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- Opinion
- Chanticleer
The catalyst that could send shares crashing just might be emerging
Bonds are pricing in a hard landing, while stocks are sending a very different signal. But even if central banks can stop contagion, tighter credit conditions loom.
- Live
- Markets Live
RBA to consider case for April rate pause, minutes reveal
Incitec Pivot to sell ammonia plant for $2.5b. Wyloo offers $760m for Mincor Resources. New Hope posts profit beat. Bell Potter risk rates listed ASX hybrid debt
- Opinion
- SVB collapse
Credit Suisse rescue offers little hope for this struggling bank
First Republic investors are worried that the value of their shares and bonds will be either diluted or wiped out as part of any rescue plan for the troubled lender.
Maurice Blackburn investigates class action against Downer EDI
Shareholders who suffered losses after the contractor’s share price tumbled in late 2022 and early 2023 following profit warnings are eligible to participate in a potential class action.
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.
Final conspirator found guilty of $105m Plutus tax fraud
A school friend of the son of a former Tax Office commissioner has been found guilty of one of Australia’s biggest ever corporate tax frauds, marking the end of a marathon trial.
- Live
- Need to Know
Demand for carbon credits is already high, says Kerry Schott
Dr Kerry Schott says demand from firms and governments for carbon credits is already high; Victoria’s Premier criticises the state’s Liberals as MP Moira Deeming is set to face an expulsion motion. Follow updates here.
IBM slashes consulting roles | KPMG conflicts ‘a significant issue’ | PwC boss’ big fail on tax leak
banking turmoil
Switzerland suddenly looks like a ‘banana republic’ in a crisis
The response of Swiss regulators to the Credit Suisse crisis raises questions over the nation’s self-proclaimed reputation as a haven of legal certainty for bond and equity investors.
US studies ways to guarantee all bank deposits
A coalition of banks argues that such a move is needed to head off a potential financial crisis.
- 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.
Companies
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.
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.
Cashed up New Hope to double coal volumes
As climate experts call for curbs on fossil fuels, New Hope says it will almost double coal production over five years in the belief energy security matters too.
Origin’s APLNG inks gas sales deal amid east coast tensions
The deals come amid intense pressure on Queensland’s LNG exporters to make more gas available to domestic customers.
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.
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.
Companies in the News
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Markets
RBA will consider a pause on rate rises in April
The minutes from the March 7 meeting reveal that the board may keep the cash rate on hold at 3.6 per cent if the economy has shown signs of softening.
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.
A near ‘perfect crisis’ rockets gold to $US2000 level
Gold prices reached all-time highs in some currencies as investors flooded into the safe haven metal amid turmoil in the global banking sector.
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.
Opinion
Credit Suisse rescue offers little hope for this struggling bank
First Republic investors are worried that the value of their shares and bonds will be either diluted or wiped out as part of any rescue plan for the troubled lender.
Columnist
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
Politics
Caucus gets raucous over AUKUS
Dissent within Labor over the AUKUS pact has begun to surface, with MPs voicing concerns about issues of cost, sovereignty and the adoption of nuclear technology.
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.
Top green group tells Bandt to back safeguard ‘before’ ban
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.
Schott to push Greens, crossbench 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.
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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
New young gun partner at consulting firm also helped refurbish office
Daria Radchenko has become one of the youngest advisers appointed to partner at Kearney, while Poush Bharadwaj joined the firm to move beyond strategy work.
- 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.
Life & Luxury
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!
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.
