Business News

5 things you need to know today

1. Further interest rate cuts and quantitative easing would hurt Australian banks and insurers according to former Reserve Bank board member Warwick McKibbin, who told the AFR that the RBA was "destroying the financial system".

2. BHP said its US$400 million investment in reducing greenhouse emissions announced in July aims to "preserve and create value" for the company according to chief external affairs officer Geoff Healy, who told investors that "if we get this right, we firmly believe we will win access to the best talent, resources and markets, and set ourselves up to deliver a sustained competitive advantage".

3. In an interview with The Australian, Scott Morrison described the ANZUS Treaty between Australia and the United States signed by the Menzies government in 1951 as the "single most important achievement" of the Liberal Party's time in government.

4. The US Department of Commerce has added a further 28 Chinese companies to its 'blacklist', with Chinese foreign ministry spokesman Geng Shuang telling reporters to "stay tuned" for the country's retaliation.

5. Overnight on Wall Street, the Dow Jones fell 1.19% to 26,164.04, the S&P 500 fell 1.56% to 2,893.06 and the Nasdaq dropped 1.67% to 7,823.78.

Published on: Wednesday, October 09, 2019

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