The search is on for Australian companies scoring wins in digital transformation. Nominations close March 28.
Bank stocks climb as crisis fears evaporate
Investor optimism that the worst of the banking crisis has passed is helping to reverse a sharp sell-off in global bank stocks.
- Live
- Markets Live
ASX jumps 0.9pc in biggest daily gain in two months
Shares gain; Fed decision ahead; KMD returns to profit; Latitude data theft worsens; Star with new chairman; Mesoblast gets FDA pre-license; WAM Leaders cans SPP.
Green movement splinters over safeguard fight
Bob Brown has sensationally quit the Australian Conservation Foundation after it urged the Greens to pass Labor’s safeguard mechanism.
Andrews spars with resources minister over Victorian gas
Daniel Andrews has clapped back at the federal resources minister after she suggested that Victoria should lift moratoria on some of its gas fields.
- 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
- Need to Know
Voice working group close to finalising advice
Voice working group to meet PM tonight; Bob Brown quits top conservation group after it urged the Greens to “cave in to Labor’s sell-out policy”. How today unfolded.
- 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.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
Companies
IAG’s brush with oligarchs, Greensill detailed in new court claim
A new lawsuit puts renewed questions on IAG’s oversight of the risks a half-owned insurance agency was signing up for.
Star Entertainment cleans out board a year after Bell Review
The Star Entertainment Group has elevated David Foster to chairman, completing a clean out of the board a year after the damning Bell Review kicked off.
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.
- Exclusive
- Gaming & wagering
Tabcorp in three-way race for New Zealand betting monopoly
The ASX-listed bookmaker, alongside Sportsbet and Entain, is in the final stages of the TAB NZ sales process after presenting to officials in Auckland on Monday.
Proxy adviser backs Santos as Snowcap ups campaign
CGI Glass Lewis is supporting the Santos board against a potential second “strike” on executive pay and opposes a minority resolution on climate.
Record half for Rip Curl, Kathmandu owner
KMD boss Michael Daly says outlets are performing strongly which points to some consumer distress.
- 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.
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Markets
Why Pimco says central bank ‘breakage’ is intentional
Key to assessing the path of interest rates is understanding when enough is enough, says bond giant Pimco.
- 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.
ASX miners demand Congo pay billions in compensation
ASX-listed Equatorial Resources has filed a $1.6 billion claim, while Sundance Resources is seeking up to $8.5 billion from the government.
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.
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 poisoned chalice
Required by Anthony Albanese to approve gas and coal projects, the environment minister has a plan to protect her reputation.
Senior correspondent
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.
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
A NSW minority government will be hostage to the radical fringe
The Liberal left has been mistaken in trying to reclaim ground held by federal teals at the expense of core party values.
Columnist and former senator
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
Politics
Andrew Forrest backs calls by Greens for ban on new gas projects
Fortescue Metals Group chairman Andrew Forrest said Australia needed to use renewable energy for baseload energy needs, with existing gas used for back-up.
Pandemic savings ‘just about gone’ in many NSW households
More than half of NSW households would have to go into debt to pay for a $600 bill if it arrived unexpectedly.
Bipartisan deal reached on referendum rules
Days of negotiations between Labor and the Coalition will sideline the Greens and the crossbench.
- 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.
- Opinion
- Environmental protection
38 unloved trees and Tanya Plibersek’s poisoned chalice
Required by Anthony Albanese to approve gas and coal projects, the environment minister has a plan to protect her reputation.
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World
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.
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.
‘Like a horror movie’: US banks go off script
US filmmaker Clark Coffey watched on in horror as his bank wobbled and others collapsed.
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.
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.
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.
Why Australia could be through the pandemic in 2024
Waves of COVID-19 are getting weaker and when infections drop to very low levels following a wave, we’ll know COVID-19 is settling into a seasonal pattern.
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!
