Banks warn of interest rate pressure

ANZ Banking Group’s Australia boss Phil Chronican says fears of a political backlash and competition forced the bank to only recoup about one-third of the real increase in funding costs in Friday’s decision to lift interest rates by 0.06 of a percentage point.

Junk old IR system says ex-unionist

Former ACTU vice-president Anna Booth has called for a radical rethink of Australia’s industrial relations system which is entrenching an outdated “unions v management” divide.

Hardie win will force tax law change

Updated | The federal government will be forced to review the operation of crucial tax avoidance laws after the Tax Office lost a landmark case against James Hardie, corporate advisers said.

Mining to pay for buffer against $A

The government will rely on mining tax-funded reforms rather than industry-specific handouts to help firms hit by the high dollar, says Treasurer Wayne Swan.

Markets Today

S&P records biggest daily drop this year

The S&P 500 posted its biggest daily percentage decline thus far in 2012 on Friday after an about-face on Greece’s long-awaited debt deal ended a five-week streak of gains for equities.

Rich hang on to their castles

Owners of multimillion-dollar properties are holding back from listing their houses because of a lack of demand at the top end of the real estate market.

Debt crisis

Papademos secures cabinet support

Update | The Greek cabinet approved late Friday a draft bill spelling out reforms required by the EU and the IMF, taking Athens closer to getting a new €130 billion bailout.

PM in the lead – for now

Prime Minister Julia Gillard has made a better than expected start to the parliamentary year, but her leadership remains under intense pressure.

What a powerful protection racket

The federal government is desperate to stem the bleeding in the manufacturing sector but the carbon tax, designed to inhibit greenhouse gas-intensive industries, is creating cognitive dissonance.

Flagship projects waiting for day in the sun

A giant commodities play

Mick Davis, Xstrata’s ebullient and handsomely paid chief executive, predicts a shake-up in the global commodities sector that will threaten Australia’s “dig it up and ship it to China” mentality.

Heir apparent Xi goes to Washington

Chinese Vice-President Xi Jinping’s visit to the US next week comes at a time when Beijing and Washington remain at odds over a range of trade, foreign policy and security issues.

Technology

Success puts Apple under closer scrutiny

Apple is finding life increasingly uncomfortable as the world’s most high-profile technology company after years as the underdog in battles with Microsoft.

Chanticleer

Rates shift makes history

ANZ and Westpac’s decision to go with no signal from the central bank marks a significant development in Australia’s economic history.

		Change	% Chg
S&P/ASX 200	4245.3	- 37.6	- 0.88%
Dow Jones	12801.23	- 89.23	- 0.69%
FTSE 100	5852.39	- 43.08	- 0.73%
SPI 200 MAR2	4199.000	- 19.000	- 0.50%
AUD/USD	1.0670	- 0.0004	- 0.04%

Last updated: Sat, 11 Feb 2012 05:04 PM AEST

Markets Data »

		Price	% Chg
TSE	TFIELDSERV	$ 2.200	+ 11.96%
MSB	MESOBLAST	$ 6.920	+ 5.01%
BDR	BEADELL	$ 0.805	+ 3.21%
OST	ONESTEEL	$ 0.770	+ 2.67%
TOL	TOLLHOLDGS	$ 5.090	+ 2.41%

Last updated: Fri, 10 Feb 2012 06:50 PM AEST

Markets Data »

		Price	% Chg
KZL	KAGARA	$ 0.330	- 5.71%
WEC	WHITE ENER	$ 0.505	- 4.72%
AWC	ALUMINA	$ 1.205	- 4.37%
AQG	ALACERGOLD	$ 8.520	- 4.27%
SFR	SANDFIRE	$ 8.050	- 3.94%

Last updated: Fri, 10 Feb 2012 06:50 PM

Markets Data »

$A overshadows ANZ rate rise

Alan Mitchell - It’s not just the Dutch that we have to worry about catching things from.
The great hedge fund anomaly

Is there a bubble in the hedge fund industry? For some time now, there’s been talk about an impending shake-up in hedge funds.
Effective sanctions blunt the case for war

Indications that Iran’s foreign exchange reserves are being depleted is an encouraging development.
Protectionism making a comeback

The long campaign to steer Australia towards becoming an open, competitive, market economy is about to face its greatest challenge.
Safe-haven assets as scarce as hens’ teeth

Last call - The sharemarket is often referred to as a barometer of the outlook for earnings growth. If tougher times are expected, shares take a tumble.
Broader base best foundation for tax

Toohey - David Morgan got it right when he told the Rudd government’s “ideas summit” the best way to cut tax rates is to broaden the tax base.
Workplace better off without Fair Work

Editorial | As former vice-president of the ACTU, Anna Booth says, Australia’s industrial relations system is outdated and adversarial.

advertising

Women happy to walk out rather than work it out

The advent of the female entrepreneur in the past five years has brought about a virtual role reversal when it comes to separation.

Boys’ Own Bard

His father founded Britain’s Royal Shakespeare Company – now Ed Hall is giving the Elizabethan playwright his own very masculine treatment.

Cruising broadens those narrowing horizons

Cruise lines don’t like to admit it, but the main reason cruising is booming is because of the ageing of Western populations.

She’s pining for the Hawke years

Ever noticed how Wayne Swan bears a passing resemblance to Michael Palin? We caught up with Swanny during a meet-the-constituents session in his office this past week.

Resources Daily

A giant commodities play

DealBook

Biggest winners are NSW and Downer EDI

NSW Treasurer Mike Baird conceded this week that “anything that looks too good to be true is very likely too good to be true”. He was, of course, referring to the Reliance Rail joint venture.

Business

More is less in banking paradox

The past week has seen analysts claim that banks are losing money on home loans, while politicians protest our major lenders are posting the highest profits in the world.

National

Film | The rise of a reptile

Clint Eastwood had to walk a tightrope in portraying FBI chief J. Edgar Hoover, and it would be hard for any actor to play such an unlikeable individual.

Adoring biographer loses objectivity

In celebration of his 70th birthday, science writer Kitty Ferguson has brought out a new edition of her 1991 biography of the British theoretical physicist.

World

GE’s next dividend increase seen late in year

General Electric, which has raised its payout four times in 18 months, said on Friday that its board voted to hold its quarterly dividend steady at 17 US cents.

Hedge fund manager latest caught in Galleon net

A California hedge fund manager has been charged with making $US900,000 illegally on inside information about three tech companies, the latest high-profile Galleon Group prosecution.

Markets

Look beyond super

Superannuation is not the only way to get tax-free income in retirement – there are compelling alternatives that are far more flexible.

advertising

Property

Building helps to rebuild code’s image

At the new home of Rugby League, Rugby League Central at Sydney’s Moore Park, the break out rooms have names like All Stars, State of Origin, and Sin Bin.

Personal finance

Budget surplus

Health means test slugs top earners

High-income families will be penalised at least $3870 if they don’t take out health insurance, under changes almost certain to be passed by Parliament.

Technology

Tablets ease Telstra’s headache

Australia’s insatiable appetite for smartphones and tablets has underpinned a record surge in new mobile customers for Telstra, amid deteriorating revenue from its fixed-line and directories businesses.

Marketing & Media

Lachlan Murdoch takes chair at Ten

Lachlan Murdoch was elevated to chairman of Ten Network on Friday, further establishing the famous mogul’s son as an influential player in Australia’s media industry.