- Opinion
- Chanticleer
Crown just got away with it
Royal commissioner Ray Finkelstein’s bark has proved much worse than his bite. Crown is bloodied but it has kept its precious licence.
How Crown Melbourne became too big to fail
Commission of inquiry head Ray Finkelstein gave Crown one last chance because of the ‘real risk of significant harm to the Victorian economy and to innocent third parties’.
PM pins net zero hopes on technology, updates 2030 projections
The government said its economic modelling, which it has not yet released, will result in individuals being $2000 better off.
Tumbling bonds push market to worst year in decades
Inflation concerns have triggered a repricing of debt and pressure on central banks to weaken monetary support. That’s bad news for bond investors.
- Live
- Markets Live
GQG Partners up on debut; Crown soars on license verdict
Relief rally sends Crown higher. Afterpay climbs. Reliance eyes $325m US acquisition. Lithium miners gain. Suncorp flags soaring claims costs. Tesla tops $US1 trillion valuation.
Mineral Resources smashed by iron ore price penalties
The Pilbara iron ore division of Chris Ellison’s Mineral Resources has been pushed uncomfortably close to its break even point over the past three months.
- Live
- Need to Know
SA to reopen borders by November 23
South Australia reveals road map; Australia hits 74 per cent vaccination; Prime Minister Scott Morrison says ‘no blank cheques’ to reach net zero; Watch: ICAC inquiry into Gladys Berejiklian; Follow updates here.
Find out why Deloitte is spending big on pay bumps and bonuses and what it all means for partner profits. In your inbox Wednesday morning.
start-ups
- Exclusive
- Online shopping
Stylerunner co-founders aim to shake up digital coupon market
Former Financial Review Young Rich Lister Julie Stevanja and her twin sister, Sali Sasi, are launching a women’s shopping app.
Young Rich Lister raises $168m with Fast checkouts
The founder of Fast, Domm Holland, has attracted seed funding from the likes of Afterpay founder Nick Molnar to make his one-click checkout button ubiquitous.
Rich Lister Tony Walls has nine tips for success
He tells the Financial Review’s How I Made It podcast how he went from going to uni at night to founding a company that is now worth about $1.9 billion.
- Exclusive
- Venture capital
How CBA start-up plans to ward off threat from big tech
Forget unicorn hunting; the head of Commonwealth Bank’s venture division says it is zeroing in on start-ups to help make it the bank of the future.
- Exclusive
- Skills shortage
Techies demand top dollar as skills shortages bite
Local tech companies are turning down new business because soaring pay rates being charged by workers with in-demand skills are making projects unprofitable.
Companies
Hail, quakes put Suncorp on bleak disaster trajectory
Suncorp thinks natural disasters between July and October could cost up to $492 million - marking the insurer’s worst outlook in at least five years.
China’s infant formula golden days are gone, says Bega
Bega chairman Barry Irvin says the buyout of Lion’s dairy and flavoured milk business in late 2020 has been a “bargain purchase”.
APRA slams super funds for wasting millions on sporting sponsorships
The prudential regulator outlined multiple instances of inappropriate spending, including giving free sporting tickets and other sponsorship benefits to staff.
Oil Search growth projects slow as sales jump
Oil Search enjoyed higher LNG prices in the September quarter but has signalled delays at growth projects in the US and Papua New Guinea as it firms up its $21 billion merger with Santos.
Reliance Worldwide steps up US expansion with EZ-FLO buy
Reliance CEO Heath Sharp says he is impressed by the pricing power of the business as it moves into the large appliance market.
Zepto to help retailers take payment straight from a bank account
Byron Bay-based Zepto is the first fintech to directly connect with the new payments platform (NPP) as a result of an open banking accreditation from the ACCC.
Investment banks talk bonuses, promotions to cap off big year
Investment banks are making a motza from the M&A and capital markets deals boom, but bosses are trying to keep a lid on expectations for the upcoming promotions and bonus season.
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Markets
Wall St powers through inflation concerns to reclaim record
Investors are riding the wave of corporate profit growth, despite growing evidence of inflationary pressures that would hurt equity valuations.
Tesla’s market value tops $US1trn on Hertz order
CEO Elon Musk’s net worth surged near $50 billion alone after the car hire company placed an order for 100,000 of the electric car maker’s vehicles.
Facebook warns of fourth-quarter headwinds
Facebook shares rose in after-hours trading after it reported that more people are actively using its network of social media apps than analysts predicted.
West African Resources seeks $135m to repay debt, M&A
West African Resources is in the market for a $135 million capital top-up via Euroz Hartleys and Sprott Capital.
What happened in markets before the bell
Australian shares are poised to open higher with a 100,000 car order from Hertz helping to accelerate Tesla to a $US1 trillion market cap.
Opinion
Labor says bring on an election about the economy’s future
The opposition is happy to make the next poll about economic management. The Liberal Party’s philosophy doesn’t suit the 21st century.
Contributor
Why China’s new property tax is bad news for Australia
Beijing’s latest decision to expand levy trials will deal a further blow to Australian exporters already suffering fall-out from the country’s real estate woes.
Columnist
Digicel deal a totemic shift for a Western government
Injecting $1.8 billion of taxpayer funds to help Telstra buy Digicel Pacific is a totemic shift for a Western government to weaponise corporate power and fight back against China’s Belt and Road Initiative.
Economics editor
Nationals’ 2050 target contortions extract net zero pork
A giant taxpayer-financed slush fund for the junior Coalition partner now risks become part of the collateral damage and deadweight loss of the climate wars of the past 15 years.
Editorial
Telstra joins Team Australia on China
Telstra would have no interest in Digicel without the federal government’s prodding and the generous taxpayer funding that allows it to proceed.
Columnist
Forestry needs a place in the climate debate
The sector is good for the environment, good for jobs, and good for our economy. Why, then, does it receive little mention when we talk about climate change?
Contributor
Politics
Berejiklian’s ICAC appearance delayed on ‘investigative reasons’
The corruption inquiry into Gladys Berejiklian will go into a third week with delays to the former premier’s evidence drawing it out.
- Opinion
- Regional security
Australia lacks the diplomacy to win friends and influence
By putting too many eggs in the defence basket, Canberra is marginalising the first-rate foreign service needed to achieve peace and security in the region.
Extra funds, tax perks in Nationals’ pay-off
A ‘significant funding commitment’ for regional infrastructure and beneficial tax treatment for income from carbon farming could be granted on Tuesday.
- Exclusive
- AUKUS
Defence spending to reach $50b a year, says Dutton
Defence Minister Peter Dutton says Australia’s nuclear-powered submarines deal will push military spending to almost 2.5 per cent of GDP.
Victoria risks an ‘underclass of the unvaccinated’
Retailers want a national approach to COVID-19 vaccine requirements amid fears that locking the unvaccinated out of the economy will create social disadvantage.
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World
World ‘way off track’ in halting warming, UN warns ahead of COP26
A report by the UN World Meteorological Organisation showed carbon dioxide levels rising more than the average rate over the last decade despite a temporary dip in emissions during COVID-19 lockdowns.
Donald Trump Jr’s T-shirts mock Alec Baldwin’s shooting
Ones that read ‘Guns Don’t Kill People, Alec Baldwin Kills People’ are selling for $US27.99 on a merchandise site linked to the former US president’s son.
Climate talks could fail, Boris Johnson warns
The British Prime Minister has staked his global political standing on the Glasgow COP26 summit and is now trying to manage expectations.
Team USA talks a big away game at COP26 in Glasgow, despite injuries
President Biden and his crew have a week to sort their emissions game plan for COP26. However, Congress has weakened the team’s secret weapon.
Solar’s growth stumbles just as the world needs it most
The industry is being slammed by a barrage of obstacles, with rising materials costs, forced labour accusations and a worsening trade war all hitting at once.
Property
Big short-term return on government office investment
Demand for government and healthcare leased assets shows no sign of letting up with Barwon Investment Partners paying $34.7m for a Brisbane city-fringe office.
Surprise Bronte house sale sets Eastern Suburbs beaches record
Private equity boss Simon Moore not only smashed the Sydney suburb’s high by $5 million, but on Sunday got $14 million for his Sunshine Beach getaway as well.
David Devine’s Surfers Paradise tower clocks up $150m in sales
More than a quarter of buyers in David Devine’s latest high-rise project on the Gold Coast are local downsizers.
Australia’s fastest, and slowest, selling suburbs
You probably haven’t heard of Australia’s fastest selling property markets. They are hidden gems in the outer suburbs where the average time on market is six days.
Sydney’s housing affordability nearly the worst in a decade
In Sydney, new borrowers need 35.4 per cent of household income to pay their mortgages, much higher than the figures for Melbourne and Brisbane.
Wealth
- Opinion
- Investing
Specialist ETFs can spice up your index fund portfolio
If you have a strong belief in a sector, investing via a fund removes the problem of having to decide on which companies will win or lose.
- Opinion
- Investing
Four reasons not to be too worried about stagflation
Recent declines in some commodity prices and surging saving rates provide hope that the exceptional events that have created the severe supply pressures will ease.
How the nation’s newest billionaire built a software giant
Tony Walls, the founder of software company Objective Corp, has quietly added $20 million a week to his wealth pile over the past five months.
Technology
Facebook leaked files show rules were bent for politicians, celebrities
Documents obtained by whistleblower Frances Haugen suggest executives intervened to let contentious posts stay up.
Kids will need a note from parents to use Facebook
The Morrison government has announced new laws that would force social media companies to obtain parental consent before allowing children onto their platforms, or face harsh punishment.
- Exclusive
- Funding
Big names back Bali Bible founder as travel planning restarts
Tony Gandel, Antony Catalano, Alex Waislitz and Matt Berriman have bankrolled a $6.7 million round in Travel tech start-up Travlr, as the sector anticipates a post-lockdown resurgence.
Work & Careers
Wharfies restart damaging Melbourne strikes
The strikes are expected to exacerbate already lengthy delays for orders of items such as furniture and food just as the city’s retail outlets reopen for the first time in three months.
- Opinion
- Managing
Why ‘pawternity leave’ could be coming to an office near you
Requests for time off to care for new pets are jarring when many workplaces lack paid parental leave.
Life & Luxury
Michael Jordan’s Nikes set an auction record of $1.96m
The basketballer’s earliest known regular season game-worn shoes have been sold by Sotheby’s, breaking the high for sneakers sold under the hammer.
- Opinion
- Streaming
What Succession gets right about the super-rich
From narcissistic children to third wives, here’s what the series gets right and wrong about billionaires.
Meet Google’s idiot-proof phone, the Pixel 6
This is the first phone in Australia to support mmWave 5G, which is much, much faster than regular 5G – and it also erases photobombers.
A rare British car that disappeared in the 60s is reborn
Alvis has subtly modernised the Graber with air-conditioning and fuel-injection, but the styling, engine block and chassis parts are post-war originals.
How an Australian artist is pushing the boundaries for Cartier
Known for his fantastical scenes, Paul Milinski is creating vast, alluring landscapes to adorn the luxury jeweller’s new flagship store in Sydney.
