India’s 2070 climate pledge divides opinion
PM Narendra Modi’s importance to the fate of COP26 meant that many seemed willing to give him the benefit of the doubt.
Early freedoms a ‘last push’ to hit 95pc jabbed
Fully vaccinated NSW residents will get select new freedoms nearly one month early but the unvaccinated will stay shut out until at least December 15.
- Live
- Markets Live
Morgan Stanley scolds Westpac; RBA ahead
Netwealth targets $785m Praemium merger, IAG falls on margin guidance downgrade. Goodman jumps on guidance hike. Wall St gains in late rally. Iron ore fell 3.6pc to $US103.43 a tonne.
- Live
- Need to Know
Calls to scrap quarantine for all international arrivals
NSW brings forward freedoms for fully vaccinated people, but unvaccinated people will have to wait until December 15; ACT hits 93.2pc fully vaccinated; Queensland records no new cases; Victoria’s cases drop below 1000. Follow updates here.
Inflation expectations point to accelerating wages growth
Evidence of elevated inflation expectations highlights that wages growth is climbing, while consumer confidence rebounded to its highest level since July 2021.
- Opinion
- Chanticleer
Housing ‘haves’ and ‘have-nots’ worry Westpac’s King
Boss Peter King says the financial health of those with a home is good. It’s those trying to break into the market he worries about.
RBNZ says house prices largely outside its control
The Reserve Bank of New Zealand has played down its ability to curb soaring house prices, saying it only has a small role to play in keeping the market steady.
Explore the 2021 Top 100 Accounting Firms with exclusive interviews, data and charts. In your inbox Wednesday morning.
Glasgow Summit
Climate promises ‘nothing but blah blah blah’ without action
Western leaders used the opening of the COP26 summit in Glasgow to try to salvage support for concerted global action on climate change.
PM takes his technology sales pitch to the world
Scott Morrison believes technological advances will heal the climate policy divide between developed and developing nations.
- Exclusive
- Glasgow summit
‘It really is policy that holds us back, not the technology’
The Prime Minister said their future innovation would do the heavy lifting in getting to net zero, but Aussie climate tech experts say policy changes could do it today.
- Analysis
- Paris Agreement
Biden left bare in Glasgow after progressives’ bluff fails
Powerful US senator Joe Manchin didn’t blink when his Democrat colleagues tried to pressure him into voting for a bill with bigger climate change investments.
India, China, Russia kill climate deal
Britain and the US have accused the three nations of failing to grasp the urgency of global warming after they dashed hopes of meaningful progress on the issue.
start-ups
- Exclusive
- Funding
Investors pile in as ex-strategy consultant banks $29m for start-up
Blackbird Ventures has led a $28.7m round in First AML, after using its software to make sure it doesn’t back companies that facilitate money laundering.
- Exclusive
- Venture capital
Byron Bay-based $50m climate tech fund seeks to save the world
A new VC fund run from Byron Bay by a former Macquarie investment banker and hedge fund manager will target a boom in ‘nature-based’ climate tech solutions.
- Exclusive
- Funding
Meet the former consultant turning influencers into entrepreneurs
Behind every great social media influencer is a man who knows how to make and source a kick ass niche product for them to on sell to their followers.
- Exclusive
- Business IT
Atlassian’s $4b rival plans Aussie assault after big money funding
ClickUp, a fast-growing rival of Australian software giant Atlassian, is poised to make an aggressive push into the Australian market after raising $US400m.
- Exclusive
- Skills shortage
Shorter weeks and free travel aimed at stopping ‘great resignation’
Australian tech companies are becoming creative in their bid to source and retain talent, as a new report shows one in four Australians plans to soon quit their job.
Podcast | How Australia’s top entrepreneurs built their fortunes and what they learnt along the way.
Companies
Adore Beauty dealmaker chairman Justin Ryan resigns
New chairman Marina Go says the strategy won’t change as the group tries to harness more of the shift to e-commerce.
Praemium snubs takeover bid from rival Netwealth
ASX-listed Praemium has rejected a non-binding offer to merge with larger competitor Netwealth and form a wealth administration powerhouse with $94 billion under control.
Goodman assets head for $70b as online boom supercharges earnings
Goodman upgraded full-year earnings growth to 15 per cent from 10 per cent forecast in August on the back of high occupancy rates and strong rental growth.
BHP’s plan to exit thermal coal is in doubt
BHP’s exit from thermal coal is looking less certain as record prices and shifting investor attitudes put the brakes on its planned retreat from the dirtiest fuel.
Telix gets first regulatory tick on prostate cancer imaging product
The Therapeutic Goods Administration has approved the biotech’s lead prostate cancer imaging product Illuccix.
Westpac under pressure on turnaround promise
The bank’s promise to grow the business while cutting costs is under the spotlight as investors dump shares after a disappointing result.
Westpac can fund the energy shift: Peter King
Despite a retreat from Asia, Westpac boss Peter King says it can still play a role funding renewables as ANZ steals a march.
Companies in the News
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Markets
- Exclusive
- Carbon pricing
Why the price of carbon credits is ‘going to the moon’
This week’s UN climate summit in Glasgow is helping put a rocket under the global market for carbon credits, which have surged to record levels.
Elon Musk is now three times richer than Warren Buffett
The Tesla CEO’s net worth rose by $US24 billion to $US335.1 billion on Monday as the electric car maker’s shares jumped 8.5 per cent in New York.
RBA should not be pressured to pay dividends: economists
A possible recapitalisation of the Reserve Bank’s balance sheet would not stand in the way of its newfound role as a policy tool of last resort.
ASX to rise, bolstered by late rally in New York
Australian shares are set to open higher with a heightened focus on the Reserve Bank’s policy meeting. $A steady.
Westpac’s fluffed comeback routine leads to 7.4 pc share price drop
Westpac has fallen victim to the vicious competition in the mortgage market, having to pay a high price to grow market share in the desirable owner-occupier home loan segment.
Opinion
Australia’s vaccine-led escape from the gilded cage has begun
NSW and Victoria are now showing how other states - including WA - can safely start to rejoin the world as soon as their vaccination rates catch up.
Editorial
Big bets are coming due for Westpac and the RBA
Peter King is yet to convince investors he has the right approach and Philip Lowe is struggling to make the market have faith in his 2024 timetable for rate rises.
Columnist
Why Meta should have been Facebook’s name from the beginning
There’s a lot to joke about in Facebook’s laughable attempt to escape its reputation as the internet’s most toxic company.
Columnist
The road to net zero passes through nuclear power
Opposition to nuclear power is on par with unscientific anti-vax conspiracy theories, and just encourages reliance on coal.
Contributor
Education establishment fails the curriculum reform test
Bureaucrats and academics stubbornly hang on to education practices and pet ideas that have no basis in evidence.
Contributor
How Morrison stifles carbon market forces
If the federal government can’t do anything constructive on climate change, it should at least get out of the way of those who can.
Columnist
Politics
Macron has slurred all Australians: PM
An unapologetic Scott Morrison says Emmanuel Macron has slurred all Australians by calling him a liar.
‘I don’t like losing’: Macron ‘knew’ the subs contract was in peril
Relations between Australia and France have hit a new low after French President Emmanuel Macron branded Prime Minister Scott Morrison a liar.
- Analysis
- Berejiklian inquiry
Anything to declare? Berejiklian at best shows poor judgment
It’s now clear former NSW Premier Gladys Berejiklian had an obligation to declare her relationship. Her best-case scenario is that the public thinks Berejiklian showed incredibly poor judgment.
New-generation vaccine may foil COVID-19 variants
While current vaccines direct antibodies at parts of the virus that can easily mutate, the new approach is to target a tiny part of the virus that cannot afford to change.
RBA rate rises to boost bank profits
Interest rate rises in response to inflation would boost the profit margins of banks and be partly underwritten by the RBA if borrowing costs rise before 2024.
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World
Jes Staley exits abruptly as Barclays CEO amid Epstein probe
Staley’s surprise departure caps a tumultuous six years as boss of the British lender amid the shadow of the investigation into sex offender and socialite Jeffrey Epstein.
Now for the kids: FDA kicks off rush to vaccinate under-12s
The sign-off on Pfizer is the first green light for a Western-developed vaccine to be used in children younger than 12.
Biden hails EU-US steel deal as chance to curb ‘dirty’ Chinese imports
Washington and Brussels have set aside a long-running dispute to aim for a global arrangement to encourage low-carbon production.
- Analysis
- Japan
Kishida, a former foreign minister, will prioritise Australia ties
Japan’s new prime minister is expected to make Australia a foreign relations priority as he continues his predecessor’s work bolstering security alliances in the region.
Abbott echoes Biden warning on China supply chain dependence
Former Prime Minister Tony Abbott has issued a warning over China supply chain reliance following similar warnings from President Biden.
Property
The ‘Chinese Gatsby’ just sold his Sydney mansion for $20m
Businessman Sam Guo’s seven-year ownership of the historic Windermere home in Hunters Hill has been eventful, but the party is over.
Investor loan growth makes APRA’s job tricker
Investors are borrowing more as owner occupiers and first home buyers pull back, suggesting regulators need new tools – if any at all – to cool the hot market.
Sunland sells Gold Coast retail development site for $46 million
Sunland Group has sold the last of its undeveloped sites, reaping a $26 million profit.
Ingenia lays out $552 million acquisition pipeline
As the land lease sector for downsizing Baby Boomers matures, the developer has bought its way to expand in the premium lifestyle niche of the market.
- Exclusive
- Hotels
Hilton to open new Garden Inn hotel in western Sydney in 2023
The $60 million development of the 140-room hotel opposite the Nepean Hospital is being undertaken by Bill Moss’ Boston Global.
Wealth
- Opinion
- Energy
What to consider before investing in hydrogen
Pricing estimates, its place in the global energy mix and where to find opportunities should be on the checklist.
- Opinion
- Sharemarket
Healthcare cloud solutions to watch
How to invest in technology companies that help manage patient and healthcare outcomes.
Check the Young Rich Lister horoscope
Our resident astrologer examines Australia’s wealthiest Millennials by zodiac sign.
Technology
Facebook’s Meta morph not enough to please 20-somethings
Rebranding or not, young Australians who have been using Facebook since high school have mixed feelings about the social media giant.
- Exclusive
- Skills shortage
Shorter weeks and free travel aimed at stopping ‘great resignation’
Australian tech companies are becoming creative in their bid to source and retain talent, as a new report shows one in four Australians plans to soon quit their job.
Why Facebook has become Meta
Critics see the move as a timely attempt by Mark Zuckerberg to distance the company from its latest wave of scandals, but he says the shift has been planned for months.
Work & Careers
Toorak finance broker taken to court over suspected underpayments
The businessman was “an intentional participant” in the alleged underpayments of staff, who the workplace watchdog claims were paid below minimum wage.
Wharfies sacked for refusing COVID-19 jab
The maritime union will defend the jobs of almost two dozen wharfies who were fired for not getting vaccinated against COVID-19.
Life & Luxury
Travelling close to home is here to stay
Slow days connecting with the Australian landscape were not only a balm during the pandemic, they reinforced that we might not need so many overseas escapes.
Inside Incentivise’s old-school tilt at Melbourne Cup glory
Incentivise has emerged from nowhere to be the shortest-priced Melbourne Cup favourite since Phar Lap.
Why finding a holiday stay in NSW will be twice as hard
Online accommodation platforms have suspended thousands of short-term rental listings following the launch of compulsory registration in NSW on November 1.
The Melbourne Cup is falling out of fashion
It was once the event of the spring season, but the Melbourne Cup is losing some fashionable fans.
Fashion from landfill? Australian designers say it’s the future
What will retail look like a century from now? The question has resulted in the Future from Waste Lab, soon to open in Melbourne.
