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AU NEWS 2014-03-19
03-20-2014, 11:57 AM
Post: #1
AU NEWS 2014-03-19

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To finance.

The David Jones releases its half-year result today and a possible merge with Myer is firmly back on the table. The retailer has reappointed consulting firm Port Jackson partners to assess the advantages of becoming a combined company worth more than three billion dollars.

It also announced the immediate departure of Director Leigh Clapham who was caught up in allegations of questionable share trading, but wasn't pursued by the corporate regulator.

The Federal Government wants to make it much harder for shareholders to force extraordinary general meetings as part of its war on red tape.

Now the shareholders' association actually supports the move, but it does show one condition.

“Well, we agree that if 100 Teltra shareholders call an GM(general meeting), that got 150 million shareholders. That'll cost, you know, a couple of million dollars to bring in to have the meetings. So, we are saying a quid pro quo here is you got to make it easier to put on resolutions at an aide GM. ”

Now to the markets.

And the Dow closed one percent ahead. The Nasdaq and S&P 500 closed higher as well. In London, the FTSE closed one percent up.

Looking at commodity prices.

West Texas Crude is trading at 100 US dollars a barrel. Tapis Crude is trading at 112 US dollars a barrel. And gold is trading at 1315 US dollars an ounce.

The Australian dollar is buying 91 US cents, 65 Euro cents and 55 pence sterling.
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