Australian share market ends on a high after Treasurer says recovery will be faster than forecast
Posted
ThuThursday 17
updated
ThuThursday 17
Treasurer Josh Frydenberg says Australia s economy will make a faster recovery than previously forecast.
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Australian shares jumped to their highest close in almost 10 months, as projection of a faster economic recovery next year was announced by the Treasurer and unemployment figures were better than expected.
Key points:
The Australian dollar has risen again after yesterday s 2.5-month high to 75.7 US cents.
Bitcoin has hit an all-time peak of $27,477 and has gained more than 170 per cent this year
The Guardian has reported.
CCPIB lent Intu £250m three years ago, which was secured against the Trafford Centre. The pension fund is understood to have exercised its right to take control of the shopping centre when no acceptable bids were received for it.
Intu was the UK’s largest shopping centre owner when it appointed KPMG as administrators in June. It has been struggling with a debt burden of £4.5bn and reported a loss of £2bn for the year to December 2019.Intu Trafford Centre 2020-12-17
The pension heads in Canada and Australia believe the infrastructure assets will guard against inflation.
The Canada Pension Plan Investment Board (CPPIB), AustralianSuper, and UniSuper are taking 50% ownership of a US toll road, as fund leaders signal they will push deeper into infrastructure as a guard against inflation.
The Canadian pension fund will make a $624 million initial investment for a 15% stake in the Transurban Chesapeake toll road in the greater Washington, D.C., area, the fund said Wednesday. Over the next five years, potential payments could amount to $21 million.
The trio of allocators are hoping for stable cash flows from Transurban Chesapeake, which consists of Interstates 495, 95, and 395 Express Lanes. As part of the deal, the three investors will also have exclusive rights to invest into future Transurban developments in Virginia, Maryland, and Washington, D.C.
By Reuters Staff
1 Min Read
(Reuters) -Australian toll-road operator Transurban Group said on Thursday it would sell half of its stake in Transurban Chesapeake assets, including three express lanes and other projects in the Greater Washington Area, to three pension funds for $2.8 billion ($2.12 billion).
Under the deal, AustralianSuper will own 25% of the assets, while Canada Pension Plan Investment Board (CPP Investments) and UniSuper will hold stakes of 15% and 10%, respectively.
The deal also includes a potential earn-out of up to A$93 million in the years between 2024 and 2026.
“This transaction realises significant value for security holders, while enabling accelerated growth in North America and Australia, where we see a number of opportunities starting to materialise,” Transurban Chief Executive Officer Scott Charlton said in a statement.
4 Min Read
TORONTO/LONDON, Dec 17 (Reuters) - Canadian firms’ overseas investment in insurers hit a 20-year high this year boosted by Intact Financial’s joint agreement last month to buy British insurance group RSA for 7.2 billion pounds ($9.6 billion) and market participants expect more deals in 2021.
The RSA deal is one of the largest examples of insurers pulling in buyers this year, as a sharp rise in premiums has outweighed hefty coronavirus pandemic claims.
International deals in insurers involving Canadian investors rose to $11.6 billion in 2020, the highest in at least two decades, according to data from Refinitiv.
That places Canadian investors as the third biggest investors in insurance deals, behind the UK and the United States, according to the data. Last year, Canadian investors were the fifth largest in the space.