New owners plan to fly slimline Virgin
Virgin Australia's preferred buyer – US private equity firm Bain Capital – plans to pare back the airline, cut high-end comforts for flyers and relaunch with about half its existing fleet as early as September.
RBA wants more lending amid fears of second spike in job losses
Reserve Bank governor Philip Lowe has urged bank bosses to keep lending, as he expresses fears of a second spike in unemployment when government assistance winds down after September 30.
Stocks sink as virus cases jump
Stocks on Wall Street fell sharply Friday as confirmed new coronavirus infections in the US hit an all-time high, prompting Texas and Florida to reverse course on the reopening of businesses.
Testing times in Australia's virus fight
A spike in infections and job losses this week has jolted the country out of its post-lockdown complacency and reminded policymakers of the challenge ahead.
Inside the 'Wild West' battle to secure medical supplies
Australia has been engaged in a global battle to secure enough test kits, ventilators and protective equipment to manage the virus - and it's every country for itself.
US faces bleak scenario of death and disruption
America is losing the fight against itself and a pandemic that doesn’t recognise political divisions.
- Exclusive
- Hayne fallout
Parliament to question NAB 'cross-selling'
The federal Opposition's financial services spokesmen have pushed for parliamentary scrutiny of alleged product bias at National Australia Bank's MLC Wealth.
Expert advice for getting ahead in the new world of work left by COVID-19
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AFR MAGAZINE
Risky business: inside Neil Perry's 'comeback'
Neil Perry was poised to buy back his premium restaurants when COVID-19 threw a curveball. In a pandemic, what’s a restaurant worth?
Your most-missed restaurant dishes – and how to prep them at home
Jill Dupleix draws together recipes for the signature dishes Australia has longed for in lockdown, courtesy of some of your favourite chefs.
Drink ‘delicious’ smoke (and other beverage rules to break in 2020)
There’s never been a better time to rethink your drinks list. Here to whet your appetite are seven trends – and some of the innovators driving them.
'Welcome back to restaurants': Grand venue hails new dining era
Andrew McConnell's just-announced CBD bar and fine-diner, Gimlet, means there's even more to look forward to as pandemic restrictions ease.
- Exclusive
- Restaurants
Neil Perry’s restaurant buyback plan off the menu, for now
The pandemic ruined the celebrated chef's plan to buy back the restaurants he sold to private equity. He's now focused on just getting them reopened.
Companies
Qantas gets ready for a leaner Virgin
Qantas chairman Richard Goyder says a recapitalised Virgin Australia is another reason the airline must ensure it is in the best possible financial shape to get through a period where international flights are uncertain and domestic travel will be the major battleground.
- Opinion
- Chanticleer
Reborn Virgin pivots to value over elite lounges
Mike Murphy, the former Olympic diver who led the successful bid to buy Virgin Australia, details Bain Capital's strategy for the airline in an exclusive interview.
Westpac wins in 'shiraz and wagyu' appeal decision
A full bench of the Federal Court has made a landmark decision on responsible lending laws in favour of Westpac in a prolonged battle with ASIC.
Why Woodside boss Peter Coleman locked himself up
There were no special favours for the chief executive as he faced a $53 billion call on LNG projects.
Retailers and landlords wrestle with new normal
The shift in shopping habits triggered by the pandemic has ramifications for not only retailers but landlords and investors and there's a growing realisation all parties will have to share the pain.
Google will pay for news on fresh platform
A new global Google news and discovery product involves the tech giant striking commercial deals with local news publishers to showcase their content.
Long road back to Chinese gold rush for Sovereign Hill
Tourism operators across Australia, such as Sovereign Hill near Ballarat, are having to get to grips with the absence of Chinese tourists.
Markets
Defensives drive higher on 'hard road out'
Investors have begun to rotate back into more defensive sectors of the market, taking up insurance in the event a second wave of COVID-19 prompts another round of lockdowns.
ASX ends volatile week in the red as travel stocks slide
The Australian share market ended the week in the red, with the travel sector performing badly as COVID-19 pandemic fears returned to haunt investors.
How the day unfolded in the stock market
The Australian sharemarket finished the week strongly with a 1.5 per cent rise on Friday. BHP, Commonwealth paced a blue chip rally. Travel stocks the worst performers of the week, with Flight Centre down nearly 17 per cent as virus fears grow.
IFM Investors loses equities boss
Well known Sydney-based stockpicker Neil Carter is leaving IFM Investors.
'The money's gone': Wirecard collapses owing $5.8 billion
The embattled fintech was once a market darling valued at $US28 billion but on Thursday it imploded spectacularly in Germany's worst accounting scandal.
Opinion
The brief sparkle of better politics is over
Two prime ministerial press conferences revealed that the brief glimmering moment when our leaders seemed to make decisions in the broad public interest, rather than their own political interests, is over.
Columnist
A viral surprise and a jolt from the economy
Australia is doing well by international standards. But it has to change if that lead back to prosperity is to be kept.
Editorial
The death of cash – and what to do about it
Policymakers are encouraging other investments by crushing returns on risk-free savings. But there are other near-cash opportunities available across the risk spectrum.
Columnist
Byelection will be one tough fight until the end
With two popular candidates, the byelection is fought over plans for JobKeeper and managing a local economy that's reeling from bushfires and the pandemic.
Senior writer
Qantas shrinks for bumpy landing
Qantas' job cut shows the scale on which Australia must sharpen the incentives to grow, to invest and create jobs to replace the losses that are coming.
Editorial
Science boost is smart but don't settle scores
The politics of disentangling JobKeeper will be treacherous enough without re-engaging in the culture wars by doubling arts degree fees.
Political editor
Politics
The cyber honey trap that caught out Beijing
The inside story of the new front line in China's escalating cyber offensive and its most notorious hacking group, Stone Panda.
Victoria refuses to test all travellers
Victoria's Labor government maintains it cannot force travellers to be tested before leaving hotel quarantine, despite outgoing Chief Medical Officer Brendan Murphy claiming it can.
Warrior women leave Bunnings, coffee shop jobs to fight cyber war
Australia is being urged to build up its sovereign capability in cyber security after a mass attack aimed at companies, government and key infrastructure.
Sam Kerr: 'It's going to be massive'
Matildas captain Sam Kerr said Australia and New Zealand hosting the women's football World Cup in 2023 will inspire generations.
Budget deficit hits record $65b
The federal government budget deficit has blown out to a record $65 billion 11 months into the financial year and is on track to exceed $100 billion.
SPONSORED
World
Pence claims 'progress' as Texas, Florida reverse easing
The Trump administration on Friday claimed "remarkable progress" in fighting the coronavirus pandemic, despite a surge of cases in the South and West.
US sets one-day record for virus cases
Cases rose across the United States by at least 39,818 on Thursday, the largest one-day increase of the pandemic.
Wirecard scandal puts unwelcome focus on German oversight
The spectacular collapse of the onetime market darling is "a heavy blow" for Germany's reputation as a financial centre.
Enforcing the new normal in Jakarta
In Indonesia's capital the pandemic has become one more burden to bear. The metropolis of 10 million has had 10,600 cases of COVID-19 and 608 deaths.
Liverpool fans turn the city red after Premiership win
The fans couldn't watch the game but nothing would stop them celebrating the win they had been waited 30 years for.
Property
Aussie Home Loans CEO buys $13m knockdown-rebuild
James Symond's new home is a Sydney property formerly owned by the Packer family for half a century that was listed two years ago with hopes of $15 million.
Early super withdrawals are being used to get onto the property ladder
The federal government’s flawed early access to superannuation scheme has been exploited by some Australians vying to buy a home, mortgage brokers say.
Victoria fast-tracks another tranche of stimulus projects
The state government's bid to boost the economy through construction relies heavily on a demand for apartments that has been hit by weak population growth.
- Exclusive
- Property development
Steller co-founder Simon Pitard facing bankruptcy
As the final curtain is about to come down on a business owing creditors $280 million, Steller co-founder plans to continue his family's building business.
Retailers reject landlords' plan for a cut of online sales
The Australian Retailers Association has rejected a suggestion by Vicinity Centres that future rents include a variable portion based on online sales.
Wealth
How COVID-19 could affect your franking credits
Falling turnover and business shutdowns will see some firms move between tax thresholds, potentially affecting franking credits.
Failed Wirecard held by ethical ETFs
The German payments company had governance problems for years yet funds with strong environmental and social governance credentials kept buying its shares.
Review your age pension entitlements before changing SMSF
There's much to consider when closing a self-managed superannuation fund to switch to an industry one, writes John Wasiliev, who answers your super questions.
Technology
Google will pay for news on fresh platform
A new global Google news and discovery product involves the tech giant striking commercial deals with local news publishers to showcase their content.
- Exclusive
- Fintech
Fintech start-up becomes $2b wealth player with WA acquisition
The deal makes PictureWealth a top 50 wealth manager, with almost 100 financial advisers and $2 billion in funds under advice.
Instagram lets influencers and businesses sell through their pages
Instagram is expanding 'Shops' to a greater array of Australian accounts so more small businesses and influencers can sell products directly to followers.
Work & Careers
Courts confront Heydon fallout
Courts across the country are scrambling to review their policies and procedures in the wake of the High Court sexual harassment scandal which this week rocked the Australian legal profession.
Where the tech jobs of the future will be
The technologists of the future will be those who can combine science with art, have good leadership skills and work well with teams, and are up for dipping in and out of education.
Life & Luxury
Why dance music king Diplo has gone country
The superstar producer says if you grew up in America's south like he did, the recent success of country-rap is no surprise.
Tough times at the box office for reopening cinemas
Cinemas across the country are preparing to reopen, but face the challenge of making money with reduced occupancy due to social distancing.
- Exclusive
- Trump's White House
Bolton book extract: in Trump's White House, chaos is a way of life
In an exclusive extract from his new book, John Bolton describes the infighting, blindsiding and falling outs in Donald Trump's presidency like no other.
'Greed' shows one way to get rich (if you can stomach it)
Prolific British director Michael Winterbottom presents a protagonist of such shameless bastardry that watching him in action is more of a pain than a pleasure.
Reopened NGV to confront racism through art
Those who visit the National Gallery of Victoria for the Van Goghs, Picassos and Dalis may have to confront tough questions about Australia's past and present.
