Investors vie for Bourke Street buildings

Next door, a classic two-storey building at 422-424 Bourke Street exchanged for $5.6 million under the hammer following 55 bids from five parties on a 3.01 per cent yield. Loading The deal valued the land at $31,461 per square metre. Both properties sold through Colliers International’s Daniel Wolman, Oliver Hay, David Sia and Chris Ling in conjunction with Peter Lane of Lane Commercial Property. Mr Wolman said the Bourke Street location and high pedestrian traffic sparked serious competition from a diverse group of buyers. “These auctions represented a once-in-a-lifetime opportunity…

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pilots consider striking over Christmas

Jetstar pilots are unhappy they are paid less than comparable pilots working for other airlines including at Qantas, Virgin and Tiger. “If we are not making reasonable progress in our negotiations we will explore other options and one of those is the potential for protected industrial action,” Mr Lutton said. “It is not something we take lightly. We are still hopeful we will not need to take it, but we are putting in the next steps if it is required.” A spokesman for Jetstar said it was disappointed the AFAP…

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Short seller JCap hits WiseTech with a billion-dollar smash at AGM

Mr White, chairman Andrew Harrison and auditor Chris Hollis defended the company’s accounts as WiseTech’s lofty valuation took a billion-dollar knock within hours of the attack. Beijing-based J Capital accused WiseTech of $66 million of “fake costs” and queried the abrupt departures of director Christine Holman and the company’s legal chief, Katharine Lowe. “We’ve not had the opportunity to see those or study them,” Mr Harrison told shareholders when asked during the meeting about the latest report from J Capital. “If there have been additional allegations raised by them we…

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Local stocks near record high after RBA’s dovish tone spurs investors

Australia’s sharemarket on Tuesday closed near record highs first tapped in July, with both the S&P/ASX 200 and the All Ordinaries comfortably above key levels of 6800 and 6900 points respectively. The move to equities was driven by the release of the Reserve Bank Board minutes which strongly hinted at future rate cuts to 0.5 per cent or even 0.25 per cent in 2020. This pushed investors towards seeking returns from the sharemarket, as rates on bank deposits are expected to fall to nearly nothing. The S&P/ASX200 closed 0.7 per…

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Here’s hoping CBA’s guilty plea is a real deterrent

However, it is a rare example of the Australian Securities and Investments Commission (ASIC) using powers to take criminal action against a major company, which is a weapon the regulator appears more willing to use. Under the law, the offences CBA committed by “hawking” life insurance through unsolicited calls could not be dealt with through a civil lawsuit. So if ASIC was to take action in the courts it would have to be a criminal case. One can’t help but think that the ASIC from the pre-Hayne era would have…

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Qantas rejects Airbus and Boeing offers for non-stop New York jets

“So we’re eagerly awaiting to see what we get back from that.” Mr La Spina said Qantas had asked the manufacturers to not just consider price, but also guarantees and conditions to deal with “what if” scenarios. “This aircraft is going to be in the fleet for the next 20 years and we want to cover off eventualities … making sure that it’s future-proofed,” he said. Qantas has talked about operating the “Sunrise” missions from 2023. However, production delays on Boeing’s yet-to-fly 777-8X program could push that back. Getting the…

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Housing slump is over, declares Mirvac CEO

Mr Felsman said the CoreLogic 5-Capital City Daily Home Value Index is up by 1.2 per cent so far in November, led by gains in Sydney up 1.8 per cent, Melbourne up 1.2 per cent and Brisbane/Gold Coast up 0.5 per cent. Our residential business is well placed to take advantage of this upswing. Mirvac CEO Susan Lloyd-Hurwitz “The lift in housing demand, supply constraints and record-low borrowing costs are pushing-up home prices,” Mr Felsman said. Mirvac, which tipped the market bottom a few months ago, has shown its confidence…

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Australia, US ink agreement on rare earths to tackle China’s dominance

Mr Canavan said the partnership would see Australia feed critical mineral-hungry countries such as the US. “Growing global demand for critical minerals means there is huge scope for Australia to develop secure and stable supply chains to meet the growing demand for critical minerals in key economies such as the US,” he said. “The US has a need for critical minerals and Australia’s abundant supplies makes us a reliable and secure international supplier of a wide range of those, including rare earth elements.” The agreement follows on from an informal…

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Huge Tesla battery in South Australia primed for big upgrade

“The expansion of Hornsdale Power Reserve is demonstrating the critical and multiple roles that batteries will play in the grid of the future,” said Louis de Sambucy, managing director of Neoen Australia. The development of utility-scale batteries – capable of storing renewable energy and dispensing it later when conditions for renewable energy production are unfavourable (such as when it is not sunny or windy) – are  considered essential in the global transition away from carbon-intensive fossil fuels. The Hornsdale Power Reserve was constructed after Elon Musk pledged to build it…

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Bolt kick-starts e-bike service catering to food delivery riders

Mr Nada launched Bolt with consultant Michael Johnson in 2017. The pair claim electric bikes are superior to scooters because they can park anywhere (including on footpaths) and are not affected by no stopping zones and loading zones which “means faster deliveries”. The pair also point to the lower upfront cost of e-bikes, with no registration or insurance costs, no petrol, no tolls, no need for a driver’s licence and the ability to use bike lanes to get around. Mina Nada and Michael Johnson point to the lower upfront cost…

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