Insights

The sharemarket fell nearly half a per cent as investors took profits after recent record highs reached by three of the big four banks.

Reserve Bank governor Glenn Stevens has effectively confirmed Joe Hockey is blowing several hundred million dollars in an attempt to make his performance as Treasurer look good. Never underestimate the vanity of politicians.

Australia's suburbs and regions are the next growth sector for serviced apartments as the weight of offices and workers shifts to city fringes, the Quest group says.

Diversified trust Stockland says there are definite signs the residential sector, in which it operates, has turned the corner, but cautions that the business is trading off a low base.

The number of new leases signed in Sydney and Melbourne in the past few months, including by Telstra and Thiess, has led to a crunch in the availability of office sublease space around the country.

The corporate watchdog has abandoned an international investigation of Jack Flader, the mastermind of Australia's biggest superannuation fraud.

The building industry is suffering from a plague of corporate collapses as tight margins and sluggish demand push a growing number of operators to the wall.

The building is a sacred place with a feminine touch, writes Stephen Crafti.

Abacus Property Group has offloaded one of south-east Melbourne's largest retail investment properties to private investors for $31.5 million, on a yield of 9 per cent.

Sales

The thirst of Japanese companies for Australian food and beverage businesses appears to be unquenchable, with Japan's Kirin taking a 9.9 per cent stake in the much sought after Warrnambool Cheese and Butter Factory.

Reserve Bank governor Glenn Stevens has declared the value of Australia's dollar still appears too high, and at current levels of above US95¢ it lacks support of economic fundamentals.

Saputo chief executive Lino Saputo jnr said the Canadian dairy giant would have no business without paying farmers a competitive price for milk as he moves to address Warrnambool Cheese & Butter suppliers' concerns at a series of meetings this week.

Engineering and property services group UGL intends to play a leading role in any rationalisation of the engineering services sector, as it continues to cut costs and borrowings amid continued soft trading conditions.

The Australian banks are at the top of their game. In the opinion of some that makes them a sell, but betting against them has been a loser's strategy and the 11 per cent higher $6.5-billion September year profit that ANZ chief executive Mike Smith handed down on Tuesday suggests that state of affairs will continue.

Japanese-owned dairy, beer and wine group Kirin has thrust itself into an increasingly furious and costly three-way takeover battle for Warrnambool Cheese & Butter as it seeks to use a freshly acquired blocking stake to protect the viability of its cheese brands Coon and Cracker Barrel.