Business News

5 things you need to know today

1. TPG and Vodafone have reached an agreement to merge, forming a $15 billion telco to challenge Telstra and Optus. Vodafone shareholders will hold 50.1% of the newly formed group, with the remaining 49.9% held by TPG shareholders. TPG CEO David Teoh will be the company's chairman, and Vodafone CEO Iñaki Berroeta its chief executive and managing director.

2. Amazon, Alphabet and Apple have driven growth on the S&P 500 and the Nasdaq Composite, both of which reached a record close for the fourth consecutive day. Amazon gained 3.4% to reach a record high US$1,998.10 at market close after Morgan Stanley raised its share price target, and Apple closed up 1.5% after reaching a record high of US$223.23.

3. Melbourne's western suburbs have been blanketed in smoke after a fire engulfed a factory in West Footscray. Over 100 firefighters are currently battling the blaze.

4. Donald Trump promised Kim Jong Un that he would sign a declaration to end the Korean War when the two leaders met in Singapore in June according to a report by Vox. Trump has yet to sign a declaration, and is not expected to do so unless North Korea commits to denuclearisation.

5. Coles will - once again - begin charging for reusable bags starting today. The company originally banned single-use bags at the start of July and started charging 15 cents for reusable bags before backflipping on its decision multiple times.

Published on: Thursday, August 30, 2018

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