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Published on: Tuesday, August 08, 2017

  • In light of the civil penalty proceedings initiated by AUSTRAC last week, the CBA Board has axed the 2017 bonuses for the CEO and other senior executives. “In reaching this conclusion the overriding consideration of the Board was the collective accountability of senior management for the overall reputation of the Group”, said CBA chair, Catherine Livingstone. “The Board also recognised that it has shared accountability and therefore has decided to reduce NonExecutive Director fees by 20 per cent in the current 2018 financial year”. Livingstone said the Board retains full confidence in CEO Ian Narev.

CBA CEO, Ian Narev.

  • US share markets finished higher after a quiet day of trade (US Congress and President Trump are on holidays and earnings season is winding down, contributing to the low volumes in the market). The Dow was up by 26 points or 0.12% to 22,118.42 – its ninth record closing high in a row (AAP). The NASDAQ rose 30 points or 0.51% to 6,383.77, while the S&P 500 rose 4.08 points or 0.16% to 2,480.91. 
  • Oil prices eased on Monday by 0.4%. Reports suggest that production at Libya’s largest oil field – Sharara – is recommencing, following a brief disruption by armed protestors (Reuters). The rebound in production prompted selling among investors. Investors will also be looking to a meeting between officials from a joint OPEC and non-OPEC technical committee, to discuss ways to boost compliance with the deal to curb production by 1.8 million barrels per day. Brent crude fell US5 cents or 0.1% to US$52.37 a barrel, while US Nymex fell US19 cents or 0.4% to US$49.39 a barrel.
  • Transurban announced a net profit of $209 million in FY17, from $22 million one year earlier – an increase of 850%. Statutory group revenue rose 24%, from $2.21 billion in FY16, to $2.73 billion in FY17. Proportional toll revenue rose by 10.6% to $2.15 billion. The toll group also forecast a full-year dividend of 56 cents for FY18, an increase of 8.7% on the FY17 distribution. 
  • At 0700 AEST on Tuesday, the share price futures index was up 12 points, or 0.21 per cent, at 5,718.

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