Business News

5 things you need to know today

1. Following the conclusion of the G7 summit, Scott Morrison has defended Donald Trump and the trade war with China in an interview with the AFR. "You’ve got a global economy that for many years was built around the development of China to the economy the size of which it is today. And that was done on the basis of a series of rules and engagements. And now that China has reached effectively that goal, well, we now need the rules to be enforced that will guide the next phase. That’s fundamentally what this is all about," Morrison told the AFR.

2. Wesfarmers CEO Rob Scott has described the Australian economy as being "not too bad" while remaining cautious about trade war tensions. "I think a lot of people like complaining about things, but when you compare the Australian economy to a lot of other economies in the world, things aren't too bad," Scott said according to the AFR.

3. The spread between the yield on 3-month and 10-year US Treasury bonds moved to -52 basis points, the widest spread since March 2007.

4. The Dow Jones closed down 0.47% to 25,777.90 on Tuesday, the S&P 500 dropped 0.32% to 2,869.16 and the Nasdaq fell 0.34% to 7,826.95.

5. Australian man Craig Wright has been ordered to surrender over 410,000 bitcoins worth US$4 billion to the estate of his late former business partner Dave Kleiman. Wright, who claims to have invented Bitcoin, lied and submitted false documents in the legal dispute with Kleiman's estate.

Published on: Wednesday, August 28, 2019

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