Banks, miners hit as shares drop 1.9pc
Updated | The local sharemarket has sunk to its lowest level this year, falling 1.9 per cent on Friday morning, with the major banks and miners sustaining heavy losses. US and European stocks fell sharply again overnight, as rising Spanish borrowing costs increased investor anxiety over that country’s banks and another round of weak data undermined hopes for a US economic recovery.
Gillard contrasts Ichthys success with euro crisis
Prime Minister Julia Gillard has used the official ground-breaking ceremony at Inpex’s $US34 billion Ichthys LNG project in Darwin to reiterate the boost resources are giving to the Australian economy.
Ashby accused of Slipper ambush
James Ashby has been accused of ambushing parliamentary speaker Peter Slipper in a “character assassination” attempt. The parties were in the Federal Court in Sydney on Friday morning.
Union show of defiance targets BHP
Coalminers are preparing to declare a mass, seven-day strike across BHP Billiton’s Queensland coalmines from next week in a show of defiance against the company’s call to reduce the power of unions.
Facebook IPO prices at $US38 a share
Naysayers have failed to dampen enthusiasm for Facebook’s hotly-anticipated initial public offering, with the social network pricing its stock at the high end of a recently increased value range.
Hewlett-Packard to axe up to 30,000 jobs: reports
Technology giant Hewlett-Packard set to cut a wide swathe through its workforce, laying off as many as 30,000 employees as part of a radical restructuring plans, according to a report.
Barnett’s lauds ‘historic’ WA future fund
WA Premier Colin Barnett has labelled the state’s new $1 billion future fund “historic” and says it is the first time a state budget has looked to secure benefits for the next generation and beyond.
Indonesian abattoir now meets standards: Elders
Rural services company Elders said an abattoir it used in Indonesia would now comply with animal welfare standards even though it was identified by a departmental report as having breached the rules.
Traffic forecaster in a dark tunnel
Exclusive | Traffic forecaster Aecom is being sued by the receivers of RiverCity Motorway for making overly optimistic traffic forecasts in a landmark damages claim worth up to $2 billion.
Economists prop up Gillard’s higher debt ceiling
Economists have defended the government’s decision to lift the debt ceiling by $50 billion, saying a financial buffer is important to preserve the status of Australia’s bond market as a safe haven during tough times.
Fitch says top global banks need $US566bn
The world’s top 29 banks may need a total of $US566 billion to meet tougher capital rules, cutting returns by a fifth and forcing them to curb investor payouts, Fitch Ratings said.
AFR iPad app to launch next week
Fairfax Media will launch the Australian Financial Review iPad app next week at no extra charge for existing five- and six-day AFR and afr.com subscribers.
Has Labor lost Gen Y?
Bejamin Law says Labor’s poor media performance and conservatism have alienated younger voters, but there’s still time for the disaffected to make a difference.
Nice job, there’s more to do
David Thodey only has 38 “likes” on a Facebook public figure page dedicated to the Telstra chief executive.
Synergy key for IAG buyer
Given Insurance Australia Group’s troubled history in the UK, a sale of its Equity Insurance Group business makes sense.
Investors left holding the baby
Hewett | Seeking financial advice from an expert sounds sensible. But what protection is there if the financial adviser is incompetent?
A click away from the ‘creepy line’
White | Every “like” icon you click, email you send, and web page you visit leaves a trail to an intensely seductive honeypot.
Union or business: one law fits all
Dodson | The HSU scandal has focused attention on how unions operate, the IR system, and the relationship between the ALP and unions.
Two states, two economies
Mitchell | They are the two extremes of Australia’s “two-speed” economy, and the budgets of Western Australia and Tasmania tell the story.
Ordinary vision in extraordinary times
Barrett | There was once a serious secessionist movement in WA – now the only thing the state is seceding from is good public debate.
Desert prince may win Virgin
Stevens - John Borghetti’s redesign of Virgin is aimed at confirming our feisty second carrier as a realisable opportunity to international airlines.
Safety first after one crack too many
Cornell | The humiliating trading debacle at JPMorgan Chase has winded those who have been arguing regulators should back off.
Fired, paid out, reinvented, rehired
Burgess | Rehiring public servants can be a good way of retaining skills and managing peaks and troughs, but it can also be a gravy train.
Land of the rising sum
Wyatt - There may well be a new pillar of support for Australian resources and the Australian economy – Japan.
Europe reaps a bitter harvest
Editorial | European policymakers have no one but themselves to blame for their economic and financial predicament. It is the direct result of the political compromises put in place to secure monetary union.
Twitter shows users how to spread their wings
Twitter wants to guide new hatchlings as they venture out of the virtual nest with tailored “follow” suggestions.
High speed glamour revs up
It’s the festival of the car as the exclusive principality of Monaco revs ups for the formula one Grand Prix.
So, you’re acting for Big Tobacco
The decision to act for Big Tobacco is a tough one for law firms. Cigarette companies have deep pockets but their murky image can rub off.
Sages wins Archibald’s People Choice
Artist Jenny Sages has taken out the Archibald’s People Choice award for a self-portrait that captures her grief following the death of her husband.
Too black and white for some
A Paris exhibition on the phenomenon of “human zoos” is under fire for simplifying the link between colonial-era exotica and racism.
National
Barnett’s lauds ‘historic’ WA future fund
WA Premier Colin Barnett has labelled the state’s new $1 billion future fund “historic” and says it is the first time a state budget has looked to secure benefits for the next generation and beyond.
Then again, prepare for rebound
Major global banks are advising clients to prepare for a stockmarket rally and a resurgence of the euro if Greece is forced out of the monetary union, betting that world authorities will flood the international system with liquidity.
SMEs want payroll reform
The West Australian government has given small businesses a one-off break from payroll tax next year, but many business owners and industry groups would rather see a long-term cut to the 5.5 per cent tax rate.
World
Then again, prepare for rebound
Major global banks are advising clients to prepare for a stockmarket rally and a resurgence of the euro if Greece is forced out of the monetary union, betting that world authorities will flood the international system with liquidity.
Gap beats Wall Street's profit estimates
Gap Inc raised its profit forecast, prompted by first-quarter earnings that topped Wall Street and by rising sales.
Let Greece exit and save Spain
Everyone knows Greece is leaving the euro, the real challenge is preventing the fall-out extending to Spain.
Business
Greece fears hit funding costs: CBA
Commonwealth Bank of Australia has revealed it was forced to make contingency plans in case of Greece’s exit from the euro as the debt-raddled country’s political crisis sends shockwaves around world.
Desert prince may win Virgin
John Borghetti’s redesign of Virgin is aimed at confirming our feisty second carrier as a realisable opportunity to international airlines.
Technology
Twitter shows users how to spread their wings
Twitter wants to guide new hatchlings as they venture out of the virtual nest with tailored “follow” suggestions.
- Hewlett-Packard to axe up to 30,000 jobs: reports
- Corbett fired manager accused of IT fraud
- Apple to use only green power for main data centre
- Technology helps reform evidence laws
- Pinterest valued at more that $US1bn
- A click away from the ‘creepy line’
- Goldman to cash in $1bn of Facebook shares
- How Google search just got smarter
- Samsung replaces Nokia as leading phone maker
Former Facebook man has no regrets
Brisbane family man Chris Adams is about to be even better friends with 30 of his mates from Facebook as they prepare to become multimillionaires, even billionaires.
Markets
Banks, miners hit as shares drop 1.9pc
Updated | The local sharemarket has sunk to its lowest level this year, falling 1.9 per cent on Friday morning, with the major banks and miners sustaining heavy losses.
- Aussie bond yields at record lows, Asia in the red
- Gold ticks higher after largest one-day gain in three months
- $A dips below 99 US cents on European bank fears
- Facebook IPO prices at $US38 a share
- Greek dilemma, bank worries hit Spanish bonds
- Moody’s downgrades 16 Spanish banks
- It won’t be a quickie divorce
- Listings suffer in a capsizing market
Letting go of the euro might be better for everyone
Two decades ago, when Europe’s leaders worked out the details of their grand vision for a single currency, most economists figured out that the euro would be fatally flawed.
Personal finance
China not the only game in town: banker
Australian companies are diversifying their connections across emerging world markets to provide some buffer from any slowdown in China, a leading banker says.
- Volatility frustrates the funds
- Future Fund chairman backs broader super choice
- Commonwealth looking slimmer at the margins
- Regulator defends higher fees
- Trio report urges AFP super unit
- Henry warns of upward pressure on ‘safe’ $A
- RBA’s Parkinson boosts rate-cut hopes
- US tax law a threat to financial sector
- Home loans stuck in the slow lane
Fired, paid out, reinvented, rehired
Burgess | Rehiring public servants can be a good way of retaining skills and managing peaks and troughs, but it can also be a gravy train.
Opinion
How Australia can profit from the Asian century
The national discussion needs to focus more on opportunities in the region rather than the risks.
Notebook: dancing with derivatives
Jamie Dimon calls it “a doozy”. And it was. A $US2 billion credit derivatives trading bungle by JPMorgan that could mushroom to a $US4 billion loss.
Lifestyle
London Olympics special | Fashion
The secret to looking like one of the cool crowd is to be edgy and irreverent.
London Olympics special | Day trip
The royal city of Bath has always been a fashionable place to take the waters.
London Olympics special | Food
The city’s restaurants have reinvented their menus – from regional specialities to classics with twist.
London Olympics special | To the richest, the spoils
The greater spending power of some nations could upset Australia’s medal hopes.
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