Jack Dorsey explains why he bought Afterpay
The Square co-founder briefed Wall Street analysts on Friday morning on the strategic rationale for Australia’s largest ever deal.
- Live
- Markets Live
Property boom lifts REA Group to record high; bitcoin boosts Square
RBA minutes reveal 2024 rate hike still central scenario. Carlyle lobs Link takeover bid. Afterpay falls 3.6pc on Square’s profit report. CBA hikes mortgage rates. Bank of England holds rates.
- Live
- Need to Know
Vic hospitals to receive urgent funding ahead of case surge
Watch: PM, NSW Premier hold press conference, Victorian Health Minister announces $307m in health care support; WA Premier Mark McGowan to reveal reopening road map at 12:30pm; Tasmania to scrap COVID tests for some interstate travellers; National Cabinet poised to meet. Follow updates here.
Carlyle Group returns with $5.38 per share Link takeover bid
The US private equity giant Carlyle is going it alone this time with a new buyout bid that values Link at $2.8 billion.
- Opinion
- Chanticleer
Square’s big miss a little warning for Afterpay investors
Square’s surprise miss in revenue underscored two issues for Afterpay investors to consider: the underlying business and bitcoin.
CBA follows Westpac in raising rates
The three-year fixed home loan rates for owner-occupiers is now 40 basis points higher at 2.69 per cent at CBA while the four-year fixed rate is up by 50 basis points to 2.89 per cent.
Sigma drops bid for rival API, leaving Wesfarmers to take control
Wesfarmers has all but formally snared API, after the rival drug wholesaler dropped its pursuit Friday.
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Crypto
Digital $A can stop crypto rally turning ugly: NAB
Bankers say crypto is about more than a new investment class and represents a fundamental shift in the distribution of power in finance.
ASX ETF record smashed as crypto goes mainstream
The BetaShares Crypto Innovators ETF attracted almost $40 million in trades on its ASX debut, five times more than any previous listed fund.
- Opinion
- Chanticleer
Why CBA is taking its first step into crypto
With its push into cryptocurrency investing, Matt Comyn continues his neat trick of making CBA both bigger and more interesting.
CBA drives stake in crypto ground for banks
CBA boss Matt Comyn urged financial regulators to step up and accept digital currencies, while crypto players responded cautiously to the bank’s moves.
- Analysis
- Cryptocurrencies
Lack of crypto advice a hurdle for would-be buyers
Financial advisers cannot legally recommend cryptocurrencies to clients, creating an opportunity for fund managers but a problem for some prudent investors.
review
Can we live to 1000? The quest to cheat death is on.
Tech titans are investing heavily in research to extend our lifespans and may be on the cusp of a dramatic fix but critics say avoidance of death is hedonism not heroism.
- Opinion
- Glasgow summit
Would Russia or China help if there was an alien invasion?
Global cooperation is at a low point and there is no time for a wolf-warrior diplomatic strategy on climate.
Boris Johnson’s conversion to chief climate warrior
The British Prime Minister used to mock ‘eco-doomsters’ but he has changed his tune dramatically.
Facebook’s new Master of the Metaverse
As the embattled company changes course and its name, Mark Zuckerberg has tapped Andrew Bosworth, a close friend and long-time deputy, to lead the pivot.
Under pressure, Taliban allow girls to return to some high schools
In some provinces, girls are back at school but they are a lucky few. Teachers and parents have doubts about what this means for life under Taliban rule.
Podcast | How Australia’s top entrepreneurs built their fortunes and what they learnt along the way.
Companies
- Exclusive
- Super wars
Aware Super admits defeat on $1.1b StatePlus purchase
The $148 billion fund has written down the value of its $1.1 billion blockbuster move into financial planning to a little more than $100 million.
REA Group defies lockdowns to report revenue growth
REA Group has defied lockdowns in Melbourne and Sydney in the first quarter of the fiscal year to deliver revenue growth of 22 per cent.
Westpac first to lift rates after RBA dumps yield target
It has raised its fixed mortgages a second time in three weeks, making it the first big bank to increase home loans in response to Tuesday’s decision.
BlueScope buys US scrap steel recycler MetalX
The steelmaker is spending $324m in the USA to ensure security of supply of feedstock to its biggest profit engine, North Star in Ohio.
Investors start to fear cost crunch
A market punishing of Domino’s and Inghams signals that food companies must show they can pass on rising costs, or risk shareholder wrath.
News Corp delivers growth thanks to Dow Jones, Foxtel
Dow Jones posted it highest first quarter revenue and profits since its acquisition while higher revenues from Foxtel’s streaming products, Kayo and Binge, offset fewer residential broadcast subscribers.
Replace stamp duty with expanded GST, real estate agents say
The peak body for real estate agents says stamp duty should be replaced by higher goods and services tax revenue. That would make housing affordability worse, a think tank says.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Bank of England defies markets, keeps interest rates on hold
The decision is likely to raise questions about the credibility of the bank and especially governor Andrew Bailey.
Pendal shares jump on US acquisition
Acquisitive growth, a quadrupling of performance fees, strong equity markets and 51 per cent lift in FUM helped Pendal’s profits soar in FY 2021.
OPEC is putting the global recovery at risk: White House
The Biden administration says it’s prepared to use ‘all tools’ necessary to lower fuel prices after the oil bloc stuck with plans for modest production increases despite booming demand.
What happened in markets overnight
Australian shares are set to open higher with US stocks continuing to rally on strong earnings reports. US 10-year yield drops on rate outlook reset.
OPEC+ rejection puts solution to high oil price in Biden’s hands
The oil cartel approved a 400,000 barrel-a-day output hike for December, leaving President Joe Biden with the option of tapping the US strategic reserve.
Opinion
AUKUS was awkward but Emmanuel Macron is no saint
Two former prime ministers sympathising with a foreign leader over a matter of national security – that’s how politics rolls these days, and it’s global.
Political editor
Already in limbo, shipping scores an own goal
A report into Australia’s stevedoring industry shows the same old problems, heightened by COVID-19 restrictions leading to container shortages and port congestion.
Columnist
My Squid Game moment at Tokyo airport
A mountain of paperwork, $300 COVID-19 tests and plenty of patience are required to enter Japan during a pandemic but the system works.
North Asia correspondent
Litigation not the best way to crack business cases
Is criminalising established business behaviour and then spending years in court really the best way for regulators to push for changes in the way that business gets done?
Editorial
Labor takes France’s side on subs
The ALP’s support for Emmanuel Macron against Scott Morrison forgets that in a diplomatic spat between two national leaders, the public will probably back the Australian.
Columnist
The world according to Philip Lowe
A cautious Philip Lowe is not giving in to pressure to react to temporary inflationary pressures, but he’s still leaving his options open should circumstances change.
Columnist
Politics
Victoria and NSW reopen their borders
Vaccinated Melburnians can now travel to Sydney without having to isolate for 14 days, after the states’ premiers dropped controls.
- Exclusive
- Defence
French angry that subs deal sank despite shipbuilder’s concessions
While France’s fury continues over the axed $90 billion project, Australia has begun examining ways to repair ties.
Christmas warning for vaccine holdouts
Australians complacent about COVID-19 jabs risk being locked out of key holiday travel destinations including NSW, Victoria and Queensland.
ACCC warns public agencies against aiding bid rigging
Rod Sims has warned government agencies against aiding bid rigging and market sharing with potential tenderers for the $54 billion of federal government work.
NSW byelections could clash with Scott Morrison’s federal poll
NSW’s electoral body says it’s “sensible” to delay five state byelections until February rather than rush them through this year.
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World
Your underarm deodorant might cause cancer
Antiperspirant sprays from Procter & Gamble brands Old Spice and Secret contain the highest levels of benzene, an independent testing lab says.
Indonesia casts doubts on Glasgow forest win
Senior Indonesian government figures say the British environment minister jumped the gun when he declared ‘an important moment for our planet’ on Tuesday.
New grand jury to probe Trump
A second grand jury will examine former US President Donald Trump’s sprawling real estate business manipulated the value of its assets, and consider whether to lay criminal charges.
Trump and the case of the missing $8000 whisky
The US government’s official gift vault was found in disarray after the Trump administration left. A bottle of very pricey plonk is among swag that’s gone missing.
Elon Musk mocks Jeff Bezos with a meme over SpaceX court ruling
The diplomatic tone of the Amazon founder’s tweet responding to a decision on Blue Origin stands in stark contrast to his long-time rival’s reaction.
Property
Replace stamp duty with expanded GST, real estate agents say
The peak body for real estate agents says stamp duty should be replaced by higher goods and services tax revenue. That would make housing affordability worse, a think tank says.
- Exclusive
- Retail
Investor buys Coles supermarket on 1.9 per cent yield
The record low yield achieved for the Coles Local in Hawthorn reflects the weight of money seeking convenience retail assets leased to blue-chip tenants.
JLL eyes record earnings as deals return
Big boosts for JLL came as commercial property transactions bounced back, despite the last two long lockdowns in Sydney and Melbourne.
AirTrunk embarks on ‘multi-billion dollar’ Sydney data centre campus
The company has ditched its original plans for second data centre in western Sydney for something more ambitious.
Inside Atlassian’s $546m carbon-conscious building
While the tech firm is happy to build an expensive low-emissions office tower, it’s a harder equation for developers more constrained by commercial realities.
Wealth
How to be an investment winner in the green gold rush
Investors are not waiting for the world’s leaders at COP26 climate change conference to make decisions about sustainable investing.
Property buyers rush to beat Christmas deadline
Loan approvals, conveyancing and property checks should be top of the list.
- Analysis
- Wealth Generation
Millennials bullish on crypto even during crashes
More than one third of investors aged 18 to 34 intend to invest in crypto over the next 12 months and are bullish on bitcoin and ether despite wild price swings.
Technology
- Opinion
- Digital transformation
Australia’s wide open sunny spaces can power the metaverse
We have all the natural advantages you can ask for to become our land-poor region’s clean energy hub for the fourth industrial revolution, write Karly Winkler and Miah Hammond-Errey.
Facebook’s new Master of the Metaverse
As the embattled company changes course and its name, Mark Zuckerberg has tapped Andrew Bosworth, a close friend and long-time deputy, to lead the pivot.
- Explainer
- Cryptocurrencies
What’s that crypto on your phone? No memes, stablecoins
Crypto assets are making the leap from the Wild West of unregulated markets to the safety of the Commonwealth Bank app.
Work & Careers
What chairmen look for in a CEO
Six questions chief executive candidates can expect from the chairman when they apply for the top job.
Recruitment rush as big companies hunt for thousands of workers
Australia’s 20 biggest companies are trying to fill at least 5500 vacancies amid expectations the economy will roar back to life after lockdowns.
Life & Luxury
What really happens to those online buys you return
You might like to think the items you send back are sold to someone else, but the reality may shock you.
Impossible Burger lands in Australia
American manufacturer Impossible Foods has started offering its eponymous plant-based patties at 150 Grill’d locations across Australasia.
Cities cloaked in trees to beat climate change
These urban hotspots are planting trees on rooftops, up buildings, next to train stations and across squares, and that’s just the start of their green tactics.
After the fires: The glorious colours of the Blue Mountains gardens
After photographing the devastating summer bushfires in the Blue Mountains in 2019/2020 for The Sydney Morning Herald, Wolter Peeters joined a springtime tour.
The Hyundai electric car with surprising star power
The refreshingly original Ioniq5, a fully electric mega-hatch, takes full advantage of a dedicated EV platform to break the mould in car design.
