Business News

7 things you need to know today

  • Donald Trump’s former chief strategist Steve Bannon has been called in to testify before a grand jury in a probe into alleged ties between Russia and Mr Trump’s 2016 presidential campaign. Mr Bannon was one of Trump’s closest aides during the 2016 election campaign  and his first months in office. But the pair had a public falling out over comments Bannon made to author Michael Wolff for his recent book Fire and Fury: Inside the Trump White House. In the book, Bannon is quoted as describing a meeting between the president’s son Donald Trump Jr., his son-in-law, and a Kremlin linked Russian lawyer, as “treasonous.”

  • Citigroup has posted an $US 18 billion qarterly loss due to charges related to a new US tax law however its adjusted earnings beat Wall Street expectations signalling that the bank could lift financial performance targets. 

  • Days after Hawaii mistakingly sent out an alert telling residents to evacuate and take shelter due to an incoming North Korean missile, Japan followed in their footsteps, issuing a false alarm for the same reason. Public broadcaster NHK published an alert on their website 

  • The trading arm of car giant Toyota, Toyota Tsusho, will pay a record price to take a 15 per cent stake in lithium producer Orocobre. Brisbane-based Orocobre surprised the market by announcing it would raise $361 million in fresh equity and upsize a planned expansion of its Olaroz lithium brine facility in Argentina, with Toyota Tsusho stepping in for the bulk of the funding. Toyota Tsusho will emerge as Orocobre’s biggest shareholder after agreeing to subscribe to $282m worth of new Orocobre shares at $7.50 each.

  • Nestle is selling close to $3 billion world of its U.S candy brands, including Butterfinger, BabyRuth and Nerds to Ferrero, the maker of Nutella. This will allow Nestle to focus on non-cand products from its U.S division which includes pet products, bottled water, coffee, frozen food and baby nutrition.

  • Australia has launched formal ­action with the World Trade ­Organisation targeting Canada over a trade dispute involving Australian wine products. The Turnbull government initiated WTO ­dispute-settlement action against Canada following representations from Australian winemakers concerned about “protectionist” measures that threatened their export market.
  • All signs are looking negative for Australian shares today, with mining and energy stocks likely to feel the heat. The Dow Jones index, remained flat at  25,807, the S&P 500 was down 0.2% at 2,780, and the Nasdaq was also lower, 0.3% to 7,237. In Europe, the FTSE finished lower, 0.2% to 7,756, the German DAX was up  0.4% at 13,246.

Published on: Wednesday, January 17, 2018

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