- Opinion
- Chanticleer
China’s fresh Evergrande mess isn’t only warning sign for investors
The speed at which the words ‘Evergrande’ and ‘bankruptcy’ spread on Friday morning suggest this episode could have an outsized impact on already weakened sentiment.
PM tells true believers: hold on to power
Anthony Albanese says strong economic and national security credentials, and keeping promises, are vital to staying in power.
- Live
- Markets Live
ASX to slip; Magellan profits drop 50pc; $A, bitcoin retreat
Shares are set to open lower, tracking New York; Latitude drops interim dividend; BlueScope appoints Jane McAloon as chair. Follow updates here.
China’s Evergrande files for bankruptcy in New York
The troubled property group filed for bankruptcy protection, using the so-called Chapter 15 process for foreign firms seeking recognition of their restructuring.
Allegro’s PwC spin-off away after 115 partners agree to join
Scyne Advisory has signalled it will offer positions to 132 partners at PwC, which will be handed the Switkowski report on Friday.
- Opinion
- Inside China
Xi faces China’s ‘Lehman Brothers’ moment’
China’s financial system is one step away from a full-blown crisis unless Beijing steps in and takes radical action, writes Ambrose Evans-Pritchard.
- Live
- Need to Know
Unions shouldn’t dictate policy: Dutton
Peter Dutton says the “militant” CFMEU and Labor’s recent shift on Israel show unions have too much power; Wayne Swan defends banks’ bumper profits against criticism. Follow updates here.
World View: Australia’s leading foreign experts interpret global events for you. Insights delivered every Wednesday.
Edition
Fin Magazine – spring 2023
From crumbling castle to chic château | Troye Sivan’s favourite things | El Questro makes history | The Porsche concept fans covet
EARNINGS SEASON
- Opinion
- Chanticleer
What we learnt: Goodman, Super Retail, Inghams, Amcor
The Chanticleer team examines Goodman Group’s data centre plan, Super Retail’s resilient sales, and Inghams Group which has got a debt monkey off its back.
Rebel, Supercheap Auto sales boom but a slowdown is here
Super Retail Group has rewarded shareholders with a special dividend of 25¢ a share and a final dividend of 44¢.
Nuix boss has ‘nothing to hide’ as shares fall 12pc
Jonathan Rubinsztein has defended his purchase of shares amid a possible takeover discussion, as the investigation software company narrowed losses for the year.
GQG reassures analysts over Goldman Sachs tie-up
The fund manager delivered another strong interim result with more business in the US, but remained tight-lipped about its interest in Pacific Current.
- Updated
- Earnings season
Origin’s profit surge inflames bid debate
An expected further improvement in energy markets earnings this coming year is likely to be followed by a dip, as price relief finally arrives for customers.
REVIEW
Are sexist sports uniforms stopping women from winning?
Guidelines mandating exposed skin and form-fitting silhouettes for only one gender have been coded into rule books, sparking a backlash.
The thin line between extreme wellness and illness
The deaths of wellness influencers shows how disordered eating is being promoted as a path to better health.
- Opinion
- Gender equality
The outrage over this photo shows the problem with Japanese politics
A playful snap in front of the Eiffel Tower highlights why the Asian nation’s women show little interest in a political career, damaging the public service.
- Opinion
- World politics
Why bigotry and fury flourishes on the online right
To fight on the right is seen as being a strong, courageous and cool warrior in the war against woke.
What would you have done if the Nazis occupied your country?
Two new books reframe the decisions of those who chose to work with the Germans during World War II.
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Companies
- Exclusive
- Carbon challenge
Origin’s big power profit leaves price-capped coal supplier fuming
Yancoal’s David Moult is disappointed the miner’s power bill rose 156pc in the period it was forced by government to sell cheap coal to NSW generators.
Andrew Formica named new Magellan chairman
The 52-year-old former CEO of Janus Henderson is the new chairman of the funds management group, after joining the board less than three weeks ago.
Telstra posts $2b profit, shelves option for infrastructure sale
CEO Vicki Brady says the emergence of artificial intelligence and demand for cloud storage are reasons to keep the telco’s massive infrastructure business.
Rates, inflation to boost sharemarket: ASX chief
A ‘solid pipeline’ of companies is waiting for an opportunity to float, Helen Lofthouse says as ASX shares dip 2 per cent.
Stokes pushes to turn tide at Beach Energy
Beach Energy’s results are below Seven Group’s expectations, forcing a renewed focus on completing projects, chief executive Ryan Stokes says.
Gas pipelines got financial breaks while touting ‘renewable gas’
Gas pipeline owners have been accused of seeking financial breaks to allow them to pay for anticipated early obsolescence of distribution networks.
Amcor to keep lifting prices as rate threat remains
The world’s largest consumer packaging company says it will keep increasing prices, partly because it still expects interest rates to rise.
Companies in the News
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Markets
Bitcoin dives below $US26,000
The cryptocurrency tumbled below $US26,000, and it could further extend its slide in line with widening equity and bond market losses.
Goldman plans hiring spree to fix lapses after increased Fed scrutiny
The Wall Street firm is enlisting several hundred new staffers to help remediate issues raised by US federal banking supervisors.
‘Big Short’ investor bets that US stocks are poised to correct
Michael Burry’s Scion Asset Management has purchased options to short the biggest exchange-traded funds tracking the S&P 500 and Nasdaq 100.
US investor optimism resets, sell-off slowly gathers momentum
The S&P 500’s August slide has been relatively orderly so far, though it could extend through the rest of the month as investors adjust to surging bond yields.
Here’s what happened in markets overnight
Australian shares were set to open lower, tracking overseas losses. Techs continued to drag on Wall Street. The $A briefly dropped below US64¢.
Opinion
PM’s message an important reminder of Labor’s fragile hold on power
It is not inconceivable that right now, Labor is notionally in minority government.
Political editor
Labor’s outbreak of peace in Brisbane
Why Labor’s national conference is an exercise in stage management and unions are so happy with the government’s policy on industrial relations.
Columnist
Prosperity mechanism not on Albanese’s agenda
The danger is that the prime minister’s gradualist agenda has no actual mechanism for delivering the prosperity needed to support a political strategy of securing several terms of government.
Editorial
Matildas shift a nation’s goals
Few teams get a chance to change the nation the way the Matildas have done.
Editorial
Putin not the only one to blame for ruining Russia
Propping up the regime of the woefully inept Boris Yeltsin was a critical error that led to chaos and created perfect conditions for “goats” to prosper.
Columnist
Why we need a bit of Matildas magic in Japan
The Japanese women’s team were undefeated in the heats and played beautifully. But support for them, and women’s sport more generally, still leaves a lot to be desired in Japan.
Contributor
Politics
Marles moves to douse ‘damaging’ Labor AUKUS dissent
Richard Marles and Pat Conroy will attach a 32-paragraph statement to Labor’s policy platform that promises the submarine pact will create ‘unionised’ jobs.
- Opinion
- ALP
Labor’s outbreak of peace in Brisbane
Why Labor’s national conference is an exercise in stage management and unions are so happy with the government’s policy on industrial relations.
Gas pipelines got financial breaks while touting ‘renewable gas’
Gas pipeline owners have been accused of seeking financial breaks to allow them to pay for anticipated early obsolescence of distribution networks.
Matildas show we can shoot for men’s World Cup: Gallop
Venues NSW boss David Gallop says he will now push to host bigger sporting events.
Matildas kick on to grassroots funding goal
The Matildas may have lost the semi-final against England, but they want to do everything to ensure momentum for women’s football continues.
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World
China looks to ease foreign firms’ data law fears
Officials from the Cyberspace Administration of China met executives from dozens of international firms to ease their concerns about the new data regime.
Why two historic rivals are teaming up to counter China
Leaders of the US, South Korea and Japan are set to meet, as the White House believes a seismic shift is underway to counter China’s influence in the region.
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BAE expands in US with $9b Ball aerospace deal
If completed, the transaction would mark the biggest deal yet in the company’s history.
KPMG tapped to audit $215b Chinese shadow banking giant
Zhongzhi Enterprise Group hired KPMG to review its balance sheet amid a worsening liquidity crunch. The banking regulator is also examining risks at the company.
Property
‘Get your skates on’ and release land for housing, states told
Economists and property experts warn Australia will struggle to meet Labor’s ambitious target of 1.2 million new homes.
AI drives $30b data centre opportunity at Goodman
Significant growth in data storage, and AI in particular, means data centres now account for almost a third of all the company’s development projects.
San Francisco crime surge drives tech exodus to London
Americans have become the largest group of overseas buyers in prime central London.
Centuria open to selling offices amid write-downs, rising rates
The Centuria-run office fund’s $98 million write-downs has reaffirmed valuation declines as a dominant theme within the commercial property sector this year.
New home listings now rising faster than demand
Fresh home listings are now rising faster than buyers could absorb them across the combined capital cities, indicating tougher competition for vendors.
Wealth
How the TikTok tax fraud overran a country town
At least 56,000 people are facing compliance action for a billion-dollar GST tax fraud spread by social media influencers.
These REITs will weather the slowdown
Australian real estate investment trusts have weathered huge recent challenges. If things can’t get worse, are they about to get better?
How one woman tried to get $115,000 in fake GST refunds
A Victorian woman who avoided jail for tax fraud was one of 56,000 Australians who took part in a massive GST scam that spread through TikTok.
Technology
F45 to quit the NYSE as share price languishes
Backed by celebrities including Mark Wahlberg, F45’s $US1.46 billion float in 2021 placed founder Adam Gilchrist on the Financial Review Rich List.
Nuix boss has ‘nothing to hide’ as shares fall 12pc
Jonathan Rubinsztein has defended his purchase of shares amid a possible takeover discussion, as the investigation software company narrowed losses for the year.
Aussies raid Amazon to build AI search start-up
After an $8 million funding round led by Blackbird, the Marqo founders have poached the tech giant’s scientists and engineers for an AI-powered search engine.
Work & Careers
UK broadcaster Michael Parkinson dies
The huge cricket fan, best known for interviewing some of the world’s biggest stars, including Shane Warne, on his long-running chat show, has died aged 88.
Unions back ‘real teeth’ for Labor’s jobs code
Unions have pushed through a Labor bid for criminal penalties in a procurement policy that will privilege employers who engage in “best-practice workplace relations”.
Life & Luxury
This fashion designer has already set the dress code for her funeral
Pip Edwards knows the best part of skiing is the après-ski. Après her life? She has plans for that, too.
Before a $30m refurb, El Questro is making history – at $5.5k a night
The settlement of one of the largest land claims in the Kimberley spells a new chapter for this already historic lodge.
This French château restoration has reached its final stupendous stage
Ten years ago, a Perth couple bought a château in the Pyrenees. Now their castle is finally a home.
Luxury Italian watchmaker Panerai brings rare gems Down Under
The famously distinguishable Italian navy tool watch now comes in an array of models with clever innovations. Rare and new examples are coming to Australia.
How this man persuaded a Danish prince to get a skin check
Scott Maggs and his Skin Check Champions provide a useful service to sailors and spectators alike.
From the gallery
Life & Leisure
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How this man persuaded a Danish prince to get a skin check
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