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5 things you need to know today

  • Prime Minister Malcolm Turnbull is being urged by the Greens and Labor not to "bully" energy company AGL into keeping its coal-fired power station in the NSW Hunter Valley open past its planned closure date.  The prime minister and Energy Minister Josh Frydenberg will meet with chief executive Andy Vesey in Canberra on Monday afternoon, hoping to extend the life of the Liddell plant past 2022. AGL last week said it had no plans to do so.
  • Tabcorp expects to complete its $11 billion mega merger with gaming rival Tatts on November 1. Tatts shareholders are scheduled to vote on the scheme of arrangement on October 18, before a second court hearing into the merger six days later. "With substantially all pre-implementation regulatory approvals now in place, we look forward to continuing to work with Tatts to successfully complete the transaction," Tabcorp chairman Paula Dwyer said in a statement. Tabcorp said the scheme is worth between $4.25 and $4.67 per Tatts share, which represents a premium over their independently assessed value of $3.68 to $4.00.
  • On Friday, the Dow Jones Industrial Average rose 0.06 per cent to 21,797.79, the S&P 500 lost 0.15 per cent to 2,461.43 and the Nasdaq Composite dropped 0.59 per cent to 6,360.19. London's FTSE100 fell 0.26 per cent to 7.377.60 as the German DAX rose 7.35 points to 12303.98.
  • At 0700 AEST on Monday, the share price futures index was down two points, or 0.04 per cent, at 5,667.
  • Macquarie Group has updated the market on its short-term outlook. “As a result of stronger performance fees now anticipated to be recognised in the first half, the 1H18 result is expected to be up on 1H17 and broadly in line with 2H17, subject to the conduct of period end reviews and the completion rate of transactions,” the group said in a statement.  “We are seeing the ongoing benefits of continued cost initiatives, our balance sheet is strong and conservative, and we have a proven risk management framework and culture.

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Published on: Monday, September 11, 2017


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