Business News

5 things you need to know today

1. APRA is facing backlash after announcing draft guidelines for banking, insurance and super fund executive pay that would prevent financial performance from determining more than 50% of bonuses. Former NAB chairman and current Wesfarmers and Woodside chairman Michael Chaney told the AFR: "I doubt if the 50 per cent proposal will be popular with investors whose main focus is on financial returns".

2. Boris Johnson will replace Theresa May as UK Prime Minister after 66.4% of Consevative Party members voted in favour of him becoming the party's leader. May will visit the Queen today to formally resign before Johnson is sworn in.

3. BHP has announced it will invest US$400 million over the next five years to encourage customers to reduce emissions.

4. US trade negotiators including Trade Representative Robert Lighthizer will reportedly head to Shanghai next week to resume in-person trade talks with Chinese negotiators.

5. The Dow Jones rose by 0.65% to 27,349.19 on Tuesday, while the S&P 500 crossed over 3,000 again on 3,005.47 after a 0.68% gain and the Nasdaq was up 0.58% on 8,251.40.

Published on: Wednesday, July 24, 2019

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