Australian shares rose near midday AEDT, driven by a rally in banks and miners. Bank of Queensland (BOQ) experienced a significant surge, jumping nearly 4 per cent after reporting improved annual profits. In other news, Commonwealth Bank (CBA) has confirmed that Matt Comyn will remain as CEO for at least three more years, providing stability at the helm of Australia’s largest bank.
Sydney-based software company Phocas has been acquired by US private equity firm Accel-KKR in a deal valued at $500 million. Phocas provides business intelligence software, helping companies analyze data and improve decision-making. One of the founders intends to remain involved in the company’s operations following the acquisition. Meanwhile, Qantas Loyalty remains confident in its ability to meet its $1 billion earnings target, despite potential changes to card payment surcharging regulations.
Globally, concerns are growing regarding private credit markets, with JPMorgan Chase CEO Jamie Dimon expressing caution. In other international developments, BHP is considering reopening defunct copper mines in the United States. These decisions are influenced by factors such as market dynamics and geopolitical strategies. The company wants to restart operations in Arizona in a move separate to the giant Resolution Copper project.
Finally, concerns have been raised about Australia’s fuel reserves, with reports indicating the country holds less than one month’s worth of jet fuel, petrol, and diesel in storage, placing it behind in meeting international treaty obligations.
