Today's News & Views
Gold falls as risk aversion grows
11:38am Gold fell on Friday, following losses in the euro and US equities, as uncertainty over negotiations for a bailout package for Greece prompted investors to sell the metal and hoard cash.
Oil ends winning run on Greek woes
11:33am US crude oil futures fell on Friday for the first time in four sessions after a far-right party in Greece refused to sign off on austerity measures
S&P downgrades 34 Italian banks
10:45am Standard & Poor’s on Friday lowered its ratings on 34 Italian banks, citing concerns over Italy’s financial vulnerability and expectations for weak profits at the banks.
Greek government approves debt deal
10:28am The Greek cabinet approved a draft bill spelling out reforms required by the EU and the IMF, taking Athens closer to getting a new bailout after the prime minister warned the alternative was "catastrophe"
BMW fined $US3m for US recalls
9:29am Carmaker BMW has agreed to pay $US3 million ($A2.79 million) for delays in reporting safety defects and recalls to the US government.
Wall Street
Greece worries knock wind out of stocks
7:59am US stocks fell on Friday after an about-face on Greece's long-awaited debt deal ended a five-week streak of gains for equities.
Europe stocks dip on Greece uncertainty
7:50am European stockmarkets have closed lower and the euro has dropped against the US dollar in reaction to violent protests in Athens that rocked Greece’s divided government after the euro zone held up a debt bailout.
Failing his way towards success
Paul Greenberg believes there are still many opportunities online, writes Mercedes Ruehl.
Ian Verrender
Broadband to speed trend of sending service jobs offshore
IAN VERRENDER It began as a trickle last year. There was the odd announcement detailing cutbacks and job losses at companies like CSR and SPC before steelmaker BlueScope announced massive losses, the closure of a major section of its Port Kembla facility and 1000 retrenchments.
Learning nothing from the Depression
ROSS GITTINS It's remarkable that the politicians of Europe and America are making things much worse because they've unlearnt the economic lessons of the past 70 years.
William Pesek
Once the one and only, Sony's in dire need of a leader with vision
William Pesek Kazuo Hirai, charged with halting Sony Corporation's downward spiral, could be excused for asking: Do I really want this job?
Dark days for investment banks
Adele Ferguson, Eric Johnston The troubles at RBS and the downsizing of the once dominant Macquarie are symptomatic of a trend in investment banking globally. But the real bloodletting is still to come.
Too many hustlers on the block
Adele Ferguson, Eric Johnston AS DEALS dry up and the bonus pool shrinks, bankers are fighting it out for a slither of the action.
Asia moves on Forrest Hill
Philip Hopkins Development's location makes it a showpiece for Melbourne's urban consolidation.
Super funds reap benefits as distressed properties hit market
Philip Hopkins Super funds and private buyers are capitalising on the distressed assets now on market.
Nothing interim in Murdoch's latest Ten move
Kirsty Simpson LITTLE more than a month after giving up the reins as interim chief executive at the Ten Network, major shareholder Lachlan Murdoch has returned as non-executive chairman.
Thinking outside the square pays off
Gareth Hutchens PORTABLE shipping containers are normally used to move goods from one end of the world to the other, but one company has turned them into a money-spinner by making them good enough to live in, cook in, or hide in from a bomb blast.
Bourse ends week on a low after weaker profit reports
Gareth Hutchens The sharemarket lost ground this week despite hints of progress on the long-awaited austerity agreement in Greece, after ''disappointing'' profit results from the big miners, and as the Reserve Bank lowered its forecast for growth and inflation.
Ruling gives Hardie a $311m break
Elisabeth Sexton FIVE years of uncertainty over a $368 million tax dispute ended favourably in the High Court yesterday for James Hardie Industries and the asbestos compensation trust it funds.
Slow earnings growth in the aisles
Colin Kruger Price deflation puts the squeeze on supermarkets, writes Colin Kruger.
Westpac and ANZ face backlash after rate hike
Eric Johnston ANZ and Westpac are bracing themselves for a customer backlash after becoming the first banks in four years to put up rates without guidance from the Reserve Bank.
West Melbourne tower plans reviewed
Marc Pallisco Planning Minister Matthew Guy is reviewing plans to replace two historic factories.
Fashion in rags as shopping centres feast on foodies
Carolyn Cummins IT IS known as the Jamie, Nigella and Masterchef effect and it is scaring the socks off fashion retailers.
Lion recovers after suffering 'perfect storm'
Colin Kruger AUSTRALIAN brewer and milk processor, Lion, confirmed it has experienced some respite following a torrid 2011 which lead to $1.2 billion in writedowns across its business for the financial year ending September 30.
Key questions for banks
Matt Wade Why are banks lifting their mortgage rates after the Reserve Bank left official interest rates unchanged?
Treasurer angry as banks warn of more rate rises
Eric Johnston, Peter Martin ANZ and Westpac have warned they could again raise mortgage rates without a signal from the Reserve Bank, because of continued uncertainty in global money markets.
Crown glitters as Melco profit soars
Colin Kruger Crown's Macau joint venture has increased earnings 550 per cent to $US107.5 million.
Hardie win on $360m tax dispute
Elisabeth Sexton A $368 million tax dispute ended favourably in the High Court yesterday for James Hardie.
Tax crackdown sinks companies
Ben Butler The number of companies going to the wall surged last year amid a Tax Office crackdown.
Licences to reap $3bn
The federal government expects to raise about $3bn from the renewal of spectrum licences.
Newcrest may share pot of gold
Peter Ker A special dividend could flow to Newcrest Mining shareholders later this year.
Admission of misconduct issue hangs over SEC deal
Peter Lattman US Securities and Exchange Commission reaches settlement with hedge fund managers.
Europe to save banks and let Greece slide
Floyd Norris If the euro zone opts for an escrow bailout, it will force Athens to pay its debts.
Lachlan Murdoch heads up Ten board
Kirsty Simpson After giving up the reins as interim chief executive, Lachlan Murdoch is back as chairman.
Lion sees daylight after 'perfect storm'
Colin Kruger Australian brewer and milk processor Lion confirmed it has experienced some respite.
Visy bookkeeper had jail record
Leonie Wood Visy Board bookkeeper was hired less than 18 months after she was released from jail.
Bonds buoyant as Asia's population ages
Jiyeun Lee The greying population will be looking to preserve and maintain their wealth.
The market
'All in' or 'all out' not a smart strategy for market, or future
Marcus Padley It is unrealistic to be looking for a moment in time when you go 'All in' or 'All out'.
Rio Tinto loses High Court union fight
Joe Schneider Rio Tinto lost a bid to keep using non-unionised workers in Western Australia's Pilbara.
Talent2 duo buy up large despite battered earnings
Christopher Webb Andrew Banks and Geoffrey Morgan, dominated trading since confirming lower earnings.
Jitters delay bailout vote
Helena Smith and Simon Kennedy European finance ministers have held back a rescue package for Greece.
More than greed at play in banks' rate rises
MALCOLM MAIDEN I would love to have been sitting in on ANZ's meeting yesterday, when the decision was made.
Banks: deep pockets, short arms and shorter memories
MICHAEL WEST It's a tough struggle in the world of the big four banks, especially when rewriting history.
Europe must not ignore the tough lessons of history
ROSS GITTINS The politicians of Europe are making things much worse for themselves and their people.
Like Dr Who, banks will be back with a new look
Adele Ferguson and Eric Johnston The troubles at RBS and the downsizing of the once dominant Macquarie are symptomatic of a trend in investment banking globally. But the real bloodletting is still to come.
ASX
'Grumpy' investors take stocks lower
Gareth Hutchens Unspectacular profit results from big miners dragged the sharemarket lower yesterday.
Spain's govt approves labour reforms
Daniel Woolls & Ciaran Giles 9:49am Spain's government has passed labour market reforms deemed crucial to creating jobs to chip away at Europe's worst unemployment figures.
Westpac raises mortgage rates
7:24pm Westpac has become the second of the big banks to raise its variable mortgage rate in defiance of the central bank.
Gina's birthday: a short reprieve
Rania Spooner The mining magnat celebrated with an intimate circle.
Bonds rally on Greek austerity doubts
5:14pm Australian bond futures prices rose after euro zone ministers raised doubts about the effectiveness of a proposed Greek austerity package to rein in that country’s sovereign debt.
Angry ANZ customers can walk: Swan
4:46pm Federal Treasurer Wayne Swan says ANZ customers will be ‘‘ropable’’ at the bank’s decision to raise rates, but has reminded them they can find a better deal.
Oswal faces contempt of court charge
4:21pm Former Perth fertiliser tycoon Pankaj Oswal is facing a contempt of court charge for allegedly releasing confidential information to the press about the receivers appointed to Burrup Fertilisers.
ANZ move is damage control
ERIC JOHNSTON 3:50pm In lifting mortgage rates by just 6 basis points, ANZ hopes to please its investors, while trying to minimise the provocation to customers and politicians.
AFL files notice of appeal in Optus case
4:14pm The AFL has filed a notice of appeal in the Federal Court after losing a court battle to prevent Optus offering its TV Now service.
AFL, Telstra appeal after Optus replay ruling
Ben Butler 3:06pm THE AFL and Telstra have appealed against a court ruling allowing Optus record games screened on free-to-air television and replay matches to customers.
ANZ hikes interest rates, breaks with OCR
Alison Bell 7:29pm ANZ Bank raised interest rates on home and business loans by 6bps, becoming the first bank to break the link between banks' rates and the OCR.
ANZ, Westpac lift mortgage rates
Chris Zappone 8:31pm Hope for a cut in interest rates at the start of this week has turned to dismay for borrowers as two of the big four banks raise mortgage rates.
ANZ and Westpac lift mortgage rates
Chris Zappone 6:51pm Hope for a cut in interest rates at the start of this week has turned to dismay for households on variable interest rates as two of the big four banks raise borrowing costs.
Newcrest CEO tips $US2,500/oz gold price
2:29pm Newcrest chief executive Greg Robinson says gold could reach prices of up to $US2,500 an ounce, from about $US1,732.
Banks claw back margins on mortgages
2:02pm Banks clawed back margins on home loans in late 2011, with average interest rates on new variable mortgages declining by less than the overnight cash rate.
Gold falls as risk aversion grows
11:38am Gold fell on Friday, following losses in the euro and US equities, as uncertainty over negotiations for a bailout package for Greece prompted investors to sell the metal and hoard cash.
Oil ends winning run on Greek woes
11:33am US crude oil futures fell on Friday for the first time in four sessions after a far-right party in Greece refused to sign off on austerity measures
S&P downgrades 34 Italian banks
10:45am Standard & Poor’s on Friday lowered its ratings on 34 Italian banks, citing concerns over Italy’s financial vulnerability and expectations for weak profits at the banks.
Greek government approves debt deal
10:28am The Greek cabinet approved a draft bill spelling out reforms required by the EU and the IMF, taking Athens closer to getting a new bailout after the prime minister warned the alternative was "catastrophe"
BMW fined $US3m for US recalls
9:29am Carmaker BMW has agreed to pay $US3 million ($A2.79 million) for delays in reporting safety defects and recalls to the US government.
Wall Street
Greece worries knock wind out of stocks
7:59am US stocks fell on Friday after an about-face on Greece's long-awaited debt deal ended a five-week streak of gains for equities.
Europe stocks dip on Greece uncertainty
7:50am European stockmarkets have closed lower and the euro has dropped against the US dollar in reaction to violent protests in Athens that rocked Greece’s divided government after the euro zone held up a debt bailout.
Failing his way towards success
Paul Greenberg believes there are still many opportunities online, writes Mercedes Ruehl.
Ian Verrender
Broadband to speed trend of sending service jobs offshore
IAN VERRENDER It began as a trickle last year. There was the odd announcement detailing cutbacks and job losses at companies like CSR and SPC before steelmaker BlueScope announced massive losses, the closure of a major section of its Port Kembla facility and 1000 retrenchments.
Learning nothing from the Depression
ROSS GITTINS It's remarkable that the politicians of Europe and America are making things much worse because they've unlearnt the economic lessons of the past 70 years.
William Pesek
Once the one and only, Sony's in dire need of a leader with vision
William Pesek Kazuo Hirai, charged with halting Sony Corporation's downward spiral, could be excused for asking: Do I really want this job?
Dark days for investment banks
Adele Ferguson, Eric Johnston The troubles at RBS and the downsizing of the once dominant Macquarie are symptomatic of a trend in investment banking globally. But the real bloodletting is still to come.
Too many hustlers on the block
Adele Ferguson, Eric Johnston AS DEALS dry up and the bonus pool shrinks, bankers are fighting it out for a slither of the action.
Asia moves on Forrest Hill
Philip Hopkins Development's location makes it a showpiece for Melbourne's urban consolidation.
Super funds reap benefits as distressed properties hit market
Philip Hopkins Super funds and private buyers are capitalising on the distressed assets now on market.
Nothing interim in Murdoch's latest Ten move
Kirsty Simpson LITTLE more than a month after giving up the reins as interim chief executive at the Ten Network, major shareholder Lachlan Murdoch has returned as non-executive chairman.
Thinking outside the square pays off
Gareth Hutchens PORTABLE shipping containers are normally used to move goods from one end of the world to the other, but one company has turned them into a money-spinner by making them good enough to live in, cook in, or hide in from a bomb blast.
Bourse ends week on a low after weaker profit reports
Gareth Hutchens The sharemarket lost ground this week despite hints of progress on the long-awaited austerity agreement in Greece, after ''disappointing'' profit results from the big miners, and as the Reserve Bank lowered its forecast for growth and inflation.
Ruling gives Hardie a $311m break
Elisabeth Sexton FIVE years of uncertainty over a $368 million tax dispute ended favourably in the High Court yesterday for James Hardie Industries and the asbestos compensation trust it funds.
Slow earnings growth in the aisles
Colin Kruger Price deflation puts the squeeze on supermarkets, writes Colin Kruger.
Westpac and ANZ face backlash after rate hike
Eric Johnston ANZ and Westpac are bracing themselves for a customer backlash after becoming the first banks in four years to put up rates without guidance from the Reserve Bank.
West Melbourne tower plans reviewed
Marc Pallisco Planning Minister Matthew Guy is reviewing plans to replace two historic factories.
Fashion in rags as shopping centres feast on foodies
Carolyn Cummins IT IS known as the Jamie, Nigella and Masterchef effect and it is scaring the socks off fashion retailers.
Lion recovers after suffering 'perfect storm'
Colin Kruger AUSTRALIAN brewer and milk processor, Lion, confirmed it has experienced some respite following a torrid 2011 which lead to $1.2 billion in writedowns across its business for the financial year ending September 30.
Key questions for banks
Matt Wade Why are banks lifting their mortgage rates after the Reserve Bank left official interest rates unchanged?
Treasurer angry as banks warn of more rate rises
Eric Johnston, Peter Martin ANZ and Westpac have warned they could again raise mortgage rates without a signal from the Reserve Bank, because of continued uncertainty in global money markets.
Crown glitters as Melco profit soars
Colin Kruger Crown's Macau joint venture has increased earnings 550 per cent to $US107.5 million.
Hardie win on $360m tax dispute
Elisabeth Sexton A $368 million tax dispute ended favourably in the High Court yesterday for James Hardie.
Tax crackdown sinks companies
Ben Butler The number of companies going to the wall surged last year amid a Tax Office crackdown.
Licences to reap $3bn
The federal government expects to raise about $3bn from the renewal of spectrum licences.
Newcrest may share pot of gold
Peter Ker A special dividend could flow to Newcrest Mining shareholders later this year.
Admission of misconduct issue hangs over SEC deal
Peter Lattman US Securities and Exchange Commission reaches settlement with hedge fund managers.
Europe to save banks and let Greece slide
Floyd Norris If the euro zone opts for an escrow bailout, it will force Athens to pay its debts.
Lachlan Murdoch heads up Ten board
Kirsty Simpson After giving up the reins as interim chief executive, Lachlan Murdoch is back as chairman.
Lion sees daylight after 'perfect storm'
Colin Kruger Australian brewer and milk processor Lion confirmed it has experienced some respite.
Visy bookkeeper had jail record
Leonie Wood Visy Board bookkeeper was hired less than 18 months after she was released from jail.
Bonds buoyant as Asia's population ages
Jiyeun Lee The greying population will be looking to preserve and maintain their wealth.
The market
'All in' or 'all out' not a smart strategy for market, or future
Marcus Padley It is unrealistic to be looking for a moment in time when you go 'All in' or 'All out'.
Rio Tinto loses High Court union fight
Joe Schneider Rio Tinto lost a bid to keep using non-unionised workers in Western Australia's Pilbara.
Talent2 duo buy up large despite battered earnings
Christopher Webb Andrew Banks and Geoffrey Morgan, dominated trading since confirming lower earnings.
Jitters delay bailout vote
Helena Smith and Simon Kennedy European finance ministers have held back a rescue package for Greece.
More than greed at play in banks' rate rises
MALCOLM MAIDEN I would love to have been sitting in on ANZ's meeting yesterday, when the decision was made.
Banks: deep pockets, short arms and shorter memories
MICHAEL WEST It's a tough struggle in the world of the big four banks, especially when rewriting history.
Europe must not ignore the tough lessons of history
ROSS GITTINS The politicians of Europe are making things much worse for themselves and their people.
Like Dr Who, banks will be back with a new look
Adele Ferguson and Eric Johnston The troubles at RBS and the downsizing of the once dominant Macquarie are symptomatic of a trend in investment banking globally. But the real bloodletting is still to come.
ASX
'Grumpy' investors take stocks lower
Gareth Hutchens Unspectacular profit results from big miners dragged the sharemarket lower yesterday.
Spain's govt approves labour reforms
Daniel Woolls & Ciaran Giles 9:49am Spain's government has passed labour market reforms deemed crucial to creating jobs to chip away at Europe's worst unemployment figures.
Westpac raises mortgage rates
7:24pm Westpac has become the second of the big banks to raise its variable mortgage rate in defiance of the central bank.
Gina's birthday: a short reprieve
Rania Spooner The mining magnat celebrated with an intimate circle.
Bonds rally on Greek austerity doubts
5:14pm Australian bond futures prices rose after euro zone ministers raised doubts about the effectiveness of a proposed Greek austerity package to rein in that country’s sovereign debt.
Angry ANZ customers can walk: Swan
4:46pm Federal Treasurer Wayne Swan says ANZ customers will be ‘‘ropable’’ at the bank’s decision to raise rates, but has reminded them they can find a better deal.
Oswal faces contempt of court charge
4:21pm Former Perth fertiliser tycoon Pankaj Oswal is facing a contempt of court charge for allegedly releasing confidential information to the press about the receivers appointed to Burrup Fertilisers.
ANZ move is damage control
ERIC JOHNSTON 3:50pm In lifting mortgage rates by just 6 basis points, ANZ hopes to please its investors, while trying to minimise the provocation to customers and politicians.
AFL files notice of appeal in Optus case
4:14pm The AFL has filed a notice of appeal in the Federal Court after losing a court battle to prevent Optus offering its TV Now service.
AFL, Telstra appeal after Optus replay ruling
Ben Butler 3:06pm THE AFL and Telstra have appealed against a court ruling allowing Optus record games screened on free-to-air television and replay matches to customers.
ANZ hikes interest rates, breaks with OCR
Alison Bell 7:29pm ANZ Bank raised interest rates on home and business loans by 6bps, becoming the first bank to break the link between banks' rates and the OCR.
ANZ, Westpac lift mortgage rates
Chris Zappone 8:31pm Hope for a cut in interest rates at the start of this week has turned to dismay for borrowers as two of the big four banks raise mortgage rates.
ANZ and Westpac lift mortgage rates
Chris Zappone 6:51pm Hope for a cut in interest rates at the start of this week has turned to dismay for households on variable interest rates as two of the big four banks raise borrowing costs.
Newcrest CEO tips $US2,500/oz gold price
2:29pm Newcrest chief executive Greg Robinson says gold could reach prices of up to $US2,500 an ounce, from about $US1,732.
Banks claw back margins on mortgages
2:02pm Banks clawed back margins on home loans in late 2011, with average interest rates on new variable mortgages declining by less than the overnight cash rate.
