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ASX gains as RBA leaves cash rate at 4.35pc; BoJ lifts
Shares rise after Reserve Bank kept interest rates on hold; Bank of Japan ends negative rate policy; Michele Bullock press conference coming up at 3.30pm AEDT; Boral board rejects Seven takeover bid. Follow here for more.
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$A slips after RBA rate pause
Bank of Japan lifts rate, scraps negative rate policy
RBA leaves cash rate at 4.35pc
Money markets jostle ahead of RBA decision
Last updated 4 mins ago
- Live
- Need to Know
HWL Ebsworth chief dies suddenly at 64
Juan Martinez, the managing partner of Australia’s largest legal partnership HWL Ebsworth, has died suddenly; Telstra’s mobile services suffer an outage. Follow updates here.
Bank of Japan scraps negative rates in historic policy shift
One of the world’s largest economies has finally joined the rest of the world’s central banks in taking steps to tackle inflation.
- Opinion
- Chanticleer
Nvidia’s new $8b chip could take AI to a terrifying place
Nvidia’s announcement of even faster AI computer chips underscores how rapidly this technology will change the way we work and live. Be warned.
- Opinion
- Chanticleer
The hidden danger in Boral’s board staring down Stokes
It’s one thing to head into battle with a major shareholder, it is another to survive the war. Boral’s decision to fight Seven Group is admirable, but will have consequences.
Deloitte restructure ‘year in the making’
Deloitte Australia CEO Adam Powick says a global restructure will strip out duplicated roles and make it easier to respond to client needs.
Cettire overhauls duties and returns policy
The company will no longer disclose what customs charges are owed on goods at its online luxury marketplace, and has streamlined other customer features.
Breaking news on companies, politics and economics, in your inbox as it happens.
Edition
Fin Magazine - autumn 2024
Read about an artist’s intriguing sanctuary, Lotus’ latest electric sedan, New York’s coolest new hotel and more inside Fin Magazine’s first issue of 2024.
tuesday tech
- Exclusive
- Funding
Australia has its first tech ‘unicorn’ in two years
Software firm Deputy cracks the billion-dollar valuation milestone to break Australia’s unicorn drought, after a prospective US customer invested $37 million.
- Exclusive
- Start-ups
Tech star lends staff cash to buy its shares
SafetyCulture, a $2.7 billion software firm, is helping staff buy more stock and is structuring its sales to avoid debts accrued by some US start-up workers.
- Exclusive
- Funding
Big media names pour cash into ‘cookie-free’ ad start-up
Media boss Antony Catalano and Seek co-founder Matt Rockman are among investors in a new advertising tech start-up, which eschews privacy-invading cookies.
- Exclusive
- Funding
Former stockbroker, Afterpay alumni raise $16m for fintech start-up
Former Wilsons stockbroker and Australian national swimmer Luke Trickett has raised $16 million for his invoice payments start-up Marmalade.
Epic Games opens case against Apple, Google
iPhones would have cheaper apps released more quickly, and even better security and privacy if only Apple were forced to open its phones up to competition, a Melbourne court has heard.
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Companies
Boral independent directors say Stokes’ bid undervalues group
Boral’s minority shareholders were urged to reject Seven’s bid, based on an independent expert finding the shares are worth up to $7.13. Perpetual praised the rejection.
- Investigation
- Gaming & wagering
Escalante is living large off controversial gambling billions
At 42, he is one of the country’s youngest billionaires. But Virtual Gaming Worlds investors hoping for a big payday are increasingly concerned it may not come.
Private equity group lifts Pacific Smiles bid to $279m
Genesis Capital has raised its buyout offer to $1.75 per share, from the $1.40 per share bid rejected in mid-December and the board is likely to recommend it to shareholders.
Kathmandu’s global expansion on hold after first-half loss
KMD Brands, which also owns Rip Curl and Oboz hiking boots, scrapped its interim dividend and will delay plans to take Kathmandu global.
Greensill Group underwriter suffered ‘breakdowns’ in policy safeguards
The man who signed off on billions of dollars of policies allegedly went around proper process and would receive “dinners, wine bottles” without disclosure.
New York investment giant backs Zen Energy in $200m big battery play
The company is backed by economist Ross Garnaut and his son, chief executive Anthony Garnaut, expects the grid-scale battery to be running early next year.
- Exclusive
- Renewables
Renewables spending bounces back in race to 2030
Clean energy project developers point to billions of dollars worth of projects heading to financial close in the next few years, marking a recovery from 2023.
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Markets
‘Copper’s time is now’ as traders switch from iron ore
Goldman Sachs and Citi believe copper prices can rally another 30 per cent, while Westpac sees iron ore dropping below $US90 a tonne.
RBA rate relief pushed out to end of the year
Bond yields are soaring after US data dashed hopes of early rate relief from the US Federal Reserve, pushing out expectations of a mid-year move from the Reserve Bank.
- Opinion
- Chanticleer
Why even Howard Marks is wary of office property
The Oaktree Capital co-founder loves distress, and says there will be plenty in the office market. But there’s one big reason he’s cautious about investing.
Here’s what happened in markets overnight
Australian shares were set to open flat, despite strong gains on Wall Street. Tesla and Alphabet paced mega-cap techs higher.
Wave of China money piles into Aussie banks, fuelling rally
Australian banking stocks have been benefiting from a rotation away from Chinese markets, but some analysts argue that has made miners look undervalued.
Opinion
Greens’ farming ‘crisis point’ is rubbish
The Greens are using farmers as allies of convenience to pursue their left-wing populist campaign against the supposed price and profit gouging of Coles and Woolworths.
Editorial
Biden must show Netanyahu who’s in charge
The US president must apply far more pressure on Israel’s prime minister to pull back on his military attacks in Gaza that have left thousands of civilians dead.
Columnist
Reserve Bank refresh is on shaky ground
Nothing good comes from negotiating with the Greens. The better option is Jim Chalmers cutting a deal with Angus Taylor to establish the new monetary policy board.
Economics professor
Independence isn’t the power the ‘directorati’ would have us believe
The irony is the skills needed to secure invitations to join boards from the king- and queen-makers of corporate Australia are the antithesis of what’s required to monitor and test management.
CIO Sandon Capital
Unions target small business through women
Inflexibility over work hours and the right to disconnect will hit women and their small business employers the hardest of all.
Women's advocate
Why miners are alarmed by Labor’s ‘nature-positive’ agenda
Miners worry proposed laws will not produce the environmental benefits suggested and will only delay good, environmentally focused projects.
Columnist
Reports
Women to Watch 2024
This article is part of the Women to Watch special report on the next generation of leaders, published on 8 March 2024.
Politics
Power prices to fall, ending two years of big bill pain
Costs for most households and small businesses in Queensland, NSW, Victoria and South Australia are set to fall between 0.3 and 9.7 per cent in July.
- Exclusive
- Construction
New housing supply to hit decade low
A new report forecasts housing supply to fall off a cliff over the next two years putting the government further behind its ambitious housing targets.
Greens push supermarket break-up powers
Despite Anthony Albanese ruling out any move to break up the big grocery chains, the Greens want the competition watchdog to get new divestiture powers.
Keating toes Labor line before China meeting government doesn’t want
The Albanese government would prefer a meeting between former PM Paul Keating and China’s foreign minister did not happen
Pesutto’s leadership in crisis amid new defamation proceedings
Victorian Opposition Leader John Pesutto’s hold on the Liberal Party is in crisis mode under the weight of mounting legal battles.
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World
Deloitte launches biggest shake-up in a decade to cut costs
The revamp to cut its main business units from five to four comes after the big four firm decided against splitting up its audit and consulting businesses.
Trump unable to finance $686m appeal bond, lawyers say
The former president is asking a court to delay enforcement of a judgement after the Trump Organisation approached 30 surety companies who would not help.
Biden warns Netanyahu: Rafah attack a ‘mistake’
The Israeli prime minister has agreed to send a delegation to Washington to discuss an alternative plan for Gaza.
Netanyahu defies Western allies over Gaza strategy
The Israeli prime minister vowed to resist the intensifying international pressure, especially from the White House, to delay an offensive into the city of Rafah.
Putin cements hold on power in election with no serious opposition
Vladimir Putin, who came to power in 1999, easily won a new six-year term that would make him Russia’s longest-serving leader for more than 200 years.
Property
Lang Park to host Brisbane 2032 ceremonies after review rejected
Lang Park will be the site of opening and closing ceremonies while the old venue for the 1982 Commonwealth Games will be upgraded to host athletics.
These ‘micro’ flats go for $395 a week. Renters can’t get enough
The German-inspired “micro” apartments are in one of the city’s hippest suburbs. And renting for $395 and $440 a week.
Even after COVID boom, builders want fixed-price contracts
An industry body backs the contracts but warns about risks if costs escalate, as a survey shows companies’ “grasp on construction financials remains inadequate”.
Why this semi sold for $300,000 less than a similar home nearby
Is it a property with a flaw or some other compromise? Buyers are becoming choosier, as the vendor of one house in need of a renovation found out.
- Opinion
- Commercial real estate
‘Narrow window’ to snap up commercial property bargains
With institutional capital still watching on the sidelines, smaller investors have the chance to pick up quality assets at discounts as high as 30 per cent.
Wealth
- Opinion
- Commercial real estate
‘Narrow window’ to snap up commercial property bargains
With institutional capital still watching on the sidelines, smaller investors have the chance to pick up quality assets at discounts as high as 30 per cent.
How this billionaire is making his staff rich
The recent surge in WiseTech’s share price means Richard White isn’t the only one making money. Staff are sitting on a $320 million fortune.
- Opinion
- Investing
Supermarket wars will throw up bargains for investors
As the noise from the various inquiries reaches fever pitch, investors may be presented with opportunities to buy shares in good quality supermarket businesses for a discounted price.
Technology
Nvidia unveils ‘super chip’ in push to extend AI dominance
Chief executive Jensen Huang claimed the company’s new Blackwell chips are substantially more powerful than its already market-leading ones.
Apple in talks to let Google’s Gemini power iPhone AI features
The negotiations are about licensing Gemini for some new features coming to the iPhone software this year.
Competition law guns line up for Epic case
Neil Young, KC, will charge over $25,000 a day for his services in the court fight between Epic Games, Apple and Google. He’s just one of the top silks involved in the 16-week case.
Work & Careers
- Exclusive
- Working from home
Bosses tie bonuses to office attendance
The company has joined rival energy company Origin in linking office attendance to annual bonuses and performance reviews.
Judge lashes Qantas union for delaying tactics
A Federal Court judge has accused the Transport Workers Union of “sitting on its backside” over a claim it should be compensated for lost membership dues.
Life & Luxury
Dior brings men back into the fold with a reimagined classic watch
Resurrecting a previous model is hardly unusual in the watch world, but success is never guaranteed.
How this manufacturer made it to the runways of Paris and New York
Melbourne Textile Knitting’s Stephen Morris-Moody has always been a dyed-in-the-wool fan of yarn. Now he’s taken his work to Calvin Klein and Ralph Lauren.
How teamLab is drawing millions of visitors a year to Tokyo
Japan’s digital art collective teamLab has opened a new Tokyo museum, as its immersive installations gain popularity around the world.
Musk says his use of ketamine is in investors’ interests
Tesla CEO Elon Musk has told former CNN anchor Don Lemon that using the drug alleviates periods of low mood, and “what matters is execution”.
How a tech founder drew on Pilates to beat a health crisis
For John Anderton, founder of a tech development agency, Pilates has been a core routine for years to work off office tensions. He recently called on it during an emergency.