sharemarket is trading lower; Fed chair Powell offers no answers to bond sell-off; OPEC+ will extend its production cuts through April; WA has launched a royal commission into Crown Resorts. Follow the latest here.
WA launches Crown royal commission
Premier Mark McGowan, a week before he faces voters, upgraded an existing inquiry to provide greater legal protections to witnesses.
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
Gupta’s GFG stops payments to Greensill
Sanjeev Gupta’s GFG Alliance has stopped making payments to Greensill Capital, the ailing finance group that helped transform the former commodities trader into a leading player in the global steel industry.
CEO exits as Cleanaway battles ACCC on Suez
Controversial CEO Vik Bansal officially bows out at the waste group as it attempts to become even bigger.
China door opens for natural skincare group BWX
The Chinese agency that regulates drugs and medical devices says imported ordinary cosmetics will now be exempt from animal testing, opening the door to the $85 billion beauty market.
Coal in firing line in fast-tracked energy transition
Several coal power plant closures are possible in the next decade as state governments force the pace of change in the electricity market, the energy market operator has warned.
Rio’s threat sends boss of Mongolian mine venture packing
Oyu Tolgoi is the miner’s flagship growth project but has increasingly become a headache for it as costs spiral.
- Opinion
- Chanticleer
Local fundies dodge Greensill insolvency
Greensill Capital’s move to the brink of insolvency coincides with investors in global markets rethinking the merits of high-growth stocks with fantastic valuation multiples.
Google deal ‘just the end of the beginning’: News Corp boss
Robert Thomson says working with Google is helping the media company understand what content of the future should look like.
Markets
Yields surge as Fed stokes bond rage
Bond yields shot higher after Federal Reserve chairman Jerome Powell implied that the central bank may have reached the limits of monetary policy expansion.
- Opinion
- Globalisation
The COVID-19 bubble is heading for a hard landing
The US Federal Reserve is now a prisoner of the forces it has unleashed. The COVID-19 bubble will crash in a stagflationary bust, writes Nouriel Roubini.
Buy, hold, sell: Three outstanding results and two shockers
Simon Shields from Monash Investors and Michelle Lopez from Aberdeen Standard on Pinnacle. It’s a new Magellan. It can’t do anything wrong. Buy, hold, or sell?
AFR appoints Economics editor
Senior writer John Kehoe has been appointed Economics editor of The Australian Financial Review.
Powell says ‘disorderly’ market conditions would concern him
The Federal Reserve chairman’s comments failed, at least initially, to assuage investors as US government bonds extended their losses.
Opinion
The COVID-19 bubble is heading for a hard landing
The US Federal Reserve is now a prisoner of the forces it has unleashed. The COVID-19 bubble will crash in a stagflationary bust.
Contributor
After the show trial, there’s no way to know the truth
All sides are playing politics with the allegations against Christian Porter. And an independent inquiry can never tell us what really happened.
Political editor
Morrison defends rule of law over the tribe
Scott Morrison is arguing that the rule of law is fundamental to the proper functioning of liberal democracies such as Australia. But the political pandemic is overwhelming that logic.
Columnist
Big super’s sense of entitlement
The way REST feels entitled to the money of so-called ‘members’ spotlights the governance and other problems in the default superannuation system.
Editorial
Greensill on the brink
That the supply chain finance company is on the brink suggests it might be better if companies just paid their bills on time.
Editorial
Sluggish start in race to hit vaccine rollout target
The arithmetic shows that if 20 million adults are to be vaccinated by late October, Australia will have to set a world-leading pace of daily injections.
Contributor
Politics
- Analysis
- Aged care royal commission
Why royal commissions don’t always solve the problem
The split among the aged care commissioners has raised questions about the effectiveness of royal commissions to find solutions to complex policy issues.
Aged care tax killed off
Josh Frydenberg says growing the economy is the best way to fund a multibillion-dollar overhaul of the elderly accommodation sector, all but ruling out a new hit on taxpayers.
Alleged victim’s family seeks inquiry as PM stands firm
The family of a woman allegedly raped in 1988 has requested an inquiry into their daughter’s death. The government believes a coronial inquest will suffice.
Liberal governments outspend Labor on COVID-19 stimulus
Liberal-led governments are the largest contributors to $327 billion spent in COVID-19 stimulus as they ditch long-held fiscal restraint and outspend Labor.
For Porter, Lego beats the High Court
Christian Porter chooses Lego over the High Court and the Victorian Bar in splitsville with the profession’s peak body.
SPONSORED
World
EU to extend vaccine controls that scrapped Australian exports
The move comes after Germany’s vaccine regulator extended its approval for the AstraZeneca vaccine.
Major quakes rattle New Zealand
Auckland residents have been told to stay away from the coast after a series of big offshore earthquakes raised fears tsunami waves would hit the country.
Greensill’s demise shines spotlight on British government ties
With links to former British prime minister David Cameron, the Australian financier Lex Greensill was close to the UK’s corridors of power.
Italy blocks AstraZeneca vaccine export to Australia
The veto of 250,000 doses has drawn the Morrison government further into Europe’s outbreak of inoculation nationalism.
Why Russians still choose Putin’s stability over Navalny’s revolution
In the run-up to Russia’s parliamentary elections, resistance to change isn’t just about simple economic self-interest.
Property
Tradie shortage leaves renovators waiting up to two years
Homeowners planning to renovate may have to wait until next year to get their projects started and risk paying a premium, as the shortage of skilled tradies looks set to worsen.
Missing executive’s Mosman home goes to auction for $10m
iProsperity co-founder Harry Huang’s four-bedroom residence near Sydney’s Chinamans Beach is set to sell at a loss, given he paid $11.4 million for it in 2017.
Rich Lister family sells Byron pub to focus on resort
The time is right – the Rich List Flannery family is selling its Byron Bay pub, The Sun Hotel, to focus on running the booming Elements of Byron resort.
Former Morgan Stanley exec snares discounted Torquay golf resort
Former Morgan Stanley Wealth Management vice president Jack Dahan acquired The Sands hotel and golf course at Torquay for $12.8 million; it previously sold for $23m in 2017.
Builders get more say with clients who don’t pay
Changes to NSW payments legislation will make it harder for home owners to withhold payment from their builder.
Wealth
Money traps to avoid when moving back to Australia
Here’s what to add to your financial checklist if you’re an expat returning home.
- Opinion
- Strata
Apartment builds are crumbling while townhouses are on the rise
Problems with high-rise buildings and the need for space because of COVID-19 are drawing dwellers to bigger strata spaces.
- Opinion
- Sharemarket
Carbon capture technology for a clearer future
There is big potential in delivering a CCS system that works, is reliable and helps bring net emissions to zero. This is how some ASX-listed companies are progressing.
Technology
Revealed: Data centre rivals funded ASPI report into market giant
A report by influential Canberra think tank ASPI is at the centre of a secretive lobbying effort against Australia’s largest data centre operator.
Australia’s app economy adds 20,000 jobs
Job postings also show that Bankwest, Commonwealth Bank, Zip, CBRE, Nine and Accenture are all on the hunt for more software engineers.
Google baulks at proposed online safety bill
The search giant’s local branch says shorter timeframes to remove harmful content could result in the company pulling offline whole websites to meet deadlines.
Work & Careers
‘Mix of pain and pleasure’: MBA students battle through pandemic
In-person classes at Australia’s top business schools have been cancelled, ending the networking MBAs are prized for.
How to change jobs in a pandemic
Job seekers have been forced to get creative and experts agree there are opportunities out there for those prepared to go to market. Here are their top five tips on changing careers in a pandemic.
Life & Luxury
The drag queen with business smarts
Despite her tongue-in-cheek name, Mardi Gras co-host Courtney Act is no joke, with a career shaped as much by financial nous as her commitment to diversity.
Porsche adds more spacious Taycan to put heat on Tesla
The Cross Turismo version will go on sale in the third quarter of this year and prices in Germany will start at 93,635 euros ($145,150), the car maker says.
Britney Spears doco casts a harsh light on the law and media
For more than a decade the pop star has been controlled by her father. The theme is ancient: the disempowerment of a woman on the ground of mental instability.
Vintage finds its va-va-voom
Given a boost by the pandemic-induced flight to online, virtual sales of preloved treasures are enticing the chic and socially aware.
How Heathcote’s vineyards are adapting to climate change
Altered conditions have spurred winemakers in the region famous for its shiraz to plant new grape varieties, adapt their viticulture and tweak production techniques.
