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In The News

5 things you need to know today

  • This morning WorleyParsons has announced that it has entered into a binding agreement to acquire UK oil and gas operator AFW UK for an enterprise value of £182 million (A$303 million), pre-adjustments for surplus working capital and cash in the AFW UK business. The company said in a statement that the combination of the acquisition and the entitlement Offer to fund the acquisition is expected to be EPS accretive in the first year of ownership (pre-synergies, transaction costs and acquisition related amortisation). The Acquisition will be funded through a 1 for 10 fully underwritten, pro-rata, accelerated non-renounceable entitlement offer of approximately $322 million and existing WorleyParsons debt facilities.
  • In US economic data, the non-farm payrolls (employment) fell by 33,000 in September (forecasts +90,000) - the first fall in seven years. The unemployment rate fell from 4.4% to a 16-year low of 4.2% and average hourly earnings (wages) rose by 0.5% (forecast +0.3%). The Labor Department said that hurricanes Harvey and Irma reduced the estimate of September payrolls. Wholesale sales rose 1.7% in August (forecast flat). Consumer credit rose $13.06 billion in August (forecast $16 billion). 
  • On Friday, the Dow Jones closed down 1.72 points at 22,773.67, the NASDAQ finished up 4.82 points at 6590.18, and the S&P 500 fell 2.74 points to 2549.33. In Europe, the FTSE 100 closed up 14.88 points at 7522.87 and the German DAX closed down 12.1 points at 12,955.90. This morning the SPI futures was down 6 points or 0.1% to 5691.
  • Former controversial CEO of Australia Post Ahmed Fahour has been promoted to executive chairman at ProPac. Previously he was non-executive chairman of the packaging group. Australia Post paid Fahour a total of $10.8 million after he left earlier this year. (SMH)
  • The Department of Defence has admitted it should have warned the public about a chemical contamination scandal three years earlier than it did. An ABC Four Corners investigation has also revealed that Defence misused the toxic firefighting foam for decades, after receiving explicit warnings dating back to 1987 that the product must not enter the environment. The scandal was only revealed to Williamtown residents who live near the Royal Australian Air Force base there in September 2015. It will cost hundreds of millions of dollars to clean up the problem nationwide.

 

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Published on: Monday, October 09, 2017


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