Interest rates

Chanticleer podcast on big bank profits, Medibank chaos and the RBA Cup decision of the day

Here are some highlights of the conversation:

Medibank breach

“What’s amazing here is how little control Medibank seems to have over the situation, you feel like they’re waiting for the hackers to tell them what’s going on, rather than predicting what’s going on themselves. what will happen next.”

“The irony here for Medibank is that they’ve actually done a really good job of winning customers over the past few years and restoring growth. And now it’s going to completely blow it up.

List of young rich

“One thing that really impressed me was the number of women on the list. There are about 14 entries for women. And that’s pretty good. When you compare to the fact, there’s no than 7% of the top 200 ASX companies have a female CEO, so it seems that emerging companies do a lot better when it comes to gender diversity.”

Macquarie Result

Nick O’Kane who heads the commodities and global markets division at Macquarie will, once again, be Macquarie’s highest paid person for 2023. They are turning off the lights in many areas. For example, their net interest in trading revenue in parts of the commodities sector increased by 79%. There are certain things happening in the world because of the Russian invasion of Ukraine that actually help Macquarie.

How much with the RBA raising rates on Tuesday?

Tony: 0.25%

Jacques: 0.5%

The best of this week’s Chanticleer column

Macquarie rides on market volatility There was nothing late in Macquarie Group’s 13% increase in interim profit. But the real story is the extraordinary growth in commodities and the banking arms of the bank, which hold the key to 2023 profits.

Credit Suisse offers bankers a Barrenjoey option The proposed partnership model allows investment bankers to raise equity in the investment bank, rather than the broader group – much like boutique outfits such as Barrenjoey have been able to.

ANZ has opted for a low-risk portfolio strategy. It’s not free After seven years of working on fixing the heavy wallet inherited from his predecessor, chief executive Shayne Elliott is finally showing the benefits of change.

Mark Zuckerberg should lay off to save his business Mark Zuckerberg is willing to bet tens of billions of dollars on his vision for the metaverse. Maybe he should do it away from Meta’s core business.

ANZ enjoys huge tailwind from rising interest rates Rising interest rates may hurt the economy, but they are a big boost to the bank’s earnings, helping to give Shayne Elliott real momentum across the group.

Coles’ double warning on inflation Coles may be shielding its customers from the worst of inflation, but chief executive Steve Cain says the worst is yet to come. And that makes the job of the RBA more difficult.

Medibank still can’t answer its scariest question As the hacking crisis worsens, the question of the number of lost customers weighs on investors. But the health insurer can provide some clues.

Chalmers needs to sharpen the tax knife Treasurer Jim Chalmers took admirable steps to reduce waste and unnecessary expense, but they were marred by the NDIS which was heading towards an annual cost of $102 billion.

For more on Financial Review’s War in Ukraine, listen to this week’s episode of The Fin podcast below or wherever you get your podcasts.