Latest news with #AustralianStockExchange
The Age
4 days ago
- Business
- The Age
I've just sold my farm. What's the best way to park the money for a while?
I've just sold my farm and I will have a substantial amount that I need to park until I decide what to do with it. Given that banks are only guaranteed up to $250,000 per account, I'm confused about how best to handle the money. Any suggestions? Most people spend their time worrying about things that are highly unlikely, while overlooking the things that could actually happen. Australian banks are among the safest in the world. Their shares dominate the Australian Stock Exchange, and for a bank such as CBA or NAB to fail, its entire asset base would need to collapse. If that ever happened, the impact on the economy and everyone's super would be enormous – because super funds are heavily invested in bank shares and the market index. So don't focus on unlikely disasters. Park the funds in banks you trust, and focus on a long-term investment strategy that makes your money work for you. We run a self-managed super fund and are updating our estate plan. If one of us dies, do we have to wait for probate before the death benefit can be paid? Generally, an SMSF can pay a death benefit without waiting for probate. Superannuation is usually separate from the deceased's estate, so the fund's trustees can distribute the benefit as soon as they have the necessary documentation in place. Superannuation law does not require the payment to be delayed until probate is granted. Loading That said, it's essential to check the fund's trust deed, as it sets out the rules for how and when benefits can be paid. Special care is needed if the deceased was the only member of the fund, because there may be additional steps or restrictions to follow before the payment can be made. I retired two years ago and I am in pension mode. While I earn too much for the government pension, I'd like to clarify how my super pension works in practice.
Sydney Morning Herald
4 days ago
- Business
- Sydney Morning Herald
I've just sold my farm. What's the best way to park the money for a while?
I've just sold my farm and I will have a substantial amount that I need to park until I decide what to do with it. Given that banks are only guaranteed up to $250,000 per account, I'm confused about how best to handle the money. Any suggestions? Most people spend their time worrying about things that are highly unlikely, while overlooking the things that could actually happen. Australian banks are among the safest in the world. Their shares dominate the Australian Stock Exchange, and for a bank such as CBA or NAB to fail, its entire asset base would need to collapse. If that ever happened, the impact on the economy and everyone's super would be enormous – because super funds are heavily invested in bank shares and the market index. So don't focus on unlikely disasters. Park the funds in banks you trust, and focus on a long-term investment strategy that makes your money work for you. We run a self-managed super fund and are updating our estate plan. If one of us dies, do we have to wait for probate before the death benefit can be paid? Generally, an SMSF can pay a death benefit without waiting for probate. Superannuation is usually separate from the deceased's estate, so the fund's trustees can distribute the benefit as soon as they have the necessary documentation in place. Superannuation law does not require the payment to be delayed until probate is granted. Loading That said, it's essential to check the fund's trust deed, as it sets out the rules for how and when benefits can be paid. Special care is needed if the deceased was the only member of the fund, because there may be additional steps or restrictions to follow before the payment can be made. I retired two years ago and I am in pension mode. While I earn too much for the government pension, I'd like to clarify how my super pension works in practice.
Sky News AU
07-08-2025
- Business
- Sky News AU
ASX makes $410 million mistake
The Australian Stock Exchange is under fire for a $410 million mistake. When processing a market announcement, a market operator confused telco giant and Vodafone owner TPG Telecom with TPG Capital. The ASX incorrectly announced that TPG Telecom was buying Australian software provider 'Infomedia', whereas it was private equity group TPG Capital Asia making the acquisition. Naming the wrong company turned out to be a $410 million blunder as TPG Telecom stocks dropped four per cent.
The Guardian
23-07-2025
- Business
- The Guardian
Australian bookmaker Betr accused of drawing more than half of January gambling profits from 20 customers
A major Australian bookmaker has been accused of generating more than half of its gambling profits from just 20 customers in January. The accusation was made to the Australian Stock Exchange by the gambling company Pointsbet, which is resisting a hostile takeover bid by rival company Betr, which was previously partly owned by News Corporation. On Wednesday, Pointsbet's directors rejected Betr's offer and encouraged shareholders to instead accept a competing bid from the Japanese company, Mixi. During early states of negotiations, Pointsbet and Betr agreed to conduct due diligence and share financial and operational details. Sign up: AU Breaking News email After assessing that information, Pointsbet told the ASX that Betr had a 'less valuable and volatile VIP heavy customer base' and that shareholders would be exposed to Betr's existing operations if the bid were accepted. In April, Betr was reported as having around 340,000 customers. Around 150,000 were considered active. Pointsbet alleges that more than 50% of Betr's net win in January came from a tiny percentage of that customer base. Betr and Pointsbet were both contacted for comment. Both companies declined to clarify whether the January 2025 figures cited by Pointsbet were representatives of Betr's longer term financial and operational position. Pointsbet declined to state whether the January figures were an outlier. In its note to the ASX, Pointsbet told shareholders there were 'meaningful risks associated with a VIP-heavy customer base' including greater 'compliance and regulatory risks'. In May, Pointsbet was fined $500,800 by the Australian media regulator and subjected to enforceable undertakings after breaching breaching spam and self-exclusion laws. The Australian Communications and Media Authority accused Pointsbet of sending 508 marketing messages to people who had self-excluded themselves from gambling. Two years ago, a landmark report by an inquiry led by the late Labor MP Peta Murphy said gambling companies maintained 'VIP programs to incentivise people they regard as high value customers.' Financial Counselling Australia, which represents people who have been harmed by the gambling industry, told the inquiry that high value customers are often individually managed by bookmaker staff and encouraged to keep gambling. The group did not name Betr in its submission. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion The Murphy inquiry also recommended the federal government ban all gambling advertising after a three-year transition period. So far, the federal government is yet to formally respond to that recommendation. The Albanese's government's plan to restrict gambling advertising was delayed until after the election in the face of strong opposition from sporting codes and broadcasters. On Wednesday, the communications minister Annika Wells told parliament the government had resumed consultation with broadcasters, major sporting groups and some harm reduction advocates. 'I know the minister for social services [Tanya Plibersek] and myself have been working together on this and we are committed to continuing the work of the previous ministers from the first term,' Wells told question time. So far, sources familiar with the consultation say it has focused on identifying the main objections and testing support for compromises. They say the government intends to act by the end of the year. Wells did not commit to implementing Murphy's recommendation to phase out all advertising for online gambling, but said 'the work continues' on the government's agenda to address gambling harms. Lobbyists for major gambling firms have also been seen in Parliament House this week.
Forbes
08-07-2025
- Business
- Forbes
Double Top Signals A Potential Steep Fall In The Gold Price
Rising costs and hints of a double peak in the gold price is starting to rub the gloss off the goldmining boom. The combination of higher costs and the potential for a steep fall in the price of gold could be seen this week in the share price of Northern Star, Australia's leading miner of the metal. Beware a falling gold price A favorite of investors since the gold boom started three years ago Northern Star has suffered a 10.5% price fall on the Australian stock exchange over the past five trading days, extending its loss over the past month to 18% Investors and analysts were dismayed with a production update released by the company on Monday which contained an unexpected increase in production costs and future capital expenditure. Analysts at Citi, an investment bank, criticized Northen Star for the increase in capex which was 15% higher than they expected. Unwelcome Cost Surprise 'Northern Star needs to work on guiding the market as capex has moved up almost $2 billion for the 2026 financial year,' Citi said. 'Capex associated with the (ore processing) mill expansion such as a thermal power plant is news to us.' Despite the bank's dismay with the company's guidance for the new financial year it maintained a buy recommendation on the stock but lowered its share-price target from A$22 to A$21, which is significantly higher than the last sales at A$17.18. Easily the biggest of Australia's goldminers, the performance of Northern Star is seen by investors as a guide to the broader sector with the sell-off in its shares seen as pointer to a possible sector-wide decline as the reality of rising costs starts to bite. English actress Tania Mallet guarding a pile of gold in her role as Tilly Masterson in the 1964 ... More James Bond movie 'Goldfinger. Photo by Silver Screen Collection/) Until this week, there had been unbridled optimism that a rising gold price would wash away cost increases with the $1000 an ounce rise in the gold price over the last 12-months underpinning a 51% increase in the ASX gold index. But doubts have been building for months that the best of the gold boom has passed with a steep fall more likely over the next 12-months than a further uplift. Chartists who track the gold price have been looking with concern at the 'double top' evident in the price which hit a high of $3433/oz on April 22 and effectively repeated that price on June 13 when gold returned to $3435/oz after a period of flat trading between the twin peaks. A weaker period of trading appeared to be developing last week, offset by a fresh bout of confusion over U.S. tariff policy which has kept the gold price around $3330/oz. Charting is an imprecise art, but it can be useful in showing a pattern in trading as well as pointing to a future trend. A double top is seen as a sign of a bear market developing, a shift which could see gold quickly retreat below the $3000/oz mark with $2500/oz possible by the end of the year. If that downward trend develops, as indicated by the gold-price chart, goldmining companies which have been relying on a perpetually rising price will find their costs coming under close scrutiny.
