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Banks told to report on crypto, start-up risks
The nation’s prudential regulator has begun asking banks to declare their exposures, in some cases daily, to start-ups and crypto ventures after the collapse of SVB.
Obeid lawyer jailed over Plutus blackmail
Controversial Sydney lawyer Sevag Chalabian has been sentenced to up to 12 years prison for laundering $24 million in blackmail money in relation to the Plutus tax fraud.
- Opinion
- Big four
Rising rates are taking the gloss off Macquarie Group
Rival bankers argue it’s not surprising Macquarie’s share price is under pressure, given the sensitivity of many of its key businesses to higher interest rates, writes Karen Maley.
Virtual Gaming Worlds launches $251m buyback, no sign of IPO
The liquidity opportunity for the unlisted company’s investors comes in the wake of VGW’s first regulatory challenge in its prime US market.
Greens to decide $10b housing fund after Lambie indicates support
The Jacqui Lambie Network will support the $10b housing future fund if 1200 of the mooted 30,000 homes are built in Tasmania.
ACL unlikely to succeed with Healius offer, analysts say
ACL’s audacious hostile takeover bid for larger rival Healius is unlikely to succeed on account of price, and dim prospects for ACCC approval.
Liveris’ $4 gas myth contributed to gas crisis: energy users
Dow’s former CEO has been accused of contributing to Australia’s gas crisis by promoting an unrealistic idea of prices.
IBM slashes consulting roles | KPMG conflicts ‘a significant issue’ | PwC boss’ big fail on tax leak
banking turmoil
Risk concerns spike in the latest monthly BofA fund manager survey
A “systemic credit event” has overtaken inflation as the key tail risk, or potential loss trigger, for global fund managers, according to Bank of America.
UBS shares rise as optimism gathers pace after Credit Suisse takeover
The Swiss firm led European banking stocks higher as fears around the stability of the finance sector eased.
‘On the street’: Anxious Credit Suisse bankers flood headhunters
From Singapore to London to New York, headhunters and rival lenders have been fielding calls from Credit Suisse staff fearing of losing their jobs.
Wall Street CEOs seek new plan for First Republic
The executives were set to discuss if anything more could be done for the California-based lender on the sidelines of a pre-planned gathering in Washington.
- Analysis
- Bonds
Why central banks rushed 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.
Companies
NAB boss staying put as CFO departs
The departure of veteran banker and NAB chief financial officer Gary Lennon has bolstered expectations Ross McEwan will stay at the helm of the bank.
- Analysis
- Mergers & acquisitions
Twiggy is moving fast where BHP is moving slow
Andrew Forrest’s private company Wyloo is buying many of the things that BHP wants and needs. Australia’s biggest company risks being held to ransom.
Perth Mint chairman Sam Walsh says ‘historical issues’ are being fixed
The ex-Rio CEO has broken his silence after the London Bullion Marketing Association launched an investigation into the sale of less-than-pure gold.
ACL unlikely to succeed with Healius offer, analysts say
ACL’s audacious hostile takeover bid for larger rival Healius is unlikely to succeed on account of price, and dim prospects for ACCC approval.
Virtual Gaming Worlds launches $251m buyback, no sign of IPO
The liquidity opportunity for the unlisted company’s investors comes in the wake of VGW’s first regulatory challenge in its prime US market.
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.
ASX queries Atlantic Lithium over Ghana deal after Blue Orca attack
The market operator had asked the company about apparent discrepancies in a transaction to acquire Joy Transporters, which held mining rights in Africa.
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Markets
ASX jumps 0.8pc as New Hope fuels rally in coal stocks
Australian shares were swept up in a relief rally as bank stocks rebounded. New Hope surged 8.6 per cent after reporting a record first-half profit.
RBA will consider pause on rate rises in April
The minutes from the March 7 meeting reveal the board may keep the cash rate on hold at 3.6 per cent if the economy shows signs of softening.
Bitcoin surges as liquidity taps turn on
Traders are pouring into bitcoin because they expect fresh waves of central bank liquidity, market watchers say.
Bond yields fall with RBA policy pause firmly in sight
Bond yields and the $A fell after the RBA flagged a policy pause next month ahead of a possible US Federal Reserve interest rate increase this week.
Shares add 1pc; miners, banks gain, ANZ says RBA close to rate pause
RBA to consider April rate pause. Incitec Pivot sells ammonia plant for $2.5b. Wyloo offers $760m for Mincor Resources. New Hope posts profit beat. Follow here.
Opinion
Rising rates are taking the gloss off Macquarie Group
Rival bankers argue it’s not surprising Macquarie’s share price is under pressure, given the sensitivity of many of its key businesses to higher interest rates.
Columnist
NSW’s zombie campaign has failed to catch fire
Labor should be set for a landslide victory against a government giving every indication of being in office too long. Yet there is little sign ‘the swing is on’.
Former NSW Parliament Historian
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
How safe are banks with part-time outsiders running their boards?
Rules that mandate a majority of ‘independent’ bank directors could be increasing the risk of another global financial crisis.
China and Australia have no fundamental conflicts of interest
With their complementary economic structures, the two countries are well positioned to become peacefully co-existing and mutually beneficial partners.
Ambassador to Australia
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
Politics
Greens to decide $10b housing fund after Lambie indicates support
The Jacqui Lambie Network will support the $10b housing future fund if 1200 of the mooted 30,000 homes are built in Tasmania.
‘Swap and go’ truck batteries help tackle transport emissions
An Australian-first trial has used exchangeable electric batteries for heavy vehicles as a replacement for diesel engines.
Final conspirator found guilty of $105m Plutus tax fraud
A school friend of the son of a former ATO commissioner has been found guilty of one of Australia’s biggest ever corporate tax frauds, marking the end of a marathon trial.
Back safeguard or sink 43pc national target, Bowen tells crossbench
Chris Bowen says failure by the Greens to back the safeguard mechanism would condemn Australia to fall short of its 43 per cent emissions law.
Ukrainian MPs ask Canberra to join the ‘tank coalition’
A delegation of Ukrainian MPs visiting federal parliament says more weapons are needed to help defeat Russia and protect democracy.
SPONSORED
World
G7 to hold off on revising Russian oil price cap
A report by the International Energy Agency last week showed that Russian crude oil and petroleum products sold for less than the price cap last month.
- Analysis
- Russia-Ukraine war
Xi’s peacekeeping push with Putin alarms West
Xi Jinping received a red-carpet welcome in Moscow, but the US accused him of providing diplomatic cover to Vladimir Putin to commit atrocities in Ukraine.
‘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.
Americans move to Europe for the good life - and locals aren’t happy
Unable to afford the kinds of homes they want in US cities, Americans are living cheap in southern Europe – but pushing up prices for locals.
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.
Property
The keys to getting private capital into affordable housing
Research by the government’s own housing body shows clear benefits from subsidised housing developed with private institutional investment.
Americans move to Europe for the good life - and locals aren’t happy
Unable to afford the kinds of homes they want in US cities, Americans are living cheap in southern Europe – but pushing up prices for locals.
About 275,000 investors could struggle to refinance fixed-rate loans
Those who own multiple properties face extra pressure as lenders impose stricter borrowing criteria including a minimum rental return.
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.
- Exclusive
- Construction
Administrator probes Royal Melbourne Golf Club car park project
The switch of builders raises the question of whether the prestigious golf club has allowed its builder to evade its debts to subcontractors.
Wealth
- Analysis
- Rupert Murdoch
The latest twist in Murdoch’s billion-dollar succession tale
As the media magnate announces he is set to wed again, how will his family feel about it?
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.
Technology
- Exclusive
- Social media
ByteDance executive resigns from TikTok Australia board
TikTok is making efforts to distance itself from the Chinese parent company ByteDance as Canberra weighs a ban on politicians using the video app on government phones.
Bitcoin surges as liquidity taps turn on
Traders are pouring into bitcoin because they expect fresh waves of central bank liquidity, market watchers say.
- 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.
Work & Careers
Final conspirator found guilty of $105m Plutus tax fraud
A school friend of the son of a former ATO commissioner has been found guilty of one of Australia’s biggest ever corporate tax frauds, marking the end of a marathon trial.
Industry super contractor Link Group in union blue over pay
The biggest call centre provider for industry superannuation funds, Link Group, is facing union accusations of shortchanging staff with a 3.5 per cent pay offer.
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.
Adelaide’s ‘Mad March’ of arts defies spending crunch
The city’s long-held strategy of concentrating most of its performing arts festivals in one month appears to have paid off.
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!
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.
