World Business


Greece makes new aid proposal

The possible exit of Greece has certainly frayed investor confidence

5:55 AM   Greece has submitted to creditors a new two-year aid proposal calling for parallel debt restructuring, in what seemed like a last-ditch effort to resolve an impasse with lenders.

Greece asks for another bailout before defaulting, but Merkel says no

German Chancellor Angela Merkel: "Before a referendum, as planned, is carried out, we won't negotiate on anything new at all."

Kim Hjelmgaard 3:35 AM   German chancellor leaves virtually no hope left to avert a midnight default despite a plea from Athens for a last-minute bailout extension.

Travellers stock up on euros

Greek citizens are allowed to withdraw only €60 a  day from their bank accounts.

Jamie Freed 9:06 PM   Australians heading to Europe are cashing up and putting more on their travel money cards as ATMs run out of cash.

Trillions spent but financial crises persist around world

Adding to the turmoil are expectations that the Greek government would not make a debt repayment to the International Monetary Fund that is due on Tuesday.

Peter Eavis 5:36 PM   Beyond Greece and Puerto Rico, high borrowing is also bogging down the globally significant economies of Brazil, Turkey, Italy and China.

What you need to know about Puerto Rico's debt problems

Governor Alejandro Garcia Padilla said he would seek to work out a deal with creditors while urging Washington to pass a law allowing the island to enter a special form of bankruptcy and discharge some of its debts.

3:15 PM   Puerto Rico has announced it can not pay back all of its at least $US73 billion in debt. Here's what you need to know.

How Martha Stewart lost her $US2b empire

When Martha Stewart's company went public, she opened the New York Stock Exchange by serving fresh squeezed orange juice and brioche to traders as she became a billionaire.

Jacob Bogage 2:34 PM   ​Martha Stewart Living set the agenda for homemaking for decades. Now, one share of Martha Stewart Living Omnimedia isn't worth the price of a Martha Stewart-branded meat tenderiser.

Will Greece default on Tuesday? One key player isn't saying

European Central Bank president Mario Draghi. The ECB, which is keeping the Greek banking system alive, hasn't said how it would classify or react to a missed IMF payment.

Scott Lanman and Paul Gordon 9:44 AM   Almost all the key players have taken a stance on whether it would be a default if Greece misses Tuesday's IMF payment - except for the institution that may matter the most.

Australian Greek community prepares exodus, sends money home

Greek Orthodox Community President Harry Danalis said between 10,000 and 15,000 Greeks had moved or returned to Australia.

Rose Powell 9:02 AM   Local greek communities are sending money home, meeting every day to pray and preparing for an influx of migrants as Greece teeters closer to the edge.

Tourists heading to Greece urged to take extra euros


Jamie Freed   Australians planning a holiday in Greece might want to take more cash than usual after the economic crisis led to shortages at some ATM machines.

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How one driver is helping rip off Uber


James Li was unhappy with his pay as a security guard so he started driving on weekends for Uber. He's almost tripled his pay - in part by scamming the company.

Hedge fund investors in Greece start to panic

Street walls are peppered by anti-EU graffiti as Prime Minister Alexis Tsipras has announced new capital controls and that the banks will be closed on Monday.

Landon Thomas   There's increasing panic among hedge fund investors, such as David Einhorn and John Paulson, who have placed more than $14.4 billion into Greek government bonds, bank stocks and other investments.

The next few days will transform Greece and Europe

The Greek banks are, or will soon be, out of money, and the ECB will be disinclined to open the floodgates again in the absence of a bailout deal.

Neil Irwin   Greece wants change, but if it exits the euro it could show Europe is less unified and more fragile than its leaders want us to think.

Greece explainer: What the financial crisis means

The possible exit of Greece has certainly frayed investor confidence

Nick Miller   While the world recoiled in horror at the terrorist attacks in Tunisia and elsewhere, another crisis was unfolding in Europe.

Greece staring at the abyss of default, Grexit

The dramatic events came after a week of fraught negotiations between the Greek government's delegation and its bail-out chiefs in Brussels.

Matthew Holehouse in Brussels and Mehreen Khan in London   Greece faces a debt default and a banking collapse within days after its international creditors made clear Saturday they will not rescue the struggling country.

Greeks drain ATMs as Prime Minister Alexis Tsipras calls referendum to decide country's fate

People stand in a queue to use ATM machines to withdraw cash at a bank in Athens.

Christos Ziotis, Jenny Paris,Theophilos Argitis and Nikos Chrysoloras   ​Greece's banks may need an injection of fresh emergency funds to operate on Monday as people rushed to pull out money after Prime Minister Alexis Tsipras called a referendum that could decide his country's fate in the euro.

In an Uber world, fortune favours the freelancer

The ride-sharing company Uber has been defending its drivers in court.

Tyler Cowen   We need to think more systematically about the winners and losers as these new institutions develop.

Greek PM calls for referendum on aid package

Greek Prime Minister Alexis Tsipras leaves the European Council headquarters after a European Union leaders summit in Brussels, Belgium, June 26, 2015.  REUTERS/Yves Herman

Birgit Jennen, Nikos Chrysoloras and Rebecca Christie   Greek Prime Minister Alexis Tsipras called a referendum on the terms offered by creditors for the latest aid package, saying they're seeking to humiliate the Greek people who must provide a democratic response.

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Meet the women who may win the struggle to run Wall Street firm

Ihe Chicago Board Options Exchange Volatility Index surged 25 per cent to 17.50, its biggest increase of 2015.

Laura Colby   The first woman to run a Wall Street firm could be a behavioural scientist, a mathematician, or an engineer. Three women with these backgrounds are all within striking distance of the CEO suite, fighting the odds of the male-dominated banking industry.

Living la vida loca: The 10 happiest places in the world

A young man trotting on his horse to have a surf in Bocas del Toro, Panama. Panamanians are the happiest people on earth, according to the survey.

Flavia Krause-Jackson and Sangwon Yoon   Where the living is easy - or at least people don't take it so hard: New survey shows the 10 happiest places on earth. Australia isn't one of them.

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'Dirty Dancing' hotel reborn as billionaire's yoga hub

''Baby'' Houseman, the heroine of Dirty Dancing, fell in love with the camp's dance instructor during her family's stay.

Sangwon Yoon   The historic hotel in upstate New York that inspired the 1987 film "Dirty Dancing" will come to be known for its downward dog.

Greek crisis: The six things you need to know

Ultimately, political developments may determine Greece's fate: whether a referendum or new elections lead to a resumption of negotiations.

Jenny Paris and Alessandro Speciale   Should investors get worried if there's no rescue deal for Greece by June 30 or is it just another date that government leaders and creditors will work around?

Cuba's rum gets boost from tourism while awaiting US entry


Andrew Willis   After decades on the US no-go list, Cuba is developing into a hotspot in the Caribbean, spurring interest by companies ranging from Airbnb to Netflix. Not to mention liquor companies keen to ready Havana rum for world distribution.

Murdochs one big happy family, says James

Rupert promoted James to co-chief operating officer in 2014, reporting to Chase Carey.

​James Murdoch, who will take the helm of Twenty-First Century Fox next week, said there was little he and his father Rupert did not agree on with respect to the future of the family media empire.

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Greece fails to forge debt deal

A protester waves an EU and a Greek flag during a pro-European demonstration in front of the Greek Parliament in Athens.

​Greece failed again to clinch a deal with its international creditors, setting up a last-ditch effort on Saturday to avert a default next week amid fears of financial market turmoil.

Melts in the mouth, not in the hands


Corinne Gretler and Jan Schwalbe   Chocolate maker Barry Callebaut says it's ready to start selling chocolate that remains solid up to 38°C, leading the race to unlock billions in potential profits in hotter countries.

Carl Icahn exits Netflix, making a $2.1b profit, at least

Nice little earner: Billionaire Carl Icahn sells out of Netflix for a massive profit.

Lucas Shaw   US billionaire Carl Icahn sold his last shares of Netflix after the S&P 500-leading stock doubled its price this year, seeing now a golden opportunity in Apple instead.

Where are the next superpowers brewing? Check out beer sales


Rina Chandran   Forget mining data such as GDP growth trends, home sales and company earnings forecasts to gauge economies. There's a more accurate indicator: Local beer sales.

IMF boss Christine Lagarde considers second term

IMF Managing Director Christine Lagarde: "Invective and insults don't advance the debate."

The former French finance minister says she is ready to consider a second term as head of the International Monetary Fund and tells off the Greek government.

QRXPharma faces US class action

QRxPharma has been named in a class action in the US.

Carrie LaFrenz   Failed biotech QRxPharma and its former chief executive, John Holaday, have been named in a class action for violations of federal securities laws in the United States.

The man at centre of China's buyout frenzy

Neil Shen is leading the charge among venture capitalists and private equity firms to scoop up companies listed in the US and ultimately take them public in the mainland.

Boris Korby and Belinda Cao   One man may hold the key to figuring what's next in the frenzy to take over US-listed Chinese companies and take them public on the mainland.