Business News

5 things you need to know today

1. Prime Minister Malcolm Turnbull’s leadership remains under threat following a series of late night resignations from senior MPs with reports that more of his party members are switching allegiances to Peter Dutton. Turnbull won yesterday’s Liberal party leadership ballot, but he faces yet another challenging day in Canberra today.

2. Overnight in the US the S&P 500 momentarily hit a record high, bringing it to a tie for the index’s longest bull market run in history. On Wednesday, the bull market turns 3,453 days old, which will earn it the longest on record, according to most definitions. The index finished 0.2% up to hit 2,863, the Dow Jones lifted 0.25% to 25,822 and the Nasdaq rose 0.5% to finish on 7,859. Meanwhile in Europe, the FTSE fell 0.3% to 25,822 and the DAX lifted 0.4% to 12,384.

3. Current and former employees of Flight Centre have accused the company of encouraging staff to mark-up bookings by hundreds or thousands of dollars, according to an ABC report. Due to the company’s pay structure, staff said they had to mark-up to avoid making below minimum wage.

4. Drivers in Sydney’s eastern suburbs will soon be able to join a trial of a digital driver’s licence stored in a smartphone app. The NSW state government said the digital licence would be more convenient and make renewing easier, but all drivers will still need to carry their physical licence during the trial.

5. A record 1.2 million devices streamed NRL, AFL and Netball through Telstra’s sports apps in a single weekend recently. Fairfax also reported that the current record for concurrent streams for a single game was 82,120 for the Hawthorn vs. Geelong match on August 11.

Published on: Wednesday, August 22, 2018

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