Business News

5 things you need to know today

  • Several people have died in when a pedestrian bridge spanning eight lanes of traffic collaspsed at a university in Miami trapping people and cars. The under-construction bridge connects Florida International University in Miami-Dade County with the city of Sweetwater. It was swung into place days ago and was not yet open to foot traffic.
  • Retail conglomerate Wesfarmers says it plans to spin off coles into a separate company. The company said on Friday morning it intended to demerge the supermarket chain, its largest division, to create a new top-30 company listed on the Australian Securities Exchange. Wesfarmers said the move would allow it to focus on growing its other divisions, which include Bunnings, Kmart, Target and Officeworks, and look for opportunities to buy new businesses.

  • Australian surfer Julian Wilson has won the World Surf League season-opening event on the Gold Coast, despite the pain of an injured shoulder. Wilson scored a 9.93 and 7.50 in the final against Buchan, who countered with a 6.50 and 8.60. 

  • The leaders of the US, France and Germany have joined Britain in blaming Russia for poisoning a former spy with a powerful nerve agent, saying it's the first offensive use of a nerve agent in Europe since World War II.

  • Former treasurer Wayne Swan has warned of surging chief executive pay risks mirroring the events that led to the global financial crisis almost 10 years ago. Mr Swan pointed to the collapse of US investment bank Bear Stearns in March 2008 during the subprime mortgage crisis as a key factor in the demise of Lehman Brothers that took the world to the brink of financial meltdown.

  • Australian shares may open slightly higher, following a mixed performance on Wall Street. In markets, the Dow Jones +0.5% at 24,874, S&P 500 -0.1% at 2,747, and the Nasdaq -0.2% at 7,482. Over to Europe, the FTSE +0.1% at 7,140, DAX +0.9% at 12,346, Euro Stoxx 50 +0.8% at 3,417.

Published on: Friday, March 16, 2018

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