Business News

6 things you need to know today

  • The US President and PM Malcolm Turnbull appear to have struck a deal that will see Australia avoid tariffs on steel and aluminium. Australia has joined Canada and Mexico on the exemption list. The coalition has denied this was in exchange for military support.

  • China's parliament has passed historic constitutional changes that abolish term limits to let President Xi Jinping rule indefinitely. Sunday's announcement of the vote, witnessed by reporters in the Great Hall of the People, passed with two "no" votes and three abstentions among almost 3000 delegates.

  • At least 16 people have been killed in Rwanda and 140 others injured when lightning struck a Seventh Day Adventist church in the country's south. The churchgoers were injured and rushed to a nearby hospital, where two were in serious condition. Lightning strikes are frequent across Rwanda, which has many hills and mountains, and the country's police record a number of human and livestock deaths each year.
  • Sydney's planned Western Harbour tollway will expose some north shore and inner-west residents to heavy construction noise, and produce a "plume" of toxic sediment in parts of Sydney Harbour. The high-level study marked "cabinet-in-confidence" was prepared for the NSW Government ahead of its announcement of the preferred route for the $14 billion project, set to be completed in 2024.
  • Atlassian Corp's rise to a record on Friday has catapulted its two Australian co-founders onto the Bloomberg Billionaires Index. The fortunes of co-chief executives Michael Cannon-Brookes and Scott Farquhar have risen $US1.1 billion in 2018 to $US4.1 billion ($5.2 billion) apiece, making them the 499th and 500th richest people on the planet.
  • Tesla and SpaceX founder Elon Musk told an audience at South by Southwest that his timeline for sending a space vehicle to Mars could mark its first milestone early next year. The privately-funded venture, announced in September 2017, aims to send a cargo mission to the Red Planet by 2022. SpaceX's ultimate objective is to plant the seeds to put a human colony on Mars.

Published on: Monday, March 12, 2018

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