Bain Capital pulls out of Insignia bid
Shares in Insignia, once known as IOOF and MLC, collapsed by 15 per cent on Wednesday after Bain Capital said it has withdrawn its takeover bid for the wealth manager.
The offer was $3.3 billion.
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News.com.au
an hour ago
- News.com.au
‘No Boomers' Shares app now helping young Aussies crack the housing market'
A share trading app which famously had a blunt message for those born before 1970 is trying to get more Aussies into their own home through an unused government scheme. Pearler, a share trading app moving into the superannuation space, has launched a product they are calling 'HomeSoon' with the aim of simplifying the steps needed to take advantage of the government's first home savers scheme (FHSS). The company says it is also the first platform in Australia to allow customers to use open banking to track bank savings, FHSS savings, shares, and other assets in one place – regardless of whether those assets are held with Pearler. Pearler co-founder Nick Nicolaides said house price growth is outpacing savings, meaning it is no longer sustainable for the average person to park their money in a bank account while they are saving for a deposit. 'Bank savings are no longer sustainable for a seven-eight year journey, and with that it adds complexity,' Mr Nicolaides told NewsWire. 'I don't think people really have a choice but to have their house deposit spread across bank accounts, probably some shares and the FHSS. 'It is more of a case of getting to the end goal of being wealthy enough to buy into the housing market, you now need to not only understand savings and budgeting, you now need to understand investing and this scheme,' he said. Mr Nicolaides said ideation was simple – to help first home buyers get into the housing market by taking the complexity out of a current scheme. 'We've been talking to customers for a while with only a fraction of customers actually using the scheme,' he said. 'When we asked why, it was very clear that firstly the scheme was in super which people feel some nervousness about and if you then get your head around putting additional savings into super, tracking, knowing what you can withdraw and withdrawing it in time, it quickly layers up. 'So a combination of a complex superannuation system and a not very mainstream scheme really puts most people off.' The latest PropTrack Home Price Index shows it has never been more expensive for first home buyers to get into the market. National house prices hit a new peak in May, lifting by 0.39 per cent over the month for a 4.12 per cent year-on-year gain. All capital cities saw home prices grow in May, with Melbourne leading the way up 0.79 per cent, followed by Adelaide up 0.52 per cent and then Sydney up 0.39 per cent. Nationally, since the Covid falls starting in March 2020, house prices are up 50.1 per cent for a new median house price value of $809,000, while Australia's most expensive city, Sydney, will set the median buyer back $1,124,000. Pearler's latest superannuation move follows launching a fund in late March saying it caters for younger members with a simple slogan 'for people born after 1970 (sorry, Boomers)'. During the launch, Mr Nicolaides said the 'no Boomers' fund was more about solving a problem for younger Australians than a display of anti-Boomer rhetoric. 'If you take a casual interest in what is written about superannuation, most articles are written about how the superannuation industry can deal with retirement,' he said. 'It makes sense that it gets the most attention because it is an immediate problem now. 'But at the other end of the spectrum, the industry and the media recognise that engagement in super is lacking in younger people. If we don't fix that, then today's younger people will find themselves in the same boat in 20, 30 years time,' Mr Nicolaides said. The FHSS allows people to contribute and access up to $15,000 of their voluntary contributions into super each financial year (up to a total cap of $50,000) for a home deposit. The main benefit of saving for a home this way is super's lower tax rate – meaning Australians can potentially get to their deposit faster. The scheme currently has a relatively low take up, with Pearler saying just 13.7 per cent of home buyers bought through the FHSS. Mr Nicolaides said the onus was not on the government to market the product better but instead on the general financial advice sector to do a better job of educating people. 'The government got the ball rolling on a fantastic scheme but there is only so much that can be done,' Mr Nicolaides said. 'We have a situation in Australia where, whether generationally like it or not, most of our financial decisions are going to be self-directed for the average person on the average wage. 'It becomes our job as an industry to educate people by giving them the tools and the guidance in mediums people want to use.' Mr Nicolaides says he hopes over time three in four Australians trying to buy a house will do so through the FHSS.
News.com.au
an hour ago
- News.com.au
Australian Turf Club partners with Hong Kong Jockey Club in landmark deal for their slot in The Everest
The Australian Turf Club's decision to lease their Everest slot to Hong Kong Jockey Club for at least two years is a coup for Sydney racing. The deal ensures that barring injury or some unforeseen circumstance, the world's number one-ranked racehorse, Hong Kong's superstar sprinter Ka Ying Rising, will contest the Group 1 $20 million The TAB Everest at Royal Randwick on October 18. Hall of Fame trainer David Hayes has also indicated Ka Ying Rising will stay in Sydney for the $3 million Russell Balding Stakes (1300m) at Rosehill Gardens two weeks later. ATC will benefit financially from the World Pool, the international commingling parimutuel betting operation which is managed by HKJC and will be available to punters on Everest Day. There is also speculation the World Pool will be added to more Sydney race meetings next season, most notably Golden Slipper Day which boasts five Group 1 races. HKJC executive director of racing, Andrew Harding, told Hong Kong media the club has secured the ATC's Everest slot for two years with an option to extend. 'For this year, the club will use the slot to enable Ka Ying Rising to take part in The Everest,'' Harding told South China Morning Post. 'In future years, we will use the slot to either facilitate a Hong Kong horse running or to target Australian or New Zealand sprinters to come onto the Hong Kong International races after The Everest.'' â– â– â– â– â– Ka Ying Rising joins Briasa (slot holders Max Whitby, Neil Werrett and Col Madden) and Private Harry (Yulong) as confirmed Everest starters. Sunshine In Paris, owned by Everest slot-holder John Camilleri of Fairway Thoroughbreds, is also being set for the big race. The world’s best sprinter is coming to Australia! Ka Ying Rising will race for new slot-holder the Hong Kong Jockey Club ðŸ¤� Here he is making it 12-straight wins, dominating the Chairman’s Sprint ðŸ'¥ â€' SKY Racing (@SkyRacingAU) June 4, 2025 This leaves eight slots remaining and competition for an Everest start will be fierce – but not everyone is happy. A leading Sydney trainer contacted At The Track incensed that ATC had not used their slot for an 'ATC trained horse'. 'Surely that's the idea of a slot,'' the trainer said. 'That's like Wayne Bennett picking a player from another club for the grand final. What a disgrace.'' The trainer's disappointment is understandable but the financial benefits to ATC for leasing their slot HKJC and having the World Pool alignment on Everest Day is considerable, and the club wants the best possible field for the world's richest turf race so securing Ka Ying Rising was the number one priority. â– â– â– â– â– Is Coolmore's three-year-old filly Minnie Hauk, winner of the English Oaks yesterday, the most valuable potential broodmare still racing? Minnie Hauk, a daughter of English superhorse Franke l and closely related on her dam's side to another champion, Kingman, was purchased for about $A4 million as a yearling at the Goffs Orby Sale and her Oaks win means she is now a priceless broodmare once her racing days are over. Minnie Hauk takes the Oaks (G1)! â€' IFHA's Longines World's Best Racehorse Rankings (@worldsbesthorse) June 6, 2025 The regally-bred Minnie Hauk gave Irish training genius Aidan O'Brien his 11th Oaks win when she defeated her stablemate Whirl. â– â– â– â– â– The US triple crown isn't on the line but the final leg of the famous series, the Belmont Stakes, takes on special significance with the return clash of Godolphin's Sovereignty and Coolmore's Journalism in New York on Sunday morning. Sovereignty won an epic Kentucky Derby from Journalism last month but missed the second leg, the Preakness Stakes. In his absence, Journalism scored an incredible Preakness win and is early favourite with TAB Fixed Odds for the Belmont at $2.60 with Sovereignty pressing at $2.80.
News.com.au
2 hours ago
- News.com.au
Stock Tips: Never mind the alpha, what's the Sigma play this week?
It's no easy gig analysing share prices and company performance but somebody's got to do it. Every week two experts from our Share Tips columnist pool give us their recommendations. Sean Conlan – Leyland Private Asset Management BUY Sigma Healthcare (ASX:SIG) We believe SIG will grow into its current PE multiple by refurbishing existing Chemist Warehouse stores, opening 20 new stores per annum across Australia and by exporting the brand offshore. Judo Capital Holdings (ASX:JDO) Improved funding costs give us more comfort on the near-term margin outlook. With forecast a~34% earnings CAGR over the next three years, and trading at only 12x FY26 P/E we think the valuation is attractive. HOLD Treasury Wine Estates (ASX:TWE) TWE has trimmed guidance for FY25 earnings growth, citing lower-than-expected wine sales in the US where economic uncertainty is hurting consumer demand. Austal (ASX:ASB) We remain positive on the long-term outlook for ASB, considering the macro tailwinds and attractive growth profile, however, we are conscious of its current valuation. SELL Bank of Queensland (ASX:BOQ) While BOQ's simplification strategy and pivot towards business is bearing fruit, we think it will continue to struggle to make returns above the cost of capital over the medium term. Lovisa Holdings (ASX:LOV) We are concerned about the quality of stores recently opened and think that higher-than-normal rates of discounting may be driving strong LFL sales. Chris Watt – Bell Potter Securities BUY CAR Group (CAR) Resilient RV sales, solid international operations and strong earnings momentum support continued growth. The company continues to benefit from a scalable global expansion strategy that allows it to replicate its model across international markets. Treasury Wine Estates (ASX:TWE) While the US premium wine market is weak, core luxury brands remain strong. DAOU Vineyards synergies and broader international opportunities provide upside despite recent downgrades. HOLD Technology One (ASX:TNE) A strong first-half result confirms the business is executing well, with growing recurring revenue and cash flow. However, recent share price gains limit short-term upside. James Hardie (ASX:JHX) Strategy execution in US new construction is on track, particularly in the southern states. That said, macro softness and affordability challenges persist. SELL IDP Education (ASX:IEL) Deteriorating student volumes and shifting global immigration policy have led to significant earnings downgrades. Visibility remains poor, and risks are elevated. Cettire (ASX:CTT) Weak margins, US tariff headwinds, and a soft cash position point to a challenging outlook. The path to profitability appears longer and riskier.
