Business News

5 things you need to know today

  • Treasurer Scott Morrison has signalled a fresh push to get the government's $50 billion package of company tax cuts through the Senate, saying that US President Trump is forcing his hand. Higher than expected company tax receipts helped improve the budget position by $10 billion in the update released yesterday, which will improve the 2017/2018 deficit by $5.8 billion.
  • Multiple people have been killed and more than 70 injured after a US Amtrak train derailed in Washington state on a bridge near Seattle, leaving at least one train car dangling onto the highway below. Authorities said at least six people were dead, with the death toll expected to rise.

  • Allegations of widespread wage fraud have sunk troubled franchising giant Retail Food Group to the bottom of the S&P ASX 200, putting it at risk of being dropped from the benchmark index. RFG's shares shed 7% to $2.65 on Monday, their lowest value since August 2012, after  claims of wage underpayment within its franchisee network. 

  • ANZ has launched the first in what may be a series of stock buybacks, announcing it will spend $1.5 billion on its own stock after completing the sale of its 20% stake in Shanghai Rural Commercial Bank. Analysts are expecting the lender to dole out most of the proceeds to shareholders through buybacks. The move follows ANZ’s sale of its wealth management business for $3.8bn.

  • Overnight, the Dow Jones index, rose 0.6% to 24,805, the S&P 500 rose 0.6% at 2,692, and the Nasdaq was up 0.8% at 6,994. In Europe, the FTSE rose 0.6% to 7,537, the German DAX was up 1.6% at 13,312. The ASX SPI 200 finished up 0.4% at 6,041.

Published on: Tuesday, December 19, 2017

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