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UPDATE 2-Macquarie posts annual record profit as U.S. freeze boosts power prices


Sets final div of A$3.35/share, nearly double vs year ago
Co well-positioned in medium term - CEO (Adds quotes from CEO interview and fund manager; updates shares)
May 7 (Reuters) - Australian financial services firm Macquarie Group posted a record annual profit, beating its guidance, as an earnings windfall from volatile energy, precious metals and currency markets offset weakness in some fee-based businesses.
Sydney-listed Macquarie said on Friday net profit rose 10.6% to A$3.02 billion ($2.35 billion) for the year to end-March, topping the 5-10% increase it foreshadowed two months earlier, as its commodities trading unit grew profit by 50%.
That overshadowed flat or lower contributions from elsewhere in Macquarie’s global web of financial businesses, as the coronavirus pandemic hit profits from its aircraft leasing unit, pressured merger and acquisition fees and squeezed banking margins by driving interest rates to ultra-low levels. ....

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Why Was Texas So Vulnerable To The Recent Freeze? – Investment Watch


Yet the state of Texas recently failed at handling a few days of cold temperatures. Big time.
Poorly-insulated houses exploded, more or less, when their pipes burst and the resulting water flows easily brought down ceilings and walls:
This happened to so many homes that water pressure dropped below critical levels and entire communities suddenly lost their access to water.
So why was Texas so vulnerable?
Sure, the temperatures were far colder than the state normally experiences. But the real culprits here are the same ones that will sink our future in other areas: greed and short-sightedness.
By skimping on insulation a house can be made more cheaply. Hence the greed. By skimping on insulation, the future is sacrificed (because these homes will require massively more energy to heat and cool over their lifetimes). Hence the shortsightedness. ....

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