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- Markets Live
ASX flat as mining rotation extends; August CPI ahead
Investors shift money from banks to miners. Iron ore, oil, gold lift on China stimulus efforts. Aussie dollar hits 18-month high. Follow updates here.
Latest Posts
Oil holds gain as Middle East conflict rages
Supermarkets steady after sell-off
Cettire slips after rocketing rally
ASX rises as mining rally extends; Premier Investments sinks
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China ‘terminates’ ASX bank rally as money piles into miners
Traders are scrambling after China’s latest effort to boost its economy prompted investors to rapidly pull money from the big four banks and pile into the mining sector.
Australia’s 10 most powerful business leaders in 2024
The strongest voices for corporate Australia in a year when cost-of-living pressures have ripped through the most vulnerable parts of the economy.
- Live
- Need to Know
PM dodges questions on negative gearing plans
Anthony Albanese has not confirmed if he is considering changes to scale back negative gearing; Labor MP says negative gearing changes are an “important conversation”. Follow live updates.
- Updated
- Investment banking
Macquarie fined after failing to catch dodgy energy transactions
The corporate regulator says the bank was warned a dozen times that there were suspicious futures transactions in the wake of Russia’s invasion of Ukraine.
- Opinion
- Middle East tensions
Why Hezbollah is everyone’s problem
The world is now in the opening stages of yet another contest between the free and unfree. It’s a conflict reaching far and wide, and will last for decades, writes Bret Stephens.
- Exclusive
- Superannuation
The country’s two mega funds now attract half of all new super
But the growth of AustralianSuper and Australian Retirement Trust beyond all their other peers could be a “double-edged sword” according to some analysts.
- Driving With Tony Davis
- Motoring
This is one of the quietest cars we’ve ever driven
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
POWER LIST
Australia’s top five powerbrokers in the law for 2024
It was a momentous year for the High Court, the competition regulator and outspoken judges. Here are the people setting the agenda in legal circles.
Power list reveals diminished influence of Australia’s corporate sector
This year’s list reflects the fading voice of CEOs and the growing size, scale and power of the superannuation sector.
The five most powerful Australian tech leaders in 2024
The biggest deal of the year, the end of an era at Atlassian and the rising influence of super funds helped to shape the list of technology’s most powerful in 2024.
Australia’s most powerful deal makers in 2024
If investors step up and hit the bid on those valuations, the market will see real momentum. If not, it will be the same painful conversation about dry powder next year.
The 10 most culturally powerful people in Australia
What does it mean to be Australian right now? These 10 people made the biggest mark on our national culture this year.
The best of travel, fashion, cars and more, straight to your inbox every Saturday.
Companies
Will the Rightmove ‘fortress’ fall to REA’s siege?
Rightmove so dominates the UK market that its own CEO calls it ‘unassailable’. REA is hoping to seize the keys to the castle, but without tarnishing the prize.
Investors quit Woodside as shares languish
Dissatisfied investors say a share buyback would have been a better use of its capital than two US acquisitions.
- Exclusive
- P2P lending
Adgemis makes bold play to reclaim Public Hospitality’s lost pubs
Jon Adgemis is keen to take back control of the five Sydney pubs Public Hospitality Group lost control of last week.
- Exclusive
- Executive shake-up
Macquarie’s Bingo secures $100m lifeline but loses CEO and CFO
The waste management group has been struggling under a heavy debt burden after being downgraded by S&P Global this year. In all, three executives will leave.
Major Rightmove investor urges board to start negotiating with REA
GCQ Funds Management is a big investor in the British realty firm, and says an $11.9 billion bid is almost high enough to sell to the News Corp-backed group.
Aldi the big winner from Woolworths and Coles price gouging backlash
Investment banks warn of huge penalties and reputational damage after the ACCC alleged the supermarkets advertised specials that were cheaper weeks earlier.
Federal government warned of Chinese EV software security risk
The federal government is being warned that a timid approach to risks from Chinese vehicle software could undermine national security.
Companies in the News
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Markets
Traders up bets on RBA December rate cut, ignoring Bullock
The bond market is sticking with its prediction of some rate relief by Christmas, despite governor Michele Bullock saying that inflation remains “too high”.
Markets cheer China stimulus, but pundits warn it’s no ‘bazooka’
Iron ore futures surged 6 per cent, triggering a rally in ASX mining stocks, but China’s latest support package may not have a lasting impact on commodity prices.
What happened overnight? Nvidia paced the Nasdaq higher
Australian shares were set to edge up. Iron ore, oil and gold lifted on China stimulus efforts. US-listed shares of BHP and Rio leapt. Bitcoin topped $US64,000.
- Opinion
- Chanticleer
Did China fire the bazooka to stop the big bank run?
If it takes a bazooka to stimulate the Chinese economy, it will also take a bazooka to end the banks’ run.
Go long and let others take the risk: crypto fundies’ top strategies
Some of Australia’s best performing digital asset managers have told investors to ignore the noise when mulling a bet on cryptocurrencies.
Opinion
Why there will be no relief on rates
Jim Chalmers claims “welcome and encouraging progress” in the fight against inflation. The Reserve Bank disagrees, writes Jennifer Hewett.
Columnist
Retail politics of ACCC Coles and Woolies case are bad for business
The investor reaction underlines challenges facing the business community which has tried to push back against the populist anti-big business bashing in Canberra.
Editorial
The National Party must help to fix up the farm that is Australia
Labor is only adding to sense of regression and decline in Australia. The Nationals can’t restore the country if they succumb to populism themselves.
Former Nationals leader
Australia must be wary of Beijing’s ears and hands in consumer goods
The US is banning Chinese-made EVs with internet connections for fear they will be used for surveillance or sabotage. Australia will need to step up too.
Cybersecurity expert
Childcare must be made universal
The Productivity Commission’s review of early childcare and education is welcome. Australia needs to follow others and make childcare accessible for all.
Why it’s dangerous to be super rich in China
The number of billionaires has fallen 35 per cent in China, and corporate leaders may be devaluing their wealth, amid fears the state is targeting the rich.
Writer and investor
Reports
Technology - Valuation shift
This special report looks at shifting valuations for tech companies in public and private markets, plus how AI will change work.
Politics
Inflation to hit three-year low, but don’t expect a rate cut: Bullock
Michele Bullock says she will ignore data on Wednesday that is likely to show inflation back in target band, warning government energy rebates will not bring forward a rate cut.
- Exclusive
- GST
ATO found pub empire made ‘fictitious’ GST refund claims
Virtical Group made false claims for millions in GST refunds based on invoices for construction that did not happen on property it did not own, the tax office has found.
RBA explores Plan B shake-up on managing ‘big risks’
RBA governor Michele Bullock is developing a back-up plan to manage “big operational risks” such as cybersecurity in the likelihood that the proposed shake-up of the central bank’s board fails.
Woolworths, Coles price manipulation claims come at tough time for BCA
Liberal and Labor MPs say that the claims against the supermarkets undermine corporate Australia’s efforts to position itself as a critical plank of prosperity.
Hostplus CEO David Elia’s personal plea for peace in the Middle East
If the region remains wedded to the past, it is impossible to see how it can reconcile and move forward, says the CEO of the $115 billion super fund.
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World
Israel kills Hezbollah commander in Beirut, vows more airstrikes
Israel’s military said the airstrike on the Lebanese capital killed Ibrahim Qubaisi, who it said was the commander of Hezbollah’s missile and rocket force.
Starmer calls for return of ‘sausages’ from Gaza in conference gaffe
British Prime Minister Keir Starmer misread his script – which called for the return of Israeli hostages taken by Hamas on October 7 last year.
Trump pledges to take jobs and factories from allies, China
The former president promised a “manufacturing renaissance” as the centrepiece of his plan, saying he would offer foreign firms low taxes and little regulation.
Israel and Hezbollah exchange fire after Lebanon suffers 500 killed
As thousands of people fled southern Lebanon, Israel’s military says it would do “whatever is necessary” to push Hezbollah away from Lebanon’s border with Israel.
China unleashes stimulus blitz to hit annual growth goal
The central bank announced a cut to the amount of money banks must hold in reserve, taking it to the lowest level since at least 2020. It also cut a key policy rate.
Property
RBA decision to hold on rates won’t help home buyers: experts
The housing market won’t get much of a boost from the RBA’s decision to keep rates steady, although some investors may be willing to jump in early.
- Exclusive
- Construction
Retail legend invests $100m in Ray White private credit push
Sanity Entertainment owner Ray Itaoui has joined the push by high-net-worth investors, family offices and institutions into private real estate credit.
Ex-Brookfield CFO seeks $50m for equity push into housing projects
Andrew McVeigh says he has investors lining up to commit to a new equity fund that will invest in a portfolio of development projects.
‘I saw the home working sham exposed on a Mediterranean holiday’
There has been a drift back to the office, but some studies have found that workers who are in the office full-time are no more productive than hybrid workers.
- Exclusive
- Hotels
Hospitality empire on brink as Adelphi Hotel put in administration
Virtical group, which exploded on to the Sydney and Melbourne pub scene last year, has lost control of its two biggest assets.
Wealth
- Opinion
- Cybersecurity
SMSFs are a $1trn honeypot for hackers
The success of the retirement savings system has become an irresistible target for global cybercriminals.
Perks, points and fees: How to choose the right credit card
Understanding the four credit card types will help you make smart choices.
The $1 rule, and 43 other easy ways to be better with money
Not everything about money has to be hard. We asked experts for their top tips on how to be better at saving, budgeting and investing.
Technology
Will AI be a bust? A Wall Street sceptic rings the alarm
Jim Covello, Goldman Sachs’ head of stock research, warns that building too much of what the world doesn’t need “typically ends badly”.
Inside Elon Musk’s mushrooming security apparatus
The world’s richest man has long cultivated a devil-may-care persona. But in private, he has increasingly barricaded himself behind a growing phalanx of armed bodyguards.
ASX hopeful Evolt 360 reveals plans to cash in on Ozempic boom
The founders of body scanning company are hoping to list on the stock market before Christmas, backed by investors including Regal, Soul Patts and Perennial.
Work & Careers
‘We need to talk’: the hidden cost of unclear messages
The “emotional overhead” of trying to decode ambiguous emails is just one piece of problematic fallout from poor communication at work.
PwC revenue slumps $820m after tax leaks scandal
Takings fell by more than a quarter to $2.35 billion in 2023-24, making it PwC Australia’s worst decrease ever, as the fallout from the crisis continues.
Life & Luxury
Dolce&Gabbana CEO in Australia to party and sell the dream
The Italian fashion powerhouse is moving boldly into skincare, homewares – even dog fragrances.
Margot Robbie’s ‘My Old Ass’ is a bummer
This lame coming-of-age story, produced by the megastar, is no Barbie. Meanwhile, 85-year-old Ian McKellen hams it up megalomaniacally in The Critic.
- Opinion
- Literature
The rise and rise of the self-help book
For as long as there have been selves, they have needed help – and books have offered it. As the genre has grown, so have its claims.
Everyday objects that will give you and your home a lift
Shop local or spread your wings. This week’s edit of lovely luxuries covers the world.
The reason Gen Z is so obsessed with ageing
TikTok is driving anxiety among younger generations, but are there healthier ways to prevent looking old before your time?
