Macquarie Rails Against Bank Levy

Macquarie Group says it expects to make another annual profit of around $2.2 billion despite the impact of the federal government’s new bank levy, and it made sure shareholders at yesterday’s annual meeting heard a lot more about the iniquities of the levy and less about the group’s performance.

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Macquarie Agrees To Buy Cargill Power & Gas

Macquarie Group has moved deeper into commodities with its second deal with US group, Cargill in as many months – this time to by the American commodities giant’s North American power and gas trading business. The deal comes just under three months after Macquarie bought Cargill’s oil trading business for an undisclosed amount.

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Earnings Mix Shifts For Macquarie Group

Macquarie Group ((MQG)) surprised the market with a strong cash profit for FY17 of $2.22bn, and a second half dividend of $2.80 also beat many expectations. The diversified financial business made record gains on sale revenues and the lowest impairment expense since 2012. This is also the third consecutive year of a falling tax rate. Macquarie Group is divesting assets and investments in prevailing conditions and reducing staff and its business footprint. FY18 guidance is for a flat outcome and a tax rate similar to FY17.

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‘Satisfactory’ Macquarie Marked Down

The Australian investment community is a curious beast – it blindly cheers companies doing well without question, then at the first hint of a problem, out comes the ‘sell orders’ and there’s a brutal realignment which quite often is nothing more than an overreaction by hedge funds looking for an easy turn in a falling market by shorting the shares in question.

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