Canadians raise takeover bid for Caltex Australia to $8.8 billion

Canadian convenience giant Alimentation Couche-Tard has boosted its bid for Caltex Australia, offering $8.8 billion for the fuel retailer in a drawn-out battle for control of the company. Couche-Tard has upped its bid for Caltex Australia.Credit:Peter Braig Caltex confirmed on Thursday the Quebec-based business had submitted a fresh indicative bid of $35.25 per share – an increase of 0.75c per share, or $187.3 million, on its previous offer. The fresh bid comes after Caltex’s board late last year rebuffed an $8.6 billion unsolicited cash offer from the Canadians, saying it…

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Coal power plant breakdown weighs on AGL profit

Throughout the period, there have been “many positives”, Mr Redman said.  AGL, a major owner of coal-fired power stations around Australia, said it was building a stronger and broader business amid “ongoing uncertainty for our sector”. In particular, it has been positioning itself as a market leader in battery technology, inking two deals during the half-year period to build grid-scale batteries in Queensland and New South Wales. AGL also commissioned the first new gas generation in the east-coast electricity market for seven years at Barker Inlet in South Australia. Loading…

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NAB flags another delay to MLC exit, citing ‘challenging’ conditions

“Work on operational separation has progressed well but the business environment remains challenging. This may defer exit beyond FY20,” NAB said. It is the second delay in a plan to offload the wealth business after NAB last February said that its plan to demerge MLC had been pushed back until 2020. It comes as wealth managers are grappling with heavy compensation costs, intense scrutiny from regulators, and a suite of new laws in response to the banking royal commission. Loading The update released on Thursday also showed NAB’s unaudited cash…

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AMP suffers $2.5b loss, scraps dividend

AMP’s has posted a $2.5 billion full-year loss and will not declare a final dividend after a rough first half to the financial year when the wealth giant was forced to launch a capital raise to offset the massive writedown on its wealth management business. Its results released on Thursday show, barring one-off costs, AMP’s underlying profit fell 32 per cent to $464 million and the wealth management earnings had also halved since the same time last year to $182 million. AMP CEO Francesco De Ferrari says 2019 was a…

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Telstra sees profits fall 7.6 per cent in December half

Telstra posted a 7.6 per cent fall in its half-year profit, hurt by continued pressure from the rollout of the national broadband network and higher competition in the mobile market. Net profit fell to $1.14 billion for the six months to December 31, from $1.23 billion a year earlier, the nation’s biggest telecom company said in a statement to the ASX on Thursday morning. Telstra declared a  total interim dividend of 8 cents per share. Telstra has seen a fall in first-half profit.Credit:AAP More to come… Reuters Business

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Peak pain ‘has yet to come’ for the world’s top steel industry

The pain being felt across China’s behemoth steel sector from the coronavirus outbreak is far from over, according to a senior industry analyst, who expects further near-term declines in prices, bulging inventories, and weaker demand before a recovery kicks in after several months. “The peak of the fundamental pressures has yet to come,” Wang Jianhua, chief steel analyst at Mysteel Research Institute, said in an interview. “While China is beginning to return to work, the rise in steel demand, activity is very limited, and it may take one to two…

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Bernie Sanders would ‘ruin our economy’ says Lloyd Blankfein

Blankfein wrote: “If Dems go on to nominate Sanders, the Russians will have to reconsider who to work for to best screw up the US. Sanders is just as polarising as Trump AND he’ll ruin our economy and doesn’t care about our military. “If I’m Russian, I go with Sanders this time around,” he added, referencing that country’s efforts to support Trump in 2016. The post quickly attracted thousands of comments from Sanders’ supporters — some of whom invoked Goldman’s position at the center of the 2008 financial crisis. “This…

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Business sweats out bushfire loan details

Mr Payton had been hoping to investigate concessional loans as a form of support for his business, which wasn’t physically hit by the bushfires but suffered from loss of trade. There are a range of grant and loan options available to bushfire-affected companies across the country at a federal and state level. ‘At the moment it’s a bit of a mess, it’s a bit all over the place … it really isn’t working and people are totally confused.’ Council of Small Business Organisations of Australia chief executive Peter Strong Business…

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Super giants funnel billions into fossil fuels, vote down climate push

Loading AustralianSuper, a $170 billion behemoth, has investments in at least three coal miners – Whitehaven Coal, BHP spin-off South32 and New Hope, which has two open cut coal mines in South East Queensland, according to disclosures. It also has money in eight oil and gas companies including China Gas and China Petroleum and Chemical Corp, whose parent company has been prosecuted for chronic pollution cases and multiple deadly pipeline explosions. AustralianSuper declined to comment on the investments. Hostplus, a $43 billion fund with members largely from the hospitality and…

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Culture of suspicion over sickies must change

Answer: This is an excellent question on a subject which I’m certain causes endless and unnecessary angst in the workplace. Friendly co-workers asking if you’re OK after time off is one thing – a benign thing, usually. But busybodies and clockwatchers feigning concern in an attempt to break down your “alibi” for a crime you haven’t committed is another thing entirely. I’m always reluctant to make generalisations, but these people spend hours of their workdays keeping detailed notes and ledgers on trivialities like other people’s sick days and then self-assess…

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