Business News

5 things you need to know today

•          The Commonwealth Bank has announced its splitting from its wealth management and mortgage broking arms. The demerged business, called CFS Group, will include Commonwealth's Colonial First State, Colonial First State Global Asset Management (CFSGAM), Count Financial, Financial Wisdom and Aussie Home Loans businesses.

          Made-in-the-USA Harley-Davidson said it plans to move production overseas to avoid European Union tariffs on its iconic motorcycles. The news came as the European Union retaliated to US tariffs by imposing its own on more than $US3 billion in American-made goods. Trump lashed back with a Tweet saying, “Surprised that Harley-Davidson, of all companies, would be the first to wave the White Flag. I fought hard for them and ultimately they will not pay tariffs selling into the E.U., which has hurt us badly on trade, down $151 Billion. Taxes just a Harley excuse - be patient!”

          BHP and Vale have reached an agreement with Brazil’s authorities to settle a $US5.30 billion lawsuit related to a dam failure at the Samarco iron ore mine in 2015. The resulting flood killed 19 people and destroyed several towns.

          Australian consumer watchdog ACCC is calling on private health funds to make policies more transparent in its annual report into the sector. It comes after the report found consumer complaints about the sector increased by 30% in 2016-17. The body found that consumers paid private health insurance premiums of about $23.1 billion in 2016-17, an increase of $1 billion from 2015-16.

          Overnight in the US and EU, rising trade tensions sparked a wave of selling in foreign markets. The Dow Jones fell 1.3pc at 24,253, S&P 500 -1.4pc at 2,717 and Nasdaq -2.1pc at 7,532. In Europe, the FTSE  was down 2.2pc at 7,510 and the DAX -2.5pc at 12,270.



Published on: Tuesday, June 26, 2018

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