Business News

5 things you need to know today

1. AMP has announced a new plan to sell its life insurance business to Resolution Life for $3 billion after the Reserve Bank of New Zealand blocked a $3.3 billion deal between the two companies last month. AMP reported a $2.3 billion net loss for the six months to June.

2. The Reserve Bank of New Zealand announced a 50-basis-point interest rate cut yesteday, with the central bank's governor Adrian Orr stating that "it remains within the remit of monetary policy to do whatever it takes to meet our mandate with our tool set".

3. Peter Costello has weighed in on the legislated changes to the superannuation guarantee that will increase compulsory payments from 9.5% to 12% by 2025. Costello told The Australian that while he wasn't buying into whether the rate should change or not, he believed "it is something that should be carefully considered becaus­e it will have very significant ramifications".

4. After falling almost 600 points at the start of the Wednesday session, the Dow Jones ended the day down only 22.45 points or 0.09% to 26,007.07. The S&P 500 gained 0.08% to 2,883.98 and the Nasdaq rose 0.38% to 7,862.83

5. The Australian dollar fell to its lowest level in a decade yesterday, dropping to 66.77 US cents. The AUD is trading at 67.59 US cents as of this morning.

Published on: Thursday, August 08, 2019

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