Stephen Bartholomeusz

Money talks in the Fairfax-Macquarie radio merger

The merger of Fairfax and Macquarie's radio networks has compelling commercial logic, and ought to generate considerable cost and revenue synergies.

The markets are bracing for the Fed's moment of truth

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The prospect that the US dollar might overshoot could complicate the normalisation of US interest rates, which could spark more volatility and a fresh bout of unintended consequences.

Will a commodity price collapse foil BHP's demerger?

A savage fall in commodity prices has sparked debate about whether the demerger of BHP's non-core assets should proceed.

The nasty repercussions of a shifting energy market

The unintended consequences of ultra-loose monetary policies are being felt in commodity and financial markets, and hint at more turbulent times ahead.

NAB is a step closer to offloading its British burden

NAB chief executive Andrew Thorburn knows he needs to end the bank's troublesome exposure to its UK assets, but costly conduct provisions could make it hard for a clean UK exit.

Why Woodside's big bet could pay off

Woodside's acquisition of Apache's oil and gas assets will bridge the gap in its growth profile, but will disappoint those investors hoping for more capital management initiatives.

It's not all fiscal doom and gloom for Hockey

Despite delivering a gloomy set of numbers, Joe Hockey's upbeat tone suggests Australia's fiscal headwinds could be offset by some positive external influences.

Recall can afford to rebuff an Iron Mountain bid

Recall has long been a compelling target for Iron Mountain, but the US company is unlikely to succeed in a takeover bid with anything other than a obviously generous offer.

A win-win deal for Telstra and NBN Co

The new deal will see Telstra get the same $11bn as per the original 2011 agreement, while the telco will progressively transfer ownership of its copper and HFC networks to NBN Co.

The building blocks for a new-look Leighton

Leighton's sale of its John Holland construction division will streamline the company and could lead to it being re-made in the model of ACS and Hochtief.

Squeezed Santos makes a sensible decision

Santos had no choice but to slash costs to ensure its near-term financial stability. Its priority will to be avoid a punitively dilutive equity before its LNG plants begin gushing cash.

Why markets were caught short by the commodities sell-off

The severity of the sell-off in commodities suggests that markets vastly underestimated the impact of the unwinding of carry trades alongside spluttering growth in China and weakness elsewhere.

Why APA Group paid top dollar for a prized pipeline

The strategic benefits from the acquisition of the QCLNG pipeline will see APA Group cement its dominant position in the east coast gas transmission sector.

The oil plunge has Santos in a financial bind

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A cut to the energy group’s credit rating has rubbed further salt into its wounds, but a debt issue may be needed to shore up the company’s balance sheet.

Calmer conditions help Alan Joyce beat Murphy’s Law

Qantas is on a much smoother flight path now, but only some of that comes down to the airline's CEO. Most it reflects reduced competition, oil and the dollar’s dip.

Why the majors are unfazed by the Murray inquiry

The market already expects the big four to shift their strategies to blunt the material impact of potential changes to risk weights and capital requirements.

Qantas charts its path towards a turnaround

Despite the initial trauma of its controversial transformation program, Qantas appears to be carving out structural gains and a return to profitability.

Murray's modesty highlights the financial system's virtues

In spite of its treatment of the big four banks, the inquiry's conservatism suggests the financial system is already fairly robust.

Rio finds aluminium's silver lining

As the price of iron ore dives, a continuing surge in earnings from Rio Tinto's costly aluminium division could become important in the short to medium term.

Why Santos was right to shelve its EU debt issue

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A debt raising would be a prohibitively expensive exercise given a plunging oil price and spiking yields on existing issues from energy companies.