Business News

6 things you need to know today

  • The Commonwealth Bank has confirmed it has lost the financial statements of almost 20 million accounts. The statements, containing customers' names, addresses, account numbers and transaction details from 2000 to 2016, were stored on two magnetic tapes which were lost by sub-contractor Fuji-Xerox last year. Commonwealth Bank's Angus Sullivan described the incident as "unacceptable" but said the tapes did not contain any passwords or PINs that could compromise customers' accounts.
  • Wall Street has fallen considerably over the prospect of the United States potentially imposing restrictions on Chinese telecommunications companies, stoking investors' concerns about worsening US-China trade relations. The Trump administration is considering issuing an executive order that would restrict some Chinese companies' ability to sell telecommunications equipment in the United States.
  • National Australia Bank's first-half profit fell 16.2% to $2.76 billion after expenses soared on restructuring costs.Cash profit for the six months to March 31 was hit by a 25.3 per cent jump in expenses largely related to the overhaul announced last year, but slipped just 0.2% once those restructuring costs were stripped out. Net operating income rose 2.5% to $9.09 billion and the bank held its interim dividend at 99 cents, fully franked.
  • Justin Langer has been named as the new Australian men's cricket coach. Cricket Australia has confirmed that the West Australian coach and former Test batsman will be the new man in charge replacing Darren Lehmann, who left the team after the ball-tampering scandal in South Africa. Langer will take over on May 22, beginning a four-year term that will take him through home and away Ashes series, a Cricket World Cup in 2019 and the ICC World Twenty20 the following year.
  • Australia's push for a slice of the rapidly growing space industry will receive a $50 million injection in the federal budget with hopes the "seed funding" will generate thousands of future jobs. The Turnbull Government is yet to decide where the new space agency will be located, however there are reports that Western Australia, South Australia, the Northern Territory and the ACT have all expressed interest in hosting the headquarters.
  • In markets, the Dow Jones finished  -0.7% at 23,925, the  S&P 500 -0.7% at 2,636 and the Nasdaq -0.4% at 7,101. Over to Europe, the FTSE +0.3% at 7,543 the German DAX +1.5% at 12,802 and the Euro Stoxx 50 +0.5% at 3,554.

Published on: Thursday, May 03, 2018

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