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- Opinion
- SVB collapse
History of banking crises holds a warning for the Fed
The key question in the short run is how much this effort to avert a banking crisis is going to undercut the effort to bring down inflation, writes Niall Ferguson.
ASX drops to lowest in four months as investors dump banks, energy
Australian shares dropped to their lowest in four months as a rescue deal for Credit Suisse did little to soothe concerns about contagion and a recession.
‘Best possible outcome’: Credit Suisse staffers on UBS takeover
Credit Suisse employees said “this isn’t a Lehman Brothers moment” when news broke on Monday morning that rival UBS was to buy the embattled bank.
- Opinion
- Chanticleer
‘There’s duress out there’, but Dexus boss ready for property pain
Dexus chief Darren Steinberg says the company has prepared well for a period of tougher times. His new shift into infrastructure should help too.
- Opinion
- Global economy
US recession risks climb sharply on banking crisis
The steep rise in interest rates and the vicious credit crunch have greatly increased the odds that the US economy will slide into a recession this year, writes Karen Maley.
Fortescue redundancies add to senior staff churn
The redundancy process is underway across both the iron ore and clean energy divisions, and is affecting senior staff as much as juniors.
Forget clunky language clues: ChatGPT becomes hackers’ new weapon
In the short time since its release, ChatGPT has been harnessed by cybercriminals to help them get into corporate networks, and move around once they’re inside.
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banking turmoil
One big winner and (many) losers from Credit Suisse collapse
UBS CEO Ralph Hamers is a winner from the rapid-fire CS collapse. The losers include the Saudis, Ulrich Koerner, Michael Klein and even Swiss regulators.
- Analysis
- Investment banking
An elite banker set Credit Suisse on the path to failure
Some Australian staff believe that former CEO Tidjane Thiam’s decision to sideline his investment bank was responsible for the company’s failure.
- Opinion
- Chanticleer
Echoes of GFC get louder as Credit Suisse falls
The rescue of Credit Suisse by UBS and moves by central banks to bolster global banking sector liquidity should calm the market. But there’s a risk fear feeds on itself.
- Analysis
- Bonds
Total wipeout for Credit Suisse hybrid holders rattles debt investors
This is the first live application of the so-called too big to fail regime since the global financial crisis, as capital providers are being forced to contribute to a recapitalisation, writes Jonathan Shapiro.
- Opinion
- Mergers & acquisitions
Desperate Credit Suisse deal signals alarm over banks’ fragility
The rapid fall of the once-revered institution will rattle markets despite the rescue takeover by UBS and Swiss regulators, writes Jennifer Hewett.
Companies
Latitude says cyberattack ongoing, more customers may be affected
The non-bank lender says it is not taking on any new customers after being forced to “isolate” some of its technology platforms.
Why Rich Lister Simon Beard left Culture Kings
Culture Kings founders Simon and Tah-nee Beard have left their operational roles less than two years after it was acquired by Boston’s Summit Partners.
Australian Clinical Labs makes play for Healius
Under the proposed deal Healius shareholders would own 68 per cent of the combined group and 32 per cent would be owned by ACL shareholders.
- Exclusive
- Governance
Pay packet of $3.7m tops list of highest-paid directors
Chairmen of Wesfarmers, Woodside, QBE, Telstra and BHP are eclipsed by little-known directors at small mining and tech firms, but experts criticise their grants.
Deloitte fined $46m by China for auditing negligence
Deloitte’s Beijing operations will also be suspended for three months over its work on China Huarong Asset Management.
- Exclusive
- Governance
New Downer chairman will ‘walk away’ from risky projects
Mark Menhinnitt says he is not a “journeyman director” and that the troubled company’s board will ask questions before it bids for new contracts.
Most bank customers refinancing mortgages are switching
Banks are retaining less than a third of customers refinancing their home loans as borrowers become more savvy about better prices offered by competitor banks.
Companies in the News
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Markets
Credit Suisse rescue lifts $A, adds to RBA rate pause case
The Australian dollar bounced after the rescue of Credit Suisse boosted sentiment, but systemic worries have reduced expectations of higher interest rates globally.
- Opinion
- Bitcoin
Liquidity flood pushes bitcoin to brink of new bull run
The Federal Reserve’s pivot has fired the starting gun on a new bull run for bitcoin prices and the collapse of bond yields suggests bitcoin’s resurgence has legs.
- Live
- Markets Live
ASX sinks 1.4pc to four-month low; gold miners rocket
Sell into any further iron ore price rallies: Citi; ACCC delays review of Qantas-Alliance deal; Healius board to evaluate ACL offer; Ramelius lobs bid at Breaker. Follow updates here.
Bank funding market chaos to push majors towards term deposits
The RBA and a top banking analyst said as the term funding facility rolls off, banks may replace some offshore bond raisings with domestic deposits.
Fixed rates and $300b in savings prolong rates pain: RBA
Assistant governor Christopher Kent said interest rates were taking longer than usual to transmit through to the economy and Australia’s banks were “unquestionably strong”.
Opinion
Why bankers are worried about ‘2021 and 2022 vintage’ home loans
Bankers are acutely aware they will face more problems on pandemic-era home loans than the rest of their massive mortgage portfolios.
Columnist
Desperate Credit Suisse deal signals alarm over banks’ fragility
The rapid fall of the once-revered institution will rattle markets despite the rescue takeover by UBS and Swiss regulators.
Columnist
Global experience says a two-tiered RBA board is better
The Reserve Bank needs inside experts to decide monetary policy and well-credentialed outsiders to help supervise a very complex organisation.
Economist
Gas can be fixed, but it will take good government to do so
There is no single way forward out of the gas crisis. But first, halt the denial and the unedifying blame game.
Energy expert
Why Xi’s visit to Russia helps Albanese sell AUKUS
Xi Jinping’s Moscow visit to see his ally Vladimir Putin is a high visibility counter to Paul Keating’s defence of China and his claims AUKUS is unnecessary.
Columnist
Curing Credit Suisse should contain the chaos
The beleaguered Swiss bank was eventually killed by a global wave of worry about liquidity, not by bad assets that did the damage to the banking sector in 2008.
Columnist
Politics
Budget office doubts Greens’ $10 billion housing plan would work
The Parliamentary Budget Office has raised significant doubts over a Greens’ proposal to spend $10 billion a year on public and affordable housing.
Do Facebook ads still work in politics? We’re about to find out
Teal candidates in NSW have been sinking tens of thousands of dollars into Facebook ads, trying to court specific voters.
- Exclusive
- Wage scandal
‘Inexplicable’ Victorian wage theft laws face High Court challenge
A constitutional challenge would neutralise states’ powers to bring criminal charges for underpayment of wages if it succeeds.
Business navigates a maze of data obligations, law firm warns
Firms are facing a maze of data retention obligations that even Australia’s largest businesses will struggle to navigate, according to Gilbert + Tobin analysis.
- Exclusive
- NSW Election
NSW teals change tack as polls predict poor result
A state-based voting system where voters have the option to give preferences has put Climate 200-backed independents at tough odds of winning seats.
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World
Trump supporters give muted reaction to call for protests
The low-key reaction suggests the hundreds of arrests that followed the Capitol riot, not to mention the convictions and long prison sentences, may have dampened the desire for repeat mass unrest.
US politicians examine higher caps on bank deposit insurance
Some former officials, including former FDIC chief Sheila Bair, have said regulators may need to repeat a temporary blanket guarantee on all US deposits.
- Analysis
- Russia-Ukraine war
Xi’s embrace of Putin dents his chances of playing peacemaker
Xi’s trip marks his most ambitious effort yet to weigh into Europe’s bloodiest conflict since World War II.
Central banks sweep in with co-ordinated action to stem crisis
The US central bank has typically provided access to such arrangements at times when there’s a squeeze on the availability of dollars.
- Exclusive
- Construction
Japan targets more Australian property deals: Lendlease
Lendlease boss Tony Lombardo is meeting with executives at Japan’s top property and banking giants as interest in the Australian market out of Tokyo grows.
Property
Splitting up this home and its land was worth more than $22m
The vendor of a large block feared offering it as two separate lots, in case they were left with a smaller property that wouldn’t sell. That didn’t happen.
- Opinion
- Chanticleer
Property is ‘sleepwalking’ towards its biggest test since the GFC
Interest rates have soared, but commercial property values have barely moved. Investors want little to do with a sector heading for a big dose of reality.
CBD office towers face price falls of up to 20pc
A long herald reckoning for commercial property values, especially city office blocks, could play out within months.
Buyers beware: Three homes beat reserve by $200,000
The persistently low level of stock at auction and rising demand may have started to tilt the market in favour of sellers, according to CoreLogic.
Court ruling hits builders, gives subcontractors a boost
The Supreme Court judgment opens the way for further claims by administrators of building companies before they liquidate a failed business.
Wealth
- Opinion
- SMSFs
Why losing a trust deed is more serious than you think
A recent Victorian Supreme Court decision offers clear guidelines about what has to happen next.
When a family loan can go badly wrong
Think carefully about loans from adult children to pay aged care deposits as this can substantially increase annual fees.
- Opinion
- Flat Chat
High-rise construction insurance is back
The return of building warranty insurance policies for major constructions after 20 years will add costs for buyers but provide much-needed certainty.
Technology
- Exclusive
- Capital raising
After SVB scare, ‘boring’ Aussie neobank seeks $130m valuation
A global banking crisis hasn’t dissuaded Sydney-based fintech Alex Bank from trying to raise $20 million.
- Opinion
- Social media
Should you pay Zuckerberg or Musk for a blue tick?
We paid for Meta’s new verified service, and Twitter Blue, so you don’t have to burn your cash on some seriously undercooked features.
- Exclusive
- Healthcare
Government tips $50m into biotech grants
A new incubator will provide grants of up to $5 million for emerging biomedical and digital health companies.
Work & Careers
Former NASA exec joins EY’s satellite image processing service
Ex-NASA scientist and executive Brian Killough will promote EY’s fledgling satellite image processing business to clients in Australia and around the world.
Abuse, intimidation, violence all in a day’s work
Nearly half of surveyed school principals say they have been assaulted by parents or students.
Life & Luxury
- Opinion
- New car snapshot
If you really want to stand out from the crowd, buy Citroen’s new C5X
It’s an intriguing vehicle for $57,670-plus with exclusivity to boot: It’s unlikely anyone else in your neighbourhood will have one.
Why this corporate lawyer gets up at 4.30am to pedal his Pinarello
Nigel Hunt, King & Wood Mallesons’ partner in charge in Perth, loves to hit the road with fellow cyclists. “It’s a great balance to work life.”
On the discovery trail of Berlin’s roaring twenties
Traces of the Weimar era linger for those who know where to look, because this museum isn’t in the place you’d expect.
How a mosaic floor in Paris inspired this businesswoman in Byron Bay
Danielle McEwan is the owner and creative director of Tigmi Trading, which specialises in exotic rugs and artefacts.
- Exclusive
- Luxury fashion
Welcome to Ralph Lauren’s home: Sydney flagship to offer classics and more
Designed by the fashion brand’s in-house architectural team, the four-storey boutique “represents the dream”, says CEO Patrice Louvet ahead of its March 31 opening.
