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5 things you need to know today

  • Westpac Banking Group has this morning announced a full year cash profit of $8.062 billion versus consensus forecasts for $8.162b. It was a 3% increase on the previous year. Westpac's CEO Brian Hartzer said the major bank levy had a $66 million impact on cash earnings at the bank in FY17. The bank said that it had made $169 million in customer refunds and payments in which weighed on full year earnings by 1.5%. The bank flagged margin compression flowing from mortgage switching from interest only to principal and interest and reduced transaction fees from ATMs.
  • A massive leak of tax haven records has revealed that US Secretary of Commerce Wilbur Ross has a stake in a shipping company that has received more than $US68 million in revenue since 2014 from a Russian energy company co-owned by the son-in-law of Russian President Vladimir Putin. The Paradise Papers, published on Monday after a year-long investigation, were obtained by German newspaper Süddeutsche Zeitung and shared with the International Consortium of Investigative Journalists and its media partners.
  • The Paradise Papers reveal that mining company Glencore secretly loaned tens of millions of dollars to Israeli billionaire Dan Gertler after it enlisted him to secure a controversial mining agreement in the Democratic Republic of the Congo. The Paradise Papers, include more than 6 million from within Appleby, one of the world’s leading and most secretive offshore law firms. Closer to home, the Australian arm Glencore has been involved in cross-currency swaps of up to $25 billion of a type under specific investigation by the Australian tax office.
  • Myer shareholders have been warned against falling into Solomon Lew’s ‘trap’ by enabling him to exert control without making a takeover bid. Proxy adviser Ownership Matters has recommended Myer shareholders vote in favour of all resolutions at the November 24 annual meeting. Lew’s Premier Investments has asked shareholders to appoint Premier as their proxy at the AGM.



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Published on: Monday, November 06, 2017

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