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In The News

6 things you need to know today

  • Optus has joined Telstra in offering compensation to customers who have not received National Broadband Network (NBN) speeds they were promised. Yesterday Telstra said it would refund around 42,000 accounts where advertised speeds could never be reached. Optus has confirmed it is working with the Australian Competition and Consumer Commission (ACCC).  "We are examining the detail of the announcement by the ACCC, but can confirm that Optus is taking action to provide appropriate remedies to those customers where it has been confirmed that the underlying NBN service cannot deliver the speed they signed up for," an Optus the spokesperson said.
  • Flight Centre managing director Graham Turner has this morning issued guidance that its businesses are “tracking towards a $120million to $135million underlying first half PBT [profit before tax].” “If achieved…it will also set us up for a solid full year result, which we expect will be between $350 million and $380 million for the 2018 fiscal year. This will represent 6.2%-15.6% growth on last year.”
  • Commonwealth Bank said on Wednesday its unaudited cash earnings were up 6%to $2.65 billion for its first quarter to the end of September. The nation's largest bank said its net interest margin rose over the quarter, as did its common equity tier 1 (CET1) capital ratio. (see Paul Rickard’s analysis).
  • The future of Rupert Murdoch's media empire is unclear following the arrest of Prince Alwaleed bin Talal, who held a 5% per cent voting stake that has ensured Mr Murdoch's control of the business. Next week 21st Century Fox investors will meet and attempt to take control of the media company. In reports, today Fairfax Media can confirm the Prince sold his 5% voting stake in the company more than a year ago.
  • Ardent Leisure Group yesterday announced the resignation chief executive officer and managing director Simon Kelly. Ardent Leisure Group Chairman, Gary Weiss noted “The Board of Directors is disappointed with Simon’s resignation and would like to thank him for his contribution to the Group and wish him well in the future.” Kelly had been in the job for just 6 months.
  • Overnight in the US, the Dow Jones was flat at 23,563, the S&P 500 was up 0.1% at 2,594, and the Nasdaq also finished up at 0.3% at 6,789. In Europe, the FTSE 100 was up 0.2% at 7,530, and the German DAX flat at 13,382.

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Published on: Thursday, November 09, 2017

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