Energy giant Santos announced today the resignation of its Chief Financial Officer, Sherry Duhe, with Deputy CFO Lachlan Harris stepping into the role on an interim basis. Harris, who has been with Santos since 2010, has served as deputy CFO for over two years. Santos CEO Kevin Gallagher expressed gratitude for Duhe’s contributions, noting her significant impact on the company.
This leadership change comes on the heels of a tumultuous period for Santos, highlighted by the withdrawal of a takeover bid from an Abu Dhabi-backed consortium. The company is also under scrutiny as it becomes a focal point in a federal government inquiry into the east coast gas market, as analyzed by Ian Verrender, our chief business correspondent.
Market Reactions and Broader Economic Context
Meanwhile, the Australian Securities Exchange (ASX) is poised for gains following a recovery in U.S. markets. Wall Street’s positive turn was driven by a softening of rhetoric from the U.S. President regarding tensions with China, leading to a nearly 600-point surge in the Dow Jones Industrial Average and over a 2% rally in the Nasdaq.
Joseph Capurso, CBA’s head of international economics and foreign exchange, cautioned that despite these market movements, underlying issues remain unresolved. He highlighted ongoing tensions between the U.S. and China over trade and rare earths, suggesting potential for further escalation.
“Despite overnight market moves, we do not consider that any issues have been resolved,” Capurso stated. “Both parties are waiting for the other to concede.”
Cybersecurity Breach Hits Qantas
In a separate development, Qantas is under fire after the personal data of 5.7 million customers was leaked on the dark web. This breach followed the failure of Qantas to meet a ransom demand from the cybercrime group Scattered Lapsus$ Hunters. Affected customers, like Ebe Ganon, expressed frustration over the lack of direct communication from the airline.
Qantas has yet to directly address the media, instead referring inquiries to a statement on its website. The airline is offering support through IDCARE to those affected, but the incident raises serious concerns about data security practices.
Australian Dollar and Regulatory Scrutiny
The Australian dollar has shown resilience, rebounding after a sharp decline last week. Rodrigo Catril, a currency strategist at NAB, noted the currency’s recovery was propelled by easing tensions between the U.S. and China.
“Currency markets saw a notable reversal of Friday’s risk-off moves, with the Australian dollar leading G10 gains,” Catril wrote.
On the regulatory front, the Australian Securities and Investments Commission (ASIC) is intensifying its oversight of superannuation funds. Following a critical review of communication practices, ASIC is now examining how funds inform members about retirement options, aiming to ensure Australians can make informed financial decisions.
Looking Ahead
As the markets await further developments, attention turns to upcoming data releases, including NAB’s business confidence survey and the Reserve Bank’s meeting minutes. These insights will provide further context for the economic landscape and potential policy adjustments.
With global tensions and cybersecurity threats looming, stakeholders across industries are bracing for potential impacts. The strategic decisions made by companies like Santos and the regulatory measures enforced by bodies like ASIC will play crucial roles in shaping the economic environment in the coming months.
