World Business


Apple shares enter correction territory

The last time Apple slipped more than 10 per cent was in December during a decline that lasted 13 days.

Callie Bost and Lu Wang 5:40 PM   The bull market's base just lost another brick and it's bad news for Apple bulls and the larger market.

Barefoot genius aims to end broker rip-offs

Under Tyc's proposal, a central data repository would record trades at all US venues to a 10-microsecond level of accuracy.

Ryan Hoerger and John Detrixhe 12:05 PM   The man who helped revolutionise high-frequency trading now wants to shine a light on markets, creating a system that allows everyone to check trades to see whether they're getting ripped off.

Plastic fantastic in cash-starved Greece

The number of active Visa debit cards in Greece more than doubled in July from previous months.

Maria Petrakis 10:52 AM   ​Greece's banking crisis is having at least one positive outcome, and it's made of plastic.

Puerto Rico defaults on a bond payment for the first time

Last month, Puerto Rico Governor Alejandro Garcia Padilla declared the island's debts "unpayable".

Michael Fletcher 8:29 AM   Debt-plagued Puerto Rico defaulted on a bond payment for the first time on Monday, triggering what is likely to be a long battle with creditors as it seeks to restructure some $US73 billion in loans.

Greek stock market plummets after five-week shutdown

Banks stocks have been hard hit on the equities market, now open after a five week suspension.

George Georgiopoulos and Angeliki Koutantou 6:57 AM   The main Athens stock market shed 16 per cent on Monday, as shares of the country's major banks plunged.

Former White House adviser tips $A to fall towards 65¢, metals to recover

Gene Sperling, former economic adviser to President Clinton and Obama, current economic adviser to Global Investment Management Funds, Pacific Investment Management Company (PIMCO).

Tess Ingram   Former White House economic adviser Gene Sperling says he doesn't "buy into the hard landing in China" and thinks China and India will both provide strong demand for minerals over the next decade.

China manufacturing shrinks at fastest rate in two years

Fears of a full-blown market crash have added a new sense of urgency for policymakers in Beijing. A private index shows manufacturing shrinking at the fastest rate in two years.

China's factory activity shrank more than initially estimated in July, contracting by the most in two years as new orders fell and dashing hopes that the world's second-largest economy may be steadying, a private survey showed on Monday.

Greek financial markets set to plunge 20pc as talks continue

Greek financial markets reopen on Monday after a five-week suspension as talks continue with creditors.

Greek financial markets reopen on Monday after a five-week suspension as talks continue with creditors on austerity measures and reforms required for a third bailout.

Greece may seek €24b from lenders in August

Greek financial markets reopen on Monday after a five-week suspension as talks continue with creditors.

Greece may seek €24 billion in a first tranche of bailout aid from international lenders in August to prop up its banks and repay debts falling due at the ECB, a pro-government Greek newspaper said in its early Sunday editions.

Why $US450b leaving China doesn't worry UBS, JPMorgan

A Chinese one-hundred yuan banknote sits on a pile of U.S. one-hundred dollar bills in this arranged photograph taken in Hong Kong, China, on Monday, July 20, 2015. The yuan has proven to be among the more resilient emerging-market currencies this year, having fallen less than 0.1 percent versus the dollar as China cut interest rates and the U.S. prepared to raise. Photographer: Xaume Olleros/Bloomberg

Luke Kawa   Massive capital outflows from China over the past four quarters have been viewed as a symptom of the moderation in growth prospects for the world's second-largest economy and a possible cause of further weakness.

Bikers, boaters and big oil unite

BRISBANE, AUSTRALIA - JULY 04:  Bikers Against Animal Cruelty member Lolo Masima and founder Darryl Cogzell at the United Motorcycle Council of Queensland Independence Day Rally, a Rally Against Anti-Association Laws at Emma Miller Place, on Roma Street on Saturday July 4, 2015 in Brisbane, Australia.  (Photo by Michelle Smith/Fairfax Media)

Mario Parker   Count bikers, boaters and, to hear some say, even God, among those who oppose law that forces refiners to use corn to make gasoline.

Zuckerberg to Wall Street: be patient, big things take time


Sarah Frier   ​Patience is a rare investor virtue. Mark Zuckerberg thinks he has the track record to ask for it.

US probes killing of lion Cecil, UN resolves to tackle illicit hunting

US dentist Dr Walter Palmer has gone silent in the wake of the global outcry over the hunt.

Peta Thornycroft, Harriet Alexander   The man who shot Cecil the lion wanted to bag a giant elephant after killing the protected big cat - but was unable to find one large enough for his liking, his guide has disclosed.

The most likely country to leave the euro - and it's not Greece

Colloseum in Rome --- Generic Italy, tourism, holiday, vacation

Matt O'Brien   What do you call a country that has grown 4.6 per cent - in total - since it joined the euro 16 years ago? Well, probably the one most likely to leave the common currency.

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No more free cheese sticks for Kraft employees

Refrigerators that used to be stocked with Kraft treats were removed this month from the headquarters outside Chicago, sources said.

Noah Buhayar   The days of free Jell-O and cheese sticks are over for employees at Kraft's headquarters.

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Low interest rates 'are not the cure'

Bill Gross expects the US Federal Reserve to lift rates in September.

Vanessa Desloires   The US Federal Reserve might have realised that record low interest rates have negative consequences too, as a host of zombie companies roam the economy.

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Deutsche Bank profit more than triples

A Deutsche Bank logo is pictured in front of the Deutsche Bank headquarters in Frankfurt in this February 24, 2011 file picture. Deutsche Bank said a decision to seek 8 billion euros ($11 billion) in new equity capital was driven by uncertainty about the cost of new regulations and the need for funds to expand its investment banking business. Germany's largest bank unveiled the capital raising late on May 18, 2014, bringing in Qatar's royal family as a major new investor. Picture taken February 24, 2011.  REUTERS/Ralph Orlowski/Files (GERMANY - Tags: BUSINESS)

Jack Ewing   Deutsche Bank's net profit more than tripled in the second quarter but its newly appointed co-chief executive says the bank needs to do better.

Russia can survive oil at $US40 as economy adjusts

Russian President Vladimir Putin is facing economic pressure.

Eleven months of surviving with oil below $US100 have left Russia hardened enough to endure a month-long drop to $US40 a barrel, a survey of economists showed.

IMF won't help finance Greece without debt relief

Greek Finance Minister Euclid Tsakalotos asked the IMF for a new loan in a letter dated July 23.

Andrew Mayeda   The IMF reiterated its unwillingness to provide more financing to Greece without debt relief by euro-member states and further reforms from the Greek government.

It's Trumponomics versus the establishment

Donald Trump

Matt O'Brien   America's premier real estate mogul-turned-reality TV star has become the hero of working-class whites. It's an unlikely match, and one that needs a healthy dose of cognitive dissonance. Yet in one way, surprisingly, Donald Trump has a point.

News Corp director dragged into Fiat Chrysler scandal

John Elkann.

Mark Hawthorne   John Elkann – the heir to Italy's Fiat, Ferrari and Alfa Romeo empires and a director of Rupert Murdoch's News Corp - has been dragged into the legal dispute between Fiat Chrysler Australia and former chief executive Clyde Campbell.

Debt can make or break you

Debt can be a powerful tool for creating wealth.

Debt can be liberating or disastrous, but by using it responsibly and carefully, it can be a powerful tool for building careers and wealth.

US Federal Reserve leaves interest rates unchanged

US Federal Reserve Board Chair Janet Yellen expects to raise interest rates if the economy continues to improve.

Daniel Bases   US Treasury prices, which had already lost ground on Wednesday, had little reaction to the Federal Reserve's assessment of an improving US labour market as it kept the door open for an interest rate hike, possibly as soon as September.

Japanese trading giant Mitsui confident of Australia-India FTA

Mitsui Australia CEO Yasushi Takahashi is confident Australia can sign a trade agreement with India, citing a similar agreement Japan has with India.

Jared Lynch   An Australian free trade agreement with India is possible by the end of the year, according to one of Australia's biggest investors.

The problem with Twitter

Two years after Twitter triumphantly went public, the company is still struggling.

John McDuling   Two years after Twitter triumphantly went public, the company is still struggling.

Rebooting trade for e-commerce age

Trade Minister Andrew Robb is hoping the TPP deal can be completed in Hawaii this week.

John Garnaut   The trans-Pacific partnership deal is likely to hinge on old-style trade questions such as tariffs and quotas, but the main game is freeing up the flow of data across borders.

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'Erratic Marxist' Varoufakis admits secret plan for Grexit

Yanis Varoufakis said Prime Minister Alexis Tsipras had "given me the green light to come up with a Plan B".

Deepa Babington   Former Greek finance minister Yanis Varoufakis has confirmed he made secret preparations for a parallel payment system after a disclosure that's provoked shock and disbelief in Greece.

VW overtakes Toyota in global sales race

Volkswagen benefited as car demand in Europe accelerated at the fastest pace in 5½ years, softening the blow from a slowdown in China, its biggest market.

Craig Trudell and Masatsugu Horie   Volkswagen surpassed Toyota Motor Corp to become the biggest car maker by deliveries in the first half.

UBS profit rises 53pc on lower costs, jump in equity trading

UBS runs the largest private bank in Asia, where firms are competing fiercely to oversee the region's growing wealth.

Jeffrey V'geli   UBS Group reported second-quarter profit that beat analyst estimates as income from managing funds for the wealthy more than doubled on lower costs and equity trading rose to the highest in three years