The search is on for Australian companies scoring wins in digital transformation.
Calm descends on banks, but deposit fight looms
America’s banking crisis seems to have abated with the last of the bank concerns - First Republic - seeing its share price surge. But there is political division over the best way to handle future bank runs.
- Opinion
- Chanticleer
Inside the sad end of Credit Suisse Australia
There’s deep sadness among local Credit Suisse bankers that a solid business with real momentum has been stopped in its tracks by events 16,500 kilometres away.
Visit by Kishida to Kyiv gives sharp contrast to Xi in Russia
Japanese Prime Minister Fumio Kishida became the first postwar Japanese leader to visit an active war zone and the final member of the G7 to make the trek to Ukraine’s capital to show support.
- Live
- Markets Live
ASX to rise, Star appoints David Foster as chairman
ASX to extend gains; Wall St rises in calmer markets ahead of Fed decision; KMD returns to profit; Monadelphous wins $125m contracts; $A below US67¢; oil 2pc higher; bitcoin steady.
Coal deal could see Origin tap compensation
A coal supplier to Eraring power station says it will continue charging more than the $125 a tonne price cap, meaning Origin can ask taxpayers for money.
- Live
- Need to Know
No new thermal coal required for energy transition, says Bandt
Greens leader Adam Bandt says he wants legislation passed that will see pollution “go down, not up” as the minor party negotiates with Labor over the safeguard mechanism. Follow updates live.
Regulator’s calls on banks sparks fears it could freeze tech
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.
IBM slashes consulting roles | KPMG conflicts ‘a significant issue’ | PwC boss’ big fail on tax leak
banking turmoil
Switzerland curbs bonus payouts at Credit Suisse
The troubled bank was ordered to “temporarily” suspend “already granted but deferred variable remuneration” - like shares - after the multi-billion dollar state rescue.
UBS shares rise as optimism gathers pace
UBS led a rebound in European banking stocks as fears over the stability of the finance sector eased.
Riskiest bank bonds rise as regulators’ assurances resonate
AT1 notes from Europe’s biggest banks including Commerzbank, HSBC and UniCredit climbed in Asia, where bonds including from Westpac were quoted higher.
UBS wants to boost its dealmaker ranks, not spin out First Boston
UBS executives have told their Credit Suisse counterparts that they prefer selectively bolstering their own investment bank while dumping riskier operations.
Yellen says US will intervene to protect smaller banks
The Treasury secretary Janet Yellen says the US government is ready to act to contain the “risk of contagion” in the financial 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
The hostile takeover bid for larger rival healthcare company is unlikely to succeed due to price, and dim prospects for approval from the competition regulator.
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
JP Morgan bought $2m of fake nickel that was actually bags of stones
The news has been met with shock in the metals world, because London Metal Exchange contracts are generally viewed as beyond question.
Risk concerns spike in the latest BofA fund manager survey
A “systemic credit event” has overtaken inflation as the key tail risk for global fund managers, according to Bank of America.
Here’s what happened in markets overnight
Wall Street rallied, with energy pacing nine of the S&P 500’s 11 industry sectors higher. US regional banks rebounded. Fed policy decision awaited.
Banking sector rebound paces European stocks higher
The pan-European STOXX 600 climbed 1.3 per cent, led by a rally in Credit Suisse and UBS.
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.
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
Coalition has the better track record of growth in NSW
The Coalition still offers the better hope of getting Australia’s most populous state through the gathering national economic downturn.
Editorial
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
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.
- Exclusive
- Critical minerals
Call to jump-start local battery sector by piggybacking on US fund
Australia has an opportunity to kickstart a $35 billion battery and cell industry, and the US has the money for us to do it.
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.
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.
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World
Boris Johnson says he did not ‘recklessly mislead the House’
A four-hour grilling by MPs on Thursday AEDT could threaten the former PM’s hold on his seat, and sink his chances of ever staging a political comeback.
Hong Kong is opening its doors to billionaires in a family office push
The Wealth for Good summit, seen as a showcase of soft power, is aimed at sending the world’s super rich a message: the city is back in business.
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.
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
Why contributions to SMSFs have dropped by $23b
Self-managed super fund members have sliced their voluntary contributions since the introduction of the transfer balance cap in 2017.
‘So stressful’: A widow’s struggle to claim husband’s super
Bungling a binding death nomination can create tax traps and long delays.
Can I contribute more to super after starting pension?
John Wasiliev advises a reader wary about moving money into tax-free income phase because she didn’t know she could start another account-based pension later.
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
- Opinion
- Style
Fashion’s hottest accessory will make you look far more powerful
Every few seasons, a new body part appears in the collections of designers.
A fashion editor’s guide to shopping in Paris
In the retail therapy capital of the world, it can be hard to know where to start. Pas de problème: We have plenty of ideas!
Why some think Soho House is too sexy for central Rome
Here’s what you’ll find at the Italian chapter of one of the world’s coolest private members’ clubs.
The secret to doing Bordeaux in style
Planning a trip to the celebrated French wine region takes some organisation, so here’s the heads-up.
How this charming small city avoided ‘death by tourism’
A remarkable two decades-long project to restore the medieval Dutch city has made it the envy of the Netherlands.
