Economy

Common ground needed on productivity: Shepherd

22 May 2012 | Claire Stewart

The business community and the public need to establish common ground about what is meant by productivity and to recognise the problems soft productivity will create once the resources boom ends, BCA president Tony Shepherd says.

Japanese coal demand crucial for Qld recovery: QIC

22 May 2012 | Mark Ludlow

Queensland Investment Corp chief executive Doug McTaggart has said the state’s economic recovery will rely heavily on Japan’s ongoing appetite for coal.

Brent steady ahead of EU summit, Iran talks

22 May 2012 |

Brent crude held steady near $US109 on Tuesday, awaiting the results of two meetings to tackle Europe's debt crisis and Iran's nuclear programme, which could determine the future of global oil demand and supply.

Force banks to mirror RBA rates: Howes

22 May 2012 |

Trade union boss Paul Howes believes financial institutions should be forced to mirror movements of official interest rates when setting their lending rates.

Is the US Fed softening us up for something?

22 May 2012 | Glenn Mumford

It was just the strangest of comments. Atlanta Fed president Dennis Lockhart had just finished explaining why markets shouldn’t expect a further round of large scale asset purchases unless we saw a severe drop-off in economic performance.

Death penalty for fundraising fraud

22 May 2012 | Lucy Gao

The Higher People’s Court in East China’s Zhejiang Province handed businesswoman Wu Yinga the death penalty with a two-year reprieve for fundraising fraud, after a retrial.

Don’t be sure about gold’s future

22 May 2012 | Stephen Wyatt

The gold bubble will burst. It’s just a matter of when and how far the price will fall.

City-slickers deaf to rural economic woes

22 May 2012 |

Australia's real unemployment rate is twice the official figure and the Reserve Bank must urgently cut interest rates, says the nation's biggest research firm.

Crude edges up, stays above $US92; Iran talks eyed

22 May 2012 |

US crude inched up on Tuesday, extending gains from the previous session when prices snapped out of a six-day losing streak on hopes Beijing would take action to stimulate growth.

Gold flat, investors await euro zone meeting

22 May 2012 |

Gold traded little changed on Tuesday, as investors await a European Union summit that is expected to discuss fresh action to solve the region's debt crisis that has been threatening global growth.

Youth joblessness near GFC peak: ILO

22 May 2012 |

Youth joblessness is almost back at its peak following the outbreak of the global economic crisis and is unlikely to ease until at least 2016, the International Labour Organization (ILO) warned.

Small, medium business worries too much

22 May 2012 |

The domestic economy might be still chugging along but small business is missing out on investment opportunities as they worry about the wider global outlook.

Vale: iron ore sales brisk despite China

22 May 2012 |

Brazilian miner Vale is selling iron ore about as fast as it can mine it despite a slowdown in the economy of China, its top customer, the company’s head of investor relations said on Monday.

Gold falls back as investor anxiety rises

22 May 2012 |

Gold futures have pulled back, the first loss in three trading sessions, as a lack of a new economic-policy response to Europe's debt woes limited demand for the precious metal as an alternative asset.

Gold eases after failing to breach $US1600/oz

22 May 2012 |

Gold prices slipped on Monday after early buying failed to lift prices past $US1600 an ounce, with investors still cautious about the precious metal,

US benchmark notes ease on profit-taking

22 May 2012 |

Benchmark US Treasuries eased in price on Monday as investors took profits after a recent rally that was sparked by fears over a worsening of the European debt crisis.

Sovereign wealth fund not a priority

22 May 2012 | Graham Bradley

PRINT: 22 May 2012 | PAGE 2 | Sovereign wealth fund not a priority

It does not make sense to lock away funds when the nation is underinvested in infrastructure.

Australia’s Afghan aid under cloud

22 May 2012 | Jason Thomas

PRINT: 22 May 2012 | PAGE 3 | Australia’s

The announcement by Afghanistan’s President, Hamid Karzai, that Afghan security forces will take the lead in a third of all provinces coincides with Prime Minister Julia Gillard’s opinion that Australian troops can withdraw by 2013, a year earlier than expected. This means AusAid must deliver programs without the protection of Australian forces.

Notebook: wealthy French flee to London

22 May 2012 | Der Spiegel

PRINT: 22 May 2012 | PAGE 66 | NOTEBOOK Wealthy French flee to London

It began in 2010 when wealthy Greeks started coming to London to buy up expensive townhouses in upmarket neighbourhoods.

World’s best treasurer passes buck

22 May 2012 | Zac Kerr

PRINT: 22 May 2012 | PAGE 61 | World’s best treasurer passes buck

Katie Walsh’s “Push for corporate tax cut intensifies” (May 16) neatly highlights the unprecedented level of buck passing being undertaken by the federal government. Despite the world’s best Treasurer being ultimately in charge of our economy and particularly our system of taxation, his focus and energies appear to have been so severely depleted in delivering his recent “battling budget” that he has now offloaded responsibility for delivering his own promised business tax cuts.

What Greece needs

22 May 2012 | J J Pincus

PRINT: 22 May 2012 | PAGE 61 | What Greece needs

Alan Mitchell’s Economic Outlook (“German generosity required”, May 21) unfavourably compares Germany’s insistence on Greek austerity, with America’s unconditional Marshall Aid after World War II: “Where American politicians were prepared to use their taxpayers’ money to rebuild Germany, regardless of fault, Germany was not prepared to be so forgiving of the Greeks for their errors.”

Values fall for CMBS

22 May 2012 | Sarah Mulholland

PRINT: 22 May 2012 | PAGE 4 | Values fall for CMBS

Wall Street dealers are selling commercial-mortgage bonds with the widest spread this year as the European debt crisis and JPMorgan Chase’s trading loss rattle markets.

UK homes feel pinch

22 May 2012 |

PRINT: 22 May 2012 | PAGE 4 | UK homes feel pinch

Asking prices for United Kingdom homes were unchanged in May as the crisis in Europe and the end of a tax break for first-time buyers dampened demand, according to Rightmove.

Boom-era debt sparks sell-offs

22 May 2012 |

PRINT: 22 May 2012 | PAGE 4 | Boom-era debt sparks sell-offs

Germany’s multi-family housing market is set to have the most deals in five years as investors including private-equity firms are forced to sell almost 100,000 apartments to pay debt amassed in the past decade’s buy-out boom.

UK ‘will struggle’ to refinance loans

22 May 2012 | Simon Packard

PRINT: 22 May 2012 | PAGE 4 | UK ‘will struggle’ to refinance loans

UK commercial real estate investors may be unable to refinance up to £100 billion ($161 billion) of loans and the euro region’s debt crisis is making banks less willing to extend credit, a De Montfort University study reports.

UK homes hit new high

22 May 2012 | Fergal O’Brien

PRINT: 22 May 2012 | PAGE 4 | UK homes hit new high

London house values rose to a record this month and the city’s property market may be further boosted as investors seek a haven from the euro-area debt crisis, according to Rightmove Plc.

Rebound a tribute to wishful thinking

22 May 2012 | Glenn Mumford

PRINT: 22 May 2012 | PAGE 5 | Bounce a tribute to wishful thinking

It’s always tempting to play for the bounce. So after three weeks of selling, investors again seem willing to buy risk.

British selling tea in China

22 May 2012 | Julia Kollewe

PRINT: 22 May 2012 | PAGE 4 | British selling tea in China

British favourites such as baked beans and cream of mushroom soup have proved an unlikely hit with Chinese shoppers at Marks & Spencer’s flagship store in central Shanghai.

Harvey Norman workforce in for a trimming

22 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 22 May 2012 | PAGE 22 | Harvey workforce in for a trimming

An internal email sent last week at a major franchise of Harvey Norman’s Commercial division highlights the challenges facing retailers in Australia.

US might reach its own bang point

22 May 2012 | Philip Baker

PRINT: 22 May 2012 | PAGE 21 | US may be on Greek path to its own bang point

Baker | The US has too much debt, and has not restored its savings rate. If this continues, the US might reach its own bang point.

Strategists warn against $A optimism

22 May 2012 | Joanna Heath

PRINT: 22 May 2012 | PAGE 29 | Strategists warn on $A optimism

The Australian dollar managed to snap a six-day losing streak on Monday following the weekend’s Group of Eight summit, but strategists say the bump may be short-lived.

eHealth to save $11bn for budget

22 May 2012 | David Ramli

PRINT: 22 May 2012 | PAGE 1 | eHealth to save $11 billion

The Federal Government has claimed its troubled electronic health programs will save more than $11 billion over the next 15 years as its guns for a budget surplus.

Wen gives higher priority to growth

22 May 2012 | Victoria Ruan

PRINT: 22 May 2012 | PAGE 2 | Wen gives higher priority to growth

Chinese Premier Wen Jiabao said the government would focus more on bolstering economic growth, indicating policies may be loosened further as inflation moderates.

How to deepen ties with Indonesia

22 May 2012 | The Australian Financial Review

PRINT: 22 May 2012 | PAGE 3 | How to deepen ties with Indonesia

Editorial | Relations between Australia and Indonesia will always be challenging given that no two neighbours are more dissimilar in so many ways.

Vietnam factories close as credit squeeze bites

22 May 2012 | Nguyen Dieu Tu Uyen

PRINT: 22 May 2012 | PAGE 2 | Vietnam factories close as credit squeeze bites

Vietnamese businesses are dying by the thousands as the government tries to find a sustainable path to growth after years of easy credit funded makers of cheap goods and triggered Asia’s highest inflation.

Serbs’ EU hopes dive as nationalist elected

22 May 2012 | Ian Traynor

PRINT: 22 May 2012 | PAGE 1 | Serbs’ EU hopes dive

Serbia’s hopes of fast-track integration into Europe suffered a severe setback when Boris Tadic was voted out of the presidency in a victory for a more nationalist rival.

Cameron tells Greeks it’s time to choose

22 May 2012 | Patrick Wintour

PRINT: 22 May 2012 | PAGE 1 | Cameron to Greeks: time to choose

A second Greek election result next month backing parties opposed to the European Union’s bailout package would be a decisive vote to leave the euro for which contingency plans have to be made now, David Cameron warned in a dramatic raising of the stakes.

FTA is a slow boat to China

22 May 2012 | Greg Earl

PRINT: 22 May 2012 | PAGE 3 | FTA is a slow boat to China

The latest obstacle to reaching a trade agreement with China has surprised some business people but confirmed the view of others that a successful deal will take a lot longer.

Challenge of collecting taxes from IT companies

22 May 2012 | Brian Corrigan

PRINT: 22 May 2012 | PAGE 1 | Clouding up tax revenue

Attempts to close loopholes that allow multinational technology companies to minimise local tax bills will become more difficult as a growing number of services move online.

Councils grill carbon tax chief on waste costs

22 May 2012 | Marcus Priest

PRINT: 22 May 2012 | PAGE 2 | Councils grill carbon tax chief on costs

The woman with one of the toughest jobs in Australia – chairing the body overseeing the establishment of the carbon tax – has faced a grilling at a Senate estimates hearing over confusion among local councils.

FWA: conflict breeds conflict

22 May 2012 | Matthew Stevens

PRINT: 22 May 2012 | PAGE 1 | FWA: conflict breeds conflict

Fair Work Australia’s Graeme Watson argues that the system is trapped in an almost self-reinforcing focus on conflict.

Vic, NSW risk cut to AAA rating

22 May 2012 | Jacob Greber

PRINT: 22 May 2012 | PAGE 2 | Vic, NSW face cut to

The Victorian and NSW governments are at risk of breaching debt levels closely watched by Standard & Poor’s and triggering a downgrade in their credit ratings, analysts say.

The economics of DNA

22 May 2012 | Deirdre Macken

PRINT: 22 May 2012 | PAGE 2 | Define yourself: the economics of DNA

Macken | Some time soon you won’t have to explain your risk profile to the financial planner, you’ll just hand over a copy of your DNA.

Four suspects in Greek whodunnit

22 May 2012 | Mohamed El-Erian

PRINT: 22 May 2012 | PAGE 2 | Suspects in Greek whodunnit

Greece is following the road taken by several other crisis-ridden emerging economies over the past 30 years. There are stunning similarities between this once-proud euro zone member and Argentina prior to its default in 2001.

Q&A: Trust timing

22 May 2012 |

PRINT: 22 May 2012 | PAGE 1 | Q&A: Trust timing

We operate our business through a family trust. The profits are distributed each year to various family members. We sign off a resolution each year confirming the distributions. Normally our accountant organises this for us. Does it matter when we do this?

Tax reforms can foster start-ups

22 May 2012 | Jessica Gardner

PRINT: 22 May 2012 | PAGE 1 | Tax reforms can foster start-ups

Entrepreneur Michael Malone says changes to tax policy are needed to nurture start-up businesses.

Nikkei ends up 0.3pc on G8 reassurances

21 May 2012 |

Japan's Nikkei average inched up on Monday, with short-covering prompting a recovery from the sharp losses of the previous session, and a call from world leaders for Greece to remain in the euro zone helping to soothe investors' jitters.

Rebound at mercy of data flow

21 May 2012 | Bianca Hartge-Hazelman

PRINT: 22 May 2012 | PAGE 5 | Rebound at mercy of data flow

Respite from European worries gave investors reason to head back in the market despite last week’s carnage. But pending news on Chinese manufacturing activity could put a further dampener on sentiment.

$A flat in uncertain market

21 May 2012 |

The Australian dollar is struggling around six-month lows reached at the end of last week as the market faces uncertainty.

Video | Das Capital

21 May 2012 |

Satyajit Das discusses China and the global economy.

As G8 prevaricates, China shows the way

21 May 2012 | Glenn Mumford

It’s always tempting to play for the bounce. So after three weeks of selling investors again seem willing to buy risk. I think that’s a mistake.

We’re not the safe haven we think we are

21 May 2012 | David Bassanese

PRINT: 21 May 2012 | PAGE 5 | We’re not the safe haven we’d like to think we are

With respect to former federal Treasury secretary Ken Henry, the possibility that the Australian dollar could act as a “safe haven” during the European financial crisis is likely a pipe dream.

Gold edges up but Europe concerns remain

21 May 2012 |

Gold inched up on Monday to extend last week's rise, tracking a steady euro after world leaders pledged to combat financial turmoil, although worries about Greece and the euro zone debt crisis continued to feed caution in the financial markets.

Demand for steel cools

21 May 2012 | Lucy Gao

Steel prices in China have recently fallen to near their lowest level this year due to oversupply.

Nikkei recovers on hopes Europe will act

21 May 2012 |

Japan’s Nikkei average inched higher on Monday, recovering from sharp falls in the previous session, as a call from world leaders for Greece to remain in the euro zone.

Oil price flat despite G8’s attempts to stir

21 May 2012 |

US crude prices were flat above $US91 per barrel on Monday as concerns about the European economy continued to weigh on prices.

Aust, Malaysia to sign free trade deal

21 May 2012 |

Trade Minister Craig Emerson will sign a free trade agreement with Malaysia in Kuala Lumpur on Tuesday.

Greeks stash their cash and wait for the exit

21 May 2012 |

The 65 year-old has been doing the same thing daily, steadily depleting his savings, since Greece's cataclysmic general election on May 6.

Pro-bailout parties on course for Greek victory

21 May 2012 |

The parties which support Greece's bail-out package are set to win an overall majority in elections next month, according to two opinion polls published on Sunday.

Oil keeps falling, while gold rebounds

21 May 2012 |

Investors have take a shine to precious metals as gold, silver and platinum regained strength on Friday. But oil is sinking to its lowest price in months as markets remain pessimistic.

Notebook | US election is capital v labour

21 May 2012 | Robert Samuelson

PRINT: 21 May 2012 | PAGE 54 | NOTEBOOK US election is a capital v labour skirmish

US capitalism is on trial. When Americans vote in November, they will unavoidably choose between two competing visions of capitalism.

Indonesia’s drift erodes its democracy

21 May 2012 | The Australian Financial Review

PRINT: 21 May 2012 | PAGE 1 | Indonesia’s drift erodes its democracy

Editorial | The stability and prosperity of Indonesia, the world’s biggest Muslim nation, is of immense economic, security, and geopolitical importance to Australia.

From Russia with love: stick with the euro

21 May 2012 | Geoff Winestock

PRINT: 21 May 2012 | PAGE 1 | From Russia with love: stick with the euro

Winestock | My strongest memory of the time when the ruble zone was breaking up is the Ukrainian black market traders arriving every morning.

Low rates lead to high risk

21 May 2012 | Ben Potter

PRINT: 21 May 2012 | PAGE 2 | Low rates lead to high risk

Potter | It’s a bit early for the lessons of the 2008 crisis to have been forgotten. But maybe the lessons of the 1990s tech boom have receded.

Aussie banks say they can ride it out

21 May 2012 | George Liondis

PRINT: 21 May 2012 | PAGE 4 | Aussie banks say ‘we’re all right mate’

Australia’s banks are at risk of being drawn into Europe’s debt crisis as a measure of their funding costs rises to its highest level this year. But they claim they are prepared for the worst in Europe.

Europe holds sway over monetary policy

21 May 2012 | Jacob Greber

PRINT: 21 May 2012 | PAGE 3 | Europe holds sway over monetary policy

With the Reserve Bank board due to meet in just over two weeks, concerns about the European crisis are increasingly dominating Australia’s monetary policy considerations.

Butt out, Greece tells Merkel

21 May 2012 | Christine Pirovolakis

PRINT: 21 May 2012 | PAGE 14 | Butt out, Greece tells Merkel

Greece’s Parliament was formally dissolved and fresh elections called as politicians in Athens reacted angrily to an alleged suggestion by the German Chancellor that a referendum should be held asking whether Greeks want to stay in the euro zone.

UK ‘may never recover’ from euro crash

21 May 2012 | Rowena Mason

PRINT: 21 May 2012 | PAGE 14 | UK ‘may never recover’

Britain’s economy may suffer “permanent” damage and “never quite get back up” if the euro collapses in a chaotic way, according to the government’s chief economic forecaster.

What they said

21 May 2012 |

PRINT: 21 May 2012 | PAGE 1 | What they said

The global economic recovery shows signs of promise, but significant headwinds persist.

Budget bites Tasmanian business

21 May 2012 | Jason Murphy

PRINT: 21 May 2012 | PAGE 4 | Budget bites Tas business

The Tasmanian business community starts a long wait this week. The 51-week countdown until the next state budget.

Austerity – what a laugh!

21 May 2012 | Robert Guy

PRINT: 21 May 2012 | PAGE 1 | Austerity – what a laugh!

Guy | The irony would not have been lost on Angela Merkel as she listened to advice from some of the world’s most enthusiastic money printers.

Powers push Merkel on growth

21 May 2012 | Helene Cooper

PRINT: 21 May 2012 | PAGE 1 | Powers push Merkel on strategy

Leaders of the world’s richest countries banded together to press Germany to back more pro-growth policies to halt the deepening debt crisis in Europe.

Germany isolated on austerity

21 May 2012 | Robert Guy

PRINT: 21 May 2012 | PAGE 1 | Germany isolated on austerity

German Chancellor Angela Merkel has become isolated over her support for European austerity following a push by the G8 industrialised nations to boost economic growth and to keep Greece in the euro zone.

Europe: heavy weather heads this way

21 May 2012 | Warwick McKibbin

PRINT: 21 May 2012 | PAGE 1 | Europe: heavy weather heads this way

Events in Europe this week point to a rapid end game for Greece in the euro. One crucial issue, especially for Australia, is the spillover we can expect from a crisis in Europe to the rest of the world.

Who’s at the top table, who shares digs?

21 May 2012 | Philip Sherwell

PRINT: 21 May 2012 | PAGE 1 | Some at the top table, some share digs

Leaders of the world’s most powerful economies had dinner and a sleepover at Camp David during the G8 crisis talks. But there was an awkward moment for new French President Francois Hollande.

German generosity required to save euro

21 May 2012 | Alan Mitchell

PRINT: 21 May 2012 | PAGE 3 | German generosity required

The Americans, the British, the French – just about everyone except the Germans – are right: what Europe needs now is more growth.

Warhol print leads strong auction results

21 May 2012 | Katrina Strickland

PRINT: 21 May 2012 | PAGE 2 | Warhol print leads auction results

Packaging up nearly 700 antiques as a single owner auction proved a marketing masterstroke for Sydney antiques dealer Martyn Cook and interior designer Thomas Hamel yesterday.

China demand could disrupt trade talks

21 May 2012 | Geoff Kitney

PRINT: 21 May 2012 | PAGE 1 | China demand may disrupt trade talks

The Chinese government wants Australia to loosen restrictions on its state-owned enterprises buying Australian assets, a demand which could derail negotiations over a trade deal.

Chinese growth has wide fallout

21 May 2012 | Yukon Huang

PRINT: 21 May 2012 | PAGE 2 | Chinese growth has wide fallout

The consequences of China’s economic development for the West are closely watched, but the impact of China’s growth for its immediate neighbours is no less important.

Supervision key to closing gap on student research study

21 May 2012 | Rachel Lebihan

PRINT: PAGE 2 | Supervision key to closing gap on research study

A new report commissioned by the federal government has outlined supervision as the area requiring most improvement in the training of research students.

CSR sweet for a handful of MBAs

21 May 2012 | Joanna Mather

PRINT: 21 May 2012 | PAGE 2 | CSR sweet for a handful of MBAs

For many years business schools have debated whether corporate social responsibility should be taught as a stand-alone subject or, alternatively, fully integrated into all units. Similar questions have been asked about the teaching of ethics.

Buyers vie for upmarket LA homes

21 May 2012 | Nadja Brandt

PRINT: 21 May 2012 | PAGE 2 | Buyers vie for upmarket LA homes

A week after Christine Lynch listed her house in Brentwood, Los Angeles for $US3.63 million, she had seven offers. Within 10 days, a deal was reached for the five-bedroom, six-bathroom home at $US225,000 more than she asked.

Despite the debits, netball’s at a new high

21 May 2012 | Fiona Carruthers

PRINT: 21 May 2012 | PAGE 1 | Despite the debits, it’s at new high

One of our fastest-growing team sports, netball has been dogged recently by persistent media, internet and blog reports, mainly out of New Zealand, on the long-standing problem of eating disorders and anorexia among some high level female athletes.

Uni chiefs consider fee rises

21 May 2012 | Joanna Mather

PRINT: 21 May 2012 | PAGE 1 | Uni chiefs consider fee rises

Doubling student fees and imposing uniform entry scores to combat quality concerns are among the ideas being considered by Universities Australia as it prepares a watershed policy statement.

Hope is gone, but China’s still going

21 May 2012 | Stephen Wyatt

PRINT: 21 May 2012 | PAGE 26 | Bubble of hope explodes, but China’s still strong

The “hope premium” that has been priced into resource markets over the past three years is being ruthlessly stripped away right now.

Silicon Valley cashed up as state feels pinch

21 May 2012 | Ben Potter

PRINT: 21 May 2012 | PAGE 1 | Silicon Valley all cashed up as California feels pinch

Silicon Valley exists in its own ecology of wealth and cool virtue, far from the realities of everyday life for many Californians in a state with a $US16 billion deficit.

Blue everywhere but hail, too, the emerald green

21 May 2012 | John Eales

PRINT: 21 May 2012 | PAGE 1 | Blue everywhere but hail, too, the emerald green

Eales | It was a blue weekend in Europe. Not the blue of recession or depression, but rather the blue of Chelsea and the blue of Leinster.

Maroons stoke Origin energy

21 May 2012 | Juanita Fraser

PRINT: 21 May 2012 | PAGE 1 | Maroons stoke Origin energy

A sell-out crowd of 52,000 will be on hand when Queensland and NSW do battle in the first 2012 State of Origin match this week.

German business confidence, output seen faltering

19 May 2012 |

German business confidence and output faltered in May, surveys are expected to show, on fears that legislative gridlock in Greece could lead to a damaging euro zone exit.

Bullion meets resistance at $US1597 an ounce

19 May 2012 |

Gold rose more than 1 per cent on Friday, on track for its largest two-day gain since October, boosted by investors’ consolidation of positions ahead of the weekend and a stronger euro.

US wheat posts biggest weekly gain in 16 years

19 May 2012 |

US wheat surged on Friday to post its biggest weekly gain in 16 years, adding about 17 per cent to prices and notching an eight-month high as hot and dry weather stoked fears about production losses.

US bonds dip on profit-taking as worries linger

19 May 2012 |

US Treasury debt prices slipped on Friday as investors took profits a day after benchmark yields flirted with their lowest level in at least 60 years in this week’s rally.

If Greece goes under . . .

19 May 2012 | Tony Boyd

PRINT: 19 May 2012 | PAGE 1 | If Greece goes under . . .

Global financial markets during the week followed the normal pattern seen over the past two years by switching from being bullish to pricing in a worst-case scenario from the Greek sovereign debt crisis.

Baby boomer owners need to prepare before selling

19 May 2012 | Jessica Gardner

PRINT: 19 May 2012 | PAGE 3 | Baby boomer owners need to prepare before selling

Retiring from a business you have set up requires succession and other planning, including legal and valuation expertise.

BHP, Rio shareholders advised to stay calm

19 May 2012 | Ayesha de Kretser

PRINT: 19 May 2012 | PAGE 3 | BHP, Rio shareholders advised to stay calm

It’s been a rough ride for shareholders invested in mining stocks this week but there’s no sign yet that anyone should be racing for the exits.

US loosens shackles on Burma

19 May 2012 | Steven Lee Myers

PRINT: 19 May 2012 | PAGE 1 | US loosens shackles on Burma

The Obama administration is to ease the ban on investments in Burma, rewarding the country’s political and economic opening over the past year.

World briefs

19 May 2012 |

PRINT: 19 May 2012 | PAGE 2 |

Home prices in China fell in a record 46 of 70 cities tracked by the government in April from a year earlier.

Poland a rare gem for opal dealers

19 May 2012 | Claire Stewart

PRINT: 19 May 2012 | PAGE 2 | Poland a rare gem for opal dealers

Australia may be hallowed ground for Europeans looking to escape unemployment and economic troubles, but for some expats the debt crisis has opened doors.

Abbot Pt coal terminal expansion scrapped

19 May 2012 | Mark Ludlow

PRINT: 19 May 2012 | PAGE 1 | $9bn coal port plan

The Newman government has pulled the plug on the $9 billion privately-funded expansion of Abbot Point coal terminal in North Queensland, a project that would have created one of the largest coal ports in the world.

WA economy roars, but future needs work

19 May 2012 | Jonathan Barrett

PRINT: 19 May 2012 | PAGE 1 | WA roars but future needs work

If Western Australia were a nation, it would be the fastest-growing among all advanced economies in the world. Yet critics say the government has done very little to create a long-term, non-resources revenue base.

Fiscal union averts euro-style disaster

19 May 2012 | Jacob Greber

PRINT: 19 May 2012 | PAGE 3 | Fiscal union averts euro-style disaster

Without the federal GST system, which shifts wealth between fastest-growing and laggard states, Australia would face problems similar to those in the euro zone.

Cold comfort for frozen fund investors

19 May 2012 | Ben Wilmot

PRINT: 19 May 2012 | PAGE 2 | Cold comfort for investors

Thousands of investors are stuck in mortgage funds that were frozen during the global financial crisis, and some of them fear they won’t get their capital back.

Leaving the euro zone

19 May 2012 |

PRINT: 19 May 2012 | PAGE 15 | Leaving theeuro zone

Greeks go to the polls again on June 17 after the vote on May 6 proved inclusive. The new election is seen as a referendum on the euro.

Advice to arts: go forth boldy

19 May 2012 | Katrina Strickland

PRINT: 19 May 2012 | PAGE 1 | Advice to arts: go forth boldly

Australian arts companies must get more aggressive about pushing into Asia if they want any hope of riding the region’s cultural infrastructure boom.

Let stabilisers do their job

19 May 2012 | Alan Mitchell

PRINT: 19 May 2012 | PAGE 2 | Let stabilisers do their job

It is easy to imagine a circumstance in which the government’s precious surplus would be in danger of disappearing.

Germany to feel the heat from the US and its allies

19 May 2012 | Larry Elliott

PRINT: 19 May 2012 | PAGE 15 | Heat on Germany

US President Barack Obama is to put pressure on Germany to ease the pain of austerity with policies to boost growth, as he uses two days of talks with the G8 leaders to warn Europe it needs to act swiftly.

Europe sparks investor rout

19 May 2012 | Philip Baker

PRINT: 19 May 2012 | PAGE 1 | Euro fear drives share plunge

Australian shares fell into negative territory for the first time this year, driven by fears that fallout from Europe will hit the Chinese economy. Nearly $56.2 billion was wiped from the value of the S&P/ASX 200 index this week as fears spread that Spain is the latest flashpoint in the crisis.

Lack of leadership at time of crisis

19 May 2012 | Tony Walker

PRINT: 19 May 2012 | PAGE 62 | Leadership vacuum at a time of crisis

Walker | As a European implosion threatens to plunge the world into another global financial crisis, there is a conspicuous lack of leadership.

An orderly exit is Greece’s best option

19 May 2012 | Nouriel Roubini

PRINT: 19 May 2012 | PAGE 15 | Orderly exit best option for Greece

The Greek euro tragedy is reaching its final act. Postponing an exit from the euro until after the June election will not restore growth and competitiveness.

Spain on the brink as euro faces the crunch

19 May 2012 | Charles Penty

PRINT: 19 May 2012 | PAGE 15 | Spain on the brink as euro faces the crunch

Spain moved back into the eye of the eurozone storm as the country’s borrowing costs rocketed and the banking sector was hit by mass downgrades.

Big challenges in uncertain world

19 May 2012 | The Australian Financial Review

PRINT: 19 May 2012 | PAGE 62 | Serious challenges in an uncertain world

Editorial | Evidence of fragility in the world economy and financial market jitters should probably be viewed here in Australia with caution rather than alarm.

No way but out of the euro, Smith warns

19 May 2012 | George Liondis

PRINT: 19 May 2012 | PAGE 1 | No way but out, Smith warns

Australia and New Zealand Banking Group chief Mike Smith has warned that a break up of the Euro zone appears inevitable as the region's deepening debt crisis threatens to engulf world markets.

Nerves may lead to loss of control

19 May 2012 | Jennifer Hewett

PRINT: 19 May 2012 | PAGE 1 | Outbreak of nerves threatens to tip into calamity

Hewett | The outbreak of nerves over Europe may lead to a loss of control and confidence that would be much harder to fix the longer it’s left to fester.

Why Australia’s at risk?

19 May 2012 | Robert Guy

PRINT: 19 May 2012 | PAGE 1 | Why Australia’s at risk

Far from being a safe haven, Australia is priced for risk – so the markets and the dollar are being walloped.

Nikkei falls 3pc as investors cut exposure

18 May 2012 |

Japan's Nikkei average shed 3 per cent on Friday to log a seventh straight week of losses, its longest such run since the third quarter of 2001, as investors cut exposure to risky assets on concerns over slowing growth and a deepening euro zone crisis.

ASX slumps 2.7pc on Europe fears

18 May 2012 |

Updated | Australian shares tumbled 2.7 per cent on Friday on growing concerns about the global economic outlook, fanned by an escalating banking crisis in Spain, political turmoil in Greece and sluggish US data.

$A lowest for seven months

18 May 2012 | Jason Murphy

PRINT: 18 May 2012 | PAGE 24 | $A lowest for seven months

The Australian dollar is once again at levels that indicate global crisis.

Airlines won’t budge on emissions

18 May 2012 | Lucy Gao

Chinese airlines will continue to oppose the European Union arrangement used to reduce greenhouse gas emissions.

China property price fall ups pressure for policy easing

18 May 2012 | Robert Guy

The seventh consecutive monthly fall in Chinese property prices will raise the pressure on Beijing to ease policy further to bolster growth in the world’s second-largest economy.

Japan upgrades its view of economy

18 May 2012 |

Japan has upgraded its view of the economy for the first time in nine months, a day after better-than-expected growth figures due to increased exports and consumer spending.

Obama, Hollande to press euro crisis remedies

18 May 2012 |

US President Barack Obama will seek to cement a bond with France's new leader before heading to Camp David for a G8 summit where he is set to press Europe to do more to fix the region's deepening economic crisis.

Jump on the Asian wagon

18 May 2012 | Duncan Hughes

PRINT: 19 May 2012 | PAGE 1 | Jump on the Asian wagon

Australia has a unique opportunity to share in unprecedented Asian growth over coming decades, ANZ chief executive Mike Smith says.

Land of the rising sum

18 May 2012 | Stephen Wyatt

There may well be a new pillar of support for Australian resources and the Australian economy – Japan, which is seeing growth at last.

Gold gains but 3-week trend still negative

18 May 2012 |

Gold rose on Friday, after posting its largest one-day gain in more than three months in the previous session, but prices were on track to drop for a third straight week on mounting worries over the euro zone debt crisis.

ATO data-matching boomers

18 May 2012 | Katie Walsh

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The ATO is targeting baby boomers attempting to avoid capital gains tax on wealth transfers and will crack down on aggressive attempts to avoid tax through trusts.

Home buyers’ confidence rises

18 May 2012 | Robert Harley

Confidence amongst potential home buyers is rising, but many of them still feel far from ready to take the plunge, according to a survey by the Commonwealth Bank and the Mortgage and Finance Association.

Japan govt ups economic outlook on consumption, exports

18 May 2012 |

Japan's government took a brighter view of the economy on Friday, thanks to improvements in private consumption and exports, but it warned that Europe's debt crisis could worsen the outlook.

Nikkei drops sharply, weighed down by troubled Spanish banks

18 May 2012 |

Japan's Nikkei share average dropped sharply on Friday morning with securities hammered by fears of contagion from Spain's ailing bank system and a strong yen pushed down exporters.

Land of the rising sum

18 May 2012 | Stephen Wyatt

PRINT: 18 May 2012 | PAGE 1 |

There may well be a new pillar of support for Australian resources and the Australian economy – Japan, which is seeing growth at last.

Barnett lauds ‘historic’ WA future fund

18 May 2012 | Natalie Gerritsen

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.

After the crisis, prepare for a healthy rebound

18 May 2012 | Ambrose Evans-Pritchard

Major global banks are advising clients to prepare for a sharemarket 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.

Gold ticks higher after largest one-day gain in three months

18 May 2012 |

Gold ticked up on Friday, after posting its largest one-day gain in more than three months, but prices were on track to drop for a third straight week on mounting worries over the euro-zone debt crisis.

Elders clears Indonesian abattoir

18 May 2012 | Sophie Morris

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Rural services company Elders says an Indonesian abattoir it has used has complied with animal welfare standards after it was identified in a departmental report as having breached the rules.

South Africa ‘confident’ of solution to Iran oil ban

18 May 2012 |

South Africa, which receives a quarter of its crude from Iran, is holding almost daily discussions with the US, EU Union and Iran about reducing its purchases.

How Greek exit might affect Aust stocks

18 May 2012 | Peter Wells

Merrill Lynch’s Tim Rocks has shared his thoughts about what a Greek exit from the euro might mean for Australian stocks. Banks are most vulnerable, he says, while resources would fall due to growth concerns.

Northern Rock rescue may cost taxpayer £2bn

18 May 2012 |

Rescuing Northern Rock could cost British taxpayers £2 billion, but it should be seen as the cost of securing financial stability, according to the National Audit Office.

US turns up heat in solar dispute with China

18 May 2012 |

The United States hit Chinese solar companies with punitive import tariffs of 30 per cent or more on Thursday, ruling they had dumped cut-price solar panels into the U.S. market.

Abbott rejects Combet's climate ‘egging’

18 May 2012 |

Opposition Leader Tony Abbott has rejected claims he's "over-egged the pudding" with his warnings on the climate tax.

Gold rallies from rout on technicals

18 May 2012 |

Spot gold rallied more than 2pc on Thursday for its largest one-day gain since January, as technical buy signals and a decline in regional US factory activity more than offset deepening despair over the euro zone.

US crude ends lower a 5th straight day

18 May 2012 |

US crude futures fell for a fifth straight session on Thursday as US economic data and ongoing worries about the euro zone and Greece's political and debt crisis pressured oil prices.

I’m no tax dodger: Facebook’s Saverin

18 May 2012 | Ben Woodhead

Facebook co-founder Eduardo Saverin has rejected claims he renounced his US citizenship and moved out of the country to avoid paying tax on his stake in soon-to-list Facebook.

Uzbekistan aims to join China gas supply route

18 May 2012 |

Uzbekistan aims to start pumping natural gas to China this year through a pipeline spanning three Central Asia states, gaining access to a supply network key to diversifying supplies from the ex-Soviet region, a senior Uzbek official said on Thursday.

Moody’s downgrades 16 Spanish banks

18 May 2012 |

Moody’s Investors Service has downgraded the long-term debt ratings for 16 Spanish banks, in part because of constraints on the government’s ability to provide them with support.

India approves plan for Turkmenistan gas imports

18 May 2012 |

India's cabinet on Thursday allowed state-run gas-firm GAIL (India) to sign a gas purchase agreement with Turkmenistan's national oil firm, for supplies from a planned multinational pipeline, a government statement said.

US names ambassador to Burma after 22 years

18 May 2012 |

The US is changing its ban on investments in Burma and the government has appointed an ambassador there for the first time since 1990.

Top Republican lawmaker pushes for tax code revamp

18 May 2012 |

A top Republican lawmaker on Thursday stepped up pressure to force action next year on a rewrite of the US tax code, which both major political parties agree has become overly complicate.

Fed nominees Stein, Powell approved by US Senate

18 May 2012 |

The US Senate has confirmed two nominees to the Federal Reserve, bringing its short-handed board up to full strength for the first time since 2006 as it wrestles with a tepid economic recovery.

Spain denies run on deposits at Bankia

18 May 2012 |

The Spanish government has denied a newspaper report that customers had withdrawn more than €1 billion from the partly nationalised lender Bankia over the past week

Copper steady but near four-month lows

18 May 2012 |

Copper steadied after hitting four-month lows the previous session, but sentiment was cautious given worries Spain might be hard hit if Greece leaves the euro and defaults on its debt.

China not the only game in town: banker

18 May 2012 | Greg Earl

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Australian companies are diversifying their connections across emerging world markets to provide some buffer from any slowdown in China, a leading banker says.