Business News

5 things you need to know today

  • Prime Minister Malcolm Turnbull has this morning announced a royal commission into misconduct into the financial services industry. The commission will run for 12 months with a final report due by 1 February 2019. Turnbull said the commission will not make recommendations on individuals' grievances but will make recommendations about practices in the sector. The decision follows a cabinet meeting this morning and a letter to the Treasurer from Australia's major four banks, requesting the government to set up a "properly constituted inquiry" into the financial services sector. In a statement to the Treasurer released to the market all four say the current speculation around an inquiry is “hurting confidence in our financial services system”.
  • Senator Sam Dastyari has been ordered to resign from his parliamentary responsibilities by Opposition leader Bill Shorten following further revealations around his dealings with businessman and political donor Huang Xiangmo.  He will remain in the Parliament. The latest details reveal that Senator Dastyari and Huang had a face-to-face meeting in the grounds of Huang's Mosman mansion in Sydney last October several weeks after Senator Dastyari quit the frontbench over his dealings with Huang.
  • Bitcoin plunged as much as 20 per cent hours after a rally past $US11,000 generated a surge in traffic at online exchanges that led to intermittent outages. The plunge capped a wild day for the largest cryptocurrency that included a breakneck advance to a high of $US11,434 before the reversal took it as low as $US9009. As of 3.36pm in New York, it traded at $US9911.10, virtually unchanged from where it began the session.
  • China's Australian embassy has made clear that any backing from Chinese state enterprises for Adani’s coal mine in North Queensland would need central government approval. Senior embassy officials have also told opponents of the mining venture that no applications for funding have been made, despite Adani insiders claiming recently that finance from China had been secured.
  • Overnight in the US, the Dow Jones was up 0.4% at 23,941, the S&P 500 was flat at 2,626, and the Nasdaq dropped 1.3% at 6,824. In Europe, the FTSE 100 fell 0.9% to 7,394, as the German DAX was flat at 13,062.


Published on: Thursday, November 30, 2017

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