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Sanjeev Gupta’s GFG Alliance 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, according to people briefed on the move.
- 1 hr ago
- Michael Pooler, Robert Smith and Sylvia Pfeifer
Ironbark Zinc taps Everblu, Morgans for raising
ASX-listed Ironbark Zinc landed in front of resources fund managers on Friday morning, raising money for a feasibility study at its Greenland zinc project.
- 1 hr ago
- Sarah Thompson, Anthony Macdonald and Tim Boyd
AFR appoints Economics editor
Senior writer John Kehoe has been appointed Economics editor of The Australian Financial Review.
Retail Zoo renegotiating debt after profit slump
Profits at Retail Zoo’s holding company slumped after it was forced to close stores and shift to a take-away only model for several months.
- Sue Mitchell
Online marketplace taps demand for Australian-made
Buy Aussie Now started as an Instagram page a year ago and is now a thriving online marketplace selling Australian-made and owned goods.
- Sue Mitchell
Yancoal’s Chinese backers want to invest more in Australia
Yancoal chief David Moult says his Chinese state-owned backers want to invest more in Australia despite diplomatic tensions curbing Chinese inbound investment.
- Peter Ker
Opinion & Analysis
Myer has a big city problem
Myer’s CBD stores account for 30 per cent of earnings. Restrictions on tourism and remote working are likely to weigh on the group for some time to come.
Columnist
Coal plant threat may risk ‘Texas moment’ for NEM
Last month’s power crisis in Texas is expected to drive a reassessment of risks in Australia’s electricity supply system, including the possibility of early shutdowns of coal power plants.
Senior resources writer
Greensill learns the oldest lesson in finance
From the outside, it seemed Greensill’s edge was its willingness to lend a lot of money to just a few. As venture capitalist Bill Gurley said, “there’s no industry in the world with lower barriers to entry than lending money”.
Senior reporter
A greener China means cleaner steel
Public infrastructure spending, and emission targets, will determine the earnings trend for local steelmakers.
Contributor
Companies in the News
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Featured
How Facebook and Australia became friends again
Remembering the tortuous dealings of the National Energy Guarantee, Josh Frydenberg was determined to reach a better outcome in his negotiations with Mark Zuckerberg. But it came down to the wire.
- John Kehoe
New stadiums or recycle tin sheds? Brisbane Olympics face costly choice
Olympics officials are keen to burnish the movement’s image by promoting stadium reuse, but the host city’s politicians will argue for an upgrade.
- Michael Bleby
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.
- Angus Grigg
More From Today
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.
- Duncan Hughes
Yesterday
MinterEllison CEO ‘triggered’ by Christian Porter
Society has taken leave of its senses when the mob bays for an inquiry into criminal allegations that cannot ever be proven.
- Joe Aston
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.
- Cynthia O’Murchu, Jim Pickard, Arash Massoudi and Robert Smith
Suez trash is Cleanaway treasure; Veolia threatens to scupper deal
The champagne is still on ice at ASX-listed Cleanaway Waste Management.
- Sarah Thompson, Anthony Macdonald and Tim Boyd
Brookfield not done with car transport business Autocare
Investors could be hoping to stay behind the wheel of a restructured, fit-for-purpose operation.
- Sarah Thompson, Anthony Macdonald and Tim Boyd
Newmark works to cornerstone $140m hardware IPO
Decade-old real estate manager Newmark Capital is looking to raise as much as $140 million for its hardware property spin-off, the Newmark Property REIT.
- Sarah Thompson, Anthony Macdonald and Tim Boyd
TPG stares at perfect 10 for Novotech
Hong Kong listing could prove a home run for Asia fund investors and the private equity firm’s Australia boss.
- Sarah Thompson, Anthony Macdonald and Tim Boyd
Insurer fired staffer who signed Greensill contracts
Court documents released on Thursday reveal one of Greensill’s insurers, the Bond & Credit Company, launched an investigation last year into the relationship between one of its employees and Greensill Capital.
- Jenny Wiggins and Hans van Leeuwen
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.
- Michael Pelly
Porter should face inquiry, say lawyers
Leading lawyers say there should be an independent inquiry into rape allegations against Attorney-General Christian Porter.
- Michael Pelly
Tehan leans on states to help replace JobKeeper for tourism
As the tourism sector grows increasingly agitated over the end of JobKeeper on March 31, Federal Tourism Minister Dan Tehan has urged states – and the nation – to step up.
- Fiona Carruthers
Myer CEO eyes return to dividends
Myer CEO John King lifts hopes for a dividend as wage subsidies and rent waivers offset the impact of store closures and weak CBD traffic.
- Updated
- Sue Mitchell
Cleanaway pursues Suez Australia in $2b-plus deal
Australia’s biggest waste management group wants to get bigger, but the ACCC will have a say in the latest deal in a potential shake-up of the industry.
- Updated
- Simon Evans, Sarah Thompson and Anthony Macdonald
Dark clouds hang over $1b Whyalla steel upgrade
The unravelling of the Greensill Capital empire, a major financier to Sanjeev Gupta’s GFG, has brought renewed concerns.
- Updated
- Simon Evans
Amazon, Google vie for piece of India’s digital payments market
The companies are part of four consortiums preparing to apply for licences to operate retail payments and settlement systems in the country.
- Saritha Rai
Judo Bank to step up raid on majors’ business banking talent
Judo, which almost doubled its loan book during the pandemic, reckons the big banks remain too conservative and security-reliant, leading to a $94 billion SME ‘funding gap’.
- James Eyers
Time for Nine board refresh now CEO named
The appointment of Stan boss Mike Sneesby may see the streaming platform move closer to the Nine family as part of its ‘total television’ strategy.
- Miranda Ward
Tokyo Olympics likely to exclude foreign spectators
Local media are reporting a decision to exclude foreigners has already been taken, which could reduce ticketing revenue for the already-costly tournament.
- Michael Bleby
Aussie market, premium hurdles await new QBE CEO
QBE’s new CEO will have to grapple with hurdles ranging from harnessing higher premiums to local rivals trying to pinch its turf here, industry experts say.
- Liam Walsh
