Business News

5 things you need to know today

  • US stocks fell sharply on Thursday after US President Donald Trump said the United States would impose import tariffs on steel and aluminum, adding fears of a trade war to growing worries about higher interest rates. After a confused day of reporting, Trump said the US would impose tariffs of 25% on steel imports and 10% on imported aluminum next week. No countries have been named, meaning that more than $170m ($US130m) of Australian steel and aluminium exports to the US are also under threat.
  • The Federal Government has announced it will spend $6 billion buying out New South Wales' and Victoria's shares in Snowy Hydro Limited. The deal means the Commonwealth will wholly own the company and is a step closer to starting work on the Snowy Hydro 2.0 scheme. It is buying New South Wales' 58% stake in the project for $4.1 billion, while Victoria has agreed to relinquish its 29% shareholding for $2 billion.
  • Russian President Vladimir Putin seems to have confirmed the existence of a long-feared Russian nuclear doomsday device. He boasted of the country’s nuclear strength during his annual state of the nation address in Moscow on Thursday. He said that they could hit almost any point in the world and evade a US-built missile shield.
  • Olympic swimmer and gold medalist Kyle Chalmers has taken out a lane one win in the mens 100m freestlye event at the National Championships at a time of 48.16s, beating the likes of James Magnussen and Cam McEvoy. McEvoy was third while Magnussen was shattered to finish fourth and miss out on an individual swim, although he will make up part of what looks to be a formidable men's sprint relay. 
  • Overnight in the US, the Dow Jones fell 1.7pc to 24,609, the S&P 500 dropped 1.1pc to 2,678 and the Nasdaq was down 1.1pc at 7,181. In Europe, the FTSE was -0.8pc at 7,176, and the DAX -2pc at 12,191.

Published on: Friday, March 02, 2018

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