Business News

6 things you need to know today

  • Australia’s shopping centre king, Frank Lowy is hanging up his crown and selling out Westfield for $32.7 billion to French property giant, Unibail-Rodamco. Westfield shareholders will receive $10.01 per share — a premium to Westfield's shares, which last traded at $8.50. Westfield chairman Frank Lowy said the deal was “a result of the companies restructure that started in 2014”.
  • The No Land Tax Party and its leader, Peter Jones, have been fined $80,890 for failing to pay staff who handed out how-to-vote cards in the 2015 NSW election. Mr Jones, who was secretary and lead Upper House candidate for the No Land Tax Party at the 2015 state poll, was fined $13,315 in the Federal Circuit Court. The party was fined $67,575 after the workers were short-changed a total of $6219, many of them teenagers, students and people who were unemployed.
  • Labor Senator Sam Dastyari quit parliament yesterday over the scandal surrounding his links to Chinese political donors. An emotional Mr Dastyari said it was not a light decision to make but it was the right one. Kristina Kenneally could fill Mr Dastyari’s position if she does not get Bennelong however she has denied this.
  • Toll road operator Transurban will gain an estimated $15 billion in additional tolls until 2045 in return for offering up $4.4bn to help fund the Andrews government’s $6.7bn West Gate Tunnel project. The government unveiled the project yesterday and foreshadowed a deal handing Transurban a 10-year toll road extension on its existing CityLink toll road.
  • US stocks reached new record closing highs, as the US central bank began its two-day meeting to discuss interest rates. Bank stocks rose on the prospect of the Federal Reserve's third rate rise this year, a 0.25% increase to 1.25-1.5% is expected when the Fed's policy meeting committee hands down its decision tomorrow.
  • Overnight, the Dow Jones index, rose 0.5% to 24,505, the S&P 500 gained 0.2% at 2,664, and the Nasdaq was down 0.2% at 6,862. In Europe, the FTSE was up 0.6% to 7,500, the German DAX was up 0.5% at 13,184. The Euro Stoxx 50 finished higher at 0.5% at 3,600. The ASX SPI 200 finished flat at 6,017 and the ASX 200 (Tuesday's close) closed higher 0.2% at 6,013. 


 

Published on: Wednesday, December 13, 2017

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