Tag Archives: Investing/Securities

Texas Blackout Raises Australian Banks To $ 215 Million | Instant News


Freeze it plunging millions of Texans into darkness rippling through energy markets in unpredictable ways, yielding financial gains for Australian banks and severe suffering for other companies caught in the disruption.

Extreme weather froze wind turbines and oil and gas wells, shut down oil refineries and pushed power plants out of operation, sending shocks through energy markets. Wholesale electricity prices skyrocketed, as did spot prices for natural gas in Texas, Oklahoma, Kansas, and Arkansas.

The turbulence brings profit to commodity traders at Macquarie Group Ltd. Australia, whose ability to deliver gas and electricity across the country allows it to take advantage of soaring demand and prices in states like Texas.

The bank raised its guidance on Monday for revenue this year through March to reflect windfall winds. It said that the net profit after tax would be 5% to 10% higher than for fiscal year 2020. That equates to an increase of up to 273.1 million Australian dollars or the equivalent of approximately $ 215 million. In an earlier guide, issued Feb.9, Macquarie said it expects profits to drop slightly in 2020.

“Extreme winter weather conditions in North America have significantly increased short-term client demand for Macquarie’s ability to maintain critical physical supplies across the commodity complex, and in particular in relation to gas and electricity,” the bank said.

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Credit Suisse Booked Losses Despite Encouraging Investment Bank | Instant News


Credit Suisse Group AG said a strong start to the first quarter boosted its growth ambitions this year large legal fees and impairment pushing it to a fourth quarter loss.

The Swiss bank reported a loss of 353 million Swiss francs Thursday, the equivalent of $ 393 million, for the fourth quarter. Analysts estimated the loss to be around 566 million Swiss francs.

Even in a difficult year, Credit Suisse fared better than many European rivals as its loans in Switzerland and the global wealthy were caught in the pandemic. Together with Wall Street competitors, his investment bank booked additional fees from clients trading in the volatile market last year and from companies that raised capital or needed deal advice.

On Thursday, it said the investment banking arm experienced a more than fivefold jump in pretax profit to $ 318 million in the fourth quarter, with the largest revenue contribution coming from helping companies increase their equity and bond financing.

Fourth quarter profit before tax also rose in Credit Suisse Asia-Pacific division, by 18% to 237 million Swiss francs, while revenue and profit before tax fell at Swiss banks and international wealth management units.

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Futures Rise After Capitol Riot Inquiry Commission Is Announced | Instant News


AstraZeneca Covid-19 vaccine bottle

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Shares down in Japan, Australia; most Asian markets are closed for holidays | Instant News


Stocks fell in Japan and Australia on Friday, with most other major Asian markets closed for the Lunar New Year holiday.

Japanese Nikkei 225
I,
-0.26%
,
which was closed Thursday for a public holiday, slipped 0.3%. S & P / ASX 200 Australia
XJO,
-0.62%

down 0.5% after the state of Victoria, where Melbourne is located, enforce lockdown on coronavirus for at least five days, starting Saturday. The new restrictions were announced after the COVID-19 outbreak at quarantine hotels.

Other Asian markets, including Hong Kong, mainland China, South Korea, Taiwan and Singapore, were closed for holidays. The Chinese market will reopen next Thursday, while the Hong Kong market will reopen Tuesday.

In the energy market, the US crude oil benchmark
CLH21,
-0.70%

it slid to $ 57.79 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude
BRNJ21,
-0.62%
,
the global benchmark, fell to $ 60.72 a barrel in London.

Dollar
USDJPY,
+ 0.04%

little changed at 104.82 yen.

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If Google pulls out of Australia, the prime minister says Microsoft Bing can replace him | Instant News


CANBERRA, Australia – The Australian Prime Minister said on Monday that Microsoft believes it can fill the void if Google carries out its threat to remove search engines from Australia.

A Google executive said at a Senate hearing last month that it will likely make its search engine unavailable in Australia if the government goes ahead with plans to get the tech giant to pay for news content.

Prime Minister Scott Morrison said he had spoken with Microsoft
MSFT

chief executive Satya Nadella about the Bing search engine filling the space.

“I can tell you, Microsoft is pretty sure” that the Australian people could not get any worse, Morrison told the National Press Club of Australia.

“This is a big technology company and what’s important for Australia, in my opinion, is that we set the right rules for our people,” said Morrison.

“Having a news environment in this country that is sustainable and commercially supported, then this is important for how democracy functions,” he added.

Although Bing is the second most popular search engine in Australia, it has only a 3.7% market share, reports The Australian newspaper. Alphabet
GOOGL

GOOG

Google says it takes up 95%.

Nadella started Zoom’s conversation with Morrison last week, the newspaper reported.

A Microsoft spokesman did not immediately respond to a request for comment.

The mandatory code of conduct proposed by the government aims to create Google and Facebook
FB

pays Australian media companies fairly for using news content that is sucked up by the technology giants from news sites.

Google has faced pressure from authorities elsewhere to pay for news. Last month, they signed a deal with a group of French publishers that paved the way for companies to make digital copyright payments. Under the agreement, Google will negotiate individual licensing deals with newspapers, with payments based on factors such as the amount of internet site traffic published daily and monthly.

But Google rejected the Australian plan because it would have little control over how much it pays. Under the Australian system, if the online platforms and news businesses cannot agree on a price for news, the arbitration panel will make a binding decision on payment.

Morrison said he wanted to see “more alignment between the world economies” on the issue of antitrust and competition policy.

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