Business News

5 things you need to know today

1. Scott Morrison has crticised the big four banks after Westpac and ANZ yesterday joined the Commonwealth Bank and NAB in not passing on Tuesday's rate cut by the Reserve Bank in full. "Banks, they never learn. I have never been one to give the banks a leave pass on rate cuts," Morrison said according to the AFR.

2. ASIC is preparing to take action against super funds over default opt-out life insurance products according to a report by The Australian, which said that the regulator "is poised to target super funds that are dragging their heels when pro­cessing insurance claims".

3. The US is set to impose tariffs on up to US$7.5 billion worth of imports from European countries after the World Trade Organisation ruled in favour of the US in a dispute over illegal subsidies for Airbus by France, Germany, Spain and the UK. 

4. European commission president Jean-Claude Juncker has responded to Boris Johnson's new Brexit plan. "He acknowledged the positive advances, notably with regards to the full regulatory alignment for all goods and the control of goods entering Northern Ireland from Great Britain. However, the president also noted that there are still some problematic points that will need further work in the coming days, notably with regards to the governance of the backstop," a statement from the commission reads.

5. Wall Street stocks closed down again on Wednesday, with the Dow Jones falling 1.86% to 26,078.62, the S&P 500 dropping 1.79% to 2,887.61 and the Nasdaq ending the session 1.56% down to 7,785.25.

Published on: Thursday, October 03, 2019

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