Business News

5 things you need to know today

  • The jobless rate unexpectedly fell from 5.7% to 5.5% in May – a four-year low. Yesterday, the Australian Bureau of Statistics (ABS) reported that employment rose by 42,000 in May, with full-time jobs jumping by 52,000 and part time jobs falling by 10,100. The Aussie dollar surged to over US76 cents on the news. The solid data means that more RBA rate cuts are expected to be off the table. Read Peter Switzer’s article today for further insights on the employment data.
  • The former Amcor CEO, Ken MacKenzie, will succeed Jac Nasser as the chairman of BHP Billiton. Today, the global mining giant announced that MacKenzie will become the chairman on 1 September 2017, after Nasser retired from his role as chairman and a non-executive director. MacKenzie spent 23 years working with the global packaging company Amcor - 10 of them as CEO and MD (AAP). He joined the BHP Board as a non-executive director in September 2016. 
  • US share markets finished lower on the back of weakness in the technology and energy sectors. An upbeat tone from the US Federal Reserve also added to investor concerns about how many interest rate rises are on the cards, and what that might do to US growth and the stock market (CommSec). The Dow Jones finished 15 points or 0.1% lower at 21359.90, the Nasdaq finished 29 points or 0.5% lower to 6165.50, and the S&P 500 fell 5.46 points or 0.2% to 2432.46. 
  • In case you missed it, footage was leaked yesterday of Prime Minister Malcolm Turnbull doing his best impression of Donald Trump at the annual Mid-Winter Ball in Canberra. While the PM’s address is usually off the record at this event, the light-hearted speech was revealed by Nine’s Political Editor Laurie Oakes who did not attend the event. Check out the audio of Turnbull’s performance here
  • At 1010 AEST on Friday, the benchmark S&P/ASX200 index was up 7.0 points, or 0.1%, at 5,770.2, while the broader All Ordinaries index was up 5.9 points, or 0.1%, at 5,802.6 points.

Published on: Friday, June 16, 2017

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