Business News

6 things you need to know today

  • Elon Musk has successfully launched his Tesla car into space, from the same launchpad that sent Neil Armstrong, Buzz Aldrin and Michael Collins to the moon in 1969. The car was supposed to launch on a trajectory that would take it on an orbit around the sun to reach as far out as Mars. But Musk said late on Tuesday, the final burn of the second stage engine propelled the car even further, putting it on a course to go out into the asteroid belt.
  • Rio Tinto has reported a huge $US8.63 billion underlying profit for 2017. The 69% profit increase from the previous year came from a wave of strong commodity prices and continued strong demand from international buyers. Shareholders will recieve a final dividend of $US1.80 per share for a full year dividend of $US2.90 per share, ahead of analysts expectations.
  • US President Donald Trump has blamed a combination of modernity and too much good economic news, which caused the global stock market plunge. Trump posted a cryptic tweet that said, "In the 'old days', when good news was reported the Stock Market would go up. Big mistake, and we have so much good (great) news about the economy."
  • AMP's latest results have revealed that their underlying earnings of $1.04 billion for the 2017 year was up $486 million from FY16. The company's full-year revenue rose to $18.36 billion from $14.80 billion from a year ago, with Australian wealth protection earnings recovering to $110 million from a loss of $415 million. Strong operating earnings growth from AMP's banking and capital divisions lifted underlying profit for the year, although the company's mainstay wealth arm posted a marginal earnings decline.
  • New figures from the ABS have shown that the rising cost of living is leaving many people struggling to pay for basic essentials, including skipping meals to pay for their mortgages. The latest data shows the cost of living rose 2% last year which is the strongest pace of growth in 3.5 years.
  • Australian shares are tipped to open slightly higher today, but with a little volatility. The Dow Jones ended its day 1% higher at 25,161. The S&P 500 rose 0.5% to close at 2,709. The Nasdaq composite remained flat at 7,116. To Europe, and the FTSE rose 1.8% to 7,141 and the DAX +1.6% at 12,590.

Published on: Thursday, February 08, 2018

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