M&A boom to smash records
Cheap money and a fear of missing out are driving a deal frenzy in Australia. ‘Every single ASX listed company is a target,’ said one banker.
- Live
- Markets Live
Tech lifts Wall St; ASX futures lower
The Nasdaq index added 0.8 per cent overnight, oil retreats from multi-year highs. Metals prices fall. Apple reveals new product line-up.
- Opinion
- Chanticleer
Deal frenzy driven by what’s coming next
Australia’s likely record year for M&A is being driven by boards and management teams readying for a decade that looks very different to the one just gone.
- Opinion
- Household debt
Will your growing wealth make you work shy?
As the NSW and Victorian economies reopen, Australian workers could follow the lead of their US counterparts and drag their feet in getting back to work.
PM pressures Nats on climate deal
Scott Morrison has added national security to the list of reasons why Australia must adopt a binding target of net zero emissions by 2050.
- Live
- Need to Know
Palaszczuk opens Queensland border for Christmas
Queensland opens for Christamas; hospital admissions in Britain surge; New Zealand extends its lockdown; ICAC hearings into Berejkilian to continue today. Follow updates here.
Britain logs ‘concerning’ number of COVID-19 cases
Experts call on the government to ramp up booster jabs and vaccination of children, as hospitalisations also start to climb.
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spotlight on START-UPS
- Exclusive
- Life after Lockdown
Muso helps bands score post-lockdown gigs
Muso, a software platform that helps musicians find gigs and venues find artists to put on shows, is banking on a post-lockdown boom after raising capital.
- Exclusive
- Funding
Start-up raises for ‘end-of-life’ digital platform
Westpac’s Reinventure fund has led a $3 million round in digital will provider Safewill, which has plans to build a platform to safeguard your digital life when you’re gone.
- Exclusive
- Funding
Hospitality tech in the money as restaurants learn lockdown lessons
Mobi, a start-up that helped chains such as Oporto and Red Rooster control their online operations, has raised $10 million as restaurants keep a digital focus post-lockdown.
- Exclusive
- Business IT
‘Terrible mistake’ could send execs to jail over vaccine certificates
Storing employees’ COVID-19 vaccination certificates is a “world of data security pain”, experts warn, which could send unsuspecting business owners or execs to jail.
- Exclusive
- Company mergers
The little four about to eat the big four’s lunch
Sekuro will launch this week after a quartet agreed to merge without a cent changing hands, to fight the consulting giants for lucrative cybersecurity work.
Companies
Noront accepts Forrest’s ‘superior’ takeover offer
The Canadian nickel play has taken up billionaire Andrew Forrest’s proposal of 76¢ a share, giving rival bidder BHP just five days to match it.
The Star $1b stock drop sparks two shareholder class actions
The $3.5 billion gambling company is under investigation by law firms Slater and Gordon and Maurice Blackburn for allegedly failing to adequately disclose money-laundering and terrorism-financing risks to the market.
Hub24 to triple customer base with Class deal
Hub24 managing director Andrew Alcock said the two companies were a “neat fit”, performing similar functions in different parts of the market.
Vulcan steels itself for pent-up demand as lockdowns end
Old-fashioned cold calling by salespeople has helped Vulcan expand its customer base to above 7000 in two years.
Zip doubles first quarter sales, analysts back rebranding
The value of goods being purchased on Zip is rising but customer growth rates have dropped off, as its new brand appears on digital billboards in Times Square.
CBA and BlackRock ink $15b MySuper deal
Colonial First State has handed the world’s largest asset manager a $15 billion mandate to help run investments across its two default superannuation funds.
Endeavour Group’s uphill battle on ESG
Australia’s largest operator of poker machines, and the biggest liquor retailer, says it recognises that some investors will never consider buying its shares.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Investors rush to hot reopening stocks as lockdowns end
Companies that suffered through the pandemic have become popular sharemarket trades as Sydney and Melbourne exit lockdowns.
What happened in markets overnight
Australian shares are set to fall when the market opens, despite US stocks extending their rally. Oil pared from its session highs, easing fears of inflation.
Bitcoin price eyes record high as ETF products near launch
Flagship US securities exchanges could offer the public exchange-traded funds designed to track the bitcoin price on a synthetic basis from this Monday.
Deals frenzy lifts ASX to 0.3pc gain
The local market benefited from a string of corporate M&A activity, while rallying base metal prices supported miners.
Pressure mounts on China to boost stimulus as rebound loses steam
The pressure on Chinese authorities to increase stimulus has intensified as the economy reported slower than expected growth, economists said.
Opinion
Politics is often counterintuitive, and climate action is no different
Barnaby Joyce looks every bit the man who knows he has to deliver something that every sinew of his body disagrees with.
Political editor
A jagged tear in the sterling reputation of ‘Saint Gladys’
Former NSW Premier Gladys Berejiklian will be interrogated by the ICAC. It’s another example of the blurred line between the personal and public interest in politics.
Columnist
‘Sophisticated investor’ tag may have passed its use-by date
A better-functioning financial services sector may not need archaic and arbitrary gates to keep the supposedly sophisticated and the unsophisticated separated from each other.
Editorial
Beware, workers are about to pivot with their feet
The workplace is going through a Great Realignment because of the pandemic, which has made many employees rethink what their jobs mean to them.
Contributor
Economists must weigh the risk of raising interest rates too early
Whether the looming inflation problem is temporary or long term, making hasty monetary policy decisions will only increase the pain.
Contributor
When markets regulate the politicians
Hypocritical Nationals holdouts are exposing regional Australia to risk and robbing it of opportunity in the green industries that are coming.
Columnist
Politics
Palaszczuk opens Queensland border for Christmas
Queensland Premier Annastacia Palaszczuk has urged Queenslanders to get vaccinated ahead of them being reunited with families and friends for Christmas.
Vaccine rush leading to reduced sickness as Australia reopens
The rapid and widespread uptake of vaccines gives experts optimism that the health impact of reopening state and territory economies and borders will be far lower than predicted just a month ago.
Berejiklian tells ICAC she didn’t suspect former boyfriend was corrupt
The former NSW premier told ICAC she didn’t suspect Daryl Maguire of corruption, as the watchdog heard of input from Jobs Minister Stuart Ayres.
What to expect at the ICAC over the next two weeks
NSW’s anti-corruption watchdog has begun public hearings into its investigation, which has now turned on former premier Gladys Berejiklian.
Net zero enough to lift Morrison’s global standing, says former envoy
A minimalist net zero pledge will be welcomed globally, “particularly given the climate wars of the last 15 years,” says Australia’s top Paris negotiator.
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World
Russia breaks off ties with NATO in retaliation for spy row
Russia has closed the NATO office in Moscow as it reacts to the expulsion of Russian diplomats in Brussels.
Colin Powell dies from COVID-19 complications
The US Army general rose to become his country’s first black secretary of state and styled himself a “reluctant warrior”.
Auckland lockdown extended for at least two weeks
PM Jacinda Ardern said a vaccination target would provide the city, which has already been locked down for two months, a pathway out of restrictions.
- Opinion
- GDP
Honeymoon is over for China’s post-pandemic recovery
Growth in China’s industrial and real estate sectors is cooling, meaning long-term pain for Australia’s most valuable exports.
American workers who didn’t quit are now going on strike
Many of those who didn’t join The Great Resignation are now joining picket lines, as widespread work stoppages reflect growing frustrations among the labour force.
Property
Worst is over for Melbourne and Sydney apartment landlords
Apartments in CBDs suffered large declines in rents during the pandemic, but are poised to see strong rental growth as the lockdowns end and the border reopens.
Di Pilla’s HomeCo fund strikes $3.2b merger with Aventus
Both listed property trusts have fared relatively well through the disruption and their merger is timed to perfection to take advantage of the reopening bounce.
Sydney premium strata office prices surge as owner-occupiers buy up
Why rent when it’s cheaper to buy and there’s a great tax break on your investment? Prime Sydney strata offices are in strong demand and prices are rising.
GPT and MA Financial take out $800m Ascot Capital portfolio
The 27-asset Ascot Capital industrial and office portfolio attracted strong interest from Australian and international investors.
360 Capital launches $1.1b play for Irongate
The 360 Capital bid is conditional on the fund manager striking a side deal with ESR’s local operations to acquire a number of assets from the Irongate portfolio.
Wealth
- Opinion
- Property investment
How much to spend on your renovation
There’s a fine line between adding value and overcapitalising – here’s how to work it out.
Tax shortcut for work-from-home claims extended
Rules allowing taxpayers to speed up their annual tax return have been extended to June 2022.
- Podcast
- How I Made It
Listen now: How to go from EY to $50m
Julie-anne Sprague talks to Jane Lu, 35, the fast fashion retailer who quit her job at EY during the depths of the 2010 financial crisis; lied to her mother and is now worth around $50 million. Listen here or wherever you get your podcasts.
Technology
Zero Co raises $6m from Square Peg off back of cold email
Australia’s largest venture firm has invested in a Byron Bay-based start-up that makes reusable and refillable household plastics and cleaning products.
- Opinion
- Cyber security
Why companies will ignore the government and pay hackers’ ransoms
Home Affairs Minister Karen Andrews’ insistence that the government does not condone paying hackers to unlock systems ignores the reality of businesses trying to survive.
UN-backed tech group raises alarms over Australia’s social media laws
Tough new laws enacted after the 2019 Christchurch terrorist attacks to prevent the spread of extremely violent online content appear to be doing their job, says the eSafety Commissioner.
Work & Careers
- Opinion
- Workplace
Beware, workers are about to pivot with their feet
The workplace is going through a Great Realignment because of the pandemic, which has made many employees rethink what their jobs mean to them.
American workers who didn’t quit are now going on strike
Many of those who didn’t join The Great Resignation are now joining picket lines, as widespread work stoppages reflect growing frustrations among the labour force.
Life & Luxury
Some of Australia’s greatest surf photos are now collected in one book
A new book of photographs documents Australia’s ongoing love affair with a life on the ocean waves.
Paspaley turns deep-sea treasures and tattoos into fine jewellery
The brand’s new collection features rare, pristine Pinctada maxima pearls alongside precious finds their divers have retrieved from the depths.
Why marine ingredients are so hot in skincare
The ocean takes up most of our world, so it stands to reason it would be a rich source of natural wonders. The bonus? They can do wonders for your skin, too.
- Exclusive
- Life after Lockdown
Start-up helps bands score post-lockdown gigs
Muso, a software platform that helps musicians find gigs and venues find artists to put on shows, is banking on a post-lockdown boom after raising capital.
Seven and Nine fight over ratings crown
Seven has reclaimed the ratings crown after losing it to rival Nine in 2019, as the third commercial free-to-air player ViacomCBS-owned Network 10 prepares to present its case to advertisers on Wednesday.
