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- Live
- Markets Live
New Hope jumps on profit beat; UBS tips lithium supply to soar by 2025
Incitec Pivot to sell ammonia plant for $2.5b. Wyloo offers $760m for Mincor Resources. New Hope declares 30¢ dividend. Regulators update hybrid debt rules.
Latest Posts
Domino’s Pizza sell-off has gone too far: Barrenjoey
UBS tips lithium supply to nearly double by 2025
Incitec Pivot leads gainers, shares add 1pc
UBS says peak food inflation likely passed in December at 9.4pc
Last updated 17 mins ago
NAB chief financial officer to depart
Veteran banker Gary Lennon who is credited for his role in the bank’s dramatic turnaround since the royal commission into misconduct is stepping down.
- Analysis
- Bonds
Why central banks were forced to defend credit markets - from the Swiss
By wiping out Credit Suisse hybrid investors at the expense of shareholders, Swiss regulators almost did more harm to the global banking system, writes Jonathan Shapiro.
Andrew Forrest makes $760m bid for BHP nickel supplier
The billionaire’s private Wyloo Metals has launched a takeover bid for the ASX-listed Mincor Resources after a slide in shares over the last 12 months.
Top green group breaks ranks with Bandt on gas ban demand
The latest UN warning sends an ‘urgent message’ that parliament must strengthen and pass the safeguard mechanism and then halt new fossil fuel projects, the Conservation Foundation says.
- Live
- Need to Know
Dissent within Labor over AUKUS
Labor MPs from the left are breaking ranks to criticise the pact with three MPs voicing concerns about issues of cost and sovereignty; Vladimir Putin and Xi Jinping hold more than four hours of talks in Moscow, kicking off a much-anticipated state visit. Follow updates here.
Andrews calls Liberals ‘nasty, hateful little rabble’ after Nazi rally
Daniel Andrews condemned the anti-trans protest as Victorian Liberal MP Moira Deeming faces expulsion from the parliamentary party room.
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banking turmoil
- Opinion
- Investment banking
The one group that’s still winning from the banking crisis
Depositors have escaped unscathed from the collapse of Credit Suisse and the US banks - investors not so much.
How the Swiss ‘trinity’ forced UBS to save Credit Suisse
The takeover of its local rival could end up being a generational boon for UBS. But the government-orchestrated deal has angered many investors
Central banks raise concern over Swiss bondholder wipeout
The UBS takeover steadied sharemarkets, but the ECB and BoE interventions raise questions about the future of a $400 billion market in high-yield bank bonds.
Aussie retail investor army circles US banking chaos
Australian investors have gone on a buying spree, with trades in US banks up 932 per cent on one trading platform.
Swiss MPs, investors poised to challenge UBS takeover
Swiss pension funds may launch a legal challenge, politicians may convene a special parliamentary session, and class action lawyers are circling.
Companies
![ICAC called former Leichhardt Council and Inner West Council employee Tony Nguyen [top left] in its first day of hearings on Operation Hector](http://web.archive.org./web/20230321003225/https://static.ffx.io/images/$zoom_1%2C$multiply_1%2C$ratio_1.777778%2C$width_1059%2C$x_45%2C$y_71/t_crop_custom/c_scale%2Cw_300%2Cq_88%2Cf_auto/26ecce4416386e1451ac402496dca9a15465a0e6)
Downer gave millions to firms with zero employees, inquiry told
The contracting firm enabled a former project manager to pocket hundreds of thousands of dollars in profits and kickbacks, NSW corruption investigators allege.
Domino’s Pizza sell-off has gone too far: Barrenjoey
Analyst Tom Kierath says the pizza group is now finally a “buy” after 18 months of hell for investors.
Bank 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.
- Exclusive
- Carbon challenge
Green law swells Woodside’s US hydrogen ambitions
Under-pressure on climate strategy, Woodside plans to develop multiple projects for liquid hydrogen in the US, part of its work on end-user emissions reduction.
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.
Star Entertainment pleads guilty in Queensland
The wagering giant has accepted it breached the state’s casino legislation seven times by allowing customers to purchase gaming chips using a credit card.
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.
Companies in the News
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Markets
Asian regulators rush to calm markets as stocks lose ground
Singapore recorded record inflows of capital in recent years. Much depends on keeping the city-state’s reputation for financial stability rock-solid.
Sell into rallies, JPMorgan advises clients
JPMorgan strategist Marko Kolanovic said he’s sticking to his call that US equities will peak in the March quarter, as the market’s resilience expires.
Here’s what happened in markets overnight
US stocks gained with all 11 of the S&P 500’s industry sectors finishing in the green, although First Republic plunged anew. UBS edged up 1.3pc in Swiss trading.
European stocks close higher after turbulent session
Bank stocks rebounded from three-month lows after UBS’ shotgun deal to buy Credit Suisse allayed immediate fears about the stability of the sector.
Hong Kong stocks hit three-month low on bank contagion fears
The Hang Seng Index slumped 2.7 per cent, led by a sell-off in bank stocks.
Opinion
Modest repair is not ‘scorched earth’ industrial relations
Nothing justifies Treasurer Jim Chalmers’ overblown rhetoric – the Productivity Commission is only trying to get to the bottom of Australia’s workplace relations sclerosis.
Editorial
The one group that’s still winning from the banking crisis
Depositors have escaped unscathed from the collapse of Credit Suisse and the US banks - investors not so much.
United States correspondent
Investors in limbo as trust in market values wavers
Investors are unsure if market laws still apply after Swiss authorities allowed the Credit Suisse takeover to wipeout the ailing bank’s bonds.
Contributor
Why bankers are worried about ‘2021 and 2022 vintage’ home loans
Bankers are acutely aware they will face more problems with 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
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.
Columnist
Politics
Schott pushes crossbench, Greens on emissions reform
Energy and climate policy expert Kerry Schott is urging Greens and crossbenchers to pass Labor’s safeguard mechanism trading legislation, saying the goal is to “decarbonise, not deindustrialise” the economy.
Former Australian soldier charged with Afghan war crime
Police have charged the first Australian veteran for an alleged murder in Afghanistan, three years after a war crime investigation found that 19 could face charges.
Perrottet says $187b debt is ‘affordable’
NSW Premier Dominic Perrottet has upped the tone of a campaign hitting out at Labor’s economic credentials in the state election’s last days.
Super fund members face ‘double risk’ from commercial property exposure
David Murray says Cbus members are at risk from the funds’ high exposure to the same industry – building – that they work in, but the fund says property is responsible for its strong performance.
NSW Budget office leaves question mark over Labor’s wages plan
Budget office analysis of Liberal and Labor pre-election policies has failed to tally the cost of a contentious public sector wage plan.`
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World
‘Nervous’ Rupert Murdoch to marry for a fifth time (at 92)
The media mogul has become engaged to former San Francisco police chaplain Ann Lesley Smith, just months after completing his divorce from model Jerry Hall.
Venison, wine dinner: Putin, Xi celebrate deepening alliance
Washington denounced Mr Xi’s visit, saying the timing showed Beijing was providing Moscow with “diplomatic cover” to commit further crimes.
Macron narrowly survives no-confidence vote
Critics say the French president has been weakened by the vote over his pension reforms, as strikes and protests continue.
More urgent action needed to tackle global warming, says IPCC
The latest Intergovernmental Panel on Climate Change report says the climate change outlook has worsened, but there is a path to cut carbon emissions.
Ukraine gets more ammo, as West digs deeper into coffers
As Ukraine fires off shells more quickly than it can replace them, the EU and US rustle up $3.5 billion to feed the Kyiv machine and crank up European output.
Property
Rate rises fast-track deposits - but worsen mortgage affordability
The time it takes a couple to save a deposit on a house has shrunk by eight months, but the amount needed to repay their mortgage has ballooned to a record high.
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.
Commercial property values to fall as rate rises bite: Dexus
The era of cheap debt that allowed investors to bid up the value of commercial real estate is over, says CEO Darren Steinberg. But Dexus is already diversifying.
- 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.
Wealth
Aussie retail investor army circles US banking chaos
Australian investors have gone on a buying spree, with trades in US banks up 932 per cent on one trading platform.
- Opinion
- Family finance
How to keep financial stress out of your relationship
One partner’s bad money habits can cause lasting damage unless early action is taken.
- Opinion
- Property investment
How to handle potential changes to negative gearing
There are lessons to heed from the 1980s when the market was experiencing similar dynamics.
Technology
- Exclusive
- TikTok
Aussie boss says TikTok could survive government bans
V Pappas, TikTok’s most senior operations executive, says it could survive a US ban, and questions the point of forcing Chinese investors to divest shares.
- Exclusive
- Funding
Melbourne brothers build a $77m business from hypnotherapy apps
Alex and Chris Naoumidis have raised $17.8 million after signing up 31,000 paid users for Mindset Health’s hypnotherapy apps.
Amazon to cut 9000 more jobs, including at AWS and Twitch
Chief executive officer Andy Jassy cited an uncertain economic outlook as the reason behind his second round of staff layoffs this year.
Work & Careers
- Analysis
- Investment banking
In its prime, Credit Suisse gave Australia’s top players their start
Some Australian staff believe that former CEO Tidjane Thiam’s decision to sideline his investment bank was responsible for the company’s failure.
- 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.
Life & Luxury
Why you should start your day with a spoonful of this Greek olive oil
“For us, it’s medicine,” says Konstantina Natioti from Liotrivi Estate. And for just $284, you can adopt one of their trees and have its oil shipped to your Australian home.
The last all-petrol Lamborghini has already been sold
The car company’s global CEO says its last fully petrol-powered vehicles to be made in the next 18 months are sold out, and Australian appetite is strong.
Inside the Swiss clinic that helps its wealthy guests fight time
Clinique La Prairie pioneered the concept that has become the wellness industry’s latest obsession – the dogged pursuit of longevity.
Château d’Yquem by the glass? Only at this restaurant
It’s not for nothing this truly great wine is known as the “nectar of the gods”. Just 45 top venues worldwide are allowed to serve it by the glass.
Wanted: A gym bag my friends won’t make fun of
You might well carry the weight of the world on your shoulders but don’t add to it with a lumpy carryall. There are more stylish options!
