The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) went down by 0.84% on Tuesday.
Australian Dollar ($A) (AUDUSD): 69.24US cents
Dow Jones (DJI): down 0.93%
Oil (WTI): $US58.95 per barrel
Gold: $US1,280 per ounce
ASX Sharemarket News
In ASX sharemarket news, telco giant Telstra Corporation Ltd (ASX: TLS) has announced that it is making good progress with its T22 strategy but this will result in a non-cash impairment of old IT assets and increased restructuring costs in FY19.
The writedown will be to the tune of approximately $500 million and it has also increased its guidance of restructuring costs for FY19 by around $200 million.
Telstra CEO Andrew Penn said: “We understand the significant impact on our people and the uncertainty created by these changes. We are doing everything we can to support our people through the change and this includes the up to $50 million we have committed to a Transition program that provides a range of services to help people move into a new role.”
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Mirvac Group (ASX: MGR) has announced it expects to hit the top end of its FY19 guidance and has announced a $750 million capital raising from institutional investors and up to $75 million from regular investors.
The money will be used to fund the next stage of projects, repay debt and replenish funding for existing existing development pipeline.
Mirvac CEO and Managing Director Susan Lloyd-Hurwitz said: “Mirvac continues to deliver on its $3.1 billion active and committed development pipeline that is fully funded…It will also provide capacity for a number of identified acquisition opportunities currently under due diligence with an estimated end value of over $2 billion.”
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Bank of Queensland Limited (ASX: BOQ) Chairman Roger Davis is going to retire when the FY19 result has been released, Patrick Allaway has been appointed Chairman Elect.
Mr Allaway has extensive senior executive and non-executive experience, with roles at CItibank and Swiss Bank Corporation (now UBS) and working in Sydney, New York, Zurich and London.
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