Ex-RBA Governor joins Macquarie

Its shares have surged more than 10 per cent since it said last month it expected a solid first-half profit.

Former Reserve Bank governor Glenn Stevens has jumped from being the nation's chief financial regulator to a seat on Australia's biggest investment bank Macquarie Group. Net operating income rose 3.4 per cent to $5.4 billion as performance fees more than tripled to $537 million. As recently as last month the bank had pointed to a full-year result broadly in line with the prior year's all-time high profit.

"The group remains well positioned, with a strong and diverse global platform and deep expertise across a range of products and asset classes", Chief Executive Officer Nicholas Moore said. Its annuity-style operations now contribute the bulk of the bank's earnings. But the profit contribution from its commodities and global markets arm fell 23 per cent during the period.

A professional economist, Stevens is credited with developing Australia's successful inflation targeting framework for monetary policy, in addition to influencing central banking internationally.

Mr Stevens led the RBA through the GFC and framed the policy that drove official interests rates down to the current record level of 1.5 per cent.

As well, Chief Financial Officer Patrick Upfold will from the start of the year take over as chief risk officer from Stephen Allen, who will retire after 25 years at Macquarie.

The bank said strong performance fees helped lift net profit 19 percent to A$1.25 billion ($957.75 million) in the six months to September 30, well above the average A$1.14 billion forecast of analysts according to Thomson Reuters I/B/E/S.

Macquarie plans to pay an interim dividend of A$2.05 a share, up on the A$1.90 payout a year earlier.

Like this



27 October 2017
Cabot Oil & Gas Corporation (COG) Analysts See $0.11 EPS
Comerica Commercial Bank holds 0.03% or 138,641 shares. (NYSE:PX) has "Buy" rating given on Wednesday, June 21 by Jefferies. Her Majesty The Queen In Right Of The Province Of Alberta As Represented By Alberta Invest Mgmt accumulated 914,492 shares.

27 October 2017
Brit faces media ahead of Joshua vs Takam
He wants to put on a show while doing so. "I get sent pictures of me on billboards", the WBA and IBF heavyweight champion said. is reporting from Cardiff in association with Betfair - for latest odds go here.

27 October 2017
How Powerful Is Your Iranian Passport?
Historically, the top 10 most powerful passports in the world were mostly European, with Germany having the lead for the past two years.

27 October 2017
Taj Mahal 'India's Gem', Committed To Its Conservation: Yogi Adityanath
He alleged that the previous governments had worked for the benefit of criminals and anti-social elements. Dinesh Sharma and state Tourism Minister Rita Bahuguna Joshi were present on the occasion.

27 October 2017
Vale Q3 Profit Surges On Higher Prices, Volume
Wall Street analysts are predicting that Vale S.A. (NYSE:VALE) will report earnings per share of $0.33 in their quarterly report. For the current quarter Vale S.A. (NYSE:VALE) has high EPS estimates of $0.61 in contradiction of low EPS estimates of $0.03.

27 October 2017
The Duke Energy Corp. (DUK) Downgraded by Zacks Investment Research to "Hold"
Duke Energy's earnings for the quarter are expected to be driven by its investments in its regulated rate base. The company had revenue of $5.10 billion for the quarter, compared to analysts' expectations of $5.71 billion.

27 October 2017
Express Scripts Holding Company (ESRX) Issues Quarterly Earnings Results, Meets Expectations
The New Jersey-based Prudential Financial Inc has invested 0.04% in Tempur Sealy International Inc (NYSE:TPX). (NYSE:HCP). It fall, as 113 investors sold ESRX shares while 436 reduced holdings. 63 funds opened positions while 190 raised stakes.

27 October 2017
BTI Makes Bullish Cross Above Critical Moving Average
The VC1 is calculated using the price to book value, price to sales, EBITDA to EV, price to cash flow, and price to earnings. Looking further, the MF Rank (aka the Magic Formula) is a formula that pinpoints a valuable company trading at a good price.

27 October 2017
Know the astonishing details of separation surgery of Odisha conjoined twins
One of the babies was shifted to ICU at 11.45 pm and the other baby at 2.30 am, a statement said. The condition of Kalia is much better than his brother Jaga, informed sources.

27 October 2017
Ellen DeGeneres criticized for 'sexist' Katy Perry joke
The tweet garnered more than 4.5 thousand responses, with many users calling it hypocritical and sexist. What if a man had tweeted that, asked critics who accused DeGeneres of objectifying Perry.