- Investigation
- Crime
Millions vanish into crypto world in high-yield bond scam
Sophisticated British criminals have exploited vulnerabilities in Australia’s cryptocurrency infrastructure to dupe small investors.
The biggest risk to the Australian economy? Wasting the recovery
The Australian economy’s recovery from COVID-19 has arguably been the best in the world. Now there’s a risk of squandering that advantage.
‘Untenable’: MinterEllison boss under pressure to resign
The head of Australia’s largest law firm could face a ‘please explain’ from the board after sending an email to staff that criticised a senior partner acting for Attorney-General Christian Porter.
Every man for himself: Gupta gives up on Greensill
GFG Alliance CEO Sanjeev Gupta is reportedly readying for much of the Greensill business to be put into administration after assets are sold off, and has stopped handing over cash to the supply chain finance group.
ENN sells $785m Santos stake; MS, UBS on trade
China’s ENN is selling a $785 million stake in Australia’s Santos on Friday night.
- Opinion
- Political leadership
What if it wasn’t Porter facing the allegations?
Scott Morrison’s acceptance of the Attorney-General’s version of events from 33 years ago sits uncomfortably with his rhetoric on believing the victim, writes Laura Tingle.
- Live
- Need to Know
France now says it may join Italy in blocking vaccine exports
The move comes after Italy blocked 250,000 vaccine doses meant for Australia; Darwin’s quarantine camp will have its capacity more than doubled. Follow updates here.
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
How Greensill’s 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.
Can long weekend jolt Melbourne back to life?
Fresh data provided by the city council show that Melbourne pedestrian traffic is still 60 per cent lower than pre-lockdown averages.
ABC warns of potential government interference on cyber bullying
The ABC wants help to crack down on the abuse journalists face but it’s concerned a new anti-cyber bullying bill could compromise the editorial independence of its news arm.
WA launches Crown Resorts royal commission
Premier Mark McGowan, a week before he faces voters, upgraded an existing inquiry to provide greater legal protections to witnesses.
- Exclusive
- Emissions
From Bass Strait to soft drinks: Exxon strikes carbon deal
The deal between the Gippsland Basin Joint Venture and Air Liquide will see new plants and equipment built at the Longford gas plant to separate and purify carbon dioxide extracted from offshore gas.
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.
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.
Markets
Australian stocks lead the world in returns
The Australian stock market has outperformed all others in US dollar terms since 1900, according to new research from Credit Suisse.
- 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.
ASX notches small weekly gain as banks offset miners
Australian shares ended the first week of March with a small gain, as a strong performance from the banks offset losses for tech stocks and miners.
ASX falls; Afterpay, Zip lead tech losses
The Australian sharemarket has ended the session 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.
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
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
What if it wasn’t Porter facing the allegations?
Scott Morrison’s acceptance of the Attorney-General’s version of events from 33 years ago sits uncomfortably with his rhetoric on believing the victim, writes Laura Tingle.
Columnist
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
Politics
Australia launches diplomatic push after Italy blocks vaccine export
The federal government was told on Wednesday night that AstraZeneca deliveries from Europe could be compromised.
Porter will co-operate with any coronial inquest: PM
Scott Morrison says Christian Porter would co-operate with any coronial inquest, but there will be no other extra-judicial inquiry.
NT quarantine camp to double amid backlog of stranded Australians
National cabinet has also ticked off on a proposal to allow Pacific Island farm workers to quarantine in their home country before coming to Australia.
Tensions rise over Wagner’s 1000-bed quarantine facility
The Queensland and federal governments are at loggerheads over a 1000-bed quarantine facility proposed in Toowoomba, as Aspen Medical pitches to provide COVID-19 healthcare to the facility.
WA Liberal leader sounds alarm on business donations
WA premier Mark McGowan has hit back at suggestions businesses must pay a price to get the ear of his Labor government.
SPONSORED
World
‘Outside chance’ Cormann on the brink of snaring OECD’s top job
With only days left, the battle for the OECD’s top job has reached a “very delicate” stage, but some in Canberra are quietly confident the former finance minister can pull it off.
- Opinion
- Inside China
Xi’s economic victory lap as ‘patriots only’ policy installed in HK
A year ago China’s great cities were locked down, but Xi Jinping has rebooted the country’s economy and has China on track to usurp the US as the world’s biggest economy by 2028, writes Michael Smith.
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.
China coal consumption tipped to rise despite green shift
Economic growth is tipped to drive China’s coal consumption despite a shift to green energy.
EU to extend vaccine controls that scrapped Australian exports
The move comes after Germany’s vaccine regulator extended its approval for the AstraZeneca vaccine.
Property
Builders threaten to bring in ACCC over alleged union boycotts
Subcontractors are not showing up to work on sites of non-union builders in NSW following alleged pressure from the CFMEU, builders say.
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.
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
Cyber bullying bill: ABC warns of potential government interference
The ABC wants help to crack down on the abuse journalists face but it’s concerned a new anti-cyber bullying bill could compromise the editorial independence of its news arm.
VicRoads seeks private partner for new $1.8b car rego system
Victoria is seeking an IT partner for its vehicle registration system, which would pay some or all of the costs in return for getting a share of the revenue.
Square snares Jay-Z’s music service Tidal in $384m deal
Square has agreed to buy a majority stake in Tidal, the streaming music service led by rapper Jay-Z, as part of an effort to expand the company’s suite of financial tools to musicians and emerging artists.
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.
