NSW cases to ‘get worse’ as virus heads north
NSW has recorded its third worst day of infections, with health authorities warning the virus may have spread into Newcastle and the Premier backtracking on plans to reopen schools.
- Live
- Markets Live
ASX hits record high; Wesfarmers, BHP, Rio gain
Retail sales fall 1.8pc in June, Citi launches BNPL in Australia, Air NZ lowers guidance, Alibaba Q2 revenue hits $US31.9b, US 10-year offers 1.17pc. Iron ore flat.
- Opinion
- Chanticleer
Top M&A lawyers on the deal boom’s new phase
The $60 billion of all-scrip deals at Afterpay and Santos this week speak to broader trends fuelling a historic M&A boom.
- Live
- Need to Know
Vaccine rollout hits a new record
Just over 20pc of eligible Australians are fully vaccinated; General Frewen says under-40s will hopefully be able to book Pfizer appointments early next month; a Sydney man in his 20s has died. Follow updates here.
- Analysis
- Coronavirus pandemic
Doherty’s inconvenient truth: ‘freedom day’ is still along way away
Vaccinations will help defeat delta but Australia faces a 12-month period of health restrictions to avoid being ravaged by the worst pandemic in a century.
Rental stress set to worsen as lockdowns drag on
More than two-thirds of tenants across the country are struggling to pay their rents, and the lockdowns are likely to make things worse, according to ME Bank.
‘AAA’ rating safe despite lockdown bill: S&P
Lockdowns across the country have failed to dent Australia’s recently reattained “stable” AAA credit rating.
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afterpay’s payday
Afterpay in the US: do they even know what it is?
Afterpay might have been heard about in the prime retail spots of the US. But whether it’s used is a different thing.
- Opinion
- Digital transformation
The hidden cost in Afterpay’s mega deal
The Afterpay deal with Jack Dorsey’s Square is great news for Australia’s booming fintech sector but points to large regulatory holes in the payments system.
Explainer: How the Square Afterpay deal will affect the ASX
Square is set to become one of the largest companies listed on the ASX when it completes its acquisition of Afterpay, but how will that actually work?
Early Afterpay backers embrace Square bid
Fund managers who got in first to own Afterpay on the ASX say selling to Square makes sense but there will be risk putting the two payment systems together.
- Analysis
- Sharemarket
‘Can’t knock the hustle’: Square boss lauds Afterpay’s founders
Jack Dorsey defended his decision to buy rather than build a BNPL solution, as Afterpay’s sales and revenue numbers missed analyst forecasts.
Tokyo Olympics
Lee wins Australia’s first Olympics marathon swim medal
Australia’s Kareena Lee has won bronze in the Olympic women’s marathon swimming in Tokyo, with Brazilian Ana Marcela Cunha taking gold.
How Australian Olympians make money
The 2020 Tokyo Olympics promised athletes the chance to write their names into history, but not necessarily a steady wage, so it helps if they’re already rich.
What’s on at the Olympics on Wednesday
Here’s what’s coming up today in Tokyo for Wednesday, August 4. (All times AEST.)
Rowdy Australian athletes damage rooms, cause problems on flight home
Officials apologised after some athletes damaged their beds and put a hole in a wall in the Olympic village while others caused trouble on their return flight.
Biles snatches bronze in highly anticipated return
Superstar gymnast Simone Biles pulled out of a number of events to focus on her mental wellbeing and returned to claim bronze in the balance beam final.
Companies
Holgate wins $1m termination payment from Australia Post
Australia Post agreed to the termination payment and to cover $100,000 in legal costs of the former CEO in a mediation settlement this week.
‘Brains behind Tesla’ is betting his fortune on urban mining
Metals used in electric vehicle batteries are typically dug out of the ground in places like Australia but JB Straubel believes garages are an untapped source.
Profit boom as drivers hang onto cars longer
Auto parts group GUD Holdings delivered a profit bonanza but the boss says lockdowns make the next few weeks trickier.
Westpac launches vaccine program
Australia’s oldest bank will offer staff and their families based in affected local government areas the ability to book vaccines from August.
Genworth returns to profit but warns of renewed uncertainty
The group returned to profit in the first half reflecting the improved economy, but the recovery may be dampened by the latest outbreak.
Woodside lifts Scarborough LNG budget to $16.2b
The 5 per cent rise in the estimate for the huge gas project in Western Australia came as a relief to the market which had feared a greater cost escalation.
AFR profit season calendar and results
Here is a list of the Australian companies reporting their full-year results in the August reporting season.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
ASX boards to ‘loosen the shackles’ in M&A boom
Fundies expect this earnings season to produce a tidal wave of M&A activity as ASX 200 directors capitalise on frothy valuations and strong balance sheets.
US inventory shortages mark precursor to boom
Low inventory leads the corporate sector to produce more, boosting growth and company profits, new research finds.
Robinhood surges 24pc to surpass IPO price for first time
It was the first time the company’s stock has held well above the $US38 price at which it went public, except for the first few moments of its trading debut.
Lockdowns cut short lift in household spending
A 1.8 per cent fall in retail sales in June caused by coronavirus lockdowns dragged on household spending in the quarter.
- Opinion
- Monetary policy
RBA keeps calm amid the lockdowns
Although the immediate economic outlook is uncertain, the central bank is confident the economy will again prove its resilience once lockdowns are lifted.
Opinion
No, China isn’t retreating from capitalism
Market crackdowns tend to coincide with record highs on a price-to-book basis. They can be read as interventions to cool overheating share prices. Ideology does not come into it.
Contributor
A path to post-pandemic economic health is in sight
The effectiveness of COVID-19 vaccines has enabled us to see a clear path out of the crisis. It is still strewn with hurdles, but we should be optimistic.
Contributor
Grabbing the Crown bull by the horns
Royal commissioner Ray Finkelstein, QC, has shown he’s not awed by arguments that stripping Crown Resorts of its Melbourne licence will be too disruptive.
Columnist
Learn to live and die with the virus
Doherty Institute’s modelling shows Australia will need to reopen its borders and end lockdowns amid ongoing infections and deaths from COVID-19.
Editorial
The hidden cost in Afterpay’s mega deal
The Afterpay deal with Jack Dorsey’s Square is great news for Australia’s booming fintech sector but points to large regulatory holes in the payments system.
Columnist
RBA sees past lockdowns to a vaccine-fuelled bounce
The central bank announced on Tuesday it was sticking to the plan to gradually unwind its bond-buying stimulus from mid-September.
Economics editor
Politics
Tax-free COVID-19 payments may act as work disincentive
Employers warn an inadvertent decision to not tax the latest round of disaster payments for workers could act as a disincentive for some to return to work.
‘We need to accept’ there will be cases, deaths
A mostly vaccinated society must get used to coronavirus casualties at levels equivalent to a flu outbreak, Doherty Institute modelling shows.
AZ on par with Pfizer at preventing serious illness
The federal government’s chief infectious disease modeller says more people over 40 should get the Oxford University-developed vaccine.
Growing uncertainty in NSW over infected people’s isolation status
Experts have suggested an increased workload for NSW health authorities is behind the number of cases whose isolation status remains under investigation.
Launceston leads race to vaccinate as Coffs Harbour, Mackay lag
Communities in outer metropolitan Brisbane and Perth join south-western Sydney in having some of the nation’s lowest vaccination rates.
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World
Caroline Kennedy would be ‘right pick’ as US ambassador to Australia
As a former ambassador to Japan, the daughter of John F. Kennedy would be highly suited to the role, with strong views on China and in-depth knowledge of the Asia-Pacific region.
- Opinion
- Coronavirus pandemic
The world is in a race to leave the pandemic behind
It must be remembered there have been gains in the midst of this exhausting, painful time – not nearly enough, but some.
- Analysis
- Carbon pricing
Confused by China’s mixed messages on steel? This will help
China’s quandary about how to keep the economy firing while achieving climate goals means steel production may not be cut as aggressively as previously expected.
Carbon offsets going up in smoke as company-linked forests burn
Forestry projects are vulnerable to threats such as wildfires, drought and disease. These events are, in turn, exacerbated by global warming.
Taiwan TV host becomes latest target of China’s Olympics trolls
Dee Hsu has been criticised for an Instagram post during the women’s singles badminton final between Tai Tzu-ying of Taiwan and Chen Yufei of China.
Property
Valuation gains boost Bunnings landlord BWP as vacancies loom
While it booked $149 million of valuation gains on rising demand for large-format retail, analysts say the trust is having to “paddle hard” to fill Bunnings vacancies.
SCA bulks up on regional retail assets with Toowoomba buy
SCA Property Group has been a busy buyer of regional retail assets across New South Wales and Queensland, focusing on smaller, pandemic-proof, convenience-based neighbourhood retail malls.
Techie pays $20m for knock-down rebuild
Robin Khuda has come a long way from his one-bedroom flat 12 years ago, buying more than $120 million of high-end property, crowned by this Mosman purchase.
Outpriced first home buyers turning to new apartments
Pace says first home buyers are returning to the apartment market because they can no longer afford to buy an existing house within 20 kilometres of Melbourne.
Sydney Airport gets green light for new hotel precinct
The airport, betting on a revival in air travel, will group together four hotel brands next to the domestic terminal by 2024.
Wealth
How to bring home your overseas super
About one-fifth of Australia’s expat community has returned since COVID-19. These are the hurdles they’ll need to clear to repatriate their retirement savings.
- Opinion
- SMSFs
Why does my auditor keep asking me to revalue SMSF assets?
Don’t be surprised at the increased attention to asset values – far better to have the argument inhouse than wait for the ATO to come knocking.
- Opinion
- Investing
Key mistakes with share investing
Investing in individual stocks creates an idiosyncratic risk which is difficult to avoid. So do your homework on companies and watch out for red flags.
Technology
- Exclusive
- Media & marketing
oOh!Media taps Mat Yelavich to drive digital transformation
Former Nine Entertainment chief information officer Mat Yelavich has joined outdoor advertising company oOh!Media as chief technology and information officer.
Facebook News launches in Australia
The special tab on Facebook will be dedicated to news from a range of Australian publishers.
- Opinion
- Mergers & acquisitions
Square a clear and present challenger to big banks
Square commands a valuation that would make little sense for a mature business. This represents the belief among investors that it can wrest an ever-growing chunk of payments from incumbents.
Work & Careers
Why your office mail room may soon be on the top floor
If you reckon workplace innovations such as the genomic testing of buildings and the use of moss to determine air quality sound fanciful, think again.
Age no barrier to keeping up, says ex-Deloitte partner
The former Deloitte partner who accused the firm of age discrimination has spoken publicly for the first time about the issue.
Life & Luxury
Meet the execs who landed a global role without leaving home
Promotions are still on the table for some multinational companies, even while borders are shut.
Robots channel Olympians to create Zen-like art in a Tokyo park
Fuelled by athletes’ data and animated by cyborgs, a dynamic installation by UK artist Jason Bruges is delighting locals and visitors.
When it comes to bras, Gen Z wants to show them off
The granddaughter of pioneering lingerie maker Simone Pérèle, Stéphanie, is ready to outfit a new generation who have a decidedly relaxed approach to underwear.
- Exclusive
- Cardiovascular health
Australian breakthrough to stop arteries clogging
An Australian scientist has led landmark research that has the potential to stop arteries of the heart from becoming clogged.
Upmarket restaurants ditch Uber Eats
Diners who are tired of their own cooking and after something more upmarket than a pizza or hamburger are often being forced to pick up takeaway meals from restaurants because owners are shunning mass delivery services.
