The search is on for Australian companies scoring wins in digital transformation. Nominations close March 28.
- Exclusive
- Employment
In these suburbs, almost no one is unemployed
The hot jobs market will deliver Jim Chalmers a $3 billion windfall, with parts of Sydney, Melbourne and Brisbane recording rock-bottom rates of unemployment.
- Live
- Markets Live
ASX rallies 1pc, optimism stings gold stocks
Shares gain; Fed decision ahead; KMD returns to profit; Star with new chairman; Mesoblast gets FDA pre-license; WAM Leaders cans SPP.
- Opinion
- Chanticleer
This $1.1trn fundie sees a big opportunity in market turmoil
Mike Della Vedova says the market’s wake-up call is helping reprice risk in a way that favours investors in high-yield bonds.
- Live
- Need to Know
Bob Brown quits conservation group for vilifying Greens
WATCH: Question time; the former Greens leader said he was appalled by the Australian Conservation Foundation’s decision to urge the Greens to “cave in to Labor’s sell-out” safeguard mechanism. Follow updates live.
Latitude data theft is worse than first thought
Shares in the lender fell 6 per cent Wednesday afternoon, when the company’s four-day trading halt came to an end.
What banking crisis? Trump arrest talk steals America’s attention
The United States, wracked by a banking crisis, is riveted by the former president’s possible indictment over alleged hush money to a porn star.
Bipartisan deal reached on referendum rules
Days of negotiations between Labor and the Coalition will sideline the Greens and the crossbench.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
banking turmoil
UBS wants to boost its dealmaker ranks
UBS executives have told their Credit Suisse counterparts that they prefer selectively bolstering their own investment bank while dumping riskier operations.
‘Like a horror movie’: US banks go off script
US filmmaker Clark Coffey watched on in horror as his bank wobbled and others collapsed.
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.
- Opinion
- SVB collapse
Four ways to fix the bank problem
If one thing is clear about the events of the last two weeks, it is that the vaunted reforms introduced after the global financial crisis have not changed any of this that much, or at least not enough, writes Martin Wolf.
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.
Companies
Record half for Rip Curl, Kathmandu owner
KMD posted a 34.5 per cent gain to a record $NZ547.9 sales for the six months to January 31.
‘World’s strongest jeans’ group hits the gym to take on 2XU
Two founders of fitness apparel group 2XU are returning to the segment with a rival brand.
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.
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.
- Exclusive
- Carbon challenge
Rich Lister’s $100m investment in ‘huge opportunity’
Businessman and philanthropist Alan Schwartz will commit $100 million to green climate investments with millions more to advocate for policy and regulatory change.
- 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.
Companies in the News
Search companies
View stories and data from an ASX listed company
Markets
Calm descends on banks, but deposit fight looms
America’s banking crisis seems to have abated as shares of First Republic surged. But there is political division over the best way to handle future bank runs.
JPMorgan bought $2m of fake nickel that were just bags of stones
The news has shocked traders because London Metal Exchange contracts are generally never questioned.
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.
Opinion
Australians need Jim Chalmers to get more ambitious
The treasurer is right: we can’t afford another decade like the last. But that demands a game-changing performance from him.
Economics editor
38 unloved trees and Tanya Plibersek’s poison chalice
Required by Anthony Albanese to approve gas and coal projects, the environment minister has a plan to protect her reputation.
Senior correspondent
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
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
Even after AUKUS, the defence claim on the budget is far from over
The prime minister says Australia will spend whatever it takes to defend Australia. But he will find the cost is high and the scope for nation-building manufacturing is limited.
Former Chief of Army
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
Politics
- Exclusive
- Australia's China challenge
Australia out of G7 doghouse, Albanese invited to Japan
May looms as a busy month for Anthony Albanese to meet world leaders, with King Charles’ coronation, G7 and hosting of Quad leaders summit.
Mega super fund sells office towers as property values slide
The Australian Retirement Trust is wary of owning retail and office real estate after COVID-19 drove workers away from city centres.
Dutton leads push for federal ban on Nazi symbols
A federal ban on Nazi symbols appears likely after the government indicated support for an opposition push to impose fines and jail terms
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.
SPONSORED
World
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.
Hong Kong is wooing 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.
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.
Boris Johnson says he did not ‘recklessly mislead the House’
A four-hour grilling by MPs could threaten the former prime minister’s hold on his seat, and sink his chances of staging a political comeback.
- 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.
Property
Melbourne trophy home listed for $41m sells in two weeks
The grand estate Avon Court in Hawthorn was snapped up by a mystery buyer in what is expected to be Victoria’s highest residential sale this year.
- Exclusive
- Hotels
Robots do the dirty work in Melbourne’s newest hotel
The COVID-19 pandemic increased the adoption of technology in the hospitality industry and it is changing workforces.
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.
Wealth
‘So stressful’: A widow’s struggle to claim husband’s super
Bungling a binding death nomination can create tax traps and long delays.
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.
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
TikTok chief rallies 150m users against potential ban
‘This could take TikTok away from all 150 million of you’, TikTok chief executive Shou Zi Chew said in a video.
- 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.
Work & Careers
PwC introduces AI bot for 4000 lawyers to speed up work
The project will be delivered through a 12-month partnership with an artificial intelligence start-up to help create and analyse large amounts of text.
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.
Life & Luxury
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.
Golden Goldie: ‘I paid about $900,000. It will make $1.6m’
Art dealer Denis Savill is offloading a rare work by New Zealand’s most highly prized artist, Charles Goldie, but thinks selling in Sydney will be more profitable.
- 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!
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.
