Role-swap for Magellan chairman and CEO
Fund manager Magellan Financial Group has announced a role-swap for its chairman and chief executive, ahead of its annual general meeting on Thursday. The company said current chair Dr Brett Cairns will move to chief executive officer and assume all operational duties effective from Friday, while co-founder Hamish Douglass is heading the other way, though…
CommSec Daily Report Monday
Latest NewsLocal shares fell in early trade on Monday before a recovery into lunch. The Healthcare sector led declines for the Index after Prime Minister Morrison announced plans for a Royal Commission into the aged care sector at the weekend. By contrast Telecoms and Utilities Only two sector managed to advance against the tide of…
Twitter to verify those behind hot-button US issue ads
Twitter on Thursday started requiring those behind hot-button issue ads in the US to be vetted as part of the effort by the social network to thwart stealth campaigns aimed at influencing politics.The tightened ad policy included requiring photos and valid contact information, and prohibited state-owned media or national authorities from buying political ads to…
Goodman Group Full Year Result
Goodman Group (GMG) beats its own earnings guidance Goodman Group (GMG) has reported a 9% lift in full year operating profit to $845.9 million and delivered an optimistic outlook for FY19. Click Here to view report & videoFor more Reporting Season coverage Click Here
Cormann defends energy prices modelling
Power prices will fall further than recent reductions under the Turnbull government’s proposed National Energy Guarantee, Finance Minister Mathias Cormann says. The minister has rejected former prime minister Tony Abbott’s claims that cast doubt on the estimates of a $550 a year saving on household electricity prices from the coalition’s technology-neutral policy, which will be…
Facebook cracks down on bogus posts inciting violence
Facebook on Wednesday built on its campaign to prevent the platform from being used to spread dangerous misinformation, saying it will remove bogus posts likely to spark violence.The new tactic being spread through the global social network was tested in Sri Lanka, which was recently rocked by inter-religious over false information posted on the world’s…
Australian cannabis company prepares for North American expansion
Australian medicinal cannabis company The Hydroponics Company (THC) is preparing for expansion in Canada ahead of the country’s legalization of recreational marijuana use later this year. The Chairman of THC Steven Xu and acting CEO Ken Charteris have recently returned to Australia from Canada, where they were reviewing operations of company subsidiaries Crystal Mountain Products…
Ford bets its future on new Detroit hub
Bill Ford Jr., the great-grandson of the American carmaker’s founder, stood in front of thousands Tuesday in Detroit, with an abandoned train station in the background, and entwined the company’s future with that of the dilapidated building behind him. ‘This station is a symbol,’ Ford declared. ‘We’re making a big bet on our future.’The company –…
China deal boosts Bubs
Bubs Australia shares have surged after the infant formula provider agreed to supply China-based New Times Asia with products to be sold on up to 20 e-commerce platforms in China. New Times Asia specialises in providing e-commerce platforms with well-known brands, including numerous imported infant formula and milk powder brands. New Times Asia has committed…
Treasury Wine sinks on over-supply reports
Shares in Penfolds maker Treasury Wine Estates have touched a four-month low amid reports it is facing an over-supply of its wine in China. The company’s shares hit a low of $15.64 on Thursday after Fairfax Media reported that several distributors in China are sitting on large amounts of stock that is not selling. The…
