Emotional Thomson slams media
Updated | Embattled MP Craig Thomson has defended his record as Health Services Union national secretary in a statement to the parliament, attacking the media and “self-important commentators” and rejecting the series of findings against him detailed by Fair Work Australia’s damning report.
Qantas confirms 500 jobs will be cut
Updated | Qantas Airways has confirmed it will close its heavy maintenance facility at Tullamarine in Melbourne and scale back operations at nearby Avalon, in a move that will cost 500 jobs and around $50 million in restructuring expenses.
Miners fuel sharemarket lift
Updated | Australian sharemarket gains were a little more subdued by mid-morning trade, compared to opening on Monday, with the market up about half a per cent.
Orica confirms $US800m WA plan
Orica has confirmed plans to proceed with a $US800 million ammonium nitrate plant in Western Australia, together with Norway’s Yara International and US gas producer Apache.
Make Google pay more tax: Turnbull
Opposition communications spokesman Malcolm Turnbull has lashed the amount of tax Google pays in Australia, saying that a coalition government would seek to suck more money out of global tech firms.
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.
Australia boosts Afghan aid to $250m per year
Prime Minister Julia Gillard has boosted aid to Afghanistan to $250 million per year as part of a new long-term partnership with Afghan President Hamid Karzai.
Early investors drop Facebook
One of Australia’s biggest investment funds plans to dump its entire Facebook stake quickly as analysts and fund managers predict the social media giant will struggle to boost returns.
Fairytale TV ratings for Seven
Nine Network’s four-week ratings winning streak has come to an end, with Seven winning by a nose last week, its ratings boosted by the strong premiere of US drama Once Upon A Time.
Shorters wear the pants, but not today
The significant rise in short positions on small-cap stocks – particularly small miners – reflects the increased risk aversion among investors, note the quant analysts at CommBank Institutional Equities.
Orica must keep capital cost below $1bn
UBS says Orica will need to keep the capital cost of its planned Pilbara ammonium nitrate plant below $1 billion to achieve the targeted 15 per cent rate of return on investment.
AFR iPad app to launch this week
Fairfax Media will soon launch the Australian Financial Review iPad app at no extra charge for existing five- and six-day AFR and afr.com subscribers.
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.
German generosity required to save euro
Alan Mitchell - The Americans, the British, the French – just about everyone except the Germans – are right: what Europe needs now is more growth.
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.
Forrest hones jobs push
Hewett | Warren Mundine calls it wanting things to be ‘’normal’’. A father going to work all day. But it doesn’t exist for most Aboriginal families.
Hope is gone, but China’s still going
Wyatt - The “hope premium” that has been priced into resource markets over the past three years is being ruthlessly stripped away right now.
CBA can count on a fierce battle
Patten | If the poaching wars between MLC and AMP are anything to go by, CBA and its subsidiary Count have quite a fight on their hands.
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.
Greek lesson for Aussie retail bondholders
On t’Mark | Despite all the negative headlines emanating from Europe and Greece in particular, there was some good news coming out of Athens.
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.
Bee Gees singer Robin Gibb dies
Bee Gees singer Robin Gibb has died after a long battle with cancer. He notched up dozens of hits with brothers Maurice and Barry, selling more than 200 million records.
Unhappy diners are getting into a twitter
In the age of social media, restaurants are learning that only a twit ignores an unhappy customer.
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
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.
Karaoke forever: it’s your right
Stokes | Listen closely comrades, because – like Bob Hawke – I am a fully paid-up member of the Confederated Union of Karaoke Bar Legends.
Tina Arena’s second coming
An artist who felt she didn’t quite fit in Australia has found a huge following in France. On a visit home, she reflects on her wild and wonderful journey.
National
Slipper still doing Speaker roles: Hogg
Peter Slipper is still performing the roles of Speaker despite having stood aside from the role, a Senate estimates committee has heard.
Bee Gees singer Robin Gibb dies
Bee Gees singer Robin Gibb has died after a long battle with cancer. He notched up dozens of hits with brothers Maurice and Barry, selling more than 200 million records.
Rudd and Katter: a union of sorts
Former prime minister Kevin Rudd and maverick MP Bob Katter found interesting common ground during an interview at the Sydney Writers’ Festival.
World
Greeks stash their cash and wait for the exit
The 65 year-old has been doing the same thing daily, steadily depleting his savings, since Greece's cataclysmic general election on May 6.
MF Global trustee wins collateral from JPMorgan
The trustee overseeing the return of customer money after the collapse of MF Global has received more than $US168 million from JPMorgan Chase, the first bank payment since the commodities brokerage firm filed for bankruptcy in October.
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.
Business
Qantas confirms Tullamarine closure at $50 million cost
Updated | Qantas Airways has confirmed it will close its heavy maintenance facility at Tullamarine in Melbourne and scale back operations at nearby Avalon, in a move that will cost 500 jobs and around $50 million in restructuring expenses.
- Orica confirms $US800m WA plan
- Tax settlement boosts Elders first-half profit
- Improving housing market boosts James Hardie
- Retravision buyer appoints administrators
- CBA search for retail chief goes global
- Aussie banks say they can ride it out
- Leighton chair: Mid-East joint venture a mistake
- Cash-flow trouble hits Retravision
- Fluor sees long life in LNG
Technology
Make Google pay more tax: Turnbull
Opposition communications spokesman Malcolm Turnbull has lashed the amount of tax Google pays in Australia, saying that a coalition government would seek to suck more money out of global tech firms.
- Yahoo! nears deal to sell Alibaba stake
- Apple, Samsung CEOs to hold patent talks
- Silicon Valley cashed up as state feels pinch
- An app to get blokes back to the pub
- Google approval
- Twitter restored in Pakistan
- Corporates get kooky at TEDx
- Cash-flow trouble hits Retravision
- Student newspapers not so racy now
Early investors drop Facebook
One of Australia’s biggest investment funds plans to dump its entire Facebook stake quickly as analysts and fund managers predict the social media giant will struggle to boost returns.
Markets
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.
- Markets Today | Shorters wear the pants, but not today
- Shares settle after morning gains
- $A slightly higher as pessimism wanes
- Oil price flat despite G8’s attempts to stir
- Pro-bailout parties on course for Greek victory
- Nikkei recovers on hopes Europe will act
- Risk of US recession is a threat to Europe
- Aussie banks say they can ride it out
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.
Personal finance
Apartment dwellers kick up a stink
Noisy, unco-operative and threatening neighbours are among the apartment living horror stories highlighted in University of NSW research on strata-titled developments.
- Genworth loss spurs rethink
- Henderson eyes super assets
- Budget bites Tasmanian business
- Victoria won’t rule out merger of accident insurers
- HSU affair hits industry super funds
- China not the only game in town: banker
- Volatility frustrates the funds
- Future Fund chairman backs broader super choice
- Commonwealth looking slimmer at the margins
Traps for investors in backdoor listings
Companies finding it difficult to list on the stock exchange are getting in another way. But this is no guarantee of success and canny investors know timing is key.
Opinion
As you ask
What do interviewees really mean when they tell a journalist “Good question”? That’s a good question.
Notebook | US election is capital v labour
US capitalism is on trial. When Americans vote in November, they will unavoidably choose between two competing visions of capitalism.
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.
Latest TV
Video | Friday Market Minutes
RBS Morgans’ Roger Leaning says in two to three years people will kick themselves for not buying more shares now. More AFR TV
Video | JPMorgan’s hedging debacle
Capital editor James Eyers and reporter Jonathan Shapiro discuss what’s next for JPMorgan following its $2 billion trading loss. More AFR TV
