High Court rejection of casual backpay ‘far-reaching’
A unanimous ruling by the High Court bolstered employers’ power to define employment by contract, sparking predictions it will lead to more independent contractors.
- Opinion
- Coronavirus pandemic
Berejiklian can’t bear to say the obvious
There is no way the NSW lockdown can end or restrictions significantly be eased by August 28 unless authorities are willing for those case numbers to jump.
Government keeps vaccine incentives in the back pocket
Australia’s adult population will achieve a 70 per cent vaccination rate before Christmas, and while 80 per cent is also possible, it would require a ’concerted effort.
China’s elite role in emerging markets has traders creeping back
A recovery in Chinese stocks following a meltdown at the start of last week underscored how investors in emerging markets have few alternatives that are as big and liquid.
27-year-old man is NSW’s youngest COVID-19 death
NSW Premier Gladys Berejiklian says the man was unvaccinated and his death highlighted the severity of COVID-19.
Fears NSW, Qld lockdowns will be extended
Coronavirus lockdowns in Greater Sydney and south-east Queensland worsened on Wednesday as restrictions failed to stop the community spread of COVID-19.
Resources sector on edge as Fortescue worker tests positive
A worker was potentially infectious during a week spent at one of Australia’s major iron ore mining hubs.
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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
Belcher, Ryan save the best for last
The professional sailing duo’s gold pushed Australia’s total to 15, just behind the 16 of Sydney 2000 and within cooee of the 17 won at Athens 2004.
Belcher, Ryan claim Australia’s second sailing Tokyo gold
Mat Belcher and Will Ryan have secured Australia’s second sailing gold medal of the Tokyo Olympics by winning the 470 medal race.
- Opinion
- Postcard from Tokyo
A social media fracas left me a little stunned
A social media fracas left me a little stunned and concerned about my own part in these most unusual of Games.
Olympic officials deal with their next political gesture - from China
The Olympics always combines sport and international politics and Tokyo 2020 has already forced the IOC to play a political role.
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.
Companies
Macquarie trims CSL’s price target and outlook
As new COVID-19 cases surge in the US unemployment benefits and travel restrictions on Mexican citizens are limiting plasma collection.
Banks to the rescue with staff jab programs
Australia’s seven largest banks are unveiling plans to get more jabs into arms and open up the country.
- Opinion
- Chanticleer
Top lawyers on the deal boom’s new trend
The $60 billion of all-scrip deals at Afterpay and Santos this week speak to broader trends fuelling a historic M&A boom.
Westpac wealth platform hit by major outage
Financial advisers are at their wits’ end after an outage of the bank’s flagship Panorama wealth platform.
Holgate wins $1m termination payment from Australia Post
Australia Post has agreed to the termination payment and to cover $100,000 in legal costs of the former CEO in a mediation settlement.
KPMG partner profits jump 17pc on strong client demand
KPMG has posted a 17 per cent increase in annual partner profits thanks to strong demand for consulting services.
Judge questions reinstatement order at Qantas
A judge has questioned the practicality of a union demand for the court to impose a sweeping reinstatement order on Qantas after it last week found the carrier had illegally outsourced 2000 ground staff.
Companies in the News
Search companies
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Markets
China growth concerns rattle commodities markets
Commodity markets are concerned an outbreak of the highly infectious delta variant in China could stall the recovery in the engine room of the global economy.
‘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.
AAA rating safe despite lockdown bill: S&P
Lockdowns across the country have failed to dent Australia’s recently reattained “stable” AAA credit rating.
SEC chairman seeks new powers to regulate ‘Wild West’ crypto markets
Gary Gensler vowed that the SEC would act under its existing authority to regulate crypto assets that can be defined as securities under US law.
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.
Opinion
Joe Biden’s economic neo-populism
President Biden has more in common with Donald Trump than with any of the neoliberal administrations that preceded either of them.
Contributor
A social media fracas left me a little stunned
A social media fracas left me a little stunned and concerned about my own part in these most unusual of Games.
Contributor
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
Politics
- Analysis
- Coronavirus pandemic
‘Freedom day’ is still a long way away
Vaccinations will help defeat delta but Australia faces another 12 months of health restrictions to avoid being ravaged by the worst pandemic in a century.
NSW cases could double without intervention
NSW has recorded its third worst day of infections and health authorities say the virus may have spread into Newcastle.
Boost for ATO in $163m battle with China ‘beef boss’
Zu Neng “Scott” Shi is accused of masterminding the nation’s biggest phoenixing scam and running up a $163 million tax debt.
Tax-free COVID-19 payments may act as work disincentive
Employers warn a decision not to tax the latest round of disaster payments for workers could act as a disincentive for some to return to work.
Why vaccine incentives could do the trick
The Coalition government’s former chief behavioural economist has come out in support of Labor’s plan.
SPONSORED
World
Malaysian PM defies calls to quit, wants confidence vote next month
Muhyiddin Yassin said King Al-Sultan Abdullah agreed that he should remain in power pending the confidence vote.
- Analysis
- Coronavirus pandemic
Why China cannot afford to drop its zero-case virus strategy
The return of COVID-19 to the Chinese city of Wuhan is a depressing reminder of the persistence of a pandemic that has now come full circle.
China goes from gaming clampdown to sports promoter
Shares of sneaker makers and sports companies jumped as Beijing launched an effort to increase the number of fitness trainers and people exercising regularly.
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.
Biden calls on Cuomo to resign as sexual harassment findings emerge
Investigators said they corroborated the claims of 11 women, nine of whom are current or former state employees, who accused Mr Cuomo of inappropriate behaviour.
Property
ALE ready to help Endeavour grow pubs empire
The country’s largest pub owner is exploring acquisition opportunities with its tenant, newly-listed hospitality giant Endeavour.
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.
Wall Street’s return to Manhattan dims suburban office dreams
Much to the dismay of suburban brokers and landlords, the prospect of outposts in outlying areas has failed to translate into deals.
Wealth
- Opinion
- Super wars
The future mega super funds will face real-world constraints
The size of our superannuation funds is causing angst rather than satisfaction. Yet many of the concerns about an outsize sector in a midsize economy are misplaced.
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.
Technology
Online food marketplace Foodbomb snags $4.5 million
The order management platform, which operates in New South Wales and Victoria, aims to double its workforce and expand into Brisbane.
- Exclusive
- Media & marketing
oOh!Media taps Mat Yelavich to drive digital transformation
The former Nine Entertainment chief information officer joins the advertising company as the outdoor media industry focuses on recovery after revenue plummeted last year.
Facebook News launches in Australia
The special tab on Facebook will be dedicated to news from a range of Australian publishers.
Work & Careers
Accenture promotes execs, PwC Indigenous Consulting adds partner
Accenture has promoted a number of senior staff to new leadership positions, while Norman Laing has become a partner in PwC’s Indigenous Consulting business.
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.
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.
