- Analysis
- Payments
How Twitter’s founder changed the payments sector
Afterpay’s Anthony Eisen and Nick Molnar have hitched their fortunes to the wagon of one of the great disruptors in the form of Twitter and Square co-founder Jack Dorsey,
- Analysis
- BNPL
Stunning deal ends an era for Afterpay
Buy now, pay later is just getting started. But for Afterpay, in its current form, the journey also finishes.
Young Sydneysiders key to ending lockdown
The future of Sydney’s lockdown rests with its 20 to 40-year-olds getting vaccinated and they are driving demand for AstraZeneca.
Confusion over tax-free status of COVID-19 disaster payments
Treasury, the Tax Office and Services Australia incorrectly said emergency cash payments would be taxable.
ASX powers to record heights as Afterpay soars
The technology sector surged on Monday, led by its largest constituent, Afterpay, which advanced 18.8 per cent following Square’s takeover bid.
How Afterpay could help build Square’s ‘killer app’
Square’s chief financial officer Amrita Ahuja said the US payments giant paid $39 billion for Afterpay for exposure to the buy now, pay later boom, which investors said could help create the company’s ‘killer app’.
Qld can’t find missing link as lockdown extended and cases surge
South-east Queensland’s extended lockdown will hit the state’s bottom line as most companies shut up shop until next week.
The biggest stories in business, markets and politics, and why they matter, in your inbox at 8pm.
afterpay’s payday
How Afterpay could help build Square’s ‘killer app’
Square’s chief financial officer Amrita Ahuja said the US payments giant paid $39 billion for Afterpay for exposure to the buy now, pay later boom, which investors said could help create the company’s ‘killer app’.
‘Biggest day in our history:’ Afterpay’s global breakout hailed
Afterpay’s success in attracting Jack Dorsey’s Square will lead to more big Australian tech deals, and represents a major win for the ASX and other tech entrepreneurs, industry insiders say.
- Opinion
- Chanticleer
Afterpay’s Square deal is a perfectly timed triumph
Afterpay’s Anthony Eisen and Nick Molnar have taken the group from zero to $39 billion in just six years. The Square takeover is the perfect exclamation point.
- Opinion
- BNPL
Frydenberg to probe what Afterpay-Square deal means for Australia
Treasurer Josh Frydenberg wields the foreign investment approval power to make or break Square’s proposed $39 billion takeover of Afterpay.
- Analysis
- Sharemarket
Square, Afterpay deal headlines local M&A boom
The new payments platform will build on internet-supported open banking connectivity to deliver value to customers amid a wave of consolidation.
Tokyo Olympics
Team Australia resets in Tokyo as Green advances in canoe sprint
The postponement of sailing bouts due to a lack of wind symbolised the slowdown for Australia, which held on to its fourth place on Monday in the medal tally.
The backyard skate park that led to gold
Logan Martin’s neighbours didn’t like it when he spent $85,000 on ramps and jumps at his place on the Gold Coast. Now he’s the Olympic BMX champion.
Kerr in doubt for Olympics semi against Sweden
The Matildas believe they can cause another upset when they face Sweden in their breakthrough Olympics semi-final but they’ll be sweating on Sam Kerr’s fitness.
Priceless? Even Olympic medals can be had for the right price
Olympic medals are finding their way to pawnshops and auctions, where collectors are scooping them up like rare coins and other sports artefacts such as baseball cards.
What’s on at the Olympics on Tuesday
Here’s what’s coming up today in Tokyo for Tuesday, August 3. (All times AEST.)
Companies
Investors query value in $21b Santos-Oil Search merger
Broad agreement between Santos and Oil Search on a $21 billion-plus merger deal has left some Oil Search investors questioning the value of Santos stock.
Perth casino was ‘independent’ of Crown Resorts, says former chief lawyer
Crown’s former top lawyer Joshua Preston told a royal commission that he believed ‘Perth was very much alone in the Crown group’.
Beament’s new venture borrows from Ellison playbook
Bill Beament’s transformation of copper explorer Venturex includes a plan to mimic the business model of one of its biggest shareholders; Mineral Resources.
Harris Scarfe creditors told to wait longer for uncertain return
Fifteen months after a $50 million rescue offer, creditors have been told their distribution has been further delayed and the value of the return is uncertain.
ANZ’s loan book treading water since Christmas
The big four bank has experienced next to no growth in either its home or business loan books since December 2020.
Lynas, BHP deal set to boost rare earth supply
It is understood Lynas has struck a deal for BHP’s resurgent nickel business to supply it with sulphuric acid, a key input in processing of rare earths.
Hire firm’s ‘corporate manipulation’ slammed in Roy Hill driver deal
A labour hire firm for Gina Rinehart’s Roy Hill iron ore mine has had its agreement thrown out in what the union says is ‘one of the worst examples of sham bargaining in the mining industry’.
Companies in the News
Oil Search
Commonwealth Bank
Fortescue Metals Group
Updated: Aug 2, 2021 – 4.39pm. Data is 20 mins delayed.
Search companies
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Markets
ASX powers to record heights as Afterpay soars
The technology sector surged on Monday, led by its largest constituent, Afterpay, which advanced 18.8 per cent following Square’s takeover bid.
Bank shares ride wave of optimism
Bank shares rallied 2 per cent on Monday on low volumes after underperforming over the month of July.
Investors hunt China stocks after market rout
Global equity fund managers load up on unloved shares after worst month since 2018 for Chinese stocks.
ASX hits record; Afterpay closes 19pc higher on Square acquisition
Australian shares have closed at a record high; Oil Search, Santos agree to merger; earnings season begins this week. Follow the latest here.
Square’s Afterpay deal lights up tech sector
Square’s Afterpay bid lifted the tech sector 8.46 per cent in morning trade as technology and the wider buy now, pay later sector soared on investor optimism.
Opinion
Vaccine goal will bind social fabric
Australia’s social cohesion has remained strong. The prospect of jabs and freedom could be another reason for it to remain so.
Contributor
Why Nuix shareholders need answers to its unravelling
Investors have to wait until the last day of profit season for some answers after the spectacular debacle of last year’s biggest float.
Investigative journalist and columnist
Stay the course despite rising interest rates
Investors need to consider how bonds fit into a diversified portfolio and the role they play in overall asset allocation.
Contributor
It’s safe to move on from one-size-fits-all borders
Arbitrary caps and mandatory quarantine for even very low-risk international arrivals is irrational. And a lost opportunity to bring back stranded Australians and foreign students.
Fortress Australia held hostage by vaccine thresholds
By again deferring to the ultra-cautious health advice, our political leaders have left Australia’s reopening hostage to vaccination denial and hesitancy.
Editorial
The debt fallacies pierced by the pandemic
The powerful monetary response to COVID-19 has revealed that debt and deficits matter less than most of us had been led to believe.
Contributor
Politics
Hanson’s change of mind brings continuous disclosure reform closer
Treasurer Josh Frydenberg needs just one more Senate vote to make a relaxation of sharemarket disclosure obligations permanent.
Sydney private school teachers oppose return of year 12
The union for Catholic and independent school teachers has called on the NSW government to ‘immediately reconsider’ its decision to reopen schools, arguing it’s impossible to keep schools safe.
Dutton forced into isolation following Qld outbreak
Aviation support extended; Dutton to miss the upcoming sitting fortnight; NSW has 207 new local cases including 18 in an aged care home; Brisbane’s lockdown was extended. Follow updates here.
The need for child and booster vaccinations could delay reopening
The need to vaccinate children and for booster shots is expected to delay reopening targets, with predictions it will be at least March before the country can begin to be safely reopened.
‘Metro Mark’ McGowan risks exports, farmers say
The WA Premier’s new rules for cargo ships will make it tough to get agriculture exports to Indonesia, the biggest customer for Australian wheat.
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World
China prepares for hard lockdown as delta cases spread
The numbers are relatively low, but the country is struggling to contain the spread as dozens of cities head into lockdown and millions cancel travel plans.
New Zealand housing crisis sparks human rights inquiry
A raft of cooling measures enforced by Prime Minister Jacinda Ardern this year has had no impact on runaway house prices.
Standing between Telstra and Digicel: Ireland’s wiliest tycoon
Telecoms billionaire Denis O’Brien divides the Irish, but they agree on one thing: no matter what cards he holds, he’ll play them well.
- Analysis
- Global economy
Pandemic fuels broadest global house price boom in two decades
Historically low interest rates, savings accumulated during lockdowns and a desire for more space as people work from home are all fuelling the trend.
- Exclusive
- Pacific diplomacy
PNG flexes muscle on Digicel deal with Telstra
Papua New Guinea has warned its largest mobile phone network operator it must grant licences to any new owners such as Australia’s telecommunications giant.
Property
Toorak Road corner site to become $100m luxury project
The 1000 square metre site will be developed into a $100 million mixed-use project joining other Toorak Road developments by Vicland and Oreana.
Salta signs up Gupta’s InfraBuild for Melbourne estate
InfraBuild, Tigerpak and Schneider Electric have taken more than 30,000 square metres at the Dandenong South estate amid record leasing activity fuelled by e-commerce.
Strong prices paid for major offices in Brisbane, Gold Coast
Two big office sales in southeast Queensland show that buyer appetite for the right buildings remains strong despite workplace disruption caused by COVID-19
Investors pounce on two classic Sydney pubs in $52m buy up
Two classic Paddington pubs, the Unicorn and Captain Cook, have found new owners, while two pubs in Armidale have sold, including one bought by the Roche family.
Office appeal increases as absence makes the heart grow fonder
The appeal of working from home is on the wane for many employees, who want to spend more time in the office than they did last year, according to JLL.
Wealth
- Opinion
- Interest rates
Stay the course despite rising interest rates
Investors need to consider how bonds fit into a diversified portfolio and the role they play in overall asset allocation.
Nervous lenders turn screws on property buyers
CBA, the nation’s largest mortgage lender, and ASX-listed Resimac, warn about deteriorating “COVID-19 situation”.
Can I leave my super to my girlfriend?
It gets complicated when you’re not living together, and a partner may not be regarded as a dependant. Your super questions answered.
Technology
YouTube bans Sky News Australia for seven days
Google-owned YouTube has issued a “strike” against Sky News Australia, claiming the broadcaster breached its COVID-19 misinformation policies.
Making internet as simple as getting electricity
Getting good internet services should be as simple as signing up for electricity or water, says DGtek founder David Klizhov.
Life360’s COVID-19 one-two punch that became a TikTok kiss
Life360 stock has soared more than 130 per cent over the last year, thanks to a quick response to a viral TikTok hashtag that helped revenue and paid membership jump over the last quarter.
Work & Careers
Boutique consulting firms recruit from Bain, EY
Two firms led by former EY partners have hired professionals from their former firm as well as Bain and Deloitte.
Economic historian heads to Harvard as chair of Australian studies
Economist and historian Simon Ville has been appointed the Gough Whitlam and Malcolm Fraser Chair of Australian Studies at Harvard University.
Life & Luxury
Before you consult social media for cancer advice, read this
One in three popular articles about cancer on social media are misleading.
This exec loves playing Aussie rules, broken bones and all
Kicks aren’t always straight and play can be scrappy, but Sparro’s Morris Bryant says his weekend games get him outside his usual bubble.
Kerr Neilson gives record donation to support Shakespeare
The billionaire founder of Platinum Asset Management reveals deep, personal reasons for backing Bell Shakespeare’s work with $3 million.
Black Widow repowers the Marvel action thriller
The question fans are asking about this Marvel movie, which fills in the blanks about Natasha Romanov, is whether Scarlett Johansson met her match?
Surrealists at Sea at the AGSA
This is the first major survey of the art of brothers Dušan and Voitre Marek, with works from public and private collections. Many are on public display for the first time.
