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The Australian

Good morning,

Donald Trump has threatened China with an extra 50 per cent tariff amid wild swings on Wall Street. Veteran stock picker Kerr Neilson has warned there will be no quick return to normality as long as the US and China are at odds over trade, while other fund managers are recommending clients take advantage of the upheaval to buy good stocks at bargain prices.

Meanwhile, troubled casino operator Star Entertainment Group has accepted a $300m buyout offer from US-based Bally’s Corp, saving it from the brink of financial collapse. Pubs billionaire Bruce Mathieson, the embattled casino operator's biggest single shareholder, will potentially kick in an additional $100m.

And it’s well-worn but it is worth repeating Warren Buffett’s market advice to be greedy when others are fearful and to be fearful when others are greedy, says wealth editor Julie-anne Sprague as she looks at how Australia's wealthy tackle market meltdowns.

Vesna Poljak

Business editor

The markets

Making news this morning

1

Scammers siphon $406,000 from pensioner’s AusSuper account

A 74-year-old Queensland woman has had her life savings stolen by scammers who targeted and accessed her AustralianSuper account. The fund took a full week to alert the public of any fraud risk.

2

Medibank told to hand over cyber attack reports

Medibank will be forced to hand investigative reports probing Australia’s worst cyber attack to its customers, who are suing the private health giant after their data was leaked on the dark web.

3

Tech employee sacked because firm ‘lost confidence’ in him

The Federal Court has heard TechnologyOne founder Adrian di Marco denied knowing an employee was suffering from mental health issues prior to dismissing him.

Editor's picks

ACU drops ‘Jewish’ from centre’s name

Officials at the embattled university are set to discuss a new project’s name, but they’re worried about including the word ‘Jewish’ in case of a donor backlash. Seems very narrow-minded to us.

By YONI BASHAN, NICK EVANS

Billionaire’s election plea: ‘Force Meta to operate from Australia’

Andrew Forrest says whoever wins the federal election needs to force Facebook owner Meta to base its Australian operations via a local entity to stop it bypassing the country’s laws and facilitating organised crime.

When investment wisdom counts: Don’t panic in sharemarket plunge

Nothing unites fund managers like a market storm and the worst sell-off since 2020 has the bulls running to the history books.

By ELI GREENBLAT

Commentary

For markets, Trump has become the ultimate key man risk

By ERIC JOHNSTON

Associate Editor

The Trump dump has delivered extreme moves, however there’s one important thing that is so far preventing this becoming a full-blown financial crisis.

Pain at the supermarket: how to save money

By ANTHONY KEANE

Personal finance writer

Shopping hurts hip pockets more than ever but supermarkets are not price gouging. Here’s what you can do.

DataRoom

→	Storage King sale poses questions over worth of Abacus demerger

Many in the market were reading the sale of Abacus Storage King to the interests of its key shareholder Nathan Kirsh and Public Storage as a concession that its demerger was the wrong call.

→	Stonepeak outlays $5.7bn for stake in Woodside’s LNG Infrastructure

Infrastructure investor Stonepeak is understood to have fended off competition from Williams and GIP to acquire a 40 per cent interest in Woodside’s Louisiana-based LNG Infrastructure.

→	Investors snap up 5pc stake of Peter Warren

Could automotive dealer Peter Warren finally have a suitor in the form of a rival?