The Australian economy lost 11,495 jobs in January, missing economist expectations for 20,000 jobs added. Follow updates here:
Embattled money manager Magellan has reported a 60 per cent decline in interim net profit to $98.3 million as its funds under management slipped to $53.8 million from $112.7 million.The company said the financial performance reflected accelerated changes to the business, reduction in funds management and challenging conditions for markets as global equities fell 12.2 per cent for the year.
The company’s chief executive David George said the company was “making good progress” as he sought to turn the business around.
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