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5 things you need to know today

•          Facebook is now under scrutiny from four federal agencies, including the FBI and the Securities and Exchange Commission (SEC), over its handling of user data and the Cambridge Analytica scandal, according to a new report. Stocks in the company fell by more than 2% after the Washington Post reported the news.

          Malaysia’s former prime minister Najib Razak has been arrested in a corruption investigation after billions of dollars went missing from a state investment fund 1MDB that he set up during his time in office. He lost a re-election bid earlier this year following the revelation.

          Research released by ASIC show almost one in six Australians struggle with credit card debt that might never be paid off, while balance transfers don't always help cut the amount of interest consumers pay. The report showed 18.5% of consumers were overwhelmed by their credit card debt load with outstanding balances now totalling $45 billion.

          Australian winemaker Penfolds will soon sell a wine infused with the Chinese spirit baijiu at $150 per bottle as part of a new move to expand beyond the Australian market. Baijiu is a white strong liquor distilled from grain and widely consumed in China. The added liquor will increase the alcohol level to 21.5%.

          A fall in technology stocks in the US dragged Wall Street lower overnight. The Dow Jones fell by 0.5pc to 24,175, the S&P 500 dropped 0.5pc to 2,713 and the Nasdaq -0.9pc at 7,503. In Europe, the FTSE lifted 0.6pc at 7,593 and the DAX +0.9pc at 12,349.



Published on: Wednesday, July 04, 2018

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