Macquarie Group Ltd., Australia’s largest investment bank, rose to a three-and-a-half-year high after it proposed to distribute to shareholders its stake in Sydney Airport and said first-half profit climbed 39 percent.
National Australia Bank Ltd. is sitting at the top of the Australian loan arranger rankings for the first time since 2001, with the market poised to expand as companies refinance debt and borrow to fund expansion.
Macquarie Group Ltd., which earned 63 percent of its revenue from outside Australia last year, is set for a profit boost from the local currency’s decline to a near three-year low against the U.S. dollar.
Macquarie Group Ltd. spent the last decade building a global investment business only to see returns shrink as an economic slump slowed securities trading and curtailed mergers and acquisitions. It’s now finding some of the highest returns lending back home in Australia.
In its marquee cases on issues such as gay marriage and race relations, the Supreme Court wrestles with the meaning of majestic constitutional phrases -- “equal protection of the laws” and that sort of thing. In the cases that matter the most to businesses, though, the justices address less-grand-sounding provisions such as Rule 23 of the Federal Rules of Civil Procedure, which governs class actions.