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5 things you need to know today

  • After a meeting with Malcolm Turnbull and Energy Minister Josh Frydenberg in Canberra on Monday, AGL chief executive Andrew Vesey agreed to take to the board a proposal to keep the Liddell power station in the NSW Hunter Valley open for five years beyond its 2022 close date. The government expects to hear back from AGL within 90 days. However, in in a statement Vesey said that while the proposal would be taken to the board, the company's future lay in renewable energy and large-scale battery development.  "We just don't see new development of coal as economically rational, even before factoring in a carbon cost," Vesey said.
  • QBE chief executive John Neal will step down at the end of the year to be replaced by former group CFO Pat Regan. Regan currently heads QBE's Australian and New Zealand operations and will take over on January 1 following a transition period alongside Mr Neal.  Neal led QBE for five years, but this year lost more than $550,000 in pay for a delay in telling his board about a relationship with his personal assistant but chairman Marty Becker said succession planning had been ongoing for the past two years.
  • Charlie Keegan, the CEO of Ardent Leisure's US-based Main Event business, will step down on November 24 after more than 10 years with the business. Keegan will consult for the business over the next 12 months to facilitate an orderly transition.A global search firm has been started to find a suitable successor to lead the Main Event business through its next phase of development, the company said in a statement on Tuesday.
  • Overnight the Dow Jones Industrial Average rose 1.19 per cent to 22,057.37 points in its largest one-day gain since February. The S&P 500 gained 1.08 per cent to 2,488.11 and the Nasdaq Composite added 1.13 per cent to 6,432.26. In Europe theFTSE 100 index gained 0.49 per cent to 7,413.59 points and. Germany's DAX rose 1.39 per cent to 12,475.24.
  • At 0700 AEST on Tuesday, the share price futures index was up 31 points, or 0.54 per cent, at 5,736.

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Published on: Tuesday, September 12, 2017


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