Nuix apologises for failings, shares rebound
Nuix committed to reviewing its internal governance and communicating better with shareholders, with its chairman saying it was unprepared for listed life.
- Opinion
- Chanticleer
‘Ponzi, Ponzi, Ponzi’: Crypto’s dumb joke says plenty
The ‘endorsement’ of a minor crypto coin by a US internet celebrity highlights how parts of this sector have become a little more than a pump-and-dump game.
PM slaps down Virgin boss over ‘deadly’ border opening call
Scott Morrison says Jayne Hrdlicka’s comments are “insensitive” and international travel will only resume when safe to do so.
- Live
- Markets Live
ASX gains; Nuix jumps after mea culpa; James Hardie profit up
Australian stocks to rise; Nuix chief executive takes “full responsibility” for business after share slide; Sales boost helps James Hardie to grow profits; Warren Buffett reduces financials stakes.
- Live
- Need to Know
Deliveroo loses major ‘employee’ test case
Fair Work Commission decision paves way for more fights over wages, conditions in gig economy. Follow the latest here.
Silicon Valley’s Inflection.com pitches Aussie funds for IPO
Global background screening software company Inflection.com is considering a listing on the Australian Securities Exchange that could value it at as much as $450 million.
Juukan traditional owners ‘committed’ to rebuilding Rio relations
A year after destruction of Juukan Gorge, traditional owners say evidence to an inquiry exacerbated their hurt but they are committed to working with Rio Tinto.
Companies
- Exclusive
- Skills shortage
Tech salaries surge as companies battle rigid visa laws
Seek data reveals that salaries for tech jobs that are tough to recruit for both locally and offshore are surging, while others are declining.
James Hardie warns inflation pressures are building
The building products group will have to wear up to $193m in extra costs but says housing construction is booming.
Woodside faces $77m hit to exit stalled Canadian LNG project
Acting chief executive Meg O’Neill said the decision would allow Woodside to focus on the successful delivery of higher value projects in Australia and Senegal.
Big supermarkets sign pact to end plastic packaging waste
Nearly 60 organisations in Australia, New Zealand and the Pacific have signed the deal to make all plastic packaging reusable, recyclable or compostable by 2025.
- Investigation
- Nuix investigation
‘Slow the bleeding’: Nuix review flashed red weeks after listing
As the company’s shares peaked in January, an internal report was sounding the alarm that its products were in trouble.
Nuix investors urge leadership overhaul
The besieged $996 million business plunged another 9.5 per cent on Monday after trying to explain away reports of infighting and inadequate prospectus risk disclosures.
- Opinion
- Chanticleer
Nuix share price collapse hurts Macquarie’s brand
The data analytics company’s float delivered a $564 million payday to the silver doughnut, but it has come at some cost to its reputation.
Markets
Elon Musk blows up Wall Street’s case for bitcoin
About a quarter of bitcoin’s value has been wiped away in the span of a week, in part thanks to headspinning tweets from Elon Musk.
Davos meeting in Singapore cancelled
The COVID-19 pandemic meant it was not possible to hold such a large event as planned in August, organisers say.
What happened in markets overnight
Australian shares are poised to open higher as communication services paced losses on Wall Street. Iron ore rebounded. Oil and gold gained. $A little changed.
CBA’s record puts $100 firmly in sight
Commonwealth Bank’s surge to a record high takes the lender tantalisingly close to $100 a share, underscoring the ongoing depth of investor interest in Australia’s biggest lender.
Buybacks return, adding thrust to market rally
Share repurchases for Australian companies in the first three months of the year reached the highest level since the pandemic struck financial markets.
Opinion
Netanyahu’s master plan for Israel and Palestine has failed
A successful effort to cling on to power would demonstrate that the Israeli PM remains a master political tactician. But the upsurge of violence this week has undermined his claim to be a statesman.
Columnist
Labor’s wage hypocrisy
If boosting wages is as easy as borrowing and spending, then why isn’t the labour movement up in arms about Victorian Labor’s ‘austerity’ budget?
Editorial
Where have all the Liberal Party ‘Dries’ gone?
Is the internal contest of ideas inside a more tribalised Liberal Party no longer about Wet versus Dry economics, and really about culture war social issues?
Editorial
Who to blame for the plastic peril?
A handful of companies and their investors could make all the difference to a world that’s awash in plastic waste.
Contributor
Refining hubs primed for greener future
Ampol’s Lytton site in Brisbane and Viva’s Geelong venture look to have secured an opportunity to move with the times.
Senior resources writer
The big disconnect: My telco trauma
Moving house translates into a telco ordeal, courtesy of Telstra and NBN Co. No end in sight. How is this still happening?
Columnist
Politics
- Opinion
- Platinum Year
China confrontation: what were we thinking?
Australia’s policy U-turn on China came in response to the intelligence community identifying alarming Chinese objectives to corrupt our political system, writes Max Suich in part two of a three-part series.
PM pounces on Labor tax grab
Such increases are the last thing the economy needs now, because they would ‘unquestionably’ slow the recovery, says Scott Morrison.
Reverse mortgages to ‘unlock’ $500b in home equity for retirees
The government will shake up its reverse mortgage product so more retirees can fund their post-work lifestyles while remaining in their home.
Berejiklian says 80pc of adults must be jabbed to reopen borders
With calls growing for a timetable on restarting international travel, health experts say Gladys Berejiklian’s benchmark of 10 million doses is realistic.
Federal Labor silent as Andrews government lines up job cuts
The Victorian public service is bracing for widespread job cuts and limits on salary increases, with the government seeking $3.6 billion in public sector savings.
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World
UK government split over Australia trade deal
Boris Johnson’s Cabinet is worried about political fallout and backlash from agriculture sector if UK grants tariff-free access to farming produce.
Indian variant hits Britain’s unvaccinated
Prime Minister Boris Johnson is pressured over his plans for lockdown easing, as the south Asian COVID-19 strain hospitalises those who haven’t been jabbed.
Biden expresses support for ceasefire in Netanyahu call
US President Joe Biden expressed support for a ceasefire between Israel and Gaza’s militant Hamas rulers, but stopped short of demanding an immediate stop to airstrikes.
Israel brushes off call to delay trade talks over Gaza violence
Israel’s top diplomat says Palestinian group Hamas bears the burden for civilian casualties in Gaza.
Indonesia leads regional condemnation of Israel
The world’s biggest Muslim nation has never wavered in its support for the Palestinians.
Property
Steven Mnuchin sells Manhattan pad after 21pc price cut
The former Treasury Secretary under US President Donald Trump reduced the $US32.5 million figure on the storied Park Ave co-op as buyers now prefer new condos.
Victoria’s property tax hit ‘will drive out’ big business
The turbo-charged land tax is among a suite of property stings included in Victoria’s budget, and commercial property owners say the timing couldn’t be worse.
Windfall tax plans to add up to $25k to regional lots
Victoria has a contentious history of land rezoning, but windfall tax critics say Fishermans Bend should not be used against the whole industry.
Canadians back takeover of $500m Auscott
While the price paid for Auscott was not disclosed, the business and its assets were taken to market last year with price expectations in excess of $500m
Sydney Metro West buyouts to create CBD strata office price increases
Sydney CBD strata office prices could rise by up to 25 per cent over the next two years due to compulsory building acquisitions linked to the Sydney Metro West.
Wealth
Reverse mortgages to ‘unlock’ $500b in home equity for retirees
The government will shake up its reverse mortgage product so more retirees can fund their post-work lifestyles while remaining in their home.
Early super withdrawals cost $4.7 billion in lost returns
The left-leaning McKell Institute says people who withdrew their superannuation missed out on an “investment windfall” from the stock market recovery.
- Opinion
- Portfolio management
True test of diversification
Rather than stick to geographic domain or industry sectors, share investors may be better served in themes and factors.
Technology
- Exclusive
- Phones
Why Holcim is ditching computers for phones
With phones getting more powerful with every passing year, concrete giant Holcim is phasing out laptops and desktop PCs, for almost all of its staff.
- Opinion
- Tech crackdown
Market questions critical for curbing big tech’s abuse of power
Last week’s €100 million fine for Google’s abuse of power in the automobile market throws into stark relief a big question facing big tech: just what is a market?
- Opinion
- Venture capital
Maggie Beer spent half the company value to get on e-commerce train
Acquiring Hampers and Gifts Australia lets Maggie Beer Holdings double down on e-commerce while broadening its product base. So why was the price a mere 4.4 times earnings?
Work & Careers
‘Not taboo to ask’: employers sign up to family-friendly push
Australia’s largest employers are signing up to be certified as “Family Friendly Workplaces” as offices adjust to the post-pandemic world.
Why was Edith Cowan University pushing its brand at the FA Cup?
Small Perth-based Edith Cowan University’s brand was eyeballed by a global audience of millions during the FA Cup final. The question is why.
Life & Luxury
Melbourne puts on the ritz with 80 Collins Street
The city’s new $1.5 billion precinct is a buzzy collection of offices, luxury shopping, restaurants, cafes, bars and a boutique hotel. Here are nine gems.
How a top kitesurfer invented the electric Fliteboard
A windless day inspired record-breaking kitesurfer David Trewern to create a company that has been capturing the imagination of watersport enthusiasts.
Richard Clapton wants 70-year-olds back on the streets
The ‘Girls On The Avenue’ hitmaker hopes a new album of hippie-era covers will remind his generation of their ideals.
A swag of snags – where Aussie English came from
The convict author of Australia’s very first dictionary would be delighted to know many “flash” terms from his day still linger on in our everyday lexicon.
How to bag a bargain: live auctions of second-hand designer clothes
The resale economy is tipped to hit $US64 billion over the next five years, and Australian brands – big and small – are ready for it.
