The Australian share market is tracking towards a weekly loss, with the ASX coming under pressure near noon (AEST) as miners and banks weigh down performance. Gold miner Regis notably fell following a disappointing guidance update. Conversely, major retailer Coles Group, one of Australia’s largest supermarket and retail giants, experienced a significant surge in its share price today after exiting a substantial $4 billion deal. In other market news, buy-now-pay-later firm Zip announced its intention to exit the New Zealand market.
Corporate governance and culture are also in focus, with employees of Macquarie Capital, the investment banking arm of Macquarie Group, reportedly writing to the board. Their complaints detail “unacceptable conduct” by managers within the high-profile division, highlighting internal concerns. Separately, a KPMG partner, Kim Lawry, has departed the firm after being removed from the Westpac audit. This follows a previous fine of $19,000 against Ms Lawry for viewing confidential Lendlease board papers prior to KPMG’s pitch for the Westpac audit file.
Further corporate developments saw Corporate Travel, an embattled agent, face more challenges as its company secretary and legal chief, Shelley Sorrenson, resigned. This adds to the firm’s woes as it contends with a looming accounts deadline and efforts to stave off insolvency. On the international trade front, Australia has lodged official objections against a new tariff imposed by US President Donald Trump. The government stated the US failed to justify its harsh levy, which penalises Australian efforts to combat modern slavery, and has called for a carve-out backed by the Business Council of Australia.
