Business News

5 things you need to know today

  • Australia and the US have struck a regional ­energy alliance to spur development of more LNG import infrastructure in South Asia and Southeast Asia. The Australia-US Strategic Partnership on Energy in the Indo-Pacific was quietly signed during Malcolm Turnbull’s recent visit to the US. The deal is expected to boost demand for billions of dollars of Australian and US LNG exports.
  • Microsoft’s Bill Gates has revealed that he believes another 2008 GFC style crisis is “a certainty,” though he’s not sure when that will be. He made the call in a recent Q+ A session on Reddit. He also said he wouldn’t run for President due to his Foundation committments, and slammed crypto-currencies for aiding criminal behaviour.
  • Music-streaming company Spotify has signed off plans for its long awaited IPO. The company will list on the NYSE under SPOT, though in an unusual way. It says it will offer shares directly to investors, bypassing the typical Wall Street process, where banks are hired to find buyers for the shares. That means shares will be sold without a set price.   
  • Overnight in the US, Wall Street suffered its biggest drop in two years. The Dow Jones fell 1.5pc at 25,029, S&P 500 -1.1pc at 2,714 and the Nasdaq -0.8pc at 7,273. In Europe, FTSE  dropped 0.7pc at 7,232, and the DAX -0.4pc at 12,436.
  • Environmental activists have targeted Adani’s proposed Carmichael coal mine over the potential for damage to Australia’s Great Barrier Reef as well as the impact on climate change. Carmichael is to become Australia's largest open-cut coal mine if it proceeds. The Australian Conservation Foundation took the federal environment minister to court claiming he failed to take account of the climate change impact of the Adani project and potential harm to the reef when he approved it.

Published on: Thursday, March 01, 2018

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