Business News

7 things you need to know today

  • The ASIO have raided ABC offices in Canberra and Brisbane to secure thounsands of top-secret documents, some of which date back to when John Howard was in parliament. The secret government files files were sold off in an old filing cabinet at a second hand shop in Canberra. 
  • Inflation edged up 0.6% in the December quarter, leaving the RBA hike on the sidelines. Inflation edged up 1.9% over the year which is slightly below market expectations of 2-3%. The headline inflation rise was underpinned by a 10.4% rise in fuel, with fruit prices jumping by more than 9%.
  • Bitcoin is heading for its worth month since 2014 as US regulators ramp up their scrutiny while Facebook is banning all ads tied to the industry. Bitcoin ended January 29% lower than the start of the year trading around US$10,000 after its initial peak around $20,000 in December.
  • Ever held off buying a new iPhone update because your one is still working perfectly fine... that is until it slows down completely driving you insane? US authorities are now investigating Apple's slowing of iPhones after the company admitted to 'slowing' the smartphones processors when the battery wears out. Apple has apologised for the slow down after a blogger's tests revealed the secretive practice!
  • New year, new Trump. The President has claimed 'extrodinary' success in his first State of the Union Address, saying that his administration embarked on a righteous mission to "make America great" again. A striking difference in tone for Trump, who came into office decrying "American carnage" at his inauguration as well as a list of enemies which is growing by day.
  • The US Federal Reserve are leaving rates unchanged however they have indicated that inflation pressures are to heat up as the year moves on. In Janet Yellen's final meeting as Fed Chair, the policy making commitee said that current conditions indicate that the rate should remain anchored at 1.25 to 1.5%.
  • In markets overnight: The Dow Jones finished 0.28% higher at 26,149, the S&P 500 also finished higher on 0.05% at 2,823, and the Nasdaq closed higher on 0.12% at 7,411. In Europe, the FTSE closed lower on 0.72% at 7,533 and the German DAX finished lower on 0.06% at 13,189.

Published on: Thursday, February 01, 2018

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