‘Big departure’: PM to weigh Treasury advice on reopening
Prime Minister Scott Morrison says Treasury advice about the cost of restrictions will be considered alongside health advice that will determine when the nation can begin living with the virus, in what sources said was a ‘big departure’.
Lotteries, passports needed to hit 80pc vaccinated
Additional measures are needed to get 80 per cent of Australians vaccinated so lockdowns can end and borders reopen, says a Grattan Institute report.
Kerry Stokes’ Seven Group outsmarts Boral board
The Kerry Stokes-controlled Seven Group now owns two-thirds of the company after a shrewd bid without a takeover premium.
- Live
- Need to Know
NSW Police calls for Defence to help lockdown enforcement
Health officials to meet tonight to discuss NSW crisis; NSW Police call for Defence to help enforce Sydney lockdown after 239 new cases; entire Sydney apartment block listed as exposure site.
Price gap between Sydney houses and units blows out to a record
The premium between houses and units widened to a record across Sydney, and is poised to grow further as the lockdown drives demand for detached housing.
ASX adds 0.5pc in record day for big miners
Australian shares closed firmer on Thursday, buoyed by record highs for iron ore miners Rio Tinto, BHP and Fortescue Metals Group.
- Opinion
- Chanticleer
Fortescue’s iron ore records come with a warning
Fortescue finished the 2021 financial year with a bang, but rising expectations around costs and capital spending gives the market food for thought.
How to negotiate the new world of work. Expert advice in your inbox every Thursday.
Tokyo Olympics
- Breaking
- Tokyo Olympics
Australian athletics team comes out of isolation over US COVID-19 case
The infection of US pole vaulter Sam Kendricks triggered a lockdown that ended on Thursday after three Australian contacts returned negative test results.
The businesswomen helping female athletes get on the career ladder
Tokyo is Australia’s first Olympics at which our sportswomen are armed with something they haven’t had before – a network to help them with life after sport.
Going for gold in Tokyo: how to judge the 2020 Games
As the Japanese government battles to pull off a ‘safe and secure’ Olympics, for most countries and their athletes, success will come down to the medal count.
‘Pressure is privilege’ for history-chasing Djokovic
Athletes such as Naomi Osaka and Simone Biles have highlighted the immense pressures on them. The Serbian tennis star says that’s just part of high-level sport.
What CEOs can learn from Olympic swimmers
At such a level, most athletes have reached the peak of their fitness and physical skill. It is their mental state that determines success.
Companies
Hayne’s ‘sermons’ must be challenged: Tim Wilson MP
Economics committee chairman Tim Wilson says it is vital to keep challenging ideas made in Commissioner Kenneth Hayne’s final report.
Director tips bucket on Perth casino leadership
The woman who leads the Kerry Stokes media empire in WA and and sits a Crown-controlled board calls for independent leadership of the Perth casino.
- Opinion
- Chanticleer
Victoria opens new front in the rent wars
Scentre boss Peter Allen says the state government’s decision to extend rent relief measures until next year transfers wealth from his investors to retailers.
‘No corners cut’ in Nuix float: Macquarie
Chairman Peter Warne says a full review of the now disastrous float of tech company Nuix found no issues of concern.
- Exclusive
- Company mergers
Japara-Calvary tie-up gets nod from key investor
The aged care player’s second biggest investor David Di Pilla gives the $380 million offer a tick – as long as no other higher bid comes forward.
- Exclusive
- Tax avoidance
Nudie co-founder tax fraud claims near $250m
The latest court action by liquidator John Sheahan could lift recoveries from the family that co-founded the Nudie Juice business to $250 million.
Car prices headed higher until mid-2022
Second-hand car prices are up 34 per cent compared with a year ago and are helping to fuel the profit surge at car dealers.
Companies in the News
Westpac Banking Corporation
Crown Resorts
Fortescue Metals Group
Updated: Jul 29, 2021 – 3.58pm. Data is 20 mins delayed.
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Markets
ASX ends higher; Iress soars 13.9pc on takeover bid
Australian shares closed higher; the Fed highlights concerns over delta variant; Fortescue exceeds shipping guidance in Q4. Follow the latest here.
- Analysis
- BNPL
PayPal’s slowdown cements wider reversal
PayPal shares fell in after-hours trade after it warned it was seriously slowing down from the freakish growth rates delivered by lockdowns in 2020.
- Opinion
- Earnings season
Big Tech’s blowout earnings are sustainable
Apple has made it clear that growth in the current quarter will not be as strong, largely owing to chip shortages. But there are more records to break.
Markets flicker on taper talk as delta delays decision
Investors focus on September’s meeting as the next window for the Federal Reserve to scale back stimulus.
Pointsbet in $400m raising; Goldman Sachs, MST on board
Betting company Pointsbet is preparing to put a $400 million equity raising to investors.
Opinion
Super and private health ripe for more reform
Business has more to gain from making government work better than from marginal reforms to tax and labor markets.
Companies editor
Plan on living and dying with the virus
Unless politicians publicly admit that some will die when everyone who wants it is vaccinated, there will be no return to normality for a very long time.
Columnist
Fire and fury: Is climate change entering a more dangerous phase?
A UN report due next week will be closely scrutinised after wildfires destroyed a Canadian village and floods tore through a German town and inundated a Chinese subway station.
Columnist
Vaccination race reveals two distinct populisms
The global race to vaccinate has a use beyond the narrowly medical: it is also dividing the global populists into authoritarians and feral libertarians.
Contributor
China’s eminently sensible sharemarket assault
Global investors got another expensive tutorial at the hands of Chinese authorities this week. Now they’ve got the memo.
Senior reporter
It is astonishing there’s still an airline flying
The pandemic will have a lasting impact on aviation as companies keep using Zoom and slash air travel.
Columnist
Politics
Record day for jabs but young still exposed to the virus
More than 200,000 Australians were vaccinated in a single day but infections in Sydney are being driven by the young.
- Analysis
- Coronavirus pandemic
Race complicates Berejiklian’s vaccine mission
The reluctance of some groups to get vaccinated is making the NSW government’s task of stamping out COVID-19 harder.
Energy companies rush to prepare for five-minute settlements
A new rule change in the National Electricity Market will cost energy retailers to overhaul their IT software, but the energy regulators said it would be worth it.
Vaccines give very good protection, but they’re not perfect
Australia has seen some infections break through the COVID-19 vaccine shield, including a staff member at a hospital emergency department, but people don’t get as sick.
Labor picks senior union official for key marginal seat
Victorian Trades Hall assistant secretary Carina Garland, who has a PhD in gender and cultural studies, will tussle with Gladys Liu for the seat of Chisholm.
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World
Rugby uses Olympic showcase to tempt private equity
The code’s governing body is seeking to capitalise on the popularity of the Games event to boost funding for the sport around the world.
Something strange is happening in Britain. COVID-19 cases are diving.
Coronavirus infections were supposed to soar in the UK with the delta variant at large as lockdowns ended. Scientists are not sure why they have not.
- Opinion
- Monetary policy
Biden and Powell see eye to eye on cheap money
It suits both the US President and Fed chief that the latter delays any winding back of monetary stimulus. What motivates them, though, is the difference between economics and politics.
Kyrie Irving blasts his own Nike shoe: ‘These are trash’
The seven-time NBA all-star playing for the Brooklyn Nets has highlighted the disconnect that can occur between star athletes and the brands they endorse.
Emmanuel Macron gambles on tough vaccination rules
The French President is making vaccines mandatory for those wanting to visit restaurants, bars and museums, sparking fresh protests ahead of next year’s elections.
Property
- Exclusive
- Industrial
Goodman to turn Castrol HQ into last-mile logistics hub
The acquisition of Castrol’s Smithfield site will give Goodman the platform to develop a prime hub just 31 kilometres from the Sydney CBD.
Why the last piece of Barangaroo will be bittersweet for its designer
British architect David Chipperfield will design the final component in one of the world’s largest urban renewal projects. What does he have planned for Sydney?
Rich Lister sells stud to Racing NSW
Paul Fudge’s 97-hectare Southern Highlands farm is tipped to become one of the industry’s top training facilities after it was listed with $25 million hopes.
Lockdown to slow Sydney’s housing market momentum
Prices in the city surged 24 per cent in the past 12 months and are on track to grow by 22 per cent this year despite the current lockdown.
Vaccine rollout boosts outlook for Unibail-Rodamco-Westfield
The European-US shopping centre giant is ‘cautiously optimistic’ of returning to pre-pandemic levels by next year at least.
Wealth
- Opinion
- Flat Chat
How the pandemic could inspire more liveable units
Property developers have sensed a change of priorities for those who can’t or don’t want to leave the cities and want top-level facilities.
Early inheritance to help kids buy property
Parents considering bequests before they die need to take into account the potential tax, welfare, emotional and legal risks before making a decision.
SoftBank’s bet on Didi falls $5.4b into the red
Softbank’s Vision Fund paid $US11.8 billion for its stake in the ride-share app in 2019. It is now worth $US7.8 billion after Chinese regulatory pressure hit Didi’s business prospects.
Technology
Zuckerberg says Facebook’s future lies in virtual ‘metaverse’
Think of the metaverse as an immersive virtual world where people can spend time together and hang out, much like you can do today with virtual reality, dialled up to 11.
Airtasker appoints ex-Facebook marketer
Airtasker shares jump 7 per cent on positive cash flow, strong marketplace growth news.
Uber, global cloud services caught by Australian privacy laws
Global firms offering services through offshore tech platforms are caught by local rules, even if they have no physical presence here, says a new ruling.
Work & Careers
The work experience girl who became the boss of MinterEllison
MinterEllison’s CEO Virginia Briggs has the law - and the firm - in her DNA.
Government spendathon lines lawyer pockets
Federal and state stimulus packages are the second wave of government policies in recent years to spark demand for legal eagles.
Life & Luxury
New watch range goes for gold by celebrating Japan
With accuracy virtually a given and timepieces now cased in everything from platinum to petrified wood, attention has finally moved to the dial.
This flagship phone’s microscope is a stroke of genius
I’ve been exploring my living-and-working quarters in a new way, looking at them from a whole new angle that has somehow made them feel much, much larger.
Ferrari’s Portofino M is a relaxed hardtop convertible
This car is a reminder of how good it is to have an open sportster that turns into a secure hardtop coupe in just 14 seconds.
- Opinion
- Review
Booker Prize 2021: the return of the historical novel
After years of being populated by the new and unheard, the latest Booker longlist is so sensible it seems almost radical.
National Gallery to hand back looted Indian artefacts
Another 14 items linked to disgraced international art dealers will be returned after investigations into their provenance.
