India crisis extends pandemic beyond 2023
India has shown the world there is no Hollywood ending for this pandemic. As long as the virus has room to mutate, we’ll be living with COVID-19.
- Live
- Markets Live
ASX closes lower as Beach Energy slumps 24pc
The ASX closes down 0.8pc, dropping back from a 14-month high; Beach Energy loses almost a quarter of its value; Vitalharvest bid battle heats up; Charter Hall lifts guidance.
Companies can delay reporting due to auditor shortage: ASIC
The corporate regulator has given companies longer to report their financial results amid a critical shortage of auditors that is also leading to sharp pay rises across the professional services.
L1 Capital sees ‘enormous’ M&A wave
L1 Capital is backing the rotation towards value stocks, saying undervalued companies are ripe targets for private equity or other companies considering mergers and acquisitions.
- Opinion
- China relations
How to prepare for war with China
While the wider community is mostly oblivious to the possibility of conflict, there is a very real chance that the Australian homeland could be in the cross hairs, writes Christopher Joye.
- Live
- Need to Know
India flights could restart after May 15
National Cabinet is mulling a “pathway” to restarting flights from India after May 15. Follow updates here.
AMP fends off second strike at AGM
AMP shareholders have narrowly granted chairman Debra Hazelton a reprieve, voting in favour of the contentious remuneration report despite a 23.8 per cent protest vote.
Companies
Qantas wins last-minute order to delay defection
A Singapore court ruling means Nick Rohrlach will probably not start at Virgin’s loyalty business until after the period Qantas wanted him to spend on gardening leave.
AMP shareholders irate about retention bonuses
Chairman Debra Hazelton disclosed all senior leaders at AMP were made to do an ‘inclusive leadership’ program following its cultural crisis over the last year.
ANZ reveals $817m profit hit
ANZ has softened up the market ahead of next week’s interim results with an $817 million hit to profits after-tax.
Electricity reforms raise cost fears
Some energy users are worried about the costs of proposed reforms that they say go too far to ensure supply remains reliable through the transition to clean power.
Young gun directors shake up the boardroom
BOSS speaks to five next gen directors about their views on technology, climate change, sustainability, leadership and accountability.
Soft power market hits Origin Energy
Flagging electricity sales and a slump in demand for gas for power generation have hit Origin Energy, with chief executive Frank Calabria citing continued impacts from the pandemic and “very mild” summer weather.
Beach Energy stock dives 20pc on downgrade
Overly optimistic projections of Western Flank reserves and several gas wells pumping out more water than expected are blamed for the downgrade.
Markets
Atlassian’s revenue soars 38pc, pushing shares higher
Atlassian’s third-quarter results beat market expectations as it’s set for a strong finish to financial 2021. Its shares jumped 5.7 per cent on the news.
Buy, hold, sell: Uber, PayPal, NVIDIA, Peloton, Tesla, GameStop
Four global growth stocks with disruptive potential and two that may have passed their best.
China reins in tech giants’ finance arms after hobbling Ant
Thirteen companies including Tencent, ByteDance and JD.com were summoned to a meeting with several watchdogs including the central bank.
- Opinion
- Earnings season
Hot earnings engine can’t propel stocks forever
Investors have been conditioned this last decade to expect generous stock returns, few bet returns would be driven by a freakish surge in corporate profits.
What happened in markets overnight
Australian shares appear set to edge lower even as earnings and economic data helped the S&P 500 and Nasdaq reset record highs. $A slips.
Opinion
Hermit Australia risks never opening up at all
The Indian crisis is making Australia even more cautious about opening up, when actually it should finally make us acknowledge that COVID-19 risk is inevitable.
Europe correspondent
For a bomb-proof portfolio, consider the risk of war
While the wider community is mostly oblivious to the possibility of conflict, there is a very real chance that the Australian homeland could be in the cross hairs.
Columnist
Inside the intense political drama at ASIC
The new leadership is the result of potent politics, conflict within the organisation and Josh Frydenberg’s determination to assert the government’s authority.
Columnist
Treasurer’s jobless target is aimed at the next election
With unemployment falling faster than expected, Josh Frydenberg has recalibrated the fiscal strategy to rule out spending restraint and make it harder for Labor to attack the budget.
Political editor
Unedifying affair all round at ASIC
Corporate Australia will be glad if the leadership clean sweep returns internal stability to the watchdog.
Editorial
No repair in sight
The political message ahead of the budget is anything but austerity. But what’s the message on paying any of it back?
Editorial
Politics
Why critics don’t faze the premier who steered a nation
By showing how a state can manage outbreaks without shutting down cities, Gladys Berejiklian charted the path forward for the entire country.
Australia’s top sports need to drop state-based models
Outdated organisational structures make it harder to build scale and attract sponsors in the highly competitive sports market, Australia’s new cycling head says.
Cleaned-out ASIC charged with aiding recovery
Treasurer Josh Frydenberg has cleaned out the leadership of the corporate regulator and inserted a new guard, heralding a shift to a more business-friendly footing.
- Opinion
- Globalisation
Rewriting the rules of regional power
Western governments set great store by a ‘rules-based order’. But rules won’t work unless Asian nations can concur with them as well.
- Exclusive
- Trade unions
Vic unions prepare court case over Labor preselections
In a challenge to the authority of Anthony Albanese and Daniel Andrews, union leaders are preparing legal action against the party’s national executive.
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World
At least 44 killed in crush at Israeli religious bonfire festival
Witnesses said they realised people had been asphyxiated or trampled when an organiser appealed over a loudhailer for the throng to disperse.
Less than 20 years after independence, Timor-Leste is running on fumes
When Timor-Leste won independence in 2002 the belief was it had petroleum reserves to last generations, but the money is running out much earlier than expected.
Don’t relax too soon, WHO tells demob-happy Europe
French President Emmanuel Macron is among those looking for a speedy lockdown exit, even as the pandemic’s third wave keeps hospitals under stress.
Why Joe Biden’s first 100 days have been so action-packed
The Biden administration’s haste comes in part from an awareness that it has less than two years to make an impact.
US, China in battle to ‘win the 21st century’
In the first presidential speech to Congress to be backed by two women, US President Joe Biden said Xi Jinping is serious about turning China into the world’s ‘most significant, consequential nation’.
Property
Macquarie back on top in Vitalharvest takeover tussle
It is the seventh time that Macquarie has bounced back to better Roc Partners in a drawn-out battle for control of Vitalharvest.
Calvary Health Care makes $278m bid for Japara
The bid by the cashed-up, not-for-profit operator may trigger other bids for the listed operator in a troubled sector.
Cheaper to buy than rent for six in 10 suburbs
Despite the record-breaking surge in house prices, buyers are still financially better off than renting in nearly six out of every 10 suburbs.
Commonwealth ‘will have to respond’ to boost apartments
Housing Minister Michael Sukkar says that while HomeBuilder focused on detached homes, any further support plan would include higher-density housing.
Lawyer sells Point Piper trophy home for $40m
The Sydney suburb is reasserting its status as Australia’s most expensive neighbourhood with Sarah Cooke’s sale, even though she had hoped for $60 million.
Wealth
$65b renovation boom drives up prices and slows completion
Home renovators are being warned to expect even bigger price hikes and more shortages.
- Opinion
- Sharemarket
Baidu in the driver’s seat
Despite regulatory concerns, the Chinese tech company is a leader in AI and commercialising technology in cars and public transport.
Donations of 50 biggest givers double in five years
The latest list reflects philanthropy around coronavirus and last year’s summer bushfires, as giving not only bounces back, but launches into record territory.
Technology
Google is saving more than $US1b a year as employees work from home
The search engine giant is notorious for office perks such as free food, but most staff members are now remote and not travelling as much on the company dime.
Twitter shares tumble after it projects lacklustre sales
Twitter reported a 28 per cent rise in first-quarter sales, notably lagging behind some of its digital advertising peers.
Amazon first-quarter sales beat expectations, shares rise
Net sales rose to $140 billion in the three months of 2021, and Amazon said they could reach to near $150 billion in the current quarter.
Work & Careers
Young gun directors shake up the boardroom
BOSS speaks to five next gen directors about their views on technology, climate change, sustainability, leadership and accountability.
- Exclusive
- Media & marketing
Former Nine executive Alexi Baker to run ball for NRL
Nine’s former managing director commercial Alexi Baker will join the NRL on Monday in the newly created role of chief customer and digital officer.
Life & Luxury
Aston Martin joins the SUV party with its long-awaited DBX
The British carmaker’s entry to the top-end SUV brigade melds sports coupe and off-road aesthetics, all with that definite Aston Martin flavour.
Talking with the voices in your head
A movement of people who hear voices is reshaping the understanding of mental illness – and consciousness itself.
Think beyond pink drinks this Mother’s Day
Celebrating Mum? Take the plunge and look past the rosé for a bottle of something that will really impress her.
This manager has seven bicycles – and thinks he ‘possibly’ needs more
Cycling has always been part of the day-to-day life of Wesley Sulzberger, ANZ manager of Zwift Inc, the company behind the virtual training app.
This smart monitor punches way above its weight
If ever there was a gadget for people who don’t like too much tech in the house, Samsung’s multipurpose M7 is it (with caveats).
