Business News

7 things you need to know today

  • After nearly a year of hype, Amazon has launched its Australian retail site, with millions of products, including electronics, clothing and cosmetics, for sale here online. Australian traditional retailers David Jones, Myer, Harvey Norman and JB HiFi are bracing for tough competition. 
  • The fed house of representatives has extended its sitting hours to try to pass the same sex marriage bill this week. The house will sit until midnight tonight in a bid to get its work done. 
  • Facebook, Google and other technology giants' role in spreading fake news stories and diverting advertising away from traditional media will be put under the microscope after the government directed the ACCC to undertake an inquiry into digital platforms. 
  • The Republic of Ireland and US tech giant Apple have reached an agreement over the terms of an escrow account where the company will transfer up to 13 billion euros ($A20 billion) in unpaid taxes, the Irish finance minister says. The action comes after the European Commission took Dublin to the EU’s top court in October for failing to recover unpaid taxes from Apple after it was found tax benefits to the US company were illegal. 
  • Bitcoin has powered to a record high just below $US11,800, continuing its surge from below US$1,000 at the start of the year. The cryptocurrency, which trades 24 hours a day and seven days a week, climbed as high as US$11,799.99 on the Luxembourg-based Bitstamp exchange at around 2100 GMT on Sunday. 
  • Adani's controversial Carmichael mine has been dealt another blow after one of China's major banks, Industrial & Commercial Bank of China (ICBC), said it would not bankroll the project. Two of China's major banks have ruled out funding the Carmichael mine, leaving Adani further reliant on public funding. 
  • Overnight, US stocks ended the day mixed, after the US Senate voted in favour of the tax reform bill on Saturday. Fresh records were set by the Dow Jones index, which lifted 0.2 per cent to 24,290, the S&P 500 ended 0.1 per cent lower at 2,639, and the Nasdaq fell 1.1% to 6,775. In Europe, the FTSE rose 0.5% to 7,339, as the German DAX lifted 1.5% to 13,059.

Published on: Tuesday, December 05, 2017

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