- Exclusive
- White collar crime
We suspect ANZ broke the law in $14b bond sale: ASIC
Chairman Joe Longo, in a wide-ranging interview, also detailed initiatives to crack down on insider trading, interventions in the private credit market, and hit back at claims ASIC is a “toothless tiger”.
- Live
- Markets Live
ASX to edge up; Tesla profit drops 45pc, Alphabet beats
Shares appear set for a modest opening advance; Tesla shares lower after hours; Alphabet gets Cloud boost; oil slides; Pilbara revenue jumps 58 per cent to $305 million. Follow updates here.
Private credit must be less secret, say banks, regulators
Chief executives of the nation’s biggest banks say they are prepared to partner with private credit funds but called on major players in the $2.3 trillion sector to provide better disclosures to investors.
- Live
- Need to Know
‘Choice between freedom and chaos’: Harris rallies swing state crowd
Kamala Harris vows to “put my record” against Trump as polls show she is more popular; Chuck Schumer endorses Harris; Secret Service director resigns over shooting. Follow for updates.
Dustin Martin’s ex-bikie uncle faces deportation in CFMEU crackdown
Home Affairs Minister Clare O’Neil cancelled the visa of the former Rebels president – and Dustin Martin’s uncle – on character grounds following reports of underworld infiltration in the construction industry.
Consulting downturn shrinks Deloitte revenue by $70m
Deloitte’s revenue suffered a sharp reversal in 2023-24, with revenue in all sectors either flat or shrinking.
Building costs creating ‘difficult’ choice on rates for RBA: Bullock
Reserve Bank governor Michele Bullock has warned the economy has arrived at a “difficult” point where there are cases for and against another rate rise.
Wealth Generation: News and views to help aspirational investors grow their wealth. In your inbox every Wednesday.
paris 2024
How the billionaire ‘godfather of the Olympics’ made his fortune
LVMH chairman Bernard Arnault created the world’s biggest luxury group - and that lavishness will be on full display at the Paris Olympics.
Secrets of Olympians who have conquered the business world
BOSS speaks to six Olympians, including Wesfarmers CEO Rob Scott and Generation Life CEO Grant Hackett, about the most valuable business lessons they learnt from sport.
The 14-year-old Aussie Olympian who could make history in Paris
Teenaged skateboarder Chloe Covell could become the youngest gold medallist in Australian Olympic history.
Nine CEO runs in Paris torch relay as strike action looms at home
The company’s chief executive, Mike Sneesby, waved happily to French locals hours after journalists in his publishing division voted overwhelmingly in favour of a five-day strike.
This delisted Sydney Swan is going to the Olympics
After his AFL dream was dashed by knee injuries at 19, Jackson Collins followed in his father’s footsteps kayaking for Australia at the Olympics.
super fund roundtable
Junk bond king says Australia could become ‘financier of Asia’
Australia could become a financing powerhouse, says American billionaire and philanthropist Michael Milken.
Keating rebukes super funds for ‘chasing the money’
Super funds should have been thinking about the needs of retirees long before now, says former prime minister Paul Keating.
- Opinion
- Chanticleer
Rock stars happy to discuss fixes, but super isn’t the big problem
Tinkering with super allocations is one thing, but it cannot replace our desire for bolder economic and tax reform.
- Opinion
- Superannuation
Once reluctant, super fund giants are flocking to private credit
If they can find investments that earn close to double-digit returns with reasonable reliability, they’re happy to scale up – which is precisely what they’re doing
Private credit must be less secret, say banks, regulators
Chief executives of the nation’s biggest banks say they are prepared to partner with private credit funds but called on major players in the $2.3 trillion sector to provide better disclosures to investors.
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Companies
Mortgage stress tests give advantage to big banks’ smaller rivals
But analysts warn that the green shoots – a growing market share – for non-bank lenders may lead them into difficult waters if rates continue to rise.
Cold snap confirms energy price surge, and need for gas and coal
Light winds through much of the June quarter drove a return to gas and coal power, and pushed up wholesale prices drastically in some states.
- Updated
- Gas
Woodside says investors back $1.4b US buy, but some have questions
Meg O’Neill says no investors have questioned investing in US LNG, but Aware Super queried the impact on climate targets and shares fell further on Tuesday.
QIC confirms it has written its 5pc of Thames Water to zero
The Queensland government-owned wealth fund told a parliamentary hearing the decision to write down the undisclosed value was ‘very unfortunate’.
Claims of Super Retail office relationship cover-up head to court
Two former senior executives have filed their Fair Work action, alleging they were unfairly dismissed from the company behind the Rebel Sport chain.
EnergyConnect exit leaves just months to turn around crucial grid link
Elecnor, the Spanish contractor building part of the key link needed for the transition away from coal power, is expected to cease its involvement by the end of September.
- Analysis
- Commercial real estate
The new risk lurking in banks’ commercial real estate lending
While working from home is a known risk for office towers, Citi highlights a new pressure point for lenders – the growing cost of the energy transition.
Companies in the News
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Markets
- Opinion
- Chanticleer
This is what could spark the next market correction
Scepticism about how AI investment will translate into earnings is starting to build. That’s a worry given how heavily the market is invested in tech.
What happened overnight? Tesla missed, Alphabet slightly beat expectations
Australian shares appeared set for a modest opening advance. Tesla shares fell in extended trading. Alphabet got a Cloud boost. Oil slid again. Bitcoin slumped.
ASIC hits ASX pump-and-dump crew with criminal charges
The corporate cop has hit the alleged ring leaders of an ASX penny stock pump and dump scheme with criminal charges that could come with millions in fines.
Traders seek shelter in hard-hit assets on US election twist
Investors are bracing for volatility in the lead-up to the US presidential vote, so emerging market specialists are hiding out in South America and India.
$A hit with longest stretch of losses in a year on China woes
The Australian dollar fell for a seventh session below US67¢ as concerns about China’s economy weigh on the currency and commodity prices.
Opinion
The land of the fair go is taxing social mobility
Antiquated over-reliance on income taxes means that if you do manage to succeed, Australia then taxes that success heavily.
Economics professor
The common sense path to net zero
Looking at the environmental crisis through the lens of financial frameworks, the core principles that drive good investment are also at play in climate change.
Contributor
Trump will relish a fight against ‘DEI candidate’ Harris
The former president would clearly have preferred to cruise to victory against Joe Biden, but Republicans have always had plenty of attack lines to launch against the vice president.
Columnist
CFMEU lawlessness demands three responses
But instead, Labor and the unions are seeking to dodge reinstating the ABCC, overhauling the governance of industry super, and scaling back Victoria’s Big Build.
Editorial
Why the construction industry needs its own cop
The ABCC was a highly successful regulator, and its disbandment by the Labor government emboldened the law-breaking construction union.
Former building industry watchdog
Why bigger bills equal better value for consulting clients
This ‘designer handbag effect’ is well known in consumer goods, but the same could apply to large professional services firms.
Contributor
Reports
Cybersecurity and AI
The federal government lays out plans to help boost the nation’s cyber defences, while experts outline steps to stay safe.
Politics
PM mulls reshuffle as colleagues urge him to tread lightly
The shake-up, which the prime minister flagged in May, is not expected to be major, given his desire to maintain the stability that has been a hallmark of the government.
White House, Westminster turmoil won’t jeopardise AUKUS: navy chiefs
Top commanders of the three AUKUS navies have signed a ‘Statement of Intent for Lethality’ and say politics won’t get in the way.
Australia could buy South Korean nuclear reactors
The East Asian nation is gradually increasing its exports of energy technology to diversify its economic base and strengthen its geopolitical influence.
‘I’d be rolling over my money’: Murray’s worry on Cbus-CFMEU links
Former bank boss David Murray says the latest CFMEU revelations reaffirm his view that all superannuation board members should be independent.
Qld premier raises problem of water risk under Dutton’s nuclear plan
Labor Premier Steven Miles has quoted a new report outlining the need for a state-based plebiscite to adopt the Coalition’s nuclear plan.
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World
‘Choice between freedom and chaos’: Harris rallies swing state crowd
By stopping in Wisconsin, Ms Harris was putting down a marker in one of the “blue wall” states along with Michigan and Pennsylvania that Democrats see as essential for securing a presidential victory.
Harris leads Trump in US presidential race, Reuters/Ipsos poll finds
Vice President Kamala Harris opened up a marginal two-percentage-point lead over Republican Donald Trump, a Reuters/Ipsos poll found.
Secret Service director resigns after Trump rally shooting
Kimberly Cheatle has handed in her resignation amid intense and unrelenting pressure from lawmakers of both parties.
Ukraine goes all-in on ground robots
The battlefield has become a laboratory of innovation and Ukraine is further along than most nations when it comes to developing robots.
- Exclusive
- Russia-Ukraine war
Russia spying? Don’t be so paranoid, Kremlin envoy says
Moscow’s ambassador in Canberra says the espionage arrests of a Russian couple living in Australia is like an episode of TV show “The Americans”, and it’s actually Russians who are unsafe.
Property
Fear of CFMEU reprisals keeps building bosses silent
Major builders and developers say union power is driving up the cost of housing and infrastructure projects, and they don’t want more trouble on their sites.
Architects, fire engineers, building surveyors fingered over cladding
Victoria’s combustible cladding crisis shows the permit system failed to ensure compliance with building rules, a new government agency report shows.
Why Melbourne could beat other cities in the next housing upturn
Melbourne’s prolonged downturn is priming the city for a strong rebound when interest rates fall, experts say.
Sale price for Captain Cook pub doubles to $35m since 2020
The price paid for the Botany hotel by publican Kent Walker is in sharp contrast to the $6.6m paid recently for the Captain Cook Hotel in Paddington.
- Analysis
- Commercial real estate
Tourism gimmicks won’t save the office wastelands of Canary Wharf
The landlords who own the old business districts need to be far bolder, and come up with some genuinely radical solutions as major firms head for the exits.
Wealth
How to spot a good – or bad – private credit fund
Growth in non-bank lending presents new opportunities for investors. But with higher returns comes added risk.
The $1 rule that can save you hundreds on your mobile phone
Telstra’s decision to raise its plan prices above inflation is a wake-up call to Australians to shop around for a better deal on their mobile phone, savings experts say.
Revealed: Which super funds rate the best – and worst – for retirement
Superannuation funds are going backwards in terms of preparing their customers for retirement, new research shows.
Technology
Google’s biggest acquisition falls over as $35b offer rejected
Cybersecurity firm Wiz has turned down a mammoth takeover bid from Google’s parent company, Alphabet, sticking with an IPO plan.
Samsung plans different shape for AI phones
Regular phones have peaked, but AI phones are going to need new shapes and sizes, says Samsung’s Mobile president, and it is already working on them.
- Opinion
- Cybersecurity
Global IT outage the wake-up call we needed
We can’t rely on luck to avoid these scenarios. We have to face the hard truths of cyberspace and to finally do something about them, writes Katherine Mansted.
Work & Careers
This top fundie used to peel four sacks of potatoes every Friday
Ausbil Investment Management’s Paul Xiradis says it’s at the fish market that he probably got involved in markets, understanding how they’re priced and cleared.
From selling vacuum cleaners to running Booking.com in Australia at 33
Tod Lacey is one of the 2024 BOSS Young Executives. His first proper job was selling vacuum cleaners at a department store in Dunedin on New Zealand’s South Island.
Life & Luxury
‘Having clear thoughts always makes for better outcomes’
This is the mantra that American Express executive Robert Tedesco swears by when things get hectic on the soccer pitch. It applies in business, too.
The glow-in-the-dark watch that no one saw coming
The IWC Ceralume concept watch, plus new offerings from Audemars Piguet and Credor, break the mould in unexpected ways.
- Driving With Tony Davis
- Motoring
Audi’s luxe electric SUV faces uncertain future
The new SQ8 e-tron ups the ante on multiple fronts, and it’s more comfortable than most electric SUVs. But production costs are weighing on its viability.
New Michael Kirby building takes law students ‘into light’
The new Macquarie University Law School, designed by architectural practice Hassell, brings the legal faculty to the centre of the campus and into the light.
The ups and downs of flying business on Singapore Airlines
Great food and privacy in a large bed – if you can find a spot for your feet.
