Macquarie Group’s profit has climbed to $1.7 billion, although the result has fallen short of analyst expectations, triggering a slide in the company’s share price. Macquarie is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. The company operates globally, with a strong presence in Australia.
The result was buoyed by performance fees within the asset management division. Meanwhile, Qantas has indicated that corporate travel is weakening in certain areas, leading the airline to reduce its revenue growth forecasts to the lower end of its previously issued guidance. This adjustment comes after ANZ and Westpac announced significant job losses, which are expected to impact demand for corporate travel.
In other news, a former contractor for the ASX has alleged that the sharemarket operator fabricated complaints to remove him after he raised concerns about an upgrade project, describing it as being ‘like the Titanic’. Elsewhere, Energy Minister Bowen has dismissed concerns about a potential loophole involving BYD and NVES, stating that the company is storing cars for anticipated sales, not to exploit environmental credits.
