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Macquarie staff in German tax scam probe

Macquarie’s chief executive and her predecessor are among 60 present and former staff to be named as suspects by German authorities, the Australian bank said, as Germany’s biggest post-war fraud probe into sham trades unfolded. Macquarie says prosecutors would likely want to interview Macquarie’s former chief executive Nicholas Moore and Shemara Wikramanayake, the previous head…

Genworth Mortgage Insurance names new CEO

Genworth Mortage Insurance Australia has named a KPMG partner to serve as its next chief executive and managing director. Pauline Blight-Johnston, a former AMP and Challenger executive, will take over from acting chief executive Duncan West on March 2. He’s been serving as acting CEO since January 1 after Georgette Nicholas retired. Ms Blight-Johnston “has…

ASX closes flat but CSL hits new highs

Australian stocks have given up nearly all of their gains, but are still on track for their best month in decades. The benchmark S&P/ASX200 index closed Friday up 2.5 points, or 0.04 per cent, at 7,090.5 points while the broader All Ordinaries index was up 4.2 points, or 0.06 per cent, higher at 7,203.2. The…

Energy Regulator backs SA-NSW power link

The Australian Energy Regulator has backed the proposed interconnector between South Australia and NSW but has slashed the estimated benefits to consumers. The AER says the $1.5 billion proposal will help the long-term transition to low emission technologies and help prevent blackouts in SA. Chairwoman Clare Savage says it assessed ElectraNet’s proposal across a range…

CommSec Daily Report Friday

Latest News The Aussie market has started Friday’s session on a more positive note after suffering its worst fall of 2020 so far yesterday. The ASX 200 is lifting 21 points or 0.3% to 7109 just before midday and is on track for its third weekly gain for the year. Leading improvements are financials, healthcare…

Village Roadshow attracts new suitor

Takeover target Village Roadshow said private equity firm BGH Capital has made an unsolicited offer of $776.9 million for the Australian firm that backed films like ‘The Great Gatsby’ and ‘Joker’. The offer of $4 per share in cash was a cent higher than the share indicative offer that it received in December from another…

Australian shares regain ground

Australian stocks have rallied after the local market posted its worst day for 2020 amid profit warnings and fears about the deadly virus outbreak in China. The benchmark S&P/ASX200 index was up 19 points, or 0. 27 per cent, at 7,107 points at 1015 AEDT while the broader All Ordinaries index was 19.8 points, or…

Trump’s Mideast peace plan to be revealed

US President Donald Trump says he’ll likely release the long-awaited White House Mideast peace plan before his meeting next week with Israeli Prime Minister Benjamin Netanyahu and his main political rival Benny Gantz. “It’s a great plan. It’s a plan that really would work,” Trump told reporters on Air Force One en route to a…

IAG flags earnings hit after hailstorms

Insurance Australia Group has told its shareholders the hailstorms that pounded Canberra, Melbourne and Sydney will hit its earnings. The insurer has received more than 28,000 claims of home and vehicle damage from the hailstorms this week and now expects them to result in a pre-tax cost of $169 million. IAG expects insurance margin guidance…

China virus, earnings drive Wall St lower

US stock indexes have fallen as mounting worries over a coronavirus outbreak in China, disappointing corporate earnings and weakness in financial stocks prompted investors to hit the brakes after a strong rally this year. China put on lockdown two cities at the epicentre of the coronavirus outbreak that has killed 17 people and infected about…