“I think in five years time we’re going to be a fund manager of global proportions again with over A$100 billion of FUM through growth of our existing strategies and also with the launch of new products,” he said.
He highlighted the solid balance sheet and ability to return to AUM growth. George has also stated that the future growth will be of a more diverse manner as Magellan attempts to wean itself from dependency on the global equities business.
He believes the selling is overdone and that the company has an attractive product mix positioned in growing segments to satisfy the customer.
Federal budget spoilers
On Friday, Prime Minister Anthony Albanese discussed the budget to be delivered on Tuesday. In remarks delivered this morning he unveiled a $50 million investment in critical minerals. The funding honours an election promise by the Labor party, the company said and follows the ruling Labour party unveiling a National Reconstruction Fund earlier this year that would serve to re-skill and re-deploy workers.
“We are some of the best deposits of critical minerals in the world and it will give a new vision for the industry and it complements other initiatives like the national battery strategy and our EV strategy we are rolling out,” Albanese says.
He also mentioned the elephant in the room: cost of living. He argued that it was crucial that the budget support monetary policy to prevent inflation from picking up.
“What you want to do is you want to have fiscal policy that’s the budget doing the opposite of what monetary policy is doing. Otherwise, they are fighting against each other, you get the wrong message to central banks as to what action you’re taking,” he added.
Is Netflix back?
US streaming service Netflix has told investors it made more revenue, earned more income, and recruited more customers than anticipated from its third quarter performance, reported on Tuesday.
For the year, total revenue increased 5.9 percent, fueled by a 5 percent increase in average paid memberships reflecting the continued successful launches of original series such as Monster: The Jeffrey Dahmer Story and Stranger Things season four. The company earlier in the year was plagued by subscriber losses that sent shares plunging 29% over the month.
But in a letter to its shareholders, the company says that after a tough first half, they’re on track to reaccelerate growth. Netflix trades right now at $268.16 after a 16% surge yesterday.
Musk to slash staff
After shedding workers at Tesla earlier this year, technology billionaire Elon Musk is preparing to do the same at Twitter. Musk is on course to slash the workforce to around 2000 from 7500 in total, documents seen by The Washington Posting suggest. Musk had told investors early in the year that he intended to cut Twitter staff after his early pitch for funding.
It's alive! Japanese inflation comes back from the dead
So far, Japan has not had the levels of global inflation others are experiencing. Core inflation in the country had just turned positive last September after 12 consecutive months of deflation.
Inflation in Japan this week returned from the grave to register 3% for the first time in over 30 years.
Even though the inflation has been increasing, it is very likely that the BOJ will stay on course for easing. BoJ head Haruhiko Kuroda will most likely not do anything until wages increase.
Liz Truss resigns
British Prime Minister Liz Truss resigned on Thursday, just two months after taking office early last month. Liz Truss has lost all grip on the government after botching it over the budget.
The promised deficit-financed tax cuts in last month's mini-budget have created panic in the financial markets as the pound plunged against the US dollar. The tax cuts were then watered down by new chancellor Jeremy Hunt.
After her resignation, the Conservative Party leader announced: “It is and will always remain a matter of deep regret to me that I have not been able to deliver Brexit.” Party chiefs have said May’s successor will be the new UK Prime Minister by October 28 following an election.
