Business News

5 things you need to know today

1. In June last year, NAB chairman Ken Henry told the bank's auditors that he believed products were being sold that would later require remediation, according to leaked documents published by The Sydney Morning Herald. EY minutes from an interview with Kenry noted that he was "confident that there are products currently being sold now that they will need to remediate in the future".

2. President Donald Trump has announced that an additional $300 billion of goods from China will be subject to a 10% tariff from September 1st. "Our representatives have just returned from China where they had constructive talks having to do with a future Trade Deal. We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing," Trump tweeted, adding that China had not increased its purchasing of US agricultural products as promised. 

3. Wall Street stocks had been trading higher before Trump's announcement, but the three major indexes all ended the day lower. The Dow Jones fell 1.05% to 26,583.42, the S&P 500 fell 0.90% to 2,953.56 and the Nasdaq dropped 0.79% to 8,111.12.

4. The Commonwewalth Bank of Australia has been downgraded to a 'sell' by both UBS and JP Morgan, the AFR reported.

5. A French villa once dubbed the "world's most expensive home" with a list price of €350 million ($570 million) has been sold by Italian beverage company Campari Group for €200 million ($325 million) to an unspecified buyer. Built in 1830, the Villa Les Cèdres has 14 bedrooms and is located on the Cote d'Azur.

Published on: Friday, August 02, 2019

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