The search is on for Australia’s most sustainable companies.
Xi: China-Australia ties deserve to be cherished
Australia and China buried the hatchet with a historic meeting between Anthony Albanese and President Xi Jinping on Tuesday night.
Xi: China-Australia ties deserve to be cherished
Australia and China buried the hatchet with a historic meeting between Anthony Albanese and President Xi Jinping on Tuesday night.
- Opinion
- Cryptocurrencies
Will we all feel the pain of this latest crypto meltdown?
The turmoil over the FTX implosion has people questioning whether this will be contained in the crypto ecosphere, or will it spread to further afield.
- Opinion
- Chanticleer
AGL’s mammoth task has only just begun
The energy giant needs to find two things: a new chief executive, and $20 billion in capital to pay for achieving net-zero emissions.
Massive payday for PEP’s top dealmakers, starting at $10m each
The firm’s managing directors are all looking at paydays worth $10 million-plus this year, while a select one or two could hit nine figures.
Sanjeev Gupta strikes deal to refinance nearly $5b in Greensill debt
After months of tense negotiations, the British billionaire has cemented an in-principle agreement for a hefty debt restructuring linked to the collapsed Greensill empire.
Victorian teal how-to-vote cards rejected
Teal candidates are set to take legal action against the Victorian Electoral Commission after their how-to-vote cards were rejected.
Australia’s two most influential corporate columnists, Tony Boyd and James Thomson, unpack the most important stories in business, markets and politics.
crypto crisis
FTX ‘hack’ likely an inside job as $505m frozen in three wallets
One hacker who drained $US400 million from customer wallets linked to bankrupt crypto exchange FTX is likely a company insider who used a mixture of different exchanges to consolidate the crypto tokens into three wallets now frozen.
How Sam Bankman-Fried’s crypto empire collapsed
The cryptocurrency billionaire, who has gone from industry leader to industry villain in just one week, speaks out about his stunning fall from grace.
Inside the $60m Bahamas penthouse where FTX was run
Sam Bankman-Fried and his team lived and worked in the waterfront apartment that is now for sale. Helpfully, it included a garage for the failed crypto king’s Corolla.
Crypto traders beef up security as FTX contagion spreads
Sales of cryptocurrency ‘cold wallet’ storage devices have surged as investors abandon online crypto trading platforms in a bid to safeguard their digital assets.
CBA boss Matt Comyn says he’s ‘shocked’ by FTX collapse
The spectacular failure of the FTX exchange will trigger a regulatory reckoning for the entire crypto sector, CommBank’s CEO said.
Companies
New directors will press AGL on shift to clean energy
The four Grok-nominated directors elected to the AGL Energy board on Tuesday have called for the company to be ambitious in reducing its carbon emissions.
- Updated
- Energy
AGL board must work as one, warns McKenzie
AGL chairwoman Patricia McKenzie said the four new Grok-nominated directors needed to get behind the company’s climate action plan which was also endorsed at the annual general meeting.
CBA boss Matt Comyn says he’s ‘shocked’ by FTX collapse
The spectacular failure of the FTX exchange will trigger a regulatory reckoning for the entire crypto sector, CommBank’s CEO said.
Energy prices are soaring, so why are taxpayers helping out new solar?
The surge in energy prices is little help to new renewable projects, prompting the Clean Energy Finance Corp to step back in with support for solar and wind.
FC Capital, Big Review TV’s financier sued by liquidator
The liquidators of Big Review TV, the collapsed online video play, are pursuing FC Capital and its CEO, after its role in the sharemarket scandal.
Tiwi Islanders not ‘relevant persons’ for drilling approval: Santos
The oil giant made the claim as part of a legal bid to resurrect regulatory approval for its plans for new drilling in the Barossa gas field.
- Updated
- Earnings season
Economy resilient as cost pressures mount: CBA
CBA boss Matt Comyn said rising energy, wage costs and supply chains are top concerns for business to be discussed with Treasurer Jim Chalmers at a meeting of bank CEOs next week.
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Markets
Lithium producers crushed on warning demand at risk
Lithium futures plunged amid rumours that a Chinese cathode producer may have cut output targets, and analyst concerns about accelerating supply.
Energy, lithium drag ASX 0.1pc lower as oil prices slip
Shares in the ASX’s energy and utilities stocks fell after oil prices slipped, and lithium stocks also tumbled on speculation of weaker Chinese demand.
Why the RBA may pause rate rises
The RBA lifted its key cash rate by 0.25 of a percentage point at its November meeting, a seventh straight rise that took the cash rate from 0.1 per cent in May to 2.85 per cent.
ASX closes flat; lithium stocks tumble; Life360 rebounds
Mike Cannon-Brookes’ Grok wins four seats on AGL’s board. RBA to save forward guidance only for emergencies. Chinese stocks extended a sharp November rebound. Japan’s economy unexpectedly shrinks. Follow for updates.
‘Brace for impact’: Higher rates are yet to hit stocks
Morgan Stanley has warned that Australian shares face a challenging six months as the lagged effects of the RBA’s monetary tightening hits company earnings.
Opinion
It may not be a full China reset, but it’s a promising start
Anthony Albanese’s meeting with Xi Jinping is about putting a floor under the relationship. The ultimate test will be how many storeys will be built on top.
Political editor
Xi-Albo dialogue a thaw, not a normalising of relations
The episode demonstrates that it is always wrong and counterproductive to weaponise mutual trade for political reasons.
Editorial
There are bigger shocks to come for AGL
Mike Cannon-Brookes got his wish for a revamped board but that’s only the start of the decarbonisation challenge ahead for shareholders and for the entire energy market.
Columnist
RBA confesses to mistake on 2024 interest rate rise tip
Philip Lowe has conceded the obvious lesson that using a crystal ball to prognosticate on interest rates beyond the immediate future was a bad idea.
Economics editor
Defining the purpose of superannuation is not that simple
The industry’s best argument for continuing generosity in the tax settings on super is one that it doesn’t make: that Australia needs savings.
Economist
The big banks’ latest war for deposits
The big four banks are now muscling up for a battle over retail deposits, and are offering higher rates to lock in new clients.
Columnist
Politics
Workplace umpire takes steps to end port dispute over economic threat
The Fair Work Commission is considering intervening to stop an indefinite lockout of maritime workers that threatens to shut down ports around the country.
Industries hope end is near for China’s trade sanctions
Winemakers, grain growers and lobster fishers want to get back into the lucrative Chinese market after two years of bans and tariffs cost them billions.
Farmers warn of Christmas cherry shortages after NSW flooding
NSW Premier Dominic Perrottet urged the entire state to be on alert for flooding after months of persistent rain which has filled catchments across the state.
Carbon trading on a tear as corporates place bets ahead of review
The surge in activity suggests growing business and investor confidence in ACCUs ahead of next month’s Chubb Review outcome.
COVID-19 wave to ‘peak soon and drop quickly’
The nation’s top doctor says the latest wave is near its peak and cases should drop sharply soon after, despite a near-50 per cent increase in infections.
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World
Russia savages the West at G20, China turns the other way
Russia has come out swinging at the global forum, a marked contrast to China which has taken relations with the United States and Australia out of the deep freeze.
- Opinion
- US midterm elections
Democrats will have to balance rhetoric and reality post-midterms
Appealing to both domestic labour and foreign allies will be tougher for US politicians now that Republicans control the House.
Legal fight over Musk’s ‘largest ever’ $84b Tesla pay deal
Unhappy investors say the package for the world’s wealthiest man is the largest “in human history”.
- Exclusive
- Renewables
Forrest’s hydro plan beaten by China and Japanese interests
A massive generation project in Indonesia is set to break ground next month, but Fortescue is not involved despite signing an MOU.
Trump dealt another blow as key ally loses midterm race
The closely fought governor’s race in Arizona – a battleground state – was one of the most significant in the midterm elections.
Property
How Lighthouse, St George make affordable housing stack up
Lighthouse Infrastructure has doubled its commitment in affordable housing, taking it to $120 million, in a deal with St George Community Housing.
Vicinity taps Huddle for interim chief as Kelley steps down
The company is appointing executive search firm Egon Zehnder to find a permanent replacement for the outgoing boss.
- Exclusive
- Property development
Mirvac, Lendlease, Stockland, Frasers in race for $4b Waterloo South
The NSW government is looking for a more collaborative procurement on its ‘most complex property deal’ of recent times.
Byron Bay house prices slump 15pc as interest rate rises bite
The mid-range segment in the vicinity of $1 million to $1.5 million in the northern NSW hot spot had crumbled, one buyer’s agent said.
Who’s buying the Melbourne revival story on a 1pc yield
The sale of seven properties on a street corner is an example of private players convinced there is a bright future for one of the country’s most battered CBDs.
Wealth
From Play School with love: $20m bequest backs young scientists
Jennie Mackenzie loved children and life. Before her death last October, she bequeathed $20 million to the University of Sydney.
Bezos to give away most of his $184b fortune
The Amazon founder’s announcement came just hours before reports the company plans to cut about 10,000 jobs.
- Opinion
- Inheritance
How to get your tax bill lower when inheriting super
You may have a very close relationship with someone who wants to leave you their retirement savings, but the ATO has the final say.
Technology
Whispir cuts 30pc of staff, shares surge 40pc
The sold-off tech stock is looking to save millions of dollars from job cuts, accelerating its path to cashflow breakeven by 2023.
KKR’s Alludo scores Nitro board backing for $500m offer
The Nitro has thrown its weight behind KKR-owned Canadian software company Alludo’s $2 per share offer, despite some investors still believing it undervalues the company.
Buffett bets $7.5b on Taiwan chipmaker despite China-US tensions
Berkshire Hathaway bought into the strategic chipmaker as the US and China have clashed over leadership in the global technology industry.
Work & Careers
Workplace umpire takes steps to end port dispute over economic threat
The Fair Work Commission is considering intervening to stop an indefinite lockout of maritime workers that threatens to shut down ports around the country.
- Exclusive
- Start-ups
These KPMG alumni bet you’ll work from a tiny cube
Soundproof booths, designed for workers caught between home and the office, are being rolled out in airports, train stations and shopping centres.
Life & Luxury
Exactly what to wear to your office Christmas party
The annual work bash can be a minefield where manners are concerned. Luckily, your outfit is easily arranged.
Hunting for black truffles in an underground universe
There’s nothing more luxurious than staying at a trufflerie with your own chef, while connecting with the people who grew your food and made your wine.
This CEO rides to work in Sydney – but his eye is on the Himalayas
We Are Unity boss Ben Bars is looking forward to cruising on some of the highest roads in the world.
Opera Australia takes a stab at a new ending for Carmen
Opera on the Harbour will move to Cockatoo Island in 2023. As for the heroine’s fate, the director has no intention of “reinforcing bad thinking”.
‘So expensive’: Business trims the long lunch as costs soar
Melbourne investment banker and self-confessed expert long luncher David Williams has a novel way of gauging inflation and the cost of living.
