Business News

5 things you need to know today

1. The outgoing secretary of the Department of the Prime Minister and Cabinet, Martin Parkinson, has warned that the trade war between the United States and China could drag on for decades. "My view is this sovereign-imposed risk on markets will continue for many years, perhaps decades, unless there’s some new and sustainable accommodation available to be worked out by China and the United States," Parkinson told the Asia Society Summit in Sydney.

2. Reserve Bank governor Philip Lowe will appear before the parliamentary economics committee in Canberra today. Committee chairman Tim Wilson told The Australian yesterday: "It’ll be critically important to understand why they decided to move on rates so rapidly after the election and whether that feeds into consumer confidence".

3. After AMP announced yesterday that it intends to cut what the company pays when buying back financial advice businesses from four times to 2.5 times earnings, AMP Financial Planners Association CEO Neil Macdonald told the AFR that advisers would likely contest the change.

4. Wall Street stocks improved again on Thursday, with the Dow Jones up 1.43% to 26,378.19, the S&P 500 up 1.88% to 2,938.09 and the Nasdaq up 2.24% to 8.039.16. CNBC noted that the indexes had almost erased the losses from earlier in the week, with the Dow Jones and Nasdaq down 0.4% for the week and the S&P 500 down 0.2%.

5. A man from Oregon in the United States has been reunited with almost US$23,000 ($33,850) after he accidentally threw a shoebox containing the cash into the recycling bin. Staff at a recycling facility 200 miles away were able to recover all but $320 of the many's savings.

Published on: Friday, August 09, 2019

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