Business News

5 things you need to know today

1. The Commonwealth Bank has reported a 4.7% fall in full-year cash profit to $8.49 billion. The bank also announced a partnership with Swedish payments company Klarna for a 'buy now, pay later' service in Australia and New Zealand.

2. The AFR reports that the Australian Securities and Investments Commission is planning to name and shame the big four consulting firms - Deloitte, EY, KPMG and PwC - in an effort to encourage the firms to improve their audit quality. "While firms have been making efforts to improve audit quality and the consistency of audit execution, ASIC’s inspection findings show that there is a need for further improvement and for firms to consider new initiatives to improve quality," Douglas Niven, senior executive leader for financial reporting and audit at ASIC, told the AFR.

3. After the US accused China of currency manipulation earlier this week, the People's Bank of China set a slightly stronger value of the Yuan at 6.9683, back below the key 7-per-dollar level set on Monday.

4. US stocks rebounded from Monday's biggest falls of the year on Tuesday, with the Dow Jones gaining 1.21% to 26,029.52, the S&P 500 rising 1.30% to 2,881.77 and the Nasdaq up 1.39% to 7,833.26.

5. Treasurer Josh Frydenberg has told ABC Radio that "cool heads" should prevail in the trade war between China and the US. "We shouldn't overreact to these developments, but we should recognise that China's currency moves and the increase in the US tariffs are an unwanted escalation," Frydenberg said

Published on: Wednesday, August 07, 2019

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