The ASX 200 (Index: ^AXJO) (ASX: XJO) was eventful again this week. Here are four big stories you may have missed that affected businesses in the ASX 200 index:
Westpac Banking Corp (ASX: WBC)
Westpac was in the news this week for all the wrong reasons. We learned that Westpac is being accused by AUSTRAC that it didn't report millions of international transfer transactions correctly. Commonwealth Bank of Australia (ASX: CBA) has previously received a $700 million fine for not reporting transactions correctly.
The thing that's really hurting Westpac's reputation is that a (small) portion of these payments may have been for child exploitation. That's why many investors are expecting a fine of at least $700 million for Westpac, perhaps materially more.
National Australia Bank Ltd (ASX: NAB)
The costs arising from the issues brought up during the royal commission continue. Not only is NAB paying large amounts of remediation back to clients because of financial advice fees, but NAB just agreed to a class action settlement.
NAB has agreed to pay $49.5 million for consumer credit insurance products of NAB credit card cover and NAB personal loan cover. It was already provided for in NAB's FY19 result.
A2 Milk Company Ltd (ASX: A2M)
The dairy business held its AGM this week and provided a market update. In the first half of FY20 the company is guiding for revenue to be between NZ$780 million to NZ$800 million and it's also going to manage the earnings before interest, tax, depreciation and amortisation (EBITDA) margin.
A2 Milk expects the full year EBITDA margin to be higher than previously communicated with a phasing of marketing and capability investment slightly weighted to the second half of FY20.
Saracen Mineral Holdings Limited (ASX: SAR)
This week the gold miner launched a capital raising looking to ask investors for A$796 million and then spend US$750 million acquiring a 50% stake of Super Pit.
In Saracen's words, Super Put is a large, high quality, long-life open-pit and underground gold mine located in the Golden Mile Region of Kalgoorlie-Boulder in Western Australia. The other 50% of Super Pit is owned by Newmont Goldcorp Corporation which will retain operatorship.
