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- Markets Live
ASX to reset record; Fed in ‘hawkish surprise’
The ASX is set to edge higher in early trading. US stocks end lower after almost half of the FOMC signals a US rate hike next year and expectations cement for 2023. The Australian dollar drops 1pc. Seven West to exceed guidance, Challenger affirms guidance, Whitehaven downgrades. Jobs data, RBA’s Lowe ahead. NZ GDP surges 1.6pc.
- Live
- Need to Know
Bondi man’s household contact tests positive
Hotel quarantine was still not up to scratch, according to a prominent epidemiologist; A second Bondi man has tested positive for COVID-19; Victoria records no new local cases. Follow updates here.
Fed signals two rate rises in 2023
Federal Reserve officials expect to start raising interest rates in 2023, earlier than previously forecast, due to faster economic growth and rising inflation.
Challenger flags third downgrade this year
Challenger has committed to holding more regulatory capital and a lowers profit target as it awaits approval from the prudential watchdog for its purchase of a small deposit-taking bank.
Secrets of a top crypto fund
One managed in Melbourne is shooting the lights out and likely to top the Morningstar performance tables this financial year.
Afterpay, Zip founders back insurance disruptor
Honey Insurance has secured $15.5 million from a host of well-known backers to jazz up home contents coverage by sending new customers smart home sensors.
Quadrant buys Anchorage’s Affinity Education
Quadrant Private Equity has agreed a deal to acquire one of the country’s top childcare groups.
How to negotiate the new world of work. Expert advice in your inbox every Thursday.
Companies
Just 19pc of ASX boards accountable for sexual harassment
Just under 30 per cent of boards discuss sexual harassment issues when they are highlighted in the media, research by Sex Discrimination Commissioner Kate Jenkins and ACSI finds.
Russia is coming: the latest threat to our LNG crown
Russia is poised to join Qatar as a major low-cost challenge to Australia’s prized position in LNG in the lucrative markets of north Asia.
Drilling lag could trigger new oil supercycle, Saudi prince says
Saudi Prince Abdulaziz bin Salman has spoken to hedge fund investors in a rare attempt to reach out directly to Wall Street.
Oil and gas ‘precarious’ as net zero circles
The comments from Shell’s top executive in Australia come amid warnings the investments needed for the energy transition won’t be made unless they are profitable.
Local travel recovery lags global trend
While local airlines have praised the recovery of the domestic market, data shows Australia has actually fallen behind other countries.
Zero alcohol beer growth outstrips craft
Asahi Beverages, which owns Great Northern, Victoria Bitter and Carlton Draught, says zero alcohol beer is flying.
Pandemic lessons shape McDonald’s $600m growth push
McDonald’s Australia will ramp up suburban restaurant openings as part of a $600 million plan to open 100 stores over the next three years.
Companies in the News
Fortescue Metals Group
Macquarie Group
National Australia Bank
Nine Entertainment
ASX Limited
Updated: Jun 16, 2021 – 4.10pm. Data is 20 mins delayed.
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Markets
What happened in markets overnight
Australian shares are set to lift after the Federal Reserve kept rates unchanged but signalled two rises. Wall Street took a dip on the news.
UBS operative recruited to head Future Generation
UBS corporate affairs managing director Caroline Gurney is leaving the Swiss bank to head up Geoff Wilson’s charitable LICs.
Poor productivity growth warrants thought to major economic reform
The primary measure of productivity in the economy fell for the first time in almost a decade last financial year, the Productivity Commission says.
RBNZ opens fresh front in house price war
The Reserve Bank of New Zealand is ramping up efforts to cool the red-hot New Zealand housing market with a push to introduce a debt-to-income limit for property borrowers.
ASX edges 0.1pc higher despite China weighing on miners
The miners dragged on the Australian sharemarket as China said it would release its reserve of a number of key commodities in order to curb price increases.
Opinion
Gas will fuel energy transition to net zero
Blanket opposition to fossil fuels won’t help speed the energy transition that Australia must now make.
Editorial
There’s nothing like a CEO humblebragger
The head of the ABS and David Koch’s son are among those who deflect credit for altruism while drawing attention to it.
Senior correspondent
After 50 years, the A-REIT evolution rolls on
Australia’s listed real estate investment trusts have passed a milestone. In 50 years of boom, bust and pandemic, A-REITs have grown into a $133 billion sector
Contributor
Morrison finds safety in numbers
The Prime Minister will be relieved to be in greater company in Australia’s criticisms of China, but it’s still standing exposed on the front line of a much more tense region.
Columnist
Lockdowns make Victoria’s kids poorer
The long-term damage to the education, wellbeing and economic prosperity of children in the state will likely be felt for decades to come.
Economics editor
How the G7 plan could reboot Australia’s moribund tax debate
The proposal for a global floor in company taxation just highlights the narrowness of Australia’s own domestic tax base.
Contributor
Politics
Government’s super reforms likely to pass Senate
The government appears to have the support of Centre Alliance and One Nation, heralding the biggest shake-up of the $3 trillion superannuation sector in years.
Young Aussies put London back on their maps
Twenty-somethings put working in London back on their agendas after the British-Australia trade deal extended the age limit for working holiday visas.
Bondi case detected as Victoria restrictions to ease
A driver who transports international flight crews is NSW’s first local case in 40 days, reported shortly after Victoria announced a fresh easing of restrictions from Friday.
Vic vaccine progress at risk from lack of supply
Acting Premier James Merlino has called on the federal government to stop publicly scolding the states, saying uncertain supply threatened Victoria’s nation-leading vaccination rate.
- Analysis
- International affairs
Morrison’s air miles breathe life into his China, climate policies
Scott Morrison has rallied his allies on China and honed his narrative on net zero emissions. But his WTO reform mission seems inevitably stuck in the slow lane.
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World
‘No friendship’ but Putin and Biden agree to resume arms talks
The Russian and US leaders held a ‘pragmatic’ meeting that lasted just four hours but said they had agreed on a number of topics.
Soccer stars snub Coca-Cola, Heineken as ‘Bottlegate’ escalates
Two of the most popular soccer stars at the Euro 2020 championships have shown their disdain for alcohol and soft drink product placement.
Morrison backs Biden push to give Cormann-led OECD stronger role
The 38-country ‘boardroom of market economies’ has to help drive liberal-democratic values and interests around the world, the PM says in Paris.
Maersk warns of delays as Australian strikes hit Asia-Pacific trade
Industrial action at Australian ports, along with pandemic-related delays in China, is heaping more pressure on already struggling supply chains.
Tokyo Olympics will need bailout if Games go ahead without spectators
If spectators are fully or partially banned, the city of Tokyo will be on the hook to refund their tickets after it agreed to underwrite the cost of staging the delayed Games.
Property
Apartment sales pick up, but new projects haven’t – yet
Investors are showing renewed interest in the high-rise dwelling sector they largely deserted. But significant risks to the crucial sector still remain.
Menegazzo to lead Investa
Peter Menegazzo takes over as chief executive at a time when Investa’s momentum is building as its Canadian partner, Oxford Properties, ramps up its exposure to the local market.
David Devine plans $340m luxury Gold Coast tower
The high-end project by architects DKO, to be called Royale Gold Coast, will offer 108 luxury apartments with an average price of $3 million.
NorthWest lifts bid for Aus Unity fund to $2.8b, begins legal action
There is a sting in the tail of what the Canadian group says is its best and final takeover offer: it has launched legal action against Australian Unity and Dexus.
Luxury focus as Sammut, Alceon plan $750m of developments
Cronulla’s CBD is set for regeneration after a complex property aggregation cleared the way for a $350 million mixed-use development in the Sydney beach suburb.
Wealth
Living in the FOMO economy: is everyone making more money than you?
Whether it’s meme stocks, crypto or real estate, even investors who do know better can’t resist getting in on the action.
Can I put business proceeds into super if it pushes me over $1.6m?
Yes you can thanks to generous contribution concessions. John Wasliev outlines how they work.
Buy now, pay later plan for downsizers purchasing off the plan
Empty nesters are being targeted with a finance scheme that postpones any payments until settlement.
Technology
Sotheby’s to auction the beginning of the internet as an NFT
The founder of the world wide web made nothing from his creation, but is hoping origins of the web will prove a valuable artefact in as the NFT market stalls.
- Exclusive
- Publishing
Former Young Rich Lister launches adtech venture Linkby
Pedestrian co-founder Chris Wirasinha is back, this time helping direct-to-consumer businesses connect with publishers and form ‘cost-per-click’ arrangements.
Call for state QR regimes to block police access
States should enact strict privacy controls to limit access to their QR check-in data and have penalties similar to the federal COVIDsafe app, a privacy expert says.
Work & Careers
Protesters dig in against coal appointee as Newcastle chancellor
Rage continues unabated over the appointment of Mark Vaile as the next chancellor of Newcastle University.
I started my business by sticking a pin on a map
It’s likely that you’ve enjoyed Pam Brook’s Brookfarm muesli and sipped her gin – and all of it started on a slightly drunken whim.
Life & Luxury
For God’s sake, don’t write about Rotto!
West Australians may have successfully kept Rottnest Island to themselves, but the pandemic is bringing it to the attention of all Australians.
Turning a ’90s dream car into a 2020s reality: part 5
In the latest instalment in his series on restoring a Peugeot 406 coupe, our motoring writer finds himself in a quandary over fixing the paint.
Wildflowers run wild, while cruises put a toe in the water
Global tourism remains depressed, according to international arrival figures from January to March, but confidence is rising with vaccination rollouts.
The surprising secret in Margaret Olley’s memorial garden
The beloved Australian artist has been given a final resting place among the flowers planted in her memory at the Tweed Gallery.
The museum that celebrates the ‘joyful mess’ of home
In the Museum of the Home – a London institution that has been reimagined – even the humblest of dwellings reveal rich, unique stories.
