ACCC green lights Afterpay mega-deal
The competition regulator said it will not review Square’s $39b acquisition of Afterpay as the buy now, pay later juggernaut’s chairman Elana Rubin urged its 60,000 shareholders to green light the deal.
‘The biggie’ for business at COP26 wasn’t saving forests
The key announcement of the first week of COP26 was the creation of a financial standards board, which will elevate sustainability reporting to the same status as financial reporting.
- Opinion
- Property market
Why house prices will rise before they fall 20pc
Dwelling values should climb 5-10 per cent before they correct 15-25 per cent after 100 basis points of RBA rate hikes, writes Christopher Joye.
- Live
- Markets Live
RBA hikes GDP forecasts; Afterpay falls on Square result
RBA minutes reveal 2024 rate hike still central scenario. Property boom lifts REA Group to record high. Bitcoin boosts Square’s profit. CBA hikes mortgage rates. Link gets $2.8b takeover bid.
The moment UBS showed up the sceptics
UBS head of global capital markets Richard Sleijpen says this year has been a record for $1 billion IPOs.
- Live
- Need to Know
WA border to remain closed until early 2022
WA border will reopen once 90 per cent of the eligible population is fully vaccinated; NT records first case of community transmission linked to ‘mystery case’; Victoria announces $307m in health care support; national cabinet update expected late afternoon. Follow updates here.
Qantas chief attacks ‘patchwork’ reopening rules
Alan Joyce says erratic testing or quarantine mandates for travellers will unnecessarily delay travel’s COVID-19 recovery
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Glasgow summit
The Aussie idea quietly winning COP26
Australian eco-entrepreneur Sophia Hamblin Wang’s carbon-busting start-up has fended off 2700 worldwide competitors to take first prize in a Dragon’s Den-style contest for the business pitch at COP26 in Glasgow.
How Australia caffeinated COP26
For the first time, Australia set up its own stall at the Glasgow summit - and the flat whites proved an overwhelming success.
The remarkable reinvention of Mathias Cormann
As finance minister he defended Australia’s climate policies, while at the OECD he has become a crusader for reform. He insists his position hasn’t changed.
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.
Braveheart: Why this fossil-fuel boss has come to COP26 in Glasgow
Santos CEO Kevin Gallagher is proselytising the carbon-capture tech that he says will make his company green, but also faces a testing moment at the rugby.
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
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.
What this $2.7b builder really thinks of anti-vaxxers
Company chairman Scott Hutchinson speaks his mind on mandated vaccinations, Annastacia Palaszczuk and why Brisbane ‘has always been an underdog town’.
News Corp records profit as REA defies lockdowns
The media company delivered a net profit of $US267 million in the first quarter, driven by growth in Foxtel’s streaming products, which reached 2.1 million paid subscribers.
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.
Companies in the News
Search companies
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Markets
Global equities hit fresh highs as doves take flight
Bumper earnings and the decision by the Bank of England to hold-off on raising rates have combined to rocket sharemarkets around the world to record levels.
ASX ETF record smashed as crypto goes mainstream
The BetaShares Crypto Innovators ETF experienced $8 million in trading volume within fifteen minutes of its sharemarket debut.
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.
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 the company’s profits soar in FY 2021.
Opinion
Why house prices will rise before they fall 20pc
Dwelling values should climb 5-10 per cent before they correct 15-25 per cent after 100 basis points of RBA rate hikes.
Columnist
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
It’s not just subs: Australians need to fathom our strategic situation
The quick and predictable politicisation of AUKUS shows a gap in public understanding as crucial as the military gap the nuclear submarines are meant to fill.
Contributor
Woolworths exposes Mosman’s suburban snobbery
The supermarket chain shouldn’t have been forced to court to build a mini-supermarket in the Sydney suburb.
Senior correspondent
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
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
Bali reduces quarantine as south-east Asia competes for tourists
After a shocker of a year, countries such as Indonesia, Thailand and Singapore are keen to tempt tourists back – and Australians are top of their invite list.
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.
The star lawyer demanding Prince Andrew faces court
As legal counsel for victims of the late Jeffrey Epstein, Sigrid McCawley is at the heart of one of the biggest legal fights of the decade.
New grand jury to probe Trump
A second grand jury will examine whether former US president Donald Trump’s sprawling real estate business manipulated the value of its assets, and consider laying criminal charges.
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.
Property
- Opinion
- Planning
Woolworths exposes Mosman’s suburban snobbery
The supermarket chain shouldn’t have been forced to court to build a mini-supermarket in the Sydney suburb.
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.
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
Why you can’t change people’s minds online
Social media echo chambers have been used to explain the election of Donald Trump and Brexit. But does exposure to opposing ideas broaden the mind?
- 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.
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
New exhibition reveals how art, science and tech shape the future
The ‘Sampling the Future’ exhibition at the NGV includes works by leading designers that bridge the worlds of design, technology, science and philosophy.
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 much-hyped 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.
