Business News

5 things you need to know today

1. Treasurer Josh Frydenberg said that APRA had guaranteed it would be adopting all of the recommendations made by Graeme Samuel's review, and said that the government would "do what is necessary to ensure that they have the right resources" to implement the recommendations.

2. Industry Super Australia has released a list of the worst performing MySuper products over the past 5 years in an AFR article, including funds run by the Commonwealth Bank and Westpac,

3. The Reserve Bank of New Zealand has commented further on its decision to block the sale of AMP Life to Resolution Life, with an application not being lodged with the central bank until last month. "In October 2018, AMP Life and Resolution publicly announced their intention to proceed with the deal. Resolution Life eventually provided a formal application for Reserve Bank consideration on 7 June 2019," 

4. The likelihood of a 50 basis point cut by the Fed has increased after comments from New York Federal Reserve President John Williams and Federal Reserve Vice Chairman Richard Clarids. Williams said that "When you only have so much stimulus at your disposal, it pays to act quickly to lower rates at the first sign of economic distress." 

5. The Dow Jones gained 0.01% to 27,222.97 on Thursday, the S&P 500 rose 0.36% to 2,995.11 and the Nasdaq was up 0.27% to 8,207.24.

Published on: Friday, July 19, 2019

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