Futures contracts for the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index are pointing to a positive open on Wednesday morning with Telstra Corporation Ltd (ASX: TLS) releasing its “2022” strategic update.
Here’s the key headline data:
Australian Dollar ($A) (AUDUSD): 73.82 US cents
Dow Jones (DJI): down 1.15%
Oil (WTI): $US65.11 per barrel
Gold: $US1,277 per ounce
Australian Investing News
Making news in Australia today, Telstra Corporation Ltd (ASX: TLS) publicly filed a presentation titled “Telstra 2022”. In its announcement, Telstra revealed a new strategy to improve customer experiences, cut costs and improve its financial position.
Telstra will create a new business unit to drive performance, it will complete a “radical” transformation of customer plans and pricing, reduce costs by up to $2.5 billion, remove 8,000 employees and monetise $2 billion of assets (perhaps as a sale). The restructuring will cost Telstra about $600 million in restructuring costs in its 2019 financial year.
More to come.
Sydney Airport Holdings Ltd (ASX: SYD) released its monthly passenger traffic for May showing a 2.6% year-over-year increase in monthly passengers. For its 2018 financial year (so far), passenger numbers are up 3.5%.
Gold mining company Northern Star Resources Ltd (ASX: NST) announced it had hit its production run rate target of 600,000 ounces per year. With 150,000 ounces of gold produced during the June quarter Northern Star said it is on track to exceed its FY18 production target of between 540,000 and 560,000 ounces.
“The recent acquisition of the 1.2Mtpa South Kalgoorlie mill, combined with our ongoing exploration success, will underpin continued production growth in our Kalgoorlie operations,” Northern Star Chairman Bill Beament said.
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