Business News

5 things you need to know today

  • Sydney saw nearly its hottest day on record yesterday, with temperatures in the western suburb of Penrith hitting 47.3C at 3pm, the highest since 1939. Temperatures reached over 40C in the city but should hit a high of 33C today as it cools throughout the week.
  • Suncorp Group said it expects the financial impact of a December hailstorm in Melbourne to be between $160 million and $170 million. The company said it expected to receive more than 21,000 claims across its insurance brands including AAMI and Suncorp, with the majority of claims for home and motor damage. The company's shares slid in the morning trade following the announcement.

  • Former White House chief strategist Steve Bannon has apologised for his comments published in Michael Wolff’s book “Fire & Fury: Inside the Trump White House”. Donald Trump snubbed the apology by “Sloppy Steve” and insisted the book made false claims, Tweeting he was a “stable genius.” Meanwhile, Wolf admits even he’s not sure everything he’s written in “Fire & Fury” is true. 

  • On Friday, Australian surfwear company Billabong agreed to be taken over for $380 million by its US competitor Boardriders, owner of Quicksilver, Roxy and DC shoes. A Billabong spokesperson confirmed there would be no job cuts in the near-future as a result of this deal.

  • Dogecoin, the alternative cryptocurrency to Bitcoin, surged over the weekend and now has a market capitalization of over $2 billion. It soared above the $1 billion milestone for the first time on Christmas Day and climbed over $2 billion on Sunday. 

Published on: Monday, January 08, 2018

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